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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) OCTOBER 2, 1998
DATA SYSTEMS & SOFTWARE INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-19771 22-2786081
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(State or other jurisdiction Commission File (I.R.S.Employer
of incorporation or Number Identification
organization) Number)
200 ROUTE 17, MAHWAH, NJ 07430-1296
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(Address of principal executive offices) (zip code)
(201) 529-2026
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(Registrant's telephone number including area code)
NONE
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(Former name, former address and former fiscal year,
if changed since last report)
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ITEM 5. Other Events
The Registrant has agreed to a settlement of its pending litigation with
Sanford L. Kane, former vice president of the Company, and former chairman and
chief executive officer of its Tower Semiconductor Ltd. affiliate described in
Item 3 of the Registrant's Annual Report on Form 10-K for the year ended
December 31, 1997. The settlement provides for the payment by the Company to
Mr. Kane of $500,000 and the issuance to Mr. Kane of 50,000 shares of the
Company's Common Stock. The Company had previously established an expense
accrual of approximately $290,000 in connection with Mr. Kane's resignation in
1995.
ITEM 7. Exhibits
(a) EXHIBITS
None.
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SIGNATURE PAGE
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 thereunto duly authorized.
DATA SYSTEMS & SOFTWARE INC.
Date: OCTOBER 2, 1998 /s/ Yacov Kaufman
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Yacov Kaufman
Chief Financial Officer
