EXHIBIT 10.16
AMENDMENT
TO
SEPARATION AGREEMENT
This Amendment
to Separation Agreement (the “Amendment”) is entered
into by and between StarTek, Inc., a Delaware corporation (the
“Company”) and Steven D. Butler, a resident of Colorado
(“Executive”). This Amendment is the first amendment to
that certain Separation Agreement (the “Agreement”)
entered into effective as of January 17, 2007 by and between
the Company and Executive. This Amendment shall be effective upon
its being signed by each party.
At the time
the parties prepared and executed the Agreement, the U.S. Internal
Revenue Service (the “IRS”) had proposed but not yet
finalized certain rules regarding deferred compensation (the
“409A Rules”). Since that time, IRS finalized the 409A
Rules and published related transition provisions, among which is
the ability of the parties to characterize extant deferred
compensation in accordance with provisions of the finalized 409A
Rules and to make new elections as to the time and form of payment
of deferred compensation subject to the 409A Rules.
The purpose of
this Amendment is to do so with respect to certain compensation
provided under the Agreement.
Amendment
1. A new paragraph (d) is hereby added to the end of
Section 4 “Payments upon Termination of
Employment” to read as follows:
(d) Code
Section 409A Compliance. Severance Benefits pursuant to
Section 4(a)(i) above (the &
