8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 1, 2022

StarTek, Inc.

(Exact name of registrant as specified in charter)

Delaware	1-12793	84-1370538
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Carrara Place

4th Floor Suite 485

6200 South Syracuse Way

Greenwood Village, Colorado 80111

(Address of Principal Executive Offices) (Zip Code)

(303) 262-4500

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	SRT	New York Stock Exchange, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 1, 2022, the Board of Directors of StarTek, Inc. (the “Company”) appointed Nishit Shah to serve as the new Chief Financial Officer of the Company effective as of February 1, 2022. Mr. Shah succeeds Vikash Sureka, who resigned as the Chief Financial Officer of the Company, effective as January 21, 2022.

In connection with the appointment of Mr. Shah, on February 1, 2022 the Company approved a compensation package for Mr. Shah (the “CFO Compensation Package”). The CFO Compensation Package, which is described in greater detail in a letter agreement entered into between Mr. Shah and Aegis Customer Support Services Pvt. Ltd., a subsidiary of the Company, consists of (1) annual base compensation of INR 12 million (approximately $160,478) and annual total fixed compensation of INR 24 million (approximately $307,583); (2) a target annual bonus opportunity of 25% of overall fixed compensation, subject to the terms and conditions set forth in the Company’s annual Executive Incentive Bonus Plan; (3) a one time sign-on bonus of INR 12.5 million (approximately $167,165) payable in two tranches over the next six months; and (4) an inducement grant consisting of 100,000 options to purchase the Company’s common stock with an exercise price equal to $5.75 per share.

The foregoing summary of the letter agreement does not purport to be complete and is subject to, and qualified in its entirety by the full text of the letter agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Nishit is a Chartered Accountant with an overall experience of 23 years. In his career, he has performed various roles in different capacities in the areas such as Finance & Accounts, Mergers & Acquisition, Legal & Compliance, Audit, Secretarial, Taxation, Budgeting and Financial Planning & Analysis. Prior to joining Startek, he was Senior Vice President at Birlasoft where he was responsible for end-to-end financial reporting, business finance, pricing & contract management and Global taxation. In his earlier roles, Nishit has held and managed several key portfolios such as CFO of Infosys BPM (100% subsidiary of Infosys), global finance controller, financial reporting, Audit & business finance and has worked with organizations like Infosys, Capgemini, Datamatics, Nicholas Piramal and Haribhakti & Co.

A press release announcing the appointment of Mr. Shah is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

There are no arrangements or understandings between Mr. Shah and any other person pursuant to which he was appointed as an officer and there are no family relationships between Mr. Shah and any director or executive officer of the Company. Mr. Shah has not entered into or proposed to enter into any transactions required to be reported under Item 404(a) of Regulation S-K.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number	Exhibit Description
10.1	Letter Agreement with Nishit Shah dated February 1, 2022
99.1	Press Release dated February 16, 2022
104	Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	STARTEK, INC.
Date: February 16, 2022	By:	/s/ Dixie Pepper
		Dixie Pepper
		General Counsel & Chief Legal Officer

EX-10.1

Exhibit 10.1

EX-99.1

Exhibit 99.1

Startek® Appoints Global CFO and Global CIO

● Nishit Shah Appointed as Global CFO, Jayanta Lahiri Appointed Global CIO, Completing Executive Team

Greenwood Village, Colorado and Mumbai, India – February 16, 2022– Startek® (NYSE: SRT), a global customer experience (CX) solutions provider, today announced the appointment of Nishit Shah as Global Chief Financial Officer and Jayanta Lahiri as Global Chief Information Officer. Shah and Lahiri report directly to Global CEO Bharat Rao.

“I am delighted to have joined the Startek team,” said Shah. “The global Startek footprint and investment in digital-first CX capabilities create a strong foundation. I look forward to working with the Startek team to execute on the company’s priorities, accelerate growth and enhance value for all stakeholders.”

A chartered accountant with 23 years’ experience, Shah holds a bachelor’s in Commerce, Accounts and Computers from the University of Mumbai.

Prior to joining Startek, Shah was Senior Vice President at Birlasoft, where he was responsible for end-to-end financial reporting, business finance, pricing, contract management and global taxation. A champion for innovation, at Birlasoft Shah significantly reduced financial reporting timelines through the implementation of automation in the financial reporting process.
In his earlier roles, Shah held senior positions at Infosys, Capgemini, Datamatics, Nicholas Piramal and Haribhakti & Co.

Lahiri has joined Startek as Global Chief Information Officer. Lahiri will continue the organization’s IT transformation, embracing new technologies to drive greater agility and ensure a secure and resilient IT environment for Startek and its clients.

“The Startek business is poised for growth, and I am excited to join the team at this important time,” said Lahiri. “IT infrastructure is an increasingly important element in CX delivery. Ensuring Startek continues to have the systems and tools in place to deliver secure, agile solutions is part of what makes us a market-leading CX provider.”

With over 30 years’ experience in digital transformation, application development, infrastructure technology services, cloud and contact center management, information security, enterprise architecture and engineering across industry verticals and geographies, Lahiri brings significant technical expertise to the Startek organization.

Prior to joining Startek, Lahiri was Executive Vice President and Chief Information Officer at Firstsource, where he drove technology strategy, architecture, cloud and contact center transformation, customer experience, automation and cybersecurity. In his earlier roles, Lahiri held senior leadership positions at Accenture, AXA Technologies, Infosys and Wipro Technologies. Throughout his career, Lahiri has been instrumental in migrating technologies to cloud-based digital platforms across multiple geographies.

Lahiri holds a bachelor’s in Electrical Engineering from Jadavpur University, India.

“Startek is on a transformational journey, working in partnership with our clients we are building innovative solutions that push forwards the boundaries of omnichannel CX,” said Rao. “Nishit’s deep experience leading the financial operations of prominent outsourcing organizations will guide Startek as we deliver rapid growth. Jayanta will ensure the security and information functions of our organization are world-class. I am excited to bring Nishit and Jayanta onboard and complete my executive team.”

About Startek®

Startek is a global provider of tech-enabled business process management solutions. The company provides omnichannel customer experience, digital transformation and technology services to some of the finest brands globally. Startek is committed to impacting clients’ business outcomes by focusing on enhancing customer experience and digital and AI enablement across all touchpoints and channels. Startek has more than 40,000 CX experts spread across 46 delivery campuses in 13 countries. The company services over 200 clients across a range of industries such as banking and financial services, insurance, technology, telecom, healthcare, travel & hospitality, e-commerce, consumer goods, retail, and energy & utilities. To learn more about global solutions from Startek, visit www.startek.com

Media Relations

Zainab Boxwala

Startek

zainab.boxwala@startek.com

Investor Relations

Giuseppe Montefinese

Startek

+1 732-890-8929

giuseppe.montefinese@startek.com

Cody Cree or Jackie Keshner

Gateway Investor Relations

+1 949-574-3860

SRT@gatewayir.com

XML

Document And Entity Information	Feb. 01, 2022
Document Information [Line Items]
Entity, Registrant Name	StarTek, Inc.
Document, Type	8-K
Document, Period End Date	Feb. 01, 2022
Entity, Incorporation, State or Country Code	DE
Entity, File Number	1-12793
Entity, Tax Identification Number	84-1370538
Entity, Address, Address Line One	Carrara Place
Entity, Address, Address Line Two	4th Floor Suite 485
Entity, Address, Address Line Three	6200 South Syracuse Way
Entity, Address, City or Town	Greenwood Village
Entity, Address, State or Province	CO
Entity, Address, Postal Zip Code	80111
City Area Code	303
Local Phone Number	262-4500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	SRT
Security Exchange Name	NYSE
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001031029