-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HVEb4xRnn9+MVIs7StfIkf9xzLKbw86A39osMewr9gkiSkgNpWrWsWuiAxg4mScN rNss719r3sRmHnOEpBMGAA== 0000950152-07-003498.txt : 20070425 0000950152-07-003498.hdr.sgml : 20070425 20070425155715 ACCESSION NUMBER: 0000950152-07-003498 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20070423 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20070425 DATE AS OF CHANGE: 20070425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRNET SYSTEMS INC CENTRAL INDEX KEY: 0001011696 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 311458309 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13025 FILM NUMBER: 07787692 BUSINESS ADDRESS: STREET 1: 3939 INTERNATIONAL GATEWAY CITY: COLUMBUS STATE: OH ZIP: 43219 BUSINESS PHONE: 6142379777 MAIL ADDRESS: STREET 1: 3939 INTERNATIONAL GATEWAY STREET 2: 3939 INTERNATIONAL GATEWAY CITY: COLUMBUS STATE: OH ZIP: 43219 8-K 1 l25836ae8vk.htm AIRNET SYSTEMS, INC. 8-K AirNet Systems, Inc. 8-K
 

 
 
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):      April 25, 2007 (April 23, 2007)     
     
AirNet Systems, Inc.
 
(Exact name of registrant as specified in its charter)
         
Ohio   001-13025   31-1458309
         
(State or other jurisdiction
of incorporation) 		  (Commission File Number)   (IRS Employer Identification No.)
     
7250 Star Check Drive, Columbus, Ohio 43217
 
(Address of principal executive offices) (Zip Code)
     
(614) 409-4900
 
(Registrant’s telephone number, including area code)
     
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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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.
     As previously reported under the caption “2006 Incentive Compensation Plan” in “ITEM 9B. OTHER INFORMATION” of the Annual Report on Form 10-K of AirNet Systems, Inc. (“AirNet”) for the fiscal year ended December 31, 2006, under the terms of the Separation Agreement and General Release, dated as of December 28, 2006 (the “Separation Agreement”), between AirNet and Joel E. Biggerstaff (AirNet’s former Chairman of the Board, Chief Executive Officer and President), the Compensation Committee of the AirNet Board of Directors determined that Mr. Biggerstaff was entitled to an incentive compensation payment of $156,000 under the AirNet Systems, Inc. 2006 Incentive Compensation Plan. On April 23, 2007, after consideration of the terms and conditions of Mr. Biggerstaff’s Separation Agreement, the Compensation Committee determined that it would be appropriate to make an adjustment to the incentive compensation payment under Mr. Biggerstaff’s Separation Agreement for that portion of incentive bonus, calculated on an equitable basis with the discretionary payments made to other executive officers, attributable to the performance of the Passenger Charter business portion of the 2006 Incentive Compensation Plan. As a result, on April 24, 2007, AirNet paid Mr. Biggerstaff $39,000 as additional incentive compensation under the 2006 Incentive Compensation Plan.

 

 

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.
         
    AIRNET SYSTEMS, INC.
Dated: April 25, 2007
  By:   /s/ Gary W. Qualmann
 
       
 
      Gary W. Qualmann
 
      Chief Financial Officer, Treasurer and Secretary

 

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