SHORETEL, INC. (NASDAQ:SHOR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On July 26, 2017, the Compensation Committee of the Board of Directors of ShoreTel, Inc. (the “Company”), approved the payment of cash bonuses, in lieu of the normal annual refresh equity grants, in the aggregate amount of $1,150,000 (each, an “Executive Retention Bonus” and together, the “Executive Retention Bonuses”) to the Company’s executive team, including the following amounts to its named executive officers: David Petts ($150,000), Michael Healy ($200,000), Eugenia Corrales ($250,000) and Bharath Oruganti ($200,000). Payment of each Executive Retention Bonus is contingent upon (i) the closing of the change of control transaction contemplated by that certain Agreement and Plan of Merger, dated as of July 26, 2017, by and among Mitel US Holdings, Inc., Shelby Acquisition Corporation, the Company and Mitel Networks Corporation (such transaction, the “Merger”) and (ii) the ongoing employment of each executive at the time of the closing of the Merger.
About SHORETEL, INC. (NASDAQ:SHOR)
ShoreTel, Inc. is a provider of business communication solutions. The Company is engaged in the design, development, marketing and sale of business communication solutions. The Company is focused on the small and medium sized businesses seeking a unified communications (UC) solution allowing them to communicate anytime, anyplace and through any device they chose. The Company provides this to the market through two solutions: ShoreTel Connect, its UC solution, and Contact Center offering and ShoreTel Summit, its platform for developers and integrators. ShoreTel Connect delivers a featured UC solution and applications, such as mobility, collaboration and workgroups. ShoreTel Connect offers three different delivery models, including cloud, onsite and hybrid. Connect Cloud provides a hosted voice solution to its customers. Connect OnSite provides its customers the ability to own and operate their equipment. Connect Hybrid enables its customers to use both its cloud and onsite offerings.