<HTML>
<HEAD>
<TITLE>AutoCoded Document</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Scotch Line Double" -->
<HR ALIGN="LEFT" WIDTH="100%" SIZE="4" NOSHADE>

<!-- MARKER FORMAT-SHEET="Scotch Line Single" -->
<HR ALIGN="LEFT" WIDTH="100%" SIZE="1" NOSHADE>

<!-- MARKER FORMAT-SHEET="Head Major" -->
<A NAME="A001"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3"><B>UNITED
STATES<BR>SECURITIES AND EXCHANGE COMMISSION</B></FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major" -->
<A NAME="A003"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3"><B>WASHINGTON,
D.C. 20549</B></FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major" -->
<A NAME="A004"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>FORM
8-K</B></FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major" -->
<A NAME="A005"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>CURRENT
REPORT<BR>Pursuant to Section&nbsp;13 or 15(d)<BR>of
the Securities Exchange Act of 1934</B></FONT></FONT></P>


<!-- MARKER FORMAT-SHEET="Para Center" -->
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Date of
Report (Date of Earliest Event Reported): &nbsp;&nbsp;<B>May 3, 2006</B></FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Major" -->
<A NAME="A008"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="5"><B>Global
Aircraft Solutions, Inc.</B></FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Center" -->
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">(Exact Name
of Registrant as Specified in Charter)</FONT></FONT> </P>


<TABLE cellSpacing=0 cellPadding=0 width=600 align=center>
  <TR vAlign=bottom>
    <TH colSpan=2><FONT face="Times New Roman, Times, Serif" size=2></FONT></TH>
    <TH colSpan=2><FONT face="Times New Roman, Times, Serif" size=2></FONT></TH>
    <TH colSpan=2><FONT face="Times New Roman, Times, Serif"
  size=2></FONT></TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="37%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Nevada</B></FONT></TD>
    <TD align=left width="4%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="30%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>000-28575</B></FONT></TD>
    <TD align=left width="4%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="23%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>84-1108499</B></FONT></TD>
    <TD align=left width="2%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>(State or
      other jurisdiction</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>(Commission File Number)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>(IRS
      Employer</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
      incorporation)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
size=2></FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification No.)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR></TABLE><BR><BR>

<!-- MARKER FORMAT-SHEET="Head Major" -->
<A NAME="A009"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>P.O.
Box 23009 Tucson, AZ 85734</B><BR>(Address of principal executive offices)</FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major" -->
<A NAME="A010"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>(520)&nbsp;294-3481</B><BR>(Registrant's telephone number, including area code)</FONT></FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major" -->
<A NAME="A011"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Renegade
Venture (NEV.) Corporation</B><BR>(Former Name or Former Address if Changed Since Last Report)</FONT></FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (<I>see </I>General Instruction A.2. below):</FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Roman" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">|_| </FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Roman" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">|_| </FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Roman" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">|_| </FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR  240.14d-2(b)).</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Roman" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">|_| </FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR  240.13e-14(c).</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<A NAME="A012"></A>
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>ITEM 1.01.&nbsp;&nbsp;&nbsp;
Entry Into a Material Definitive Agreement</B></FONT></FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">
Global Aircraft Solutions, Inc. (&#147;Global&#148;) issued a press release on May 3, 2006, a copy
of which is attached as Exhibit 99.1 to this report, in which it announced that
Govindarajan (&#147;Raj&#148;) Sankar will join Global as Chief Financial
Officer effective June 1, 2006. The description of the material terms of the
Employment Agreement dated May 3, 2006 (the &#147;Agreement&#148;) between
Global and Raj Sankar and which description is included in Item 5.02 hereof, is
incorporated by reference in this Item 1.01. Global will file Mr. Sankar&#146;s
Agreement as an Exhibit to its periodic report relating to the reporting period
in which the Agreement was entered into by the parties.</FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>ITEM 5.02.&nbsp;&nbsp;&nbsp;
Departure of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers</B></FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">On May
3, 2006, Global announced that, effective on or about June 1, 2006, Govindarajan
(&#147;Raj&#148;) Sankar will join Global as Chief Financial Officer.</FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Mr. Sankar, 46,
served as Chief Financial Officer for First Student, Inc. since 2003.  First Student,
Inc. is a student  transportation company, with a revenue of $700 million and wholly
owned by First plc.  Prior to serving as Chief Financial Officer for  First Student,
Inc., Mr. Sankar was the Director/VP of Finance from 1995 through 2003 for DHL Airways,
Inc., an international  logistics and distribution company with $6.3 billion in annual
revenue and wholly owned by Deutsche Post AG.  From 1989 through 1995  Mr. Sankar was the
Controller for USAir Group (USAir Express). Mr. Sankar also gained public accounting
experience at Deloitte and  Touch&eacute; from 1980 to 1984.</FONT></FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Mr.
Sankar has an MBA in finance from Wright State University, a CMA from the
Institute of Cost and Works Accountants of India; an MS in Finance and Tax from
Madras university; a CPA from the institute of Chartered Accountants of India
and a BS in Accounting from Madras University. Mr. Sankar is Chairman of FENG
Cincinnati Chapter and an advisory board member of the College of Business for
Wright State University.</FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The
Agreement is for an initial term of three (3) years and shall automatically
renew for successive one (1) year periods upon each anniversary unless, not
later than 60 days prior to any renewal date, either Global or Mr. Sankar
provides written notice that it does not intend to renew the Agreement. Pursuant
to the Agreement, Mr. Sankar will receive a base annual salary of $150,000.00,
subject to annual review. In addition, upon completion of the first year of
service, Mr. Sankar will be awarded 75,000 shares of Global common stock; upon
completion of the second year of service, Mr. Sankar will be awarded 100,000
shares of Global common stock; and upon completion of the third year of service,
Mr. Sankar will be awarded 125,000 shares of Global common stock.</FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Pursuant
to the Agreement, Mr. Sankar will also be eligible for discretionary cash and/or
stock bonuses as determined from time to time by Global&#146;s Board of
Directors.</FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Pursuant
to the Agreement, Mr. Sankar is also eligible to participate in Global&#146;s
health and welfare benefit plans; paid vacation; and participation in any stock
option plan, stock purchase plan or any similar incentive plan based all or in
part on Global&#146;s equity securities. In addition, Mr. Sankar will also be
provided with the use of a company car and receive a one time payment of $25,000.00
upon signing the Agreement for any and all relocation costs incurred.</FONT></FONT></P>

<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>


<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Pursuant
to the Agreement, if Mr. Sankar&#146;s employment is terminated without cause
during the first 6 months of the Agreement, Mr. Sankar shall be entitled to
receive a lump sum payment in an amount equal to the sum of the first year base
salary remaining under the term of the Agreement, plus 50,000 shares of Global
common stock. After the first 6 months of employment, Global may terminate the
Agreement if, in the reasonable judgment of Global, Mr. Sankar becomes unable to
satisfactorily perform his duties and responsibilities for a period of 180 days
because of mental or physical disability whereby Global shall then pay to Mr.
Sankar a lump sum in an amount equal to 6 months base salary plus stock in an
amount equal the amount of stock that would have been earned had Mr. Sankar
completed the year of service in the year in which such termination takes place.
If Mr. Sankar is terminated for cause, he shall only be entitled to his base
salary earned, but unpaid through the date of termination. In the event of a
change in control, Mr. Sankar shall be entitled to continue his employment under
the terms and conditions of the Agreement.</FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">No
arrangement or understanding exists between Mr. Sankar and any other person
pursuant to which Mr. Sankar was selected as an officer of Global.</FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">There
is no family relationship between any director, executive officer, or person
nominated or chosen by Global to become a director or executive officer of
Global and Mr. Sankar. Mr. Sankar is not a director in any company with a class
of securities registered pursuant to Section 12 of the securities and Exchange
Act of 1934 or subject to the requirements of Section 15(d) of such Act or any
company registered as an investment company under the Investment Company Act of
1940. In addition, since the beginning of Global&#146;s last fiscal year, there
has been no transaction (or series of transactions), to which Global was or is
to be a party in which Mr. Sankar or any member of his immediate family had or
will have a direct or indirect material interest.</FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<A NAME="A013"></A>
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>ITEM 9.01.&nbsp;&nbsp;&nbsp;
Financial Statements and Exhibits</B></FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<A NAME="A014"></A>
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>(c) Exhibits</B></FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<A NAME="A015"></A>
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Exhibit No.
&nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Document</B></FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Roman" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">99.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="94%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"> Press
Release of Global Aircraft Solutions, Inc. issued May 3, 2006.</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Head Major" -->
<A NAME="A016"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>SIGNATURES</B></FONT></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Date: &nbsp;&nbsp;&nbsp;May 3,
2006</FONT></FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush In 2" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Global
Aircraft Solutions, Inc.</B><BR>(Registrant)</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Flush In 2" -->
<A NAME="A017"></A>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">By:&nbsp;&nbsp;<U>/s/
John Sawyer &nbsp; &nbsp;</U><BR>Name:&nbsp;&nbsp; John Sawyer<BR>Title:&nbsp;&nbsp;President</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "global8k532006.htm", "description": "FORM 8-K  (5-3-2006)", "secsgml_size_bytes": 17700}]
{"company-data": {"conformed-name": "GLOBAL AIRCRAFT SOLUTIONS, INC.", "cik": "0000854171", "assigned-sic": "4581", "irs-number": "841108499", "state-of-incorporation": "AZ", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-28575", "film-number": "06807947"}, "business-address": {"street1": "6900 S. PARK AVE.", "street2": "P.O. BOX 23009", "city": "TUCSON", "state": "AZ", "zip": "85706", "phone": "5202943481"}, "mail-address": {"street1": "6900 S. PARK AVE.", "street2": "P.O. BOX 23009", "city": "TUCSON", "state": "AZ", "zip": "85706"}, "former-company": [{"former-conformed-name": "RENEGADE VENTURE NEV CORP", "date-changed": "19981116"}, {"former-conformed-name": "RENEGADE VENTURE CORP", "date-changed": "19920703"}]}
AutoCoded Document
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):
May 3, 2006
Global
Aircraft Solutions, Inc.
(Exact Name
of Registrant as Specified in Charter)
Nevada
000-28575
84-1108499
(State or
      other jurisdiction
(Commission File Number)
(IRS
      Employer
of
      incorporation)
Identification No.)
P.O.
Box 23009 Tucson, AZ 85734
(Address of principal executive offices)
(520) 294-3481
(Registrant's telephone number, including area code)
Renegade
Venture (NEV.) Corporation
(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 (
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-14(c).
ITEM 1.01.   
Entry Into a Material Definitive Agreement
Global Aircraft Solutions, Inc. ("Global") issued a press release on May 3, 2006, a copy
of which is attached as Exhibit 99.1 to this report, in which it announced that
Govindarajan ("Raj") Sankar will join Global as Chief Financial
Officer effective June 1, 2006. The description of the material terms of the
Employment Agreement dated May 3, 2006 (the "Agreement") between
Global and Raj Sankar and which description is included in Item 5.02 hereof, is
incorporated by reference in this Item 1.01. Global will file Mr. Sankar's
Agreement as an Exhibit to its periodic report relating to the reporting period
in which the Agreement was entered into by the parties.
ITEM 5.02.   
Departure of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers
On May
3, 2006, Global announced that, effective on or about June 1, 2006, Govindarajan
("Raj") Sankar will join Global as Chief Financial Officer.
Mr. Sankar, 46,
served as Chief Financial Officer for First Student, Inc. since 2003.  First Student,
Inc. is a student  transportation company, with a revenue of $700 million and wholly
owned by First plc.  Prior to serving as Chief Financial Officer for  First Student,
Inc., Mr. Sankar was the Director/VP of Finance from 1995 through 2003 for DHL Airways,
Inc., an international  logistics and distribution company with $6.3 billion in annual
revenue and wholly owned by Deutsche Post AG.  From 1989 through 1995  Mr. Sankar was the
Controller for USAir Group (USAir Express). Mr. Sankar also gained public accounting
experience at Deloitte and  Touché from 1980 to 1984.
Mr.
Sankar has an MBA in finance from Wright State University, a CMA from the
Institute of Cost and Works Accountants of India; an MS in Finance and Tax from
Madras university; a CPA from the institute of Chartered Accountants of India
and a BS in Accounting from Madras University. Mr. Sankar is Chairman of FENG
Cincinnati Chapter and an advisory board member of the College of Business for
Wright State University.
The
Agreement is for an initial term of three (3) years and shall automatically
renew for successive one (1) year periods upon each anniversary unless, not
later than 60 days prior to any renewal date, either Global or Mr. Sankar
provides written notice that it does not intend to renew the Agreement. Pursuant
to the Agreement, Mr. Sankar will receive a base annual salary of $150,000.00,
subject to annual review. In addition, upon completion of the first year of
service, Mr. Sankar will be awarded 75,000 shares of Global common stock; upon
completion of the second year of service, Mr. Sankar will be awarded 100,000
shares of Global common stock; and upon completion of the third year of service,
Mr. Sankar will be awarded 125,000 shares of Global common stock.
Pursuant
to the Agreement, Mr. Sankar will also be eligible for discretionary cash and/or
stock bonuses as determined from time to time by Global's Board of
Directors.
Pursuant
to the Agreement, Mr. Sankar is also eligible to participate in Global's
health and welfare benefit plans; paid vacation; and participation in any stock
option plan, stock purchase plan or any similar incentive plan based all or in
part on Global's equity securities. In addition, Mr. Sankar will also be
provided with the use of a company car and receive a one time payment of $25,000.00
upon signing the Agreement for any and all relocation costs incurred.
Pursuant
to the Agreement, if Mr. Sankar's employment is terminated without cause
during the first 6 months of the Agreement, Mr. Sankar shall be entitled to
receive a lump sum payment in an amount equal to the sum of the first year base
salary remaining under the term of the Agreement, plus 50,000 shares of Global
common stock. After the first 6 months of employment, Global may terminate the
Agreement if, in the reasonable judgment of Global, Mr. Sankar becomes unable to
satisfactorily perform his duties and responsibilities for a period of 180 days
because of mental or physical disability whereby Global shall then pay to Mr.
Sankar a lump sum in an amount equal to 6 months base salary plus stock in an
amount equal the amount of stock that would have been earned had Mr. Sankar
completed the year of service in the year in which such termination takes place.
If Mr. Sankar is terminated for cause, he shall only be entitled to his base
salary earned, but unpaid through the date of termination. In the event of a
change in control, Mr. Sankar shall be entitled to continue his employment under
the terms and conditions of the Agreement.
No
arrangement or understanding exists between Mr. Sankar and any other person
pursuant to which Mr. Sankar was selected as an officer of Global.
There
is no family relationship between any director, executive officer, or person
nominated or chosen by Global to become a director or executive officer of
Global and Mr. Sankar. Mr. Sankar is not a director in any company with a class
of securities registered pursuant to Section 12 of the securities and Exchange
Act of 1934 or subject to the requirements of Section 15(d) of such Act or any
company registered as an investment company under the Investment Company Act of
1940. In addition, since the beginning of Global's last fiscal year, there
has been no transaction (or series of transactions), to which Global was or is
to be a party in which Mr. Sankar or any member of his immediate family had or
will have a direct or indirect material interest.
ITEM 9.01.   
Financial Statements and Exhibits
(c) Exhibits
Exhibit No.
                Document
99.1
Press
Release of Global Aircraft Solutions, Inc. issued May 3, 2006.
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.
Date:    May 3,
2006
Global
Aircraft Solutions, Inc.
(Registrant)
By:
/s/
John Sawyer
Name:   John Sawyer
Title:  President