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MAGICJACK VOCALTEC LTD FILES (8-K) Disclosing Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. At its meeting on March 26, 2013, the Board of Directors (the "Board") of magicJack VocalTec Ltd. (the "Company") elected Mr. Richard Harris to serve as an independent director of the Company, effective March 26, 2013. Mr. Harris was also named to the Compensation Committee. Mr. Harris is founder and president of Harris & Associates, a seventeen-year-old consulting firm specializing in financial, operational and strategic consulting services to start-up and high growth telecommunications and technology firms. Mr. Harris' experience includes strategic planning, capital formation, corporate valuations, litigation support and expert testimony. He has served as CFO for Independent Wireless One; as VP operations, finance and administration for Horizon Cellular Telephone Company; as VP and CFO for Metrophone Cellular Communications Company; as CFO for Nobel Learning Centers; as Controller for Harrah's Atlantic City and as audit manager for Coopers and Lybrand. Mr. Harris holds an MBA in Finance from the Wharton School in Philadelphia, a BS in Accounting from the Pennsylvania State University and has a CPA license in Pennsylvania. Mr. Harris will receive a fixed annual payment of $50,000 (to be paid quarterly) for service as a member of the Board, plus a fixed annual payment of $20,000 (to be paid quarterly) for service as a member of the Compensation Committee. He will also receive reimbursement of business expenses and travel and accommodation expenses incurred in the performance of duties as a member of the Board and/or any Board committee. There is no arrangement or understanding between Mr. Harris and any other person pursuant to which Mr. Harris was elected as a Director of the Company. There are no transactions in which Mr. Harris has an interest requiring disclosure under Item 404(a) of Regulation S-K. -------------------------------------------------------------------------------- |