Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensation Arrangements of Certain Officers.
On July 8, 2020, the Board of Directors (the "Board") of PASSUR Aerospace, Inc.
(the "Company") appointed Michael O. Hulley to the Board, effective immediately,
to serve as a director for a term expiring at the Company's 2020 Annual Meeting
of Stockholders. For his service, Mr. Hulley will be entitled to receive the
same cash fees as other non-employee directors receive for serving on the Board.
In connection with his appointment to the Board, on July 8, 2020, Mr. Hulley
was awarded non-qualified stock options to purchase 30,000 shares of the
Company's common stock to compensate him for his service as a director, which
stock options vest in equal annual installments over a five-year period.
At the time of appointment, it was not determined whether Mr. Hulley would sit
on any committees of the Board.
There is no arrangement or understanding pursuant to which Mr. Hulley was
appointed to the Board. There are no family relationships between Mr. Hulley and
any director or executive officer of the Company, and Mr. Hulley has no direct
or indirect material interest in any transaction required to be disclosed
pursuant to Item 404(a) of Regulation S-K.
Mr. Hulley, age 63, brings over 40 years of industry and executive leadership
skills. Since January 2019, Mr. Hulley has served as the CEO and Managing
Partner of Aileron Strategic Advisors, which provides aviation and management
expertise to private equity and consulting firms. Prior to Aileron Strategic
Advisors, Mr. Hulley was the CEO of Navtech/Navblue, an Airbus company, from
2009 until his retirement on January 1, 2019. Mr. Hulley led Navtech to an
eventual sale to Airbus in February of 2016. From 2002 until 2008, Mr. Hulley
was the President and Global Leader of the Transportation Industry at EDS, where
he led over 9,000 employees and was responsible for $1.9 billion in annual
revenues. Prior to that, he was the Global Vice President and GM of IBM from
1997 until 2002, leading 3,500 employees and managing $2.7 billion in annual
turnover. In this role, he won the Lou Gerstner Chairman's award. Mr. Hulley's
career started at Delta Air Lines and then continued to United Airlines and
Galileo International, where he led the Covia Technologies AI Group which was
sold to Siemens in 1995. Mr. Hulley completed his undergraduate studies at the
University of Memphis in Civil Engineering and was named a DEC Fellow in
Artificial Intelligence after attending a fellowship program at MIT and Harvard
Universities. He holds executive management certificates from both the Harvard
and Columbia Business Schools. Mr. Hulley currently works with non-profits and
is a member of several travel and hotel advisory boards and is a former member
of the U.S. Department of Transportation's ITS (Intelligent Transportation
Systems) Steering Committee.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses