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ASY > SEC Filings for ASY > Form 8-K on 23-Jun-2008All Recent SEC Filings

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Form 8-K for ELECSYS CORP


23-Jun-2008

Change in Directors or Principal Officers, Financial Statements and Exhibits


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 Dave Wakefield has been appointed the new President of its Radix Corporation subsidiary. Mr. Wakefield previously served as the Vice President of International Business Development of Radix. Jim Benson, the former President of Radix, will continue to serve as a technology and market consultant for Radix.

The Company has entered into a letter agreement with Mr. Wakefield, the principle terms of which include:

(i) annual compensation consisting of a base salary of $130,000;

(ii) a grant of 10,000 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 (June 19, 2008) and vesting in equal parts on each of June 19 2009, 2010 and 2011;

(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 appointment of Mr. Wakefield 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 June 23, 2008.


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