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Mitel also announced today that 515,175 of the stock options granted to Mr. McBee as a component of his employment compensation, and as described in the company's 8-K filing with the
The grant of the options was approved by all of the independent directors of Mitel's Board of Directors in reliance on NASDAQ Listing Rule 5635(c)(4), which exempts employment inducement grants from the general requirement of the NASDAQ Listing Rules that equity-based compensation plans and arrangements be approved by shareholders.
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