FormS-8
As filed with the Securities and Exchange Commission on February 13, 2013
Registration No. 333-________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
______________________
Shutterfly, Inc.
(Exact Name of Registrant as Specified in its Charter)
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Delaware | | 94-3330068 |
(State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification Number) |
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2800 Bridge Parkway
Redwood City, California 94065
(Address of Principal Executive Offices) (Zip Code)
2006 Equity Incentive Plan
Inducement Restricted Stock Unit Grant to John Boris
Inducement Restricted Stock Unit Grant to Brian Regan
2012 Israeli Restricted Stock Unit Inducement Plan
Inducement Restricted Stock Unit Grants to Penguin Digital, Inc. Employees
Inducement Restricted Stock Unit Grants to ThisLife.com, Inc. Employees
(Full Title of the Plan)
_______________________________
Jeffrey T. Housenbold
President and Chief Executive Officer
c/o Shutterfly, Inc.
2800 Bridge Parkway
Redwood City, California 94065
(Name and Address of Agent for Service)
(650) 610-5200
(Telephone Number, Including Area Code, of Agent for Service)
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Copy to:
Robert Freedman, Esq.
Fenwick & West LLP
Silicon Valley Center,
801 California Street
Mountain View, CA 94041
(650) 988-8500
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Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer x | Accelerated filer ¨ |
Non-accelerated filer ¨ (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
CALCULATION OF REGISTRATION FEE
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Title of Securities to be Registered |
Amount to be Registered(1) | Maximum Offering Price Per Share(3) | Proposed Maximum Aggregate Offering Price | Amount of Registration Fee |
Common Stock, $0.0001 par value per share: | | | | |
--- 2006 Equity Incentive Plan | 1,126,848(2) | $39.18 |
| $44,149,905 |
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| $6,023 |
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--- Inducement Restricted Stock Unit Grant to John Boris | 114,000 | $39.18 |
| $4,466,520 |
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| $609 |
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--- Inducement Restricted Stock Unit Grant to Brian Regan | 155,000 | $39.18 |
| $6,072,900 |
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| $828 |
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--- 2012 Israeli Restricted Stock Unit Plan | 145,720 | $39.18 |
| $5,709,310 |
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| $779 |
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--- Inducement Restricted Stock Unit Grants issued to Penguin Digital, Inc. Employees | 180,029 | $39.18 |
| $7,053,536 |
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| $962 |
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--- Inducement Restricted Stock Unit Grants issued to ThisLife.com, Inc. Employees | 141,824 | $39.18 |
| $5,556,664 |
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| $758 |
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Total | 1,863,421 | |
| $73,008,835 |
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| $9,959 |
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(1) | Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement includes an indeterminate number of additional shares of Common Stock which may be offered and issued to prevent dilution from stock splits, stock dividends or similar transactions as provided in the above-referenced plans. |
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(2) | Represents shares of Common Stock automatically reserved on January 1, 2013 for issuance upon the exercise or settlement of awards that may be granted under the 2006 Equity Incentive Plan. Shares issuable upon exercise or settlement of awards granted under the 2006 Equity Incentive Plan were previously registered on registration statements on Form S-8 filed with the Securities and Exchange Commission on September 29, 2006 (Registration No. 333-137676), January 7, 2008 (Registration No. 333-148487), January 9, 2009 (Registration No. 333-156659), January 8, 2010 (Registration No. 333-164268), January 10, 2011 (Registration No. 333-171632) and January 11, 2012 (Registration No. 333-178986). |
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(3) | Estimated solely for purposes of this offering in accordance with Rule 457(h) and Rule 457(c) of the Securities Act based on the average of the high and low price per share of the Registrant’s Common Stock, as reported on the Nasdaq Global Select Market on February 6, 2013. |
EXPLANATORY NOTE
Shutterfly, Inc. (the “Registrant”) is filing this Registration Statement with the Securities and Exchange Commission (the “Commission”) in part to register 1,126,848 additional shares of Common Stock under the Registrant’s 2006 Equity Incentive Plan (the “2006 Plan”), pursuant to the provision of the 2006 Plan providing for an automatic increase in the number of shares reserved for issuance under the 2006 Plan. In accordance with General Instruction E of Form S-8, and only with respect to the Common Stock issuable under the 2006 Plan, this Registration Statement hereby incorporates by reference the contents of the Registrant’s Registration Statements on Form S-8 filed with the Commission on September 29, 2006 (Registration No. 333-137676), January 7, 2008 (Registration No. 333-148487), January 9, 2009 (Registration No. 333-156659), January 8, 2010 (Registration No. 333-164268), January 10, 2011 (Registration No. 333- 171632) and January 11, 2012 (Registration No. 333-178986), to the extent not superseded hereby.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in this Part I of Form S-8 (plan information and registrant information and employee plan annual information) will be sent or given to employees as specified by Rule 428(b)(1) of the Securities Act of 1933 (the “Securities Act”). Such documents need not be filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of this Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act .
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed by the Registrant with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are incorporated herein by reference:
1. The Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, filed with the Commission on February 13, 2013.
2. The description of the Registrant’s Common Stock contained in the Registrant’s Registration Statement on Form 8‑A (Registration No. 001-33031) filed with the Commission on September 29, 2006 under Section 12(b) of the Exchange Act, including any amendments or reports filed for the purpose of updating such description.
All documents filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement, and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Section 145 of the Delaware General Corporation Law authorizes a court to award, or a corporation’s board of directors to grant, indemnity to directors and officers under certain circumstances and subject to certain limitations. The terms of Section 145 of the Delaware General Corporation Law are sufficiently broad to permit indemnification under certain circumstances for liabilities, including reimbursement of expenses incurred , arising under the Securities Act.
As permitted by the Delaware General Corporation Law, the Registrant’s restated certificate of incorporation includes a provision that eliminates the personal liability of its directors for monetary damages resulting from breach of fiduciary duty as a director, except for liability:
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| • | | for any breach of the director’s duty of loyalty to the Registrant or its stockholders, |
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| • | | for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, |
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| • | | under Section 174 of the Delaware General Corporation Law regarding unlawful dividends and stock purchases, or |
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| • | | for any transaction from which the director derived an improper personal benefit. |
As permitted by the Delaware General Corporation Law, the Registrant’s restated bylaws provide that:
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| • | | the Registrant is required to indemnify its directors and officers to the fullest extent permitted by the Delaware General Corporation Law, subject to very limited exceptions, |
| • | | the Registrant may indemnify its other employees and agents as set forth in the Delaware General Corporation Law, |
| • | | the Registrant is required to advance expenses, as incurred, to its directors and officers in connection with a legal proceeding to the fullest extent permitted by the Delaware General Corporation Law, subject to very limited exceptions, and |
| • | | the rights conferred in the bylaws are not exclusive. |
The Registrant has entered into separate indemnification agreements with its directors and executive officers to provide such directors and executive officers additional contractual assurances regarding the scope of the indemnification set forth in the Registrant’s restated certificate of incorporation and restated bylaws and to provide additional procedural protections. At present, there is no pending litigation or proceeding involving a director, executive officer or employee of the Registrant regarding which indemnification is sought.
The indemnification provisions in the Registrant’s restated certificate of incorporation, restated bylaws and the indemnification agreements entered into or to be entered into between the Registrant and each of its directors and executive officers may be sufficiently broad to permit indemnification of the Registrant’s directors and executive officers for liabilities arising under the Securities Act.
The Registrant currently carries liability insurance for its directors and officers.
See also the undertakings set out in response to Item 9 of this Registration Statement.
Item 7. Exemption From Registration Claimed.
Not applicable.
Item 8. Exhibits.
For a list of exhibits, see the Exhibit Index to this Registration Statement, which is incorporated into this Item by reference.
Item 9. Undertakings.
A. The undersigned Registrant hereby undertakes:
(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective Registration Statement; and
(iii) to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;
provided, however, that paragraphs A(1)(i) and A(1)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
(2) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;
(3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
C. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or controlling persons of the Registrant pursuant to the foregoing provisions , or otherwise, the Registrant has been advised that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant, Shutterfly, Inc., 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 Redwood City, State of California, on February 13, 2013.
SHUTTERFLY, INC.
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By: /s/ Jeffrey T. Housenbold |
Jeffrey T. Housenbold |
President and Chief Executive Officer |
POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints Jeffrey T. Housenbold and Brian M. Regan, and each of them, as attorneys-in-fact, each with the power of substitution, for him or her in any and all capacities, to sign any amendment to this Registration Statement and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting to said attorneys-in-fact, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact, or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.
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| Signature | Capacity | Date |
| /s/ Jeffrey T. Housenbold Jeffrey T. Housenbold | President, Chief Executive Officer and Director (Principal Executive Officer) | February 13, 2013 |
| /s/ Brian M. Regan Brian M. Regan | Chief Financial Officer (Principal Financial Officer) | February 13, 2013 |
| /s/ Philip A. Marineau Philip A. Marineau | Chairman of the Board of Directors and Director
| February 13, 2013 |
| /s/ Eric J. Keller Eric J. Keller | Director
| February 13, 2013 |
| /s/ Stephen J. Killeen Stephen J. Killeen | Director
| February 13, 2013 |
| /s/ Nancy J. Schoendorf Nancy J. Schoendorf | Director
| February 13, 2013 |
| /s/ Brian T. Swette Brian T. Swette | Director
| February 13, 2013 |
| /s/ James N. White James N. White | Director | February 13, 2013 |
INDEX TO EXHIBITS
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Exhibit Number | |
Document |
4.1 | | Form of Registrant’s Common Stock Certificate (Incorporated herein by reference to Exhibit 4.01 of the Registrant’s Registration Statement on Form S-1 filed on August 18, 2006 (Registration No. 333-135426)). |
4.2 | | 2006 Equity Incentive Plan, as amended. (Incorporated herein by reference to Exhibit 10.24 of the Registrant’s Annual Report on Form 10-K filed on February 7, 2011 (Registration No. 001-33031)). |
4.3 | | 2012 Israeli Restricted Stock Unit Inducement Plan |
5.1 | | Opinion of Fenwick & West LLP |
23.1 | | Consent of Fenwick & West LLP (contained in Exhibit 5.1) |
23.2 | | Consent of Independent Registered Public Accounting Firm |
24.1 | | Power of Attorney (see Signature Page) |