UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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) JUNE 17, 1997
CS WIRELESS SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 33-20295 23-2751747
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
200 CHISHOLM PLACE
SUITE 202
PLANO, TEXAS 75075
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 633-4000
ITEM 5. OTHER EVENTS
Effective June 17, 1997, CS Wireless Systems, Inc. (the "Company" or
the "Registrant") reached final settlement of all matters related to the
previously announced termination of employment of Lowell Hussey, the
Company's former President and Chief Executive Officer, including settlement
of litigation commenced by Mr. Hussey in the United States District Court
for the District of Oregon. The settlement terms are set forth in a Settlement
Agreement and General Release (the "Agreement") which resolved all claims by
Mr. Hussey, including severance claims under his employment agreement.
Pursuant to the Agreement, Mr. Hussey received (i) payments totaling
$500,000, which amount includes $300,000 paid at the time of termination,
(ii) reimbursement of certain expenses, (iii) permission to retain certain
office furniture and (iv) acknowledgment by the Company of the vesting of
Mr. Hussey's options to purchase 161,291 shares of the Company's common stock
at an option price of $6.50 per share. The options represent one half of the
options originally granted to Mr. Hussey in February, 1996, which vested in
36 equal monthly installments, and are exercisable at any time for a term of
five (5) years from the date of the Agreement.
ITEM 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
Exhibit No. Description
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10.18 Settlement Agreement and General Release
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: June 6th , 1997 CS WIRELESS SYSTEMS, INC.
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By: /s/Jeffrey A. Kupp
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Jeffrey A. Kupp
Senior Vice President-Finance
and Chief Financial Officer
(Principal Financial Officer)
EXHIBIT INDEX
Exhibit No. Description
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10.18 Settlement Agreement and General Release