UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): March 23, 2006
American Locker Group Incorporated
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(Exact name of registrant as specified in its charter)
Delaware 0-439 16-0338330
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
815 S. Main Street, Grapevine, Texas 76051
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (817) 239-1600
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 1.01 Entry into a Material Definitive Agreement.
The Board of Directors of American Locker Group Incorporated (the
"Company") has determined to amend the Company's policy with respect to fees
paid to Directors beginning with the payment of fees for the calendar quarter
ended March 31, 2006. The Company will pay $8,000 on an annual basis to
Directors who are not full-time employees of the Company, payable quarterly at
the end of each calendar quarter. $5,000 of such amount will be payable in cash,
and the remaining $3,000 will be payable in the form of unregistered shares of
the Company's common stock, as valued by the Stock Option-Executive Compensation
Committee of the Company's Board of Directors from time to time. In addition,
the Chair of the Audit Committee of the Company's Board of Directors will
receive an additional fee of $3,000 on an annual basis, payable in cash
quarterly at the end of each calendar quarter. Each Director will receive $500
for each meeting of the Board of Directors attended in person or by conference
telephone, payable in cash quarterly at the end of each calendar quarter. No
Director will receive additional compensation for attendance at any meeting of
any committee of the Board of Directors.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
On March 23, 2006, Craig R. Frank was appointed to the Company's Board
of Directors. Mr. Frank was appointed to serve on the Stock Option - Executive
Compensation Committee and the Nominating and Corporate Governance Committee of
the Board of Directors.
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.
AMERICAN LOCKER GROUP INCORPORATED
By: /s/ Edward F. Ruttenberg
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Edward F. Ruttenberg
Chairman, Chief Executive Officer,
Chief Operating Officer and Treasurer
Dated: May 15, 2006