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

 

(e)  On December 5, 2007, the Company’s Compensation Committee approved the following items of compensation with regard to the Company’s 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 Company’s 2004 Omnibus Stock Incentive Plan (the “Plan”), as follows:

 

Name &
Title

 

2007 Bonus

 

Base Salary
(effective 12/10/07)

 

Stock Option
# of Shares

 

Greg Forrest, CEO

 

$50,000

 

$203,000

 

20,000

 

Robert Wagner, CFO

 

$50,000

 

$145,000

 

10,000

 

 

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 Company’s stock on the date of grant.

 

Item 8.01   Other Events.

 

On December 7, 2007 the Company’s Board of Directors, upon recommendation of the Compensation Committee, designated the following members of the Company’s 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.

 

 

XETA Technologies, Inc.

 

 

 

 

 

 

(Registrant)

 

 

 

 

 

Dated:   December 11, 2007

By

/s/ Robert B. Wagner

 

 

 

Robert B. Wagner, Chief Financial Officer