SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): December 19, 2007
MIKROS SYSTEMS CORPORATION
(Exact Name of Small Business Issuer as Specified in Its Charter)
Delaware State or Other Jurisdiction of Incorporation of Organization) | 000-14801 (Commission File Number) | 14-1598200 (IRS Employer Identification Number) |
707 Alexander Road, Building 2, Suite 208, Princeton, NJ 08540
(Address of Principal Executive Offices) (Zip Code)
(609) 987-1513
Registrant’s telephone number, including area code
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 5 – Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 19, 2007, Mikros Systems Corporation (the “Company”, “we”, or “us”) revised its arrangement with Thomas J. Meaney, our Chief Executive Officer. Mr. Meaney currently apportions his professional time between the Company and his consulting firm which provides services to various defense contractors. In recent years, he has devoted approximately 50% of his professional time to the Company. In light of the resignation of our Executive Vice President on September 1, 2007, the growth of the Company in 2007, and the importance of Mr. Meaney to both our operations and continued growth, Mr. Meaney has been required to and is expected to continue to devote substantial additional time and attention to the Company. In recognition of the forgoing, effective January 1, 2008 we expect Mr. Meaney to devote approximately 75% of his professional time to the Company which will result in his annual compensation increasing from approximately $105,000 to approximately $160,000.
Signatures
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.
MIKROS SYSTEMS CORPORATION | |||
Date: December 26, 2007 | By: | /s/ Thomas J. Meaney | |
Thomas J. Meaney | |||
Chief Executive Officer |