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Prepared and filed by St Ives Financial
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<p align="center"><b><font size="2" face="serif">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, DC 20549</font></b></p>
<p align="center"><b><font size="2" face="serif">FORM 8-K</font></b></p>
<p align="center"><b><font size="2" face="serif">CURRENT REPORT<br>
Pursuant<br>
to Section 13 or 15(d) of the<br>
Securities Exchange Act of 1934</font></b></p>
<p align="center"><b><font size="2" face="serif">Date of report (Date of earliest event reported) November 21, 2006</font></b></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="3" align="center"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Neoware, Inc.</b></font></td>
  </tr>
  <tr>
    <td colspan="3"><hr size="1" noshade>
    </td>
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  <tr>
    <td colspan="3" align="center"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Exact Name
    of Registrant as Specified in Its Charter)</font></td>
  </tr>
  <tr>
    <td width="49%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="49%">&nbsp;</td>
  </tr>
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    <td colspan="3" align="center"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Delaware</b></font></td>
  </tr>
  <tr>
    <td colspan="3"><hr size="1" noshade></td>
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    <td colspan="3" align="center"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State or Other
    Jurisdiction of Incorporation)</font></td>
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  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center">
    <td><font size="2" face="serif"><b>000-21240</b></font></td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif"><b>23-2705700</b></font></td>
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  <tr align="center">
    <td colspan="3"><hr size="1" noshade>
    </td>
  </tr>
  <tr align="center">
    <td><font size="2" face="serif">(Commission
    File Number)</font></td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">(IRS Employer Identification No.)</font></td>
  </tr>
  <tr align="center">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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  <tr align="center">
    <td colspan="3"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>3200 Horizon
    Drive, King of Prussia, Pennsylvania 19406</b></font></td>
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  <tr align="center">
    <td colspan="3"><hr size="1" noshade>
    </td>
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  <tr align="center">
    <td><font size="2" face="serif">(Address of
    Principal Executive Offices)</font></td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">(Zip Code)</font></td>
  </tr>
  <tr align="center">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center">
    <td colspan="3"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>(610) 277-8300</b></font></td>
  </tr>
  <tr align="center">
    <td colspan="3"><hr size="1" noshade>
    </td>
  </tr>
  <tr align="center">
    <td colspan="3"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant&#8217;s
    Telephone Number, Including Area Code)</font></td>
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  <tr align="center">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center">
    <td colspan="3"><hr size="1" noshade>
</td>
  </tr>
  <tr align="center">
    <td colspan="3"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Former Name
    or Former Address, if Changed Since Last Report)</font></td>
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<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 following provisions (see General Instruction A.2. below):</font></p>
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    <td width="2%">&nbsp;</td>
    <td width="4%"><img src="emptybox.gif"></td>
    <td><font size="2" face="serif">Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
    230.425)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><img src="emptybox.gif"></td>
    <td><font size="2" face="serif">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><img src="emptybox.gif"></td>
    <td><font size="2" face="serif">Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
    240.14d-2(b))</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><img src="emptybox.gif"></td>
    <td><font size="2" face="serif">Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
    240.13e-4(c))</font></td>
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    <td width="10%"><font size="2" face="serif"><b>Item 5.02.</b></font></td>
    <td><font size="2" face="serif"><b>Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.</b></font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 21, 2006, the Compensation and Stock Option Committee of the Board of Directors of Neoware, Inc. (the &#8220;Company&#8221;) approved a bonus arrangement for Peter Bolton, Executive Vice President-Europe, Middle East and Africa (&#8220;EMEA&#8221;) for the 2007 fiscal year ending June 30, 2007.  Under the bonus arrangement, Mr. Bolton will have the opportunity to earn base incentive compensation of up to a $182,000 annual amount if EMEA region overall revenues for the 2007 fiscal year equal 100% of the annual base target level of EMEA revenues.  Mr. Bolton has the opportunity to earn incentive compensation in excess of the $182,000 annual amount if overall EMEA revenues exceed 100% of the annual base
target level for such revenues. </font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonus amounts are calculated based on a percentage (determined based on dividing $182,000 by the annual base target level of EMEA revenues) multiplied by the cumulative revenues achieved during the quarter periods year to date.  A higher percentage is applied for revenues which exceed the base target level of EMEA revenues (calculated on a year-to-date basis) measured for each quarter period.  A minimum of 90% of cumulative base target revenues must be achieved in any quarter period for Mr. Bolton to receive a payment for such quarter period.</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that Mr. Bolton&#8217;s employment with the Company is terminated for any reason, product orders booked as of the termination date to be shipped immediately thereafter will be considered as revenues earned during that quarter for purposes of determining Mr. Bolton&#8217;s incentive compensation under this arrangement.  The bonus policies, payments and revenue targets under this arrangement are subject to change at any time with or without notice at the discretion of the Compensation and Stock Option Committee. </font></p>
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<p align="center"><font size="2" face="serif"><b>SIGNATURES</b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</font></p>
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    <td width="30%"><font size="2" face="serif">Dated: &nbsp;November 28, 2006</font></td>
    <td align="left"><font size="2" face="serif">Neoware,
    Inc. </font></td>
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  <tr valign="top">
    <td>&nbsp;</td>
    <td><hr align="left" width="30%" size="1" noshade>
    </td>
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  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left"><font size="2" face="serif">(Registrant)</font></td>
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  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
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  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left"><font size="2" face="serif">/s/
    Keith D. Schneck</font></td>
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  <tr valign="top">
    <td>&nbsp;</td>
    <td><hr align="left" width="30%" size="1" noshade></td>
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  <tr valign="top">
    <td>&nbsp;</td>
    <td align="left"><font size="2" face="serif">Keith
    D. Schneck</font></td>
  </tr>
  <tr valign="top">
<td width="30%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Executive Vice President and Chief Financial Officer</font></td>
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{"company-data": {"conformed-name": "NEOWARE INC", "cik": "0000894743", "assigned-sic": "3571", "irs-number": "232705700", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-21240", "film-number": "061242020"}, "business-address": {"street1": "3200 HORIZON DR", "city": "KING OF PRUSSIA", "state": "PA", "zip": "19406", "phone": "6102778300"}, "mail-address": {"street1": "3200 HORIZON DR", "city": "KING OF PRUSSIA", "state": "PA", "zip": "19406"}, "former-company": [{"former-conformed-name": "NEOWARE SYSTEMS INC", "date-changed": "19980928"}, {"former-conformed-name": "HDS NETWORK SYSTEMS INC", "date-changed": "19950313"}, {"former-conformed-name": "INFORMATION SYSTEMS ACQUISITION CORP", "date-changed": "19930108"}]}
Prepared and filed by St Ives Financial
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 (Date of earliest event reported) November 21, 2006
Neoware, Inc.
(Exact Name
    of Registrant as Specified in Its Charter)
Delaware
(State or Other
    Jurisdiction of Incorporation)
000-21240
23-2705700
(Commission
    File Number)
(IRS Employer Identification No.)
3200 Horizon
    Drive, King of Prussia, Pennsylvania 19406
(Address of
    Principal Executive Offices)
(Zip Code)
(610) 277-8300
(Registrant's
    Telephone Number, Including Area Code)
(Former Name
    or Former Address, if Changed Since Last Report)
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 following provisions (see General Instruction A.2. below):
Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
    230.425)
Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
    240.14d-2(b))
Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
    240.13e-4(c))
Item 5.02.
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
On November 21, 2006, the Compensation and Stock Option Committee of the Board of Directors of Neoware, Inc. (the "Company") approved a bonus arrangement for Peter Bolton, Executive Vice President-Europe, Middle East and Africa ("EMEA") for the 2007 fiscal year ending June 30, 2007.  Under the bonus arrangement, Mr. Bolton will have the opportunity to earn base incentive compensation of up to a $182,000 annual amount if EMEA region overall revenues for the 2007 fiscal year equal 100% of the annual base target level of EMEA revenues.  Mr. Bolton has the opportunity to earn incentive compensation in excess of the $182,000 annual amount if overall EMEA revenues exceed 100% of the annual base
target level for such revenues.
Bonus amounts are calculated based on a percentage (determined based on dividing $182,000 by the annual base target level of EMEA revenues) multiplied by the cumulative revenues achieved during the quarter periods year to date.  A higher percentage is applied for revenues which exceed the base target level of EMEA revenues (calculated on a year-to-date basis) measured for each quarter period.  A minimum of 90% of cumulative base target revenues must be achieved in any quarter period for Mr. Bolton to receive a payment for such quarter period.
In the event that Mr. Bolton's employment with the Company is terminated for any reason, product orders booked as of the termination date to be shipped immediately thereafter will be considered as revenues earned during that quarter for purposes of determining Mr. Bolton's incentive compensation under this arrangement.  The bonus policies, payments and revenue targets under this arrangement are subject to change at any time with or without notice at the discretion of the Compensation and Stock Option Committee.
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:  November 28, 2006
Neoware,
    Inc.
(Registrant)
/s/
    Keith D. Schneck
Keith
    D. Schneck
Executive Vice President and Chief Financial Officer