SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities and Exchange Act of 1934
Date of Report: March 6, 1998
ACTRADE INTERNATIONAL, LTD.
(Exact name of registrant as specified by its charter)
Delaware 0-18711 13-3437739
(State or other jurisdic- (Commission File Number) (IRS Employer
tion of incorporation) Identification
Number)
7 Penn Plaza
Suite 422
New York, NY 10001
(Address of principal executive offices)
Registrant's Telephone Number: (212) 563-1036
Former Name or Former Address if Changed Since Last Report
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Item 5. Other events.
Effective March 6, 1998, the Board of Directors of Actrade International, Ltd.
announced that it would appoint a special committee in order to establish a new
Executive Incentive Compensation Program which will be submitted to a vote of
the Company's Shareholder's for final approval.
In light of this action, the Company's CEO has agreed with the Board to rescind
the recent extension to his Employment Agreement and to waive future entitlement
to Incentive Compensation thereunder until the Board and Shareholders agree upon
a Company-wide Incentive Compensation Program. In keeping with this decision,
the One Million Warrants issued January, 1998 to Mr. Aharoni in consideration
for the recent extension of his Employment Agreement have been cancelled and are
no further effect.
