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<TITLE>Mechanical Technology Form 8-K 11/09/2006</TITLE>
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<B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">UNITED STATES</P>
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<U><P ALIGN="CENTER">WASHINGTON, DC 20549</P>
</U><P>                   <U>                                  </P></B></U></FONT>
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<B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">FORM 8-K</P>
<P ALIGN="CENTER"></B></FONT></TD>
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<B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">CURRENT REPORT</B></FONT></TD>
</TR>
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<B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">PURSUANT TO SECTION 13 OR 15(d) OF THE</P>
<P ALIGN="CENTER">SECURITIES EXCHANGE ACT OF 1934   </P>
<P ALIGN="CENTER"></B></FONT></TD>
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<FONT FACE="Courier New" SIZE=2><P>                                   </P></FONT>
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<FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">November 6, 2006</FONT></TD>
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<U><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Date of Report (Date of earliest event reported)</U></FONT></TD>
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<FONT FACE="Courier New" SIZE=2><P>                           </P>
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<U><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">MECHANICAL TECHNOLOGY INCORPORATED</U></FONT></TD>
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<FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</FONT></TD>
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<FONT FACE="Courier New" SIZE=2><P>          </P></FONT>
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<U><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">NEW YORK</U></FONT></TD>
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<U><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">0-6890</U></FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">14-1462255</U></FONT></TD>
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<FONT FACE="Courier New" SIZE=1><P>(State or other jurisdiction</P>
<P>of incorporation)    </FONT></TD>
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<FONT FACE="Courier New" SIZE=1><P>(Commission File Number)</FONT></TD>
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<FONT FACE="Courier New" SIZE=1><P ALIGN="CENTER">(IRS Employer Identification</P>
<P ALIGN="CENTER">No.)</FONT></TD>
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<TR><TD VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
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<FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">431 NEW KARNER ROAD, ALBANY, NEW YORK 12205</P>
<P ALIGN="CENTER">(Address of principal executive offices) (Zip Code)</P>
<P ALIGN="CENTER"></FONT></TD>
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<FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">&nbsp;</P>
<P>    </P></FONT>
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<FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">Registrant's telephone number, including area code:</P>
<U><P ALIGN="CENTER">(518) 533-2200</P>
</U></FONT></TD>
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<FONT FACE="Courier New" SIZE=2><P>                                                                   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 (see General Instruction A.2. below): </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[  ]  Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[  ]  Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[  ]  Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[  ]  Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P ALIGN="CENTER">1</P>

<B><P>Item 1.01.  Entry into a Material Definitive Agreement</P>
</B>
<P>Effective December 1, 2006, Mr. Peng K. Lim, 43, President and Chief Executive Officer (&quot;CEO&quot;) of MTI MicroFuel Cells Inc. (&quot;MTI Micro&quot;), a majority-owned subsidiary of Mechanical Technology Incorporated (&quot;MTI&quot;), will become the CEO of MTI. </P>

<P>Mr. Lim and MTI Micro previously entered into an employment agreement dated May 4, 2006 (the &quot;Agreement&quot;).  The terms of the Agreement, which currently runs through May 7, 2008,  will continue unchanged except that, effective as of December 1, 2006, it will now cover both his position as the CEO of MTI as well as President and CEO of MTI Micro.</P>

<P>Effective December 1, 2006, Mr. Steven N. Fischer, MTI's current Chairman and CEO, will become Executive Chairman of MTI; and effective January 1, 2007, his employment agreement with MTI, which currently continues unless modified or terminated, will be changed to provide for an annual base salary of $100,000.  His current base salary is $180,000. </P>

<P>&nbsp;</P>
<B><P>Item 5.02.  Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers</P>
<P>  </P>
<P>Description of Changes</P>
</B>
<P>On November 6, 2006, Mr. Lim, 43, President and CEO of MTI Micro, was appointed CEO of MTI by the MTI Board of Directors, effective December 1, 2006.  Mr. Lim serves on the Board of Directors of both MTI and MTI Micro. </P>

<P>Mr. Lim will succeed Mr. Fischer, 63, who has held the MTI CEO position since September 1, 2004.  Mr. Fischer will continue with MTI as its Executive Chairman, effective December 1, 2006. Mr. Fischer will continue to serve as Chairman of the Board of Directors of both MTI and MTI Micro.</P>

<P>&nbsp;</P>
<B><P>Item 9.01.  Financial Statements and Exhibits.</P>
</B>
<P>On November 9, 2006, MTI issued a press release announcing Peng K. Lim's appointment to Chief Executive Officer of MTI.  The full text of MTI's press release is furnished as Exhibit 99.1 hereto. </P>

<P>&nbsp;</P>
<P>(c) Exhibits.</P>

<P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=590>
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<U><FONT FACE="Courier New" SIZE=2><P>Exhibit No.</P>
</U><B></B></FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<U><FONT FACE="Courier New" SIZE=2><P>Description</U></FONT></TD>
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<TR><TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>99.1</P>
<B></B></FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Press release of Mechanical Technology Incorporated issued on November 9, 2006.</FONT></TD>
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<FONT FACE="Courier New" SIZE=2>
<P> </P>

<P ALIGN="CENTER">2</P>
<P ALIGN="CENTER"></P>
<B><P ALIGN="CENTER">SIGNATURES</P>
</B>
<P>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.</P>
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<TR><TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>MECHANICAL TECHNOLOGY INCORPORATED</P>
</FONT></TD>
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<TR><TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
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<FONT FACE="Courier New" SIZE=2><P>Date: November 9, 2006 </FONT></TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>By:<U> /S/ CYNTHIA A. SCHEUER</P>
</U><P>Name:  Cynthia A. Scheuer                                                                                </FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Courier New" SIZE=2><P>Title: Vice President, Chief</P>
<P>       Financial Officer and Secretary </FONT></TD>
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<FONT FACE="Courier New" SIZE=2><P>              </P>

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Mechanical Technology Form 8-K 11/09/2006
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
November 6, 2006
Date of Report (Date of earliest event reported)
MECHANICAL TECHNOLOGY INCORPORATED
(Exact name of registrant as specified in its charter)
NEW YORK
0-6890
14-1462255
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification
No.)
431 NEW KARNER ROAD, ALBANY, NEW YORK 12205
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(518) 533-2200
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 (see General Instruction A.2. below):
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
1
Item 1.01.  Entry into a Material Definitive Agreement
Effective December 1, 2006, Mr. Peng K. Lim, 43, President and Chief Executive Officer ("CEO") of MTI MicroFuel Cells Inc. ("MTI Micro"), a majority-owned subsidiary of Mechanical Technology Incorporated ("MTI"), will become the CEO of MTI.
Mr. Lim and MTI Micro previously entered into an employment agreement dated May 4, 2006 (the "Agreement").  The terms of the Agreement, which currently runs through May 7, 2008,  will continue unchanged except that, effective as of December 1, 2006, it will now cover both his position as the CEO of MTI as well as President and CEO of MTI Micro.
Effective December 1, 2006, Mr. Steven N. Fischer, MTI's current Chairman and CEO, will become Executive Chairman of MTI; and effective January 1, 2007, his employment agreement with MTI, which currently continues unless modified or terminated, will be changed to provide for an annual base salary of $100,000.  His current base salary is $180,000.
Item 5.02.  Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Description of Changes
On November 6, 2006, Mr. Lim, 43, President and CEO of MTI Micro, was appointed CEO of MTI by the MTI Board of Directors, effective December 1, 2006.  Mr. Lim serves on the Board of Directors of both MTI and MTI Micro.
Mr. Lim will succeed Mr. Fischer, 63, who has held the MTI CEO position since September 1, 2004.  Mr. Fischer will continue with MTI as its Executive Chairman, effective December 1, 2006. Mr. Fischer will continue to serve as Chairman of the Board of Directors of both MTI and MTI Micro.
Item 9.01.  Financial Statements and Exhibits.
On November 9, 2006, MTI issued a press release announcing Peng K. Lim's appointment to Chief Executive Officer of MTI.  The full text of MTI's press release is furnished as Exhibit 99.1 hereto.
(c) Exhibits.
Exhibit No.
Description
99.1
Press release of Mechanical Technology Incorporated issued on November 9, 2006.
2
SIGNATURES
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.
MECHANICAL TECHNOLOGY INCORPORATED
Date: November 9, 2006
By:
/S/ CYNTHIA A. SCHEUER
Name:  Cynthia A. Scheuer
Title: Vice President, Chief
Financial Officer and Secretary
3