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PKE > SEC Filings for PKE > Form 8-K on 26-Oct-2012All Recent SEC Filings




Change in Directors or Principal Officers, Other Events

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Item 5.02(d). Election of Director.

On October 24, 2012, the Board of Directors (the "Board") of Park Electrochemical Corp. (the "Company") voted to increase the size of the Board from five to six Directors and elected Mr. Peter Maurer as a Director to fill the newly-created vacancy.

Mr. Maurer is 52 years old. Mr. Maurer does not have an employment agreement with the Company. There is no family relationship between Mr. Maurer and any other director or any officer of the Company. Mr. Maurer does not own any shares of common stock of the Company.

Mr. Maurer has been President and Chief Executive Officer of Diamond Aircraft Industries, Inc., located in London, Ontario, Canada, since 2000. Diamond Aircraft Industries, Inc. designs, develops and manufactures composite aircraft for the global general aviation markets. From 1993 to 2000, Mr. Maurer held a number of positions of increasing responsibility in Diamond Industries, Inc., including Manager of Quality Assurance and Airworthiness, Engineering Manager, Technical Director and Director of Operations. Prior to joining Diamond Aircraft Industries, Mr. Maurer held several positions with MBB Helicopter Canada/Eurocopter Canada, including Quality Engineer, Manager of Quality Assurance, Manager of Quality Assurance and Airworthiness and Director of Product Integrity. Mr. Maurer is currently a member of the Executive Board of the General Aviation Manufacturers Association ("GAMA"), a member of the Board of Trustees of the University Aviation Association ("UAA") and a member of the Board of Directors of Diamond Aircraft Industries, Inc. Mr. Maurer received a Bachelor of Engineering degree in mechanical engineering from McGill University in Montreal, Canada.

The Company issued a news release on October 25, 2012 announcing the election of Mr. Maurer.

Item 5.02(f). Determination of Cash Bonus Award for Fiscal Year 2012.

On October 24, 2012, the Compensation Committee of the Board of the Company approved a cash bonus award for the Company's executive officer identified below for the fiscal year ended February 26, 2012. Other compensation for fiscal year 2012 was previously reported by the Company in the Summary Compensation Table beginning on page 12 of the definitive proxy statement, dated June 25, 2012, for its 2012 Annual Meeting of Shareholders (filed with the Securities and Exchange Commission on June 25, 2012) (the "Proxy Statement"). As of the filing of the Proxy Statement, a cash bonus for the Company's executive officer identified below had not been determined and, therefore, was omitted from the Summary Compensation Table included in the Proxy Statement. Pursuant to Item 5.02(f) of Form 8-K, the cash bonus award for the named executive officer for fiscal year 2012 is set forth below.


                                   Fiscal Year 2012

                            Cash Bonus
Name and Principal Position   Award      Total Compensation

Brian E. Shore               $ 50,000         $651,360

Chairman of the Board,

President and Chief Executive Officer

As the Company has previously reported, the Company's Chief Executive Officer has declined to accept the Compensation Committee's offer of a bonus and a salary increase each year since the Company's 2001 fiscal year, except for bonuses for the 2008, 2009, 2010 and 2011 fiscal years, which he donated to charity. The Company's Chief Executive Officer has stated that he intends to donate the 2012 fiscal year bonus to charity.

Item 8.01. Other Events.

On October 24, 2012, the Board elected Mr. Dale Blanchfield as the Lead Independent Director of the Board. Also, on October 24, 2012, Ms. Emily J. Groehl resigned as a member of the Compensation and Stock Option Committees of the Board, and the Board elected her as a member of the Corporate Governance Committee of the Board.

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