(e) On December 5, 2007, the Companys Compensation Committee approved the following items of compensation with regard to the Companys Chief Executive Officer and Chief Financial Officer: (i) a cash bonus for fiscal 2007 performance; (ii) base salary increase commencing on December 10, 2007; and (iii) stock options under the Companys 2004 Omnibus Stock Incentive Plan (the Plan), as follows:
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Name & |
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2007 Bonus |
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Base Salary |
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Stock Option |
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Greg Forrest, CEO |
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$50,000 |
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$203,000 |
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20,000 |
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Robert Wagner, CFO |
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$50,000 |
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$145,000 |
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10,000 |
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Each of the options vest on December 5, 2010 and have a term of six (6) years from the date of grant. The exercise price is $4.14 per share, the fair market value of the Companys stock on the date of grant.
Item 8.01 Other Events.
On December 7, 2007 the Companys Board of Directors, upon recommendation of the Compensation Committee, designated the following members of the Companys management team as officers for purposes of Section 16 of the Securities Act of 1934, as amended: Tom Luce, Executive Director of Managed Services; Don Reigel, Executive Director of Avaya Sales; and Scott Davis, Executive Director of Nortel Sales.
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.
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XETA Technologies, Inc. |
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(Registrant) |
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Dated: December 11, 2007 |
By |
/s/ Robert B. Wagner |
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Robert B. Wagner, Chief Financial Officer |
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