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STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C.&#160;&#160;20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">__________________</font><br></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_______________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
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to Section 13 OR 15(d) of The Securities Exchange Act of 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of earliest event reported):&#160;&#160;April 7, 2008</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps">Katy
Industries, Inc.</font></div>
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name of registrant as specified in its charter)</font></div>
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            </td>
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      of Incorporation)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Commission
      File Number)</font></div>
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      Employer Identification No.)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2461
South Clark Street, Suite 630</font></div>
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Virginia&#160;&#160;22202</font></div>
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of principal executive offices) (Zip Code)</font></div>
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236-4300</font></div>
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telephone number, including area code)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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:</font></div>
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communications pursuant to Rule 425 under the Securities Act</font></div>
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material pursuant to Rule 14a-12 under the Exchange Act</font></div>
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communications pursuant to Rule 14d-2(b) under the Exchange Act</font></div>
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communications pursuant to Rule 13e-4(c) under the Exchange Act</font></div>
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Departure
      of Directors or Principal Officers; Election of Directors; Appointment of
      Principal Officers; Compensatory Arrangement of Certain
      Officers</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
7, 2008, the Board of Directors (the &#8220;Board&#8221;) of Katy Industries, Inc. (the
&#8220;Company&#8221;) announced the resignation of Anthony T. Castor, III as President and
Chief Executive Officer, effective the close of business April 18,
2008.&#160;&#160;Mr. Castor further resigned as a member of the Company&#8217;s Board,
also effective April 18, 2008.&#160;&#160;Mr. Castor will be paid termination
benefits in accordance with the terms outlined in Section 5(e)(ii)(B) of the
employment agreement between the Company and Mr. Castor, as previously filed on
August 15, 2005.&#160;&#160;Mr. Castor served on the Executive Committee of the
Board of Directors.&#160;&#160;His resignation is not due to any disagreements
with the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
7, 2008, the Board announced the appointment of David J. Feldman as President
and Chief Executive Officer, effective April 21, 2008.&#160;&#160;Mr. Feldman,
age 49, was also appointed as a member of the Board, effective April 21,
2008.&#160;&#160;Mr. Feldman will also be appointed to serve on the Executive
Committee of the Board.&#160;&#160;Mr. Feldman is currently President and Chief
Operating Officer of Airserv Corporation and has held this position since June
2007.&#160;&#160;From December 2002 to May 2006, Mr. Feldman was President of
Cooper Lighting, a division of Cooper Industries, Inc.&#160;&#160;From June 2006
to May 2007, Mr. Feldman pursued private business interests.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Compensation Committee of the Board approved a compensation package for Mr.
Feldman that includes a base salary of $400,000 with a target incentive bonus of
70% of his base salary.&#160;&#160;For 2008 only, the entire annual bonus
($280,000) of Mr. Feldman&#8217;s target incentive bonus will be
guaranteed.&#160;&#160;The compensation package includes a grant to Mr. Feldman
of 750,000 options with an exercise price equal to market price on the first day
of his employment to purchase common stock of the Company, vesting in three
annual installments.&#160;&#160;The option grant includes anti-dilution
provisions that under certain circumstances could increase the number of options
granted to Mr. Feldman.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Feldman's compensation package&#160;will provide him with severance payments of
between 12 and 18 months of his base salary in effect on the date
of&#160;termination of his employment upon our termination without cause or his
termination for good reason, each as to be defined in an employment
agreement.&#160;&#160;The compensation package will also provide Mr. Feldman
with severance payments of 24 months of his base salary in effect on the date of
termination in the event of a change of control which results in Mr. Feldman&#8217;s
termination either at the time of the change of control or within 6 months after
the change of control.&#160;&#160;In addition, a change of control would
accelerate the vesting of Mr. Feldman's unvested options.&#160;&#160;The
employment terms will also include provisions prohibiting Mr. Feldman from
competing with the Company or soliciting its employees for a period of 18 months
following the termination of his employment.&#160;The Company expects to enter
into an employment agreement with Mr. Feldman containing these
terms.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Feldman will not receive any additional compensation for serving as a
director.&#160;&#160;There are no related party transactions between the Company
and Mr. Feldman reportable under Item 404(a) of Regulation S-K.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
Current Report on Form 8-K <a name="id_0_5">may contain various &#8220;forward-looking
statements&#8221; as defined in the Private Securities Litigation Reform Act of
1995.&#160;&#160;The forward-looking statements are based on the beliefs of
Katy&#8217;s management, as well as assumptions made by, and information currently
available to, the company&#8217;s management.&#160;&#160;These statements are subject
to risks and uncertainties that may cause actual results to differ materially
from the statements and other information contained
herein.&#160;&#160;Additionally, the forward-looking statements are based
on&#160;Katy&#8217;s current expectations and projections about future events and
trends affecting the financial condition of its business and are not a guarantee
of future performance.&#160;&#160;Undue reliance should not be placed on such
forward-looking statements, as they speak only as of the date hereof and we
undertake no obligation to update these statements to reflect subsequent events
or circumstances, except as may be required by law.&#160;&#160;Additional
information regarding these and other risks and uncertainties is contained in
our periodic filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K for the fiscal year ended December 31,
2007.&#160;&#160;Katy undertakes no obligation to revise or update such
statements to reflect current events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events.</a></font></div><br>
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Statements and Exhibits</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Exhibits</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit
No.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press
Release issued by Katy Industries, Inc. on April 7, 2008.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">KATY
INDUSTRIES, INC.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By: <font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Amir
Rosenthal</font></font></div>
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No.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
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Release issued by Katy Industries, Inc. on April 7, 2008.</font></div>
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form8-k.htm
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 7, 2008
Katy
Industries, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
001-05558
75-1277589
(State
      of Incorporation)
(Commission
      File Number)
(IRS
      Employer Identification No.)
2461
South Clark Street, Suite 630
Arlington,
Virginia  22202
(Address
of principal executive offices) (Zip Code)
(703)
236-4300
(Registrant's
telephone number, including area code)
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:
[  ]  Written
communications pursuant to Rule 425 under the Securities Act
[  ]  Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
[  ]  Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
[  ]  Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
Item 5.02
Departure
      of Directors or Principal Officers; Election of Directors; Appointment of
      Principal Officers; Compensatory Arrangement of Certain
      Officers
On April
7, 2008, the Board of Directors (the "Board") of Katy Industries, Inc. (the
"Company") announced the resignation of Anthony T. Castor, III as President and
Chief Executive Officer, effective the close of business April 18,
2008.  Mr. Castor further resigned as a member of the Company's Board,
also effective April 18, 2008.  Mr. Castor will be paid termination
benefits in accordance with the terms outlined in Section 5(e)(ii)(B) of the
employment agreement between the Company and Mr. Castor, as previously filed on
August 15, 2005.  Mr. Castor served on the Executive Committee of the
Board of Directors.  His resignation is not due to any disagreements
with the Company.
On April
7, 2008, the Board announced the appointment of David J. Feldman as President
and Chief Executive Officer, effective April 21, 2008.  Mr. Feldman,
age 49, was also appointed as a member of the Board, effective April 21,
2008.  Mr. Feldman will also be appointed to serve on the Executive
Committee of the Board.  Mr. Feldman is currently President and Chief
Operating Officer of Airserv Corporation and has held this position since June
2007.  From December 2002 to May 2006, Mr. Feldman was President of
Cooper Lighting, a division of Cooper Industries, Inc.  From June 2006
to May 2007, Mr. Feldman pursued private business interests.
The
Compensation Committee of the Board approved a compensation package for Mr.
Feldman that includes a base salary of $400,000 with a target incentive bonus of
70% of his base salary.  For 2008 only, the entire annual bonus
($280,000) of Mr. Feldman's target incentive bonus will be
guaranteed.  The compensation package includes a grant to Mr. Feldman
of 750,000 options with an exercise price equal to market price on the first day
of his employment to purchase common stock of the Company, vesting in three
annual installments.  The option grant includes anti-dilution
provisions that under certain circumstances could increase the number of options
granted to Mr. Feldman.
Mr.
Feldman's compensation package will provide him with severance payments of
between 12 and 18 months of his base salary in effect on the date
of termination of his employment upon our termination without cause or his
termination for good reason, each as to be defined in an employment
agreement.  The compensation package will also provide Mr. Feldman
with severance payments of 24 months of his base salary in effect on the date of
termination in the event of a change of control which results in Mr. Feldman's
termination either at the time of the change of control or within 6 months after
the change of control.  In addition, a change of control would
accelerate the vesting of Mr. Feldman's unvested options.  The
employment terms will also include provisions prohibiting Mr. Feldman from
competing with the Company or soliciting its employees for a period of 18 months
following the termination of his employment. The Company expects to enter
into an employment agreement with Mr. Feldman containing these
terms.
Mr.
Feldman will not receive any additional compensation for serving as a
director.  There are no related party transactions between the Company
and Mr. Feldman reportable under Item 404(a) of Regulation S-K.
This
Current Report on Form 8-K
may contain various "forward-looking
statements" as defined in the Private Securities Litigation Reform Act of
1995.  The forward-looking statements are based on the beliefs of
Katy's management, as well as assumptions made by, and information currently
available to, the company's management.  These statements are subject
to risks and uncertainties that may cause actual results to differ materially
from the statements and other information contained
herein.  Additionally, the forward-looking statements are based
on Katy's current expectations and projections about future events and
trends affecting the financial condition of its business and are not a guarantee
of future performance.  Undue reliance should not be placed on such
forward-looking statements, as they speak only as of the date hereof and we
undertake no obligation to update these statements to reflect subsequent events
or circumstances, except as may be required by law.  Additional
information regarding these and other risks and uncertainties is contained in
our periodic filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K for the fiscal year ended December 31,
2007.  Katy undertakes no obligation to revise or update such
statements to reflect current events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events.
Item 9.01                      Financial
Statements and Exhibits
(d)
Exhibits
Exhibit
No.
Description
99.1                                Press
Release issued by Katy Industries, Inc. on April 7, 2008.
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.
KATY
INDUSTRIES, INC.
(Registrant)
By:
/s/ Amir
Rosenthal
Amir
Rosenthal
Vice
President, Chief Financial Officer,
General
Counsel and Secretary
Date:  April
7, 2008
Exhibits
Exhibit
No.
Description
99.1                                Press
Release issued by Katy Industries, Inc. on April 7, 2008.