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
Event Reported: July 24, 2007
APA
ENTERPRISES, INC.
(Exact
name of registrant as specified in its charter)
Minnesota
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0-16106
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41-1347235
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(State
of other jurisdiction of incorporation)
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(Commission
File No.)
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(IRS
Employer Identification Number)
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2950
NE 84th Lane,
Blaine, MN 55449
(Address
of principal executive offices) (Zip Code)
Registrant's
telephone number, including area code: (763) 784-4995
(Former
name, former address and former fiscal year, if changed since last report):
N/A
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:
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425).
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12).
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b)).
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c)).
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Item
5.02 Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers
Item
5.02(e) Compensatory
Arrangements of Certain Officers
On
July
24, 2007, our Board of Directors adopted the recommendations of the Compensation
Committee compensation for the fiscal year beginning April 1, 2007 for Cheryl
Beranek Podzimek, the president and chief executive officer of the
Company.
Ms.
Podzimek's salary has been set at $150,000 (a 25% increase over her salary
for
the fiscal year 2007). The Board also approved a quarterly bonus plan
for Ms. Podzimek for the first two quarters of fiscal 2008 up to a maximum
total
of $10,000 based on attaining certain levels of revenue and/or earnings before
interest, taxes, depreciation and amortization (EBITDA). Metrics for
subsequent quarterly and annual bonus plans to be established on or before
October 1, 2007. Subsequent quarters’ bonus plans provide for an additional
maximum of $10,000 and the annual bonus plan provides for a maximum of $75,000
in addition to the quarterly bonuses.
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.
Dated:
July 24, 2007
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APA
ENTERPRISES, INC.
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By
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/s/ Cheryl Beranek Podzimek
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Cheryl
Beranek Podzimek, Chief Executive Officer (Principal Executive
Officer)
and authorized signatory
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