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) May 13, 2008
--------------------------------
ELECSYS CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
KANSAS 0-22760 48-1099142
- -------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Identification
of incorporation) File Number) Employer No.)
846 N. Mart-Way Court, Olathe, Kansas 66061
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (913) 647-0158
------------------------------
Not Applicable
- --------------------------------------------------------------------------------
(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 Phil Schoettlin,
Vice President of Sales of its DCI, Inc. subsidiary, left the Company on May 13,
2008. The Company also announced that Robert O'Conor will be joining the Company
as Executive Vice President of Business Development of its DCI, Inc. subsidiary
effective May 27, 2008.
The Company has entered into a letter agreement with Mr. O'Conor, the
principle terms of which include:
(i) annual compensation consisting of a base salary of $150,000, and until
March 31, 2008, commissions equal to 0.1% of total sales (exclusive of
sales to subsidiaries of the Company);
(ii) a grant of 2,500 shares of the Company's common stock;
(iii) a grant of 24,000 options to purchase the Company's common stock at an
exercise price equal to the closing market price of the Company's
common stock on the date of grant (May 27, 2008) and vesting in equal
parts on each of May 27, 2009, 2010 and 2011;
(iv) beginning in April 2009, an annual bonus based primarily on
profitability goals approved by the Company's Board of Directors; and
(v) participation in all of the Company's employee benefit programs.
A press release announcing the hiring of Mr. O'Conor and the departure 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 May 15, 2008.
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: May 15, 2008 ELECSYS CORPORATION
By: /s/ Todd A. Daniels
--------------------------------------
Todd A. Daniels
Vice President and Chief Financial
Officer
EXHIBIT INDEX
Exhibit Number Description
99.1 Press release dated May 15, 2008
