MAGICJACK VOCALTEC LTD. (NASDAQ:CALL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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MAGICJACK VOCALTEC LTD. (NASDAQ:CALL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 17, 2017, Gerald Vento resigned as a director of magicJack VocalTec Ltd. (the “Company”). In a letter to Izhak Gross, Chairman of the Board of Directors of the Company, and Don Carlos Bell III, President and Chief Executive Officer of the Company, Mr. Vento advised the Company that he was resigning from the Board of Directors so that he could pursue other professional interests.
Mr. Vento and the Company have amended the terms of his consulting agreement to reduce the period of his consulting by approximately two months and to reduce accordingly the fees payable to Mr. Vento by $200,000. In addition, Mr. Vento offered to surrender the option originally granted to him on April 2, 2013 to purchase up to 722,782 shares at an exercise price of $14.95. This option surrender was made part of the amendment to his agreement with the Company. The Company expects that the 722,782 shares underlying this surrendered option will then again be available for use by the Company under the Company’s 2013 Incentive Stock Plan.
Mr. Vento will continue to be available to assist the Company as the Company may deem necessary or desirable for the remaining term of the consulting agreement.

About MAGICJACK VOCALTEC LTD. (NASDAQ:CALL)

magicJack VocalTec Ltd. and its subsidiaries is a cloud communications company. The Company provides magicJack devices and other magicJack products and services. The Company also provides additional products and services, which include voice applications on smart phones, as well as the magicJack PLUS, magicJack GO and magicJack EXPRESS, which are updated versions of the magicJack device that have their own central processing unit (CPU) and can connect a regular phone directly to the users broadband modem/router and function as a standalone phone without using a computer. The Company’s products and services allow users to make and/or receive free telephone calls to and from anywhere in the world where the customer has broadband access to the Internet, and allows customers to make free calls back to the United States and Canada from anywhere legally permitted in the world.

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