PASSUR Aerospace, Inc. (OTCMKTS:PSSR) has recently filed a Form 8-K, notifying the SEC of a change in directors and their responsibilities and compensations. The senior VP of Strategic Alliances and Government Affairs, William S. Leber, would now be working with the company, for 3-days per week, for the next 4-months. As such his current full-time compensation would now be reduced to 62.5%, while some benefits would be continued in full. At the end of the 4-months, the company Mr. Leber would discuss his future with PASSUR.
The Form 8-K also confirmed the appointment of David M. Henderson, as the senior VP and CFO of the company. The agreement states that the company would be liable to pay the CFO 9-months of his base salary, in the event of termination of Mr. Henderson’s employment, provided the termination is involuntary or voluntary, with Good Reason.
PASSUR also updated the SEC and its shareholders of the outcome the recent election of directors, held at the annual shareholder meeting, on April 6, 2016. G.S. Backwith Gilbert and John R. Keller were the highest vote getters for the director seats. Moreover, the company also took the opportunity to disclose that BDO USA, LLP would serve as the company’s independent accountant firm for the FY2016.
Apart from the developments in the company’s administration, PASSUR has also landed a contract with the Austin-Bergstrom International Airport, regarding PASSUR’s Landing Fee Management program. It is estimated that a total of 36 airports make use of the platform, which manages over $1 billion of annual landing fees. The beauty of the program is that it automates the landing fees management system and makes it more transparent to assure airlines that they are only paying their fair share of the fees. It should be noted here that this was done manually, before PASSUR launched its platform.
PASSUR Aerospace, Inc. (OTCMKTS:PSSR) did not register a change in its share value, during the April 11 trading session and closed at a share price of $2.17.