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: March 16, 2007
(Date
of
earliest event reported)
TRACK
DATA CORPORATION
(Exact
Name of Registrant as specified in its Charter)
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Delaware
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0-24634
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22-3181095
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(State
or other jurisdiction of
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(Commission
File Number)
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(IRS
Employer Identification
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incorporation
or organization)
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Number)
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95
Rockwell Place, Brooklyn, New York
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11217
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(Address
of Principal Executives Offices)
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(Zip
Code)
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(718)
522-7373
(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 follow
provisions:
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q
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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q
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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q
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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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q
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (14
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
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On
March 16, 2007, Barry Hertz resigned as the Registrant’s Chairman,
Director and CEO. Mr. Hertz reached a settlement with the Securities
and
Exchange Commission ("SEC") regarding insider-trading charges previously
announced in a press release and Form 8-K dated June 15, 2005. Mr.
Hertz consented, without admitting or denying the allegations in
the SEC’s
complaint, to a permanent injunction from violations of Section 10(b)
and
10b-5 of the Exchange Act and Section 17(a) of the Securities Act
of 1933,
a two-year bar from serving as an officer or director of a publicly
traded
company, a two-year bar from association with a broker or dealer,
and also
agreed to pay approximately $130,000 in disgorgement, interest and
civil
penalties.
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| (c) |
(1)
On
March 16, 2007, Martin Kaye was appointed the Registrant’s
CEO.
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(2)
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Martin
Kaye, 59, was appointed the Registrant’s CEO. Mr. Kaye has been the
Registrant’s CFO since 1994 and will continue to hold that position with
the Registrant. There was no arrangement or understanding with any
person regarding Mr. Kaye’s appointment by the Board. No family
relationship exists between Mr. Kaye and any executive officer
or director
of the Registrant.
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Mr.
Kaye
has been Chief Operating Officer of the Registrant since August 2001, and
has
been Chief Financial Officer, Secretary and a Director of the Company since
1994. Mr. Kaye is a certified public accountant. Mr. Kaye served as
Chief Financial Officer of Innodata from October 1993 and Director from March
1995 until his resignation from those
positions in May 2001. He had been an audit partner with Deloitte &
Touche LLP for more than five years until his resignation in 1993. Mr. Kaye
holds a B.B.A. in accounting from Baruch College (1970).
The
Company has an employee savings program under which employees may make deposits
and receive interest at the prime rate. As of December 31, 2006, Mr. Kaye
had
deposits in the program of $479,000 and received interest of $32,000 during
the
year ended December 31, 2006.
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(3)
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There
is no plan, contract or arrangement with respect to the appointment
of Mr.
Kaye as principal executive
officer.
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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 thereunto
duly authorized.
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Date:March
16, 2007
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By
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/s/
Martin Kaye
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Martin
Kaye
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CEO,
CFO
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INDEX
TO
EXHIBITS
Exhibit
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No.
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Description
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99.1
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Press
Release of Track Data Corporation dated March 16, 2007 reporting
the
resignation of its CEO and appointment of CEO.
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