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<DIV style=margin-left:72pt;width:468pt><HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:12pt Times New Roman;margin:0;margin-left:6pt;margin-right:6pt'>&#160;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>UNITED STATES</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>WASHINGTON, DC 20549</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>FORM&#160;8-K</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>CURRENT REPORT PURSUANT </B><BR><B>TO SECTION&#160;13 OR 15(d)&#160;OF THE</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style='font:12pt Times New Roman;margin:0'>&#160;</P>
<P align=center style='font:12pt Times New Roman;margin:0'>Date of report (Date of earliest event reported): <B>April 27, 2020</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>PASSUR AEROSPACE, INC.</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'>(Exact Name of Registrant as Specified in Charter)</P>
<P style='font:12pt Times New Roman;margin:0'>&#160;</P>
<TABLE align=center style=border-collapse:collapse;width:100%><TR><TD valign=top style=width:32%><P align=center style='font:12pt Times New Roman;margin:0'><B>New York</B></P>
</TD><TD valign=bottom style=width:2%><P style='font:12pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=top style=width:32%><P align=center style='font:12pt Times New Roman;margin:0'><B>0-7642</B></P>
</TD><TD valign=bottom style=width:2%><P style='font:12pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=top style=width:32%><P align=center style='font:12pt Times New Roman;margin:0'><B>11-2208938</B></P>
</TD></TR>
<TR><TD valign=top style=width:32%><P align=center style='font:12pt Times New Roman;margin:0'>(State or Other Jurisdiction<BR>of Incorporation)</P>
</TD><TD valign=bottom style=width:2%><P style='font:12pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=top style=width:32%><P align=center style='font:12pt Times New Roman;margin:0'>(Commission File Number)</P>
</TD><TD valign=bottom style=width:2%><P style='font:12pt Times New Roman;margin:0'>&#160;</P>
</TD><TD valign=top style=width:32%><P align=center style='font:12pt Times New Roman;margin:0'>(IRS Employer<BR>Identification No.)</P>
</TD></TR>
</TABLE>
<P style='font:12pt Times New Roman;margin:0'>&#160;</P>
<TABLE align=center style=border-collapse:collapse;width:100%><TR><TD valign=top style=width:99%><P align=center style='font:12pt Times New Roman;margin:0'><B>One Landmark Square, Suite 1900</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>Stamford, CT 06901</B></P>
</TD><TD valign=bottom style=width:1%><P style='font:12pt Times New Roman;margin:0'>&#160;</P>
</TD></TR>
<TR><TD valign=top style=width:99%><P align=center style='font:12pt Times New Roman;margin:0'>(Address of Principal Executive Offices) (Zip Code)</P>
</TD><TD valign=bottom style=width:1%><P style='font:12pt Times New Roman;margin:0'>&#160;</P>
</TD></TR>
</TABLE>
<P style='font:12pt Times New Roman;margin:0'>&#160;</P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>(203) 622-4086</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'>(Registrant&#8217;s telephone number, including area code)</P>
<P style='font:12pt Times New Roman;margin:0'>&#160;</P>
<P style='font:12pt Times New Roman;margin:0'>Check the appropriate box below if the Form&#160;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):</P>
<P style='font:12pt Times New Roman;margin:0'>&#160;</P>
<P style='font:12pt Times New Roman;margin:0'><FONT style=font-family:Wingdings>&#111;</FONT>&#160;&#160;&#160;&#160;&#160; Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</P>
<P style='font:12pt Times New Roman;margin:0'><FONT style=font-family:Wingdings>&#111;</FONT>&#160;&#160;&#160;&#160;&#160; Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P style='font:12pt Times New Roman;margin:0'><FONT style=font-family:Wingdings>&#111;</FONT>&#160;&#160;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style='font:12pt Times New Roman;margin:0'><FONT style=font-family:Wingdings>&#111;</FONT>&#160;&#160;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>Securities Registered Pursuant to Section 12(b) of the Act: <B>None</B><BR></P>
<P style='font:12pt Times New Roman;margin:0'>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). &nbsp;&nbsp;&nbsp;Emerging growth company <FONT style=font-family:Wingdings>&#168;</FONT></P>
<P style='font:12pt Times New Roman;margin:0'> &nbsp;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:12pt Times New Roman;margin:0'>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;<FONT style=font-family:Wingdings>&#168;</FONT></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:12pt Times New Roman;margin:0'><B>Item 5.02 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style='border-bottom:1px solid #000000'><B><I>Compensation Reductions</I></B></FONT></P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>As part of a series of measures taken by PASSUR Aerospace, Inc. (the &#8220;Company&#8221;) in response to the ongoing global economic challenges and uncertainties attributable to the coronavirus (COVID-19) pandemic, the Compensation Committee (the &#8220;Compensation Committee&#8221;) of the Board of Directors of the Company (the &#8220;Board&#8221;) has approved certain temporary reductions in annual base salary for certain of the Company&#8217;s executive officers, as follows:</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;margin-left:36pt'><KBD style='position:absolute;font:12pt Symbol;margin-left:-18pt'>&#61623;</KBD>the annual base salary of Brian G. Cook, the Company&#8217;s Chief Executive Officer and director, is reduced from $325,000 to $243,750; &nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;margin-left:36pt'><KBD style='position:absolute;font:12pt Symbol;margin-left:-18pt'>&#61623;</KBD>the annual base salary of James T. Barry, the Company&#8217;s President and director, is reduced from $325,000 to $195,000; and &nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;margin-left:36pt'><KBD style='position:absolute;font:12pt Symbol;margin-left:-18pt'>&#61623;</KBD>the annual base salary of Louis J. Petrucelly, the Company&#8217;s Senior Vice President, Chief Financial Officer, Treasurer and Secretary, is reduced from $260,000 to $195,000. &nbsp;&nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>The foregoing reductions in annual base salary are effective as of April 27, 2020.</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>The Compensation Committee also approved a reduction to G.S. Beckwith Gilbert&#8217;s compensation for his services as Non-Executive Chairman of the Board from $100,000 per year to $50,000 per year, effective as of April 27, 2020.</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><FONT style='border-bottom:1px solid #000000'><B><I>Resignation of John F. Thomas</I></B></FONT></P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>On April 30, 2020, John F. Thomas informed the Board that he will step down as Executive Vice Chairman of the Board and as a director of the Company, effective April 30, 2020 (the &#8220;Termination Date&#8221;). &nbsp;Mr. Thomas&#8217; resignation was not the result of any disagreement with the Company. &nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>In connection with Mr. Thomas&#8217; departure, the Company and Mr. Thomas have entered into a Separation and General Release Agreement, dated as of April 30, 2020 (the &#8220;Separation Agreement&#8221;). &nbsp;Pursuant to the Separation Agreement, Mr. Thomas will receive $122,370.42, in cash, which amount represents: (a) the accrued and unpaid portion of Mr. Thomas&#8217; fees in connection with his service as Executive Vice Chairman of the Board through the Termination Date; (b) all unpaid fees for Board meetings attended by Mr. Thomas prior to the Termination Date; and (c) all unreimbursed reasonable and documented expenses incurred by Mr. Thomas in connection with his service with the Company prior to the Termination Date.</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>Pursuant to the terms of the Separation Agreement, all of the non-qualified stock options previously issued to Mr. Thomas that remain unvested as of the Termination Date will be automatically cancelled and forfeited, effective as of the Termination Date.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>The Separation Agreement contains customary releases of claims and non-disparagement provisions. &nbsp;A copy of the Separation Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. &nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:0pt'><B>Item 9.01</B></KBD><KBD style=margin-left:72pt></KBD><B>Financial Statements and Exhibits.</B>&nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:0pt'>(d)</KBD><KBD style=margin-left:36pt></KBD>Exhibits&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:101.48%><TR><TD valign=bottom style='width:18.96%;border-bottom:1pt solid #000000'><P style='font:12pt Times New Roman;margin:0'><B>Exhibit&#160;Number</B></P>
</TD><TD valign=bottom style=width:0.22%><P align=center style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.82%;border-bottom:1pt solid #000000'><P style='font:12pt Times New Roman;margin:0'><B>Exhibit&#160;Title</B></P>
</TD></TR>
<TR style=height:24.65pt><TD valign=top style=width:18.96%><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>10.1</P>
</TD><TD valign=bottom style=width:0.22%><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:80.82%><P style='font:12pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'><A href=pssr_ex10z1.htm style=text-decoration:none><FONT style='color:#0563C1;border-bottom:1px solid #0563C1'>Separation and General Release Agreement</FONT></A>, dated as of May 1, 2020, by and between PASSUR Aerospace, Inc. and John Thomas.</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:12pt Times New Roman;margin:0'><B>SIGNATURES</B></P>
<P style='font:12pt Times New Roman;margin:0'>&#160;</P>
<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'>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>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:24pt;margin-bottom:0pt;margin-left:234pt'>PASSUR AEROSPACE, INC.</P>
<P style='font:12pt Times New Roman;margin-top:24pt;margin-bottom:0pt;margin-left:234pt'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:0pt'>By:</KBD><KBD style=margin-left:18pt></KBD> &nbsp;<FONT style='border-bottom:1px solid #000000'>/s/ Louis J. Petrucelly &nbsp;&nbsp;</FONT><BR>Name: &nbsp;Louis J. Petrucelly<BR>Title: &nbsp;&nbsp;SVP and Chief Financial Officer &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:12pt;margin-bottom:0pt;text-indent:72pt'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>Date: &nbsp;May 1, 2020</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'></DIV>
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{"company-data": {"conformed-name": "PASSUR Aerospace, Inc.", "cik": "0000225628", "assigned-sic": "3812", "irs-number": "112208938", "state-of-incorporation": "NY", "fiscal-year-end": "1031"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-07642", "film-number": "20840687"}, "business-address": {"street1": "ONE LANDMARK SQUARE", "street2": "STE. 1900", "city": "STAMFORD", "state": "CT", "zip": "06901", "phone": "2036224086"}, "mail-address": {"street1": "ONE LANDMARK SQUARE", "street2": "STE. 1900", "city": "STAMFORD", "state": "CT", "zip": "06901"}, "former-company": [{"former-conformed-name": "MEGADATA CORP", "date-changed": "19920703"}, {"former-conformed-name": "MEGADATA COMPUTER & COMMUNICATIONS CORP", "date-changed": "19770201"}, {"former-conformed-name": "BELLOK DEVICES INC", "date-changed": "19740314"}]}
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
Date of report (Date of earliest event reported):
April 27, 2020
PASSUR AEROSPACE, INC.
(Exact Name of Registrant as Specified in Charter)
New York
0-7642
11-2208938
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
One Landmark Square, Suite 1900
Stamford, CT 06901
(Address of Principal Executive Offices) (Zip Code)
(203) 622-4086
(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 (
see
General Instruction A.2. below):
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))
Securities Registered Pursuant to Section 12(b) of the Act:
None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).    Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Item 5.02        Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Compensation Reductions
As part of a series of measures taken by PASSUR Aerospace, Inc. (the "Company") in response to the ongoing global economic challenges and uncertainties attributable to the coronavirus (COVID-19) pandemic, the Compensation Committee (the "Compensation Committee") of the Board of Directors of the Company (the "Board") has approved certain temporary reductions in annual base salary for certain of the Company's executive officers, as follows:

the annual base salary of Brian G. Cook, the Company's Chief Executive Officer and director, is reduced from $325,000 to $243,750;

the annual base salary of James T. Barry, the Company's President and director, is reduced from $325,000 to $195,000; and

the annual base salary of Louis J. Petrucelly, the Company's Senior Vice President, Chief Financial Officer, Treasurer and Secretary, is reduced from $260,000 to $195,000.
The foregoing reductions in annual base salary are effective as of April 27, 2020.
The Compensation Committee also approved a reduction to G.S. Beckwith Gilbert's compensation for his services as Non-Executive Chairman of the Board from $100,000 per year to $50,000 per year, effective as of April 27, 2020.
Resignation of John F. Thomas
On April 30, 2020, John F. Thomas informed the Board that he will step down as Executive Vice Chairman of the Board and as a director of the Company, effective April 30, 2020 (the "Termination Date").  Mr. Thomas' resignation was not the result of any disagreement with the Company.
In connection with Mr. Thomas' departure, the Company and Mr. Thomas have entered into a Separation and General Release Agreement, dated as of April 30, 2020 (the "Separation Agreement").  Pursuant to the Separation Agreement, Mr. Thomas will receive $122,370.42, in cash, which amount represents: (a) the accrued and unpaid portion of Mr. Thomas' fees in connection with his service as Executive Vice Chairman of the Board through the Termination Date; (b) all unpaid fees for Board meetings attended by Mr. Thomas prior to the Termination Date; and (c) all unreimbursed reasonable and documented expenses incurred by Mr. Thomas in connection with his service with the Company prior to the Termination Date.
Pursuant to the terms of the Separation Agreement, all of the non-qualified stock options previously issued to Mr. Thomas that remain unvested as of the Termination Date will be automatically cancelled and forfeited, effective as of the Termination Date.
The Separation Agreement contains customary releases of claims and non-disparagement provisions.  A copy of the Separation Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
Exhibit Number
Exhibit Title
10.1
Separation and General Release Agreement
, dated as of May 1, 2020, by and between PASSUR Aerospace, Inc. and John Thomas.
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.
PASSUR AEROSPACE, INC.
By:
/s/ Louis J. Petrucelly
Name:  Louis J. Petrucelly
Title:   SVP and Chief Financial Officer
Date:  May 1, 2020