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<TITLE>As filed with the Securities and Exchange Commission on June 25, 1998</TITLE>
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<META NAME="date" CONTENT="04/21/2004">
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<P style="margin-top:0pt; margin-bottom:-10pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">As filed with the Securities and Exchange Commission on April 21, 2004</P>
<P style="margin-top:0pt; margin-bottom:8pt; text-indent:324pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">Registration No. 333-13818</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>UNITED STATES</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>WASHINGTON, D.C. &nbsp;20549</P>
<P style="margin-top:0pt; margin-bottom:5pt; line-height:7.9pt; font-family:Times New Roman" align=center>_______________</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FORM S-8</P>
<P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman; font-size:9pt" align=center>REGISTRATION STATEMENT</P>
<P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman; font-size:9pt" align=center>UNDER</P>
<P style="margin-top:0pt; margin-bottom:4.5pt; line-height:10.55pt; font-family:Times New Roman; font-size:9pt" align=center>THE SECURITIES ACT OF 1933</P>
<P style="margin-top:0pt; margin-bottom:5pt; line-height:10.55pt; font-family:Times New Roman" align=center>_____________</P>
<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>RADWARE LTD.</B></P>
<P style="margin-top:0pt; margin-bottom:9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(Exact name of registrant as specified in its charter)</P>
<TABLE cellspacing=0><TR><TD valign=top width=295.2><P style="margin:0pt; padding-right:48.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B><U>Israel</U></B></P>
<P style="margin:0pt; padding-right:48.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(State or Other Jurisdiction of Incorporation or Organization)</P>
</TD><TD valign=top width=343.2><P style="margin:0pt; padding-left:39.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B><U>None</U></B></P>
<P style="margin:0pt; padding-left:39.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(I.R.S. Employer Identification Number)</P>
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<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>22 Raoul Wallenberg St.</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>Tel Aviv 69710, Israel</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>011-972-3-766-8666</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(Address of Principal Executive Offices)</P>
<P style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align=center>_______________</P>
<P style="margin-top:0pt; margin-bottom:1.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>Radware Ltd. Key Employee Share Incentive Plan (1997)</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>&nbsp;(Full Title of the Plan)</P>
<P style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align=center>_______________</P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>Roy Zisapel</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>Radware, Inc.</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>575 Corporate Drive, Suite 205</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>Mahwah, New Jersey 07430</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(Name and Address of Agent for Service)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:8pt" align=center><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center><B>(201) 512-9771</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>(Telephone Number, Including Area Code,</P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>of Agent for Service)</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:10.55pt; font-family:Arial; font-size:6pt" align=center>CALCULATION OF REGISTRATION FEE</P>
<TABLE cellspacing=0><TR><TD style="border:0.75pt solid #000000" valign=top width=132><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman">Title of Each Class of Securities to be Registered</P>
</TD><TD style="border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=104.4><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman">Amount </P>
<P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman">to be Registered</P>
</TD><TD style="border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=141.6><P style="margin:0pt; padding-left:-1pt; padding-right:-12pt; line-height:10.55pt; font-family:Times New Roman">Proposed Maximum Offering Price Per Share</P>
</TD><TD style="border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=150><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman">Proposed Maximum Aggregate Offering Price</P>
</TD><TD style="border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman">Amount of Registration Fee</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=132><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman">Ordinary Shares, par value NIS 0.10 per share</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=104.4><P style="margin:0pt; padding-left:10.8pt; line-height:10.55pt; font-family:Times New Roman">447,100</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=141.6><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman" align=center>$8.00</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=150><P style="margin:0pt; padding-left:24.3pt; line-height:10.55pt; font-family:Times New Roman">$3,576,800</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=90><P style="margin:0pt; padding-left:10.8pt; line-height:10.55pt; font-family:Times New Roman">$ &nbsp;&nbsp;453.18</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=132><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman">Ordinary Shares, par value NIS 0.10 per share</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=104.4><P style="margin:0pt; padding-left:10.8pt; line-height:10.55pt; font-family:Times New Roman">874,170</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=141.6><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman" align=center>$11.00</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=150><P style="margin:0pt; padding-left:24.3pt; line-height:10.55pt; font-family:Times New Roman">$9,615,870</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=90><P style="margin:0pt; padding-left:10.8pt; line-height:10.55pt; font-family:Times New Roman">$1,218.33</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=132><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman">Ordinary Shares, par value NIS 0.10 per share</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=104.4><P style="margin:0pt; padding-left:10.8pt; line-height:10.55pt; font-family:Times New Roman">147,750</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=141.6><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman" align=center>$20.00</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=150><P style="margin:0pt; padding-left:24.3pt; line-height:10.55pt; font-family:Times New Roman">$2,955,000</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=90><P style="margin:0pt; padding-left:10.8pt; line-height:10.55pt; font-family:Times New Roman">$ &nbsp;&nbsp;374.40</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=132><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman">Ordinary Shares, par value NIS 0.10 per share</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=104.4><P style="margin:0pt; padding-left:10.8pt; line-height:10.55pt; font-family:Times New Roman">400,000</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=141.6><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman" align=center>$24.00</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=150><P style="margin:0pt; padding-left:24.3pt; line-height:10.55pt; font-family:Times New Roman">$9,600,000</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=90><P style="margin:0pt; padding-left:10.8pt; line-height:10.55pt; font-family:Times New Roman">$1,216.32</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=132><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman">Ordinary Shares, par value NIS 0.10 per share</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=104.4><P style="margin:0pt; padding-left:10.8pt; line-height:10.55pt; font-family:Times New Roman">222,671</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=141.6><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman" align=center>$25.45(1)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=150><P style="margin:0pt; padding-left:24.3pt; line-height:10.55pt; font-family:Times New Roman">$5,666,977</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=90><P style="margin:0pt; padding-left:10.8pt; line-height:10.55pt; font-family:Times New Roman">$ &nbsp;718.00</P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=132><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman"><B>Total</B></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=104.4><P style="margin:0pt; padding-left:10.8pt; line-height:10.55pt; font-family:Times New Roman">2,091,691(2)</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=141.6><P style="margin:0pt; line-height:10.55pt; font-family:Times New Roman" align=center>-</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=150><P style="margin:0pt; padding-left:24.3pt; line-height:10.55pt; font-family:Times New Roman">$31,414,647</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" width=90><P style="margin:0pt; padding-left:10.8pt; line-height:10.55pt; font-family:Times New Roman">$3,980.23</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>(1)</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align=justify>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and Rule 457(h)(1) under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;), based on the average of the high and low prices reported by the Nasdaq National Market on &nbsp;April 16, 2004, which is within five (5) business days prior to the date of this Registration Statement.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=justify>(2)</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align=justify>Plus such number of ordinary shares of the Registrant, as may be issued to prevent dilution resulting from stock dividends, stock splits or similar transactions in accordance with Rule 416 under the Securities Act.</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center>RADWARE LTD.</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center>REGISTRATION STATEMENT ON FORM S-8</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center>REGISTRATION OF ADDITIONAL SECURITIES</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman">This Registration Statement is filed in accordance with the provisions of General Instruction E to Form S-8 for the purpose of registering 2,091,691 ordinary shares, par value NIS 0.10 per share, of the Registrant, which are reserved for offer and sale under the Radware Ltd. 1997 Key Employee Share Incentive Plan. &nbsp;The contents of the Registrant's Registration Statement on Form S-8 as filed with the Commission on August 15, 2001 (File No. 333-13818) and Post-Effective Amendment No. 1 to Registration Statement on Form S-8, which amendment was filed with the Commission on June 10, 2003 (File No. 333-13818) are incorporated herein by reference.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
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<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center>PART II</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">Item 8. <U>Exhibits.</U></P>
<P style="margin-top:0pt; margin-bottom:-13.25pt; padding-left:144pt; text-indent:-108pt; line-height:13.25pt; font-family:Times New Roman" align=justify><U>Exhibit Number</U></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:144pt; text-indent:117pt; line-height:11.25pt; font-family:Times New Roman" align=justify><U>Description</U></P>
<P style="margin-top:0pt; margin-bottom:-13.25pt; padding-left:217.25pt; text-indent:-181.25pt; line-height:13.25pt; font-family:Times New Roman">&nbsp;&nbsp;5</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:217.25pt; line-height:11.25pt; font-family:Times New Roman">Opinion of Goldfarb, Levy, Eran &amp; Co.</P>
<P style="margin-top:0pt; margin-bottom:-13.25pt; padding-left:216pt; text-indent:-180pt; line-height:13.25pt; font-family:Times New Roman">23.1</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:216pt; line-height:11.25pt; font-family:Times New Roman">Consent of Kost, Forer, Gabbay &amp; Kasierer (a Member of Ernst &amp; Young Global), Independent Accountants</P>
<P style="margin-top:0pt; margin-bottom:-13.25pt; padding-left:217.25pt; text-indent:-181.25pt; line-height:13.25pt; font-family:Times New Roman">23.2</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:217.25pt; line-height:11.25pt; font-family:Times New Roman">Consent of Goldfarb, Levy, Eran &amp; Co. (included in Exhibit 5 above).</P>
<P style="margin-top:0pt; margin-bottom:-13.25pt; padding-left:216pt; text-indent:-180pt; line-height:13.25pt; font-family:Times New Roman">24</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:216pt; line-height:11.25pt; font-family:Times New Roman">Power of Attorney (contained in Signature Page hereto).</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman"><BR></P>
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<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; line-height:11.25pt; font-family:Times New Roman" align=center>SIGNATURES</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:49.5pt; line-height:11.25pt; font-family:Times New Roman" align=justify>Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Tel Aviv, State of Israel, on this 21st day of April, 2004.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:194.25pt; line-height:11.25pt; font-family:Times New Roman" align=justify>RADWARE LTD.</P>
<P style="margin:0pt; padding-left:72pt; text-indent:122.25pt; line-height:11.25pt; font-family:Times New Roman" align=justify>By:<U> /s/ Yehuda Zisapel</U></P>
<P style="margin:0pt; padding-left:72pt; text-indent:122.25pt; line-height:11.25pt; font-family:Times New Roman" align=justify>Name: &nbsp;&nbsp;Yehuda Zisapel</P>
<P style="margin-top:0pt; margin-bottom:-13.25pt; padding-left:72pt; text-indent:122.25pt; line-height:13.25pt; font-family:Times New Roman" align=justify>Title:</P>
<P style="margin:0pt; padding-left:72pt; text-indent:153pt; line-height:11.25pt; font-family:Times New Roman" align=justify>Chairman of the Board of Directors</P>
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<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:72pt; text-indent:153pt; line-height:11.25pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center><B>POWER OF ATTORNEY</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify><B>KNOW ALL PERSONS BY THESE PRESENTS:</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; font-family:Times New Roman">That the undersigned officers and directors of Radware Ltd., an Israeli corporation, do hereby constitute and appoint Yehuda Zisapel, Chairman of the Board of Directors, and Roy Zisapel, President and Chief Executive Officer, and each of them, the lawful attorneys-in-fact and agents with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents, and any one of them, determine may be necessary or advisable or required to enable said corporation to comply with the Securities Act, and any rules or regulations or requirements of the Securities and Exchange Commission in connection with this Registration Statement. &nbsp;Without limiting the generality of the foregoing power and authority, the powers granted include the power and authority to sign the names of the undersigned officers and directors in the capacities indicated below in this Registration Statement, to any and all amendments, both pre-effective and post-effective, and supplements to this Registration Statement, and to any and all instruments or documents filed as part of or in conjunction with this Registration Statement or amendments or supplements thereof, and each of the undersigned hereby ratifies and confirms that all said attorneys and agents, or any one of them, shall do or cause to be done by virtue hereof. &nbsp;This Power of Attorney may be signed in several counterparts.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, each of the undersigned has executed this Power of Attorney as of the date indicated.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.</P>
<TABLE cellspacing=0><TR><TD valign=top width=212.8><P style="margin-top:0pt; margin-bottom:10pt; padding-right:4.8pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000" align=center><B>Signature</B></P>
</TD><TD valign=top width=286.4><P style="margin-top:0pt; margin-bottom:10pt; padding-left:2.4pt; padding-right:8.1pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000" align=center><B>Title</B></P>
</TD><TD valign=top width=139.2><P style="margin-top:0pt; margin-bottom:10pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000" align=center><B>Date</B></P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin-top:30pt; margin-bottom:0pt; padding-right:4.8pt; font-family:Times New Roman"><U>/s/ Yehuda Zisapel<BR>
</U>Yehuda Zisapel</P>
</TD><TD valign=top width=286.4><P style="margin-top:30pt; margin-bottom:0pt; padding-left:2.4pt; padding-right:8.1pt; font-family:Times New Roman">Chairman of the Board of Directors <BR>
</P>
</TD><TD valign=top width=139.2><P style="margin-top:30pt; margin-bottom:0pt; font-family:Times New Roman" align=justify>April 21, 2004</P>
</TD></TR>
<TR><BR>
<TD valign=top width=212.8><P style="margin-top:30pt; margin-bottom:0pt; padding-right:4.8pt; font-family:Times New Roman"><U>/s/ Roy Zisapel<BR>
</U>Roy Zisapel</P>
</TD><TD valign=top width=286.4><P style="margin-top:30pt; margin-bottom:0pt; padding-left:2.4pt; padding-right:8.1pt; font-family:Times New Roman">Chief Executive Officer, President and Director (Principal Executive Officer)</P>
</TD><TD valign=top width=139.2><P style="margin-top:30pt; margin-bottom:0pt; font-family:Times New Roman" align=justify>April 21, 2004</P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin-top:30pt; margin-bottom:0pt; padding-right:4.8pt; font-family:Times New Roman"><U>/s/ Meir Moshe<BR>
</U>Meir Moshe</P>
</TD><TD valign=top width=286.4><P style="margin-top:30pt; margin-bottom:0pt; padding-left:2.4pt; padding-right:8.1pt; font-family:Times New Roman" align=justify>Chief Financial Officer</P>
<P style="margin:0pt; padding-left:2.15pt; padding-right:7.9pt; font-family:Times New Roman" align=justify>(Principal Financial and Accounting Officer)</P>
</TD><TD valign=top width=139.2><P style="margin-top:30pt; margin-bottom:0pt; font-family:Times New Roman" align=justify>April 21, 2004</P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin-top:30pt; margin-bottom:0pt; padding-right:4.8pt; font-family:Times New Roman"><U>/s/ Yiftach Atir<BR>
</U>Yiftach Atir</P>
</TD><TD valign=top width=286.4><P style="margin-top:30pt; margin-bottom:0pt; padding-left:2.4pt; padding-right:8.1pt; font-family:Times New Roman" align=justify>Director</P>
</TD><TD valign=top width=139.2><P style="margin-top:30pt; margin-bottom:0pt; font-family:Times New Roman" align=justify>April 21, 2004</P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin-top:30pt; margin-bottom:0pt; padding-right:4.8pt; font-family:Times New Roman"><U>/s/ Avigdor Willenz<BR>
</U>Avigdor Willenz</P>
</TD><TD valign=top width=286.4><P style="margin-top:30pt; margin-bottom:0pt; padding-left:2.4pt; padding-right:8.1pt; font-family:Times New Roman" align=justify>Director</P>
</TD><TD valign=top width=139.2><P style="margin-top:30pt; margin-bottom:0pt; font-family:Times New Roman" align=justify>April 21, 2004</P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin-top:30pt; margin-bottom:0pt; padding-right:4.8pt; font-family:Times New Roman"><U>/s/ Christopher McCleary<BR>
</U>Christopher McCleary</P>
</TD><TD valign=top width=286.4><P style="margin-top:30pt; margin-bottom:0pt; padding-left:2.4pt; padding-right:8.1pt; font-family:Times New Roman" align=justify>Director</P>
</TD><TD valign=top width=139.2><P style="margin-top:30pt; margin-bottom:0pt; font-family:Times New Roman" align=justify>April 21, 2004</P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin-top:30pt; margin-bottom:0pt; padding-right:4.8pt; font-family:Times New Roman"><U>/s/ Liora Katzenstein<BR>
</U>Liora Katzenstein</P>
</TD><TD valign=top width=286.4><P style="margin-top:30pt; margin-bottom:0pt; padding-left:2.4pt; padding-right:8.1pt; font-family:Times New Roman" align=justify>Director</P>
</TD><TD valign=top width=139.2><P style="margin-top:30pt; margin-bottom:0pt; font-family:Times New Roman" align=justify>April 21, 2004</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Authorized Representative in the United States</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">RADWARE INC.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">By: </P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:18pt; font-family:Times New Roman"><U>/s/ Roy Zisapel &nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; text-indent:324pt; font-family:Times New Roman">April 21, 2004</P>
<P style="margin:0pt; line-height:11.25pt; font-family:Times New Roman" align=justify>Name: &nbsp;Roy Zisapel</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; line-height:11.25pt; font-family:Times New Roman" align=center>EXHIBIT INDEX</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13.25pt; padding-left:144pt; text-indent:-108pt; line-height:13.25pt; font-family:Times New Roman" align=justify><U>Exhibit Number</U></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:144pt; text-indent:117pt; line-height:11.25pt; font-family:Times New Roman" align=justify><U>Description</U></P>
<P style="margin-top:0pt; margin-bottom:-13.25pt; padding-left:217.25pt; text-indent:-181.25pt; line-height:13.25pt; font-family:Times New Roman">&nbsp;&nbsp;5</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:217.25pt; line-height:11.25pt; font-family:Times New Roman">Opinion of Goldfarb, Levy, Eran &amp; Co.</P>
<P style="margin-top:0pt; margin-bottom:-13.25pt; padding-left:216pt; text-indent:-180pt; line-height:13.25pt; font-family:Times New Roman">23.1</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:216pt; line-height:11.25pt; font-family:Times New Roman">Consent of Kost, Forer, Gabbay &amp; Kasierer (a Member of Ernst &amp; Young Global), Independent Accountants.</P>
<P style="margin-top:0pt; margin-bottom:-13.25pt; padding-left:217.25pt; text-indent:-181.25pt; line-height:13.25pt; font-family:Times New Roman">23.2</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:217.25pt; line-height:11.25pt; font-family:Times New Roman">Consent of Goldfarb, Levy, Eran &amp; Co. (included in Exhibit 5 above).</P>
<P style="margin-top:0pt; margin-bottom:-13.25pt; padding-left:216pt; text-indent:-180pt; line-height:13.25pt; font-family:Times New Roman">24</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:216pt; line-height:11.25pt; font-family:Times New Roman">Power of Attorney (contained in Signature Page hereto).</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; line-height:24pt; font-family:Times New Roman; font-size:22pt" align=center><B>GOLDFARB, LEVY, ERAN &amp; CO.</B></P>
<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>Law Offices</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:216pt; text-indent:-216pt; line-height:11.25pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:216pt; text-indent:-216pt; line-height:11.25pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:216pt; text-indent:180pt; line-height:11.25pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT 5</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>April 21, 2004</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Radware Ltd.</P>
<P style="margin:0pt; font-family:Times New Roman">22 Raoul Wallenberg Street </P>
<P style="margin:0pt; font-family:Times New Roman">Tel Aviv 69701</P>
<P style="margin:0pt; font-family:Times New Roman">Israel</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:288pt; font-family:Times New Roman">File: &nbsp;2656\004</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Ladies and Gentlemen:</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-right:54.45pt; text-indent:49.65pt; font-family:Times New Roman">We refer to the Registration Statement on Form S-8 (the &quot;<B>Registration Statement</B>&quot;) to be filed by Radware Ltd., an Israeli company (the &#147;<B>Company</B>&#148;), with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &quot;<B>Act</B>&quot;), relating to 2,091,691 Ordinary Shares, nominal value NIS 0.10 each of the Company (the &#147;<B>Shares</B>&#148;), to be issued upon the exercise of share options granted under the Radware Ltd. Key Employee Share Incentive Plan (1997) (the &#147;<B>Plan</B>&#148;).</P>
<P style="margin:0pt; padding-right:54.45pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-right:54.45pt; text-indent:49.65pt; font-family:Times New Roman">We are members of the Israel Bar and we express no opinion as to any matter relating to the laws of any jurisdiction other than the laws of Israel.</P>
<P style="margin:0pt; padding-right:54.45pt; text-indent:47.5pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-right:54.45pt; text-indent:47.5pt; font-family:Times New Roman">As counsel for the Company, we have examined such corporate records, other documents, and such questions of Israeli law as we have considered necessary or appropriate for the purposes of this opinion and, upon the basis of such examination, advise you that in our opinion, the Shares, when issued and paid for in accordance with the terms of the Plan, will be duly authorized, validly issued, fully paid and non-assessable.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-right:54.45pt; text-indent:49.65pt; font-family:Times New Roman">We consent to the filing of this opinion as an exhibit to the Registration Statement. &nbsp;This consent is not to be construed as an admission that we are a party whose consent is required to be filed with the Registration Statement under the provisions of the Act. </P>
<P style="margin:0pt; padding-right:37.35pt; text-indent:35.45pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; text-indent:180pt; font-family:Times New Roman">Very truly yours,</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:144pt; text-indent:36pt; font-family:Times New Roman"><U>/s/ Goldfarb, Levy, Eran &amp; Co.</U></P>
<P style="margin:0pt; padding-left:180pt; font-family:Times New Roman">Goldfarb, Levy, Eran &amp; Co.</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; line-height:11.25pt; font-family:Times New Roman" align=right>EXHIBIT 23.1</P>
<P style="margin-top:0pt; margin-bottom:10pt; line-height:11.25pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center><U>CONSENT OF INDEPENDENT AUDITORS</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>We consent to the incorporation by reference in the Registration Statement on Form S-8 &nbsp;pertaining to the Radware Ltd. 1997 Key Employee Share Incentive Plan, of our report dated February 2, 2004, with respect to the consolidated financial statements of Radware Ltd., included in its Annual Report (Form 20-F) for the year ended December 31, 2003, filed with the Securities and Exchange Commission.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; text-indent:252pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; text-indent:252pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; text-indent:252pt; font-family:Times New Roman"><U>/s/ Kost, Forer, Gabbay &amp; Kassuerer</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Tel-Aviv, Israel</P>
<P style="margin:0pt; text-indent:252pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Kost, Forer, Gabbay &amp; Kassierer</P>
<P style="margin-top:0pt; margin-bottom:-13.25pt; padding-left:216pt; text-indent:-216pt; line-height:13.25pt; font-family:Times New Roman">April 21, 2004</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:216pt; text-indent:35.25pt; line-height:11.25pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;A Member of Ernst &amp; Young Global</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
</BODY>
</HTML>
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{"company-data": {"conformed-name": "RADWARE LTD", "cik": "0001094366", "assigned-sic": "7389", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-114668", "film-number": "04744392"}, "business-address": {"street1": "22 RAOUL WALLENBERG STREET", "city": "TEL AVIV", "state": "L3", "zip": "69710"}, "mail-address": {"street1": "575 CORPORATE DR", "street2": "LOBBY 2", "city": "MAHWAH", "state": "NJ", "zip": "07430"}}
As filed with the Securities and Exchange Commission on June 25, 1998
As filed with the Securities and Exchange Commission on April 21, 2004
Registration No. 333-13818
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
_______________
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
_____________
RADWARE LTD.
(Exact name of registrant as specified in its charter)
Israel
(State or Other Jurisdiction of Incorporation or Organization)
None
(I.R.S. Employer Identification Number)
22 Raoul Wallenberg St.
Tel Aviv 69710, Israel
011-972-3-766-8666
(Address of Principal Executive Offices)
_______________
Radware Ltd. Key Employee Share Incentive Plan (1997)
(Full Title of the Plan)
_______________
Roy Zisapel
Radware, Inc.
575 Corporate Drive, Suite 205
Mahwah, New Jersey 07430
(Name and Address of Agent for Service)
(201) 512-9771
(Telephone Number, Including Area Code,
of Agent for Service)
CALCULATION OF REGISTRATION FEE
Title of Each Class of Securities to be Registered
Amount
to be Registered
Proposed Maximum Offering Price Per Share
Proposed Maximum Aggregate Offering Price
Amount of Registration Fee
Ordinary Shares, par value NIS 0.10 per share
447,100
$8.00
$3,576,800
$   453.18
Ordinary Shares, par value NIS 0.10 per share
874,170
$11.00
$9,615,870
$1,218.33
Ordinary Shares, par value NIS 0.10 per share
147,750
$20.00
$2,955,000
$   374.40
Ordinary Shares, par value NIS 0.10 per share
400,000
$24.00
$9,600,000
$1,216.32
Ordinary Shares, par value NIS 0.10 per share
222,671
$25.45(1)
$5,666,977
$  718.00
Total
2,091,691(2)
-
$31,414,647
$3,980.23
(1)
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and Rule 457(h)(1) under the Securities Act of 1933, as amended (the "Securities Act"), based on the average of the high and low prices reported by the Nasdaq National Market on  April 16, 2004, which is within five (5) business days prior to the date of this Registration Statement.
(2)
Plus such number of ordinary shares of the Registrant, as may be issued to prevent dilution resulting from stock dividends, stock splits or similar transactions in accordance with Rule 416 under the Securities Act.
RADWARE LTD.
REGISTRATION STATEMENT ON FORM S-8
REGISTRATION OF ADDITIONAL SECURITIES
This Registration Statement is filed in accordance with the provisions of General Instruction E to Form S-8 for the purpose of registering 2,091,691 ordinary shares, par value NIS 0.10 per share, of the Registrant, which are reserved for offer and sale under the Radware Ltd. 1997 Key Employee Share Incentive Plan.  The contents of the Registrant's Registration Statement on Form S-8 as filed with the Commission on August 15, 2001 (File No. 333-13818) and Post-Effective Amendment No. 1 to Registration Statement on Form S-8, which amendment was filed with the Commission on June 10, 2003 (File No. 333-13818) are incorporated herein by reference.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 8.
Exhibits.
Exhibit Number
Description
5
Opinion of Goldfarb, Levy, Eran & Co.
23.1
Consent of Kost, Forer, Gabbay & Kasierer (a Member of Ernst & Young Global), Independent Accountants
23.2
Consent of Goldfarb, Levy, Eran & Co. (included in Exhibit 5 above).
24
Power of Attorney (contained in Signature Page hereto).
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Tel Aviv, State of Israel, on this 21st day of April, 2004.
RADWARE LTD.
By:
/s/ Yehuda Zisapel
Name:   Yehuda Zisapel
Title:
Chairman of the Board of Directors
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS:
That the undersigned officers and directors of Radware Ltd., an Israeli corporation, do hereby constitute and appoint Yehuda Zisapel, Chairman of the Board of Directors, and Roy Zisapel, President and Chief Executive Officer, and each of them, the lawful attorneys-in-fact and agents with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents, and any one of them, determine may be necessary or advisable or required to enable said corporation to comply with the Securities Act, and any rules or regulations or requirements of the Securities and Exchange Commission in connection with this Registration Statement.  Without limiting the generality of the foregoing power and authority, the powers granted include the power and authority to sign the names of the undersigned officers and directors in the capacities indicated below in this Registration Statement, to any and all amendments, both pre-effective and post-effective, and supplements to this Registration Statement, and to any and all instruments or documents filed as part of or in conjunction with this Registration Statement or amendments or supplements thereof, and each of the undersigned hereby ratifies and confirms that all said attorneys and agents, or any one of them, shall do or cause to be done by virtue hereof.  This Power of Attorney may be signed in several counterparts.
IN WITNESS WHEREOF
, each of the undersigned has executed this Power of Attorney as of the date indicated.
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Yehuda Zisapel
Yehuda Zisapel
Chairman of the Board of Directors
April 21, 2004
/s/ Roy Zisapel
Roy Zisapel
Chief Executive Officer, President and Director (Principal Executive Officer)
April 21, 2004
/s/ Meir Moshe
Meir Moshe
Chief Financial Officer
(Principal Financial and Accounting Officer)
April 21, 2004
/s/ Yiftach Atir
Yiftach Atir
Director
April 21, 2004
/s/ Avigdor Willenz
Avigdor Willenz
Director
April 21, 2004
/s/ Christopher McCleary
Christopher McCleary
Director
April 21, 2004
/s/ Liora Katzenstein
Liora Katzenstein
Director
April 21, 2004
Authorized Representative in the United States
RADWARE INC.
By:
/s/ Roy Zisapel
April 21, 2004
Name:  Roy Zisapel
EXHIBIT INDEX
Exhibit Number
Description
5
Opinion of Goldfarb, Levy, Eran & Co.
23.1
Consent of Kost, Forer, Gabbay & Kasierer (a Member of Ernst & Young Global), Independent Accountants.
23.2
Consent of Goldfarb, Levy, Eran & Co. (included in Exhibit 5 above).
24
Power of Attorney (contained in Signature Page hereto).
GOLDFARB, LEVY, ERAN & CO.
Law Offices
EXHIBIT 5
April 21, 2004
Radware Ltd.
22 Raoul Wallenberg Street
Tel Aviv 69701
Israel
File:  2656\004
Ladies and Gentlemen:
We refer to the Registration Statement on Form S-8 (the "
Registration Statement
") to be filed by Radware Ltd., an Israeli company (the "
Company
"), with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "
Act
"), relating to 2,091,691 Ordinary Shares, nominal value NIS 0.10 each of the Company (the "
Shares
"), to be issued upon the exercise of share options granted under the Radware Ltd. Key Employee Share Incentive Plan (1997) (the "
Plan
").
We are members of the Israel Bar and we express no opinion as to any matter relating to the laws of any jurisdiction other than the laws of Israel.
As counsel for the Company, we have examined such corporate records, other documents, and such questions of Israeli law as we have considered necessary or appropriate for the purposes of this opinion and, upon the basis of such examination, advise you that in our opinion, the Shares, when issued and paid for in accordance with the terms of the Plan, will be duly authorized, validly issued, fully paid and non-assessable.
We consent to the filing of this opinion as an exhibit to the Registration Statement.  This consent is not to be construed as an admission that we are a party whose consent is required to be filed with the Registration Statement under the provisions of the Act.
Very truly yours,
/s/ Goldfarb, Levy, Eran & Co.
Goldfarb, Levy, Eran & Co.
EXHIBIT 23.1
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement on Form S-8  pertaining to the Radware Ltd. 1997 Key Employee Share Incentive Plan, of our report dated February 2, 2004, with respect to the consolidated financial statements of Radware Ltd., included in its Annual Report (Form 20-F) for the year ended December 31, 2003, filed with the Securities and Exchange Commission.
/s/ Kost, Forer, Gabbay & Kassuerer
Tel-Aviv, Israel
Kost, Forer, Gabbay & Kassierer
April 21, 2004
A Member of Ernst & Young Global