UNITED STATES
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) February 20, 2007 (February 19, 2007)
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ELECSYS CORPORATION
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(Exact name of registrant as specified in its charter)
KANSAS 0-22760 48-1099142
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(State or other jurisdiction (Commission (IRS Identification
of incorporation) File Number) Employer No.)
846 N. Mart-Way Court, Olathe, Kansas 66061
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (913) 647-0158
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Not Applicable
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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
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] 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
Elecsys Corporation (the "Company") announced today that Phillip Schoettlin
has joined the Company as Vice President of Sales for its DCI, Inc. subsidiary.
The Company has entered into a letter agreement with Mr. Schoettlin the
principle terms of which include:
(i) an annual salary of $105,000;
(ii) an option grant of 15,000 shares of the Company's common stock under
the Company's Incentive Stock Option Plan at an exercise price equal
to the closing market price of the Company's common stock on the date
of grant (February 19, 2007) and vesting in equal parts on each of
February 19, 2008, February 19, 2009 and February 19, 2010;
(iii) an annual bonus based primarily on profitability goals approved by
the Company's Board of Directors; and
(iv) participation in all of the Company's employee benefit programs.
A press release announcing the hiring of Mr. Schoettlin is attached hereto as
Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(c) EXHIBITS. The following exhibits are filed herewith:
99.1 Press Release dated February 20, 2007.
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.
Date: February 20, 2007 ELECSYS CORPORATION
By: /s/ Todd A. Daniels
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Todd A. Daniels
Vice President and Chief Financial
Officer
EXHIBIT INDEX
Exhibit Number Description
99.1 Press release dated February 20, 2007.
