UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) July 27, 2007
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PREMIERE GLOBAL SERVICES, INC.
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(Exact Name of Registrant as Specified in Its Charter)
GEORGIA
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(State or Other Jurisdiction of Incorporation)
000-27778 59-3074176
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(Commission File Number) (IRS Employer Identification No.)
3399 Peachtree Road, NE, Suite 700, Atlanta, Georgia 30326
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(Address of Principal Executive Offices) (Zip Code)
404-262-8400
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
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|_| Written communications pursuant to Rule 425 under the Securities Act
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|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
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|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 27, 2007, the Compensation Committee of the Board of Directors
of Premiere Global Services, Inc. approved discretionary bonuses for each of
Theodore P. Schrafft, our President; T. Lee Provow, our President, Global
Operations; and Michael E. Havener, our Chief Financial Officer, for the second
quarter of 2007 in the following amounts: $31,500; $5,788 and $10,000,
respectively. These discretionary bonus amounts are in addition to the actual
bonus amounts achieved under the bonus criteria previously approved by the
Compensation Committee and described in our current report on Form 8-K dated
January 22, 2007. The discretionary bonus amounts are intended to take into
account the deduction of the following non-recurring items from pre-tax income
targets, which represent 35%, 15% and 50% of the value of bonus awards to
Messrs. Schrafft, Provow and Havener, respectively, and which were not
anticipated at the time the original bonus criteria were established: (1)
interest expense associated with borrowings under our credit facility to fund
our recent tender offer; (2) restructuring costs; and (3) proxy costs related to
our recently settled proxy contest. Even after including both the actual bonus
amounts achieved plus these discretionary bonus amounts, none of these executive
officers achieved the maximum amount of their target quarterly bonus opportunity
for the second quarter of 2007.
SIGNATURE
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.
PREMIERE GLOBAL SERVICES, INC.
Date: July 31, 2007 By: /s/ L. Scott Askins
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L. Scott Askins
Senior Vice President - Legal,
General Counsel and Secretary