SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

LEHMAN BROTHERS HOLDINGS INC

(Last)

(First)

(Middle)

745 SEVENTH AVENUE

(Street)

NEW YORK

10019

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ShoreTel Inc [ SHOR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/23/2007

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/23/2007		P		1,300	A	$13.64	7,760,232	I	See Footnote⁽¹⁾
Common Stock	10/02/2007		S		200	D	$15.25	7,760,032	I	See Footnote⁽²⁾
Commom Stock	10/19/2007		S		200	D	$16.55	7,759,832	I	See Footnote⁽³⁾
Common Stock	10/19/2007		S		100	D	$16.48	7,759,732	I	See Footnote⁽⁴⁾
Common Stock	10/19/2007		S		100	D	$16.6	7,759,632	I	See Footnote⁽⁵⁾
Common Stock	10/26/2007		P		421	A	$17.34	7,760,053	I	See Footnote⁽⁶⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. By indirect wholly-owned subsidiaries of the Reporting Persons: 193,401 shares held by Lehman Brothers Inc.; 1,176,001 shares held by LB I Group Inc.; 169,231 shares held by Lehman Brothers Offshore Partnership Account 2000/2001, L.P.; 1,448,292 shares held by Lehman Brothers P.A. LLC; 652,525 shares held by Lehman Brothers Partnership Account 2000/2001, L.P.; 3,203,592 shares held by Lehman Brothers VC Partners 2002 L.P.; 917,190 shares held by Lehman Brothers Venture Capital Partners II, L.P.

2. By indirect wholly-owned subsidiaries of the Reporting Persons: 193,201 shares held by Lehman Brothers Inc.; 1,176,001 shares held by LB I Group Inc.; 169,231 shares held by Lehman Brothers Offshore Partnership Account 2000/2001, L.P.; 1,448,292 shares held by Lehman Brothers P.A. LLC; 652,525 shares held by Lehman Brothers Partnership Account 2000/2001, L.P.; 3,203,592 shares held by Lehman Brothers VC Partners 2002 L.P.; 917,190 shares held by Lehman Brothers Venture Capital Partners II, L.P.

3. By indirect wholly-owned subsidiaries of the Reporting Persons: 193,001 shares held by Lehman Brothers Inc.; 1,176,001 shares held by LB I Group Inc.; 169,231 shares held by Lehman Brothers Offshore Partnership Account 2000/2001, L.P.; 1,448,292 shares held by Lehman Brothers P.A. LLC; 652,525 shares held by Lehman Brothers Partnership Account 2000/2001, L.P.; 3,203,592 shares held by Lehman Brothers VC Partners 2002 L.P.; 917,190 shares held by Lehman Brothers Venture Capital Partners II, L.P.

4. By indirect wholly-owned subsidiaries of the Reporting Persons: 192,901 shares held by Lehman Brothers Inc.; 1,176,001 shares held by LB I Group Inc.; 169,231 shares held by Lehman Brothers Offshore Partnership Account 2000/2001, L.P.; 1,448,292 shares held by Lehman Brothers P.A. LLC; 652,525 shares held by Lehman Brothers Partnership Account 2000/2001, L.P.; 3,203,592 shares held by Lehman Brothers VC Partners 2002 L.P.; 917,190 shares held by Lehman Brothers Venture Capital Partners II, L.P.

5. By indirect wholly-owned subsidiaries of the Reporting Persons: 192,801 shares held by Lehman Brothers Inc.; 1,176,001 shares held by LB I Group Inc.; 169,231 shares held by Lehman Brothers Offshore Partnership Account 2000/2001, L.P.; 1,448,292 shares held by Lehman Brothers P.A. LLC; 652,525 shares held by Lehman Brothers Partnership Account 2000/2001, L.P.; 3,203,592 shares held by Lehman Brothers VC Partners 2002 L.P.; 917,190 shares held by Lehman Brothers Venture Capital Partners II, L.P.

6. By indirect wholly-owned subsidiaries of the Reporting Persons: 193,222 shares held by Lehman Brothers Inc.; 1,176,001 shares held by LB I Group Inc.; 169,231 shares held by Lehman Brothers Offshore Partnership Account 2000/2001, L.P.; 1,448,292 shares held by Lehman Brothers P.A. LLC; 652,525 shares held by Lehman Brothers Partnership Account 2000/2001, L.P.; 3,203,592 shares held by Lehman Brothers VC Partners 2002 L.P.; 917,190 shares held by Lehman Brothers Venture Capital Partners II, L.P.

Remarks:

See Exhibit 99.1 for Joint Filer Information

	/s/ Barrett S. DiPaolo	11/28/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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