sv8
As filed with the Securities and Exchange Commission on November 15, 2006
Registration Number 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
CAPELLA EDUCATION COMPANY
(Exact name of registrant as specified in its charter)
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Minnesota
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41-1717955 |
(State of incorporation)
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(I.R.S. Employer Identification Number) |
225 South 6th Street, 9th Floor
Minneapolis, Minnesota 55402
(888) 227-3552
(Address of Principal Executive Offices)
LEARNING VENTURES, INC. 1993 STOCK OPTION PLAN
CAPELLA EDUCATION COMPANY 1999 STOCK OPTION PLAN
CAPELLA EDUCATION COMPANY 2005 STOCK INCENTIVE PLAN
(Full Title of the Plans)
Stephen G. Shank
Chairman and Chief Executive Officer
Capella Education Company
225 South 6th Street, 9th Floor
Minneapolis, Minnesota 55402
(888) 227-3552
(Name, address and telephone number of agent for service)
Calculation of Registration Fee
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Proposed |
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Proposed |
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Maximum |
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Title of Each Class of |
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Amount |
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Maximum |
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Aggregate |
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Amount of |
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Securities To |
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To Be |
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Offering Price |
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Offering |
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Registration |
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Be Registered |
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Registered (1) |
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Per Share (2) |
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Price (2) |
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Fee |
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COMMON STOCK, $.01 PAR VALUE, ISSUABLE PURSUANT TO: |
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Learning Ventures, Inc. 1993 Stock Option Plan |
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Issuable Upon Exercise of Outstanding Options |
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125,783 shares |
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$9.42(3) |
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$1,184,876 |
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$126.79 |
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Capella Education Company 1999 Stock Option Plan |
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Issuable Upon Exercise of Outstanding Options |
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1,054,107 shares |
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$14.35(3) |
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$15,126,436 |
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$1,618.53 |
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Capella Education Company 2005 Stock Incentive Plan |
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Issuable Upon Exercise of Outstanding Options |
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1,072,603 shares |
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$20.00(3) |
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$21,452,060 |
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$2,295.37 |
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Reserved for Future Grants |
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1,940,397 shares |
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$25.10(4) |
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$48,703,965 |
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$5,211.33 |
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TOTAL |
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4,192,890 shares |
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$9,252.02 |
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(1) |
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This Registration Statement will also cover any additional shares of common stock that
become issuable under the
Learning Ventures, Inc. 1993 Stock Option Plan, Capella Education Company 1999 Stock Option
Plan, or the Capella Education Company 2005 Stock Incentive Plan as a result of a stock split,
stock dividend or similar adjustment of the outstanding shares of common stock of Capella
Education Company. |
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(2) |
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Estimated solely for the purpose of determining the registration fee. |
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(3) |
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Computed in accordance with Rule 457(h) under the Securities Act of 1933, based on the
weighted average per share exercise price of outstanding options granted under the respective
plan. |
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(4) |
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Computed in accordance with Rule 457(h) and 457(c) of the Securities Act of 1933.
Such computation is based on the average of the high and low prices as reported on the The
Nasdaq Stock Market on November 10, 2006. |
TABLE OF CONTENTS
Part I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part I of Form S-8 have been or will be
sent or given to participants as specified by Rule 428(b)(1) under the Securities Act.
Part II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Capella Education Company (the Company or the Registrant) hereby incorporates by reference
into this Registration Statement the following documents filed with the Securities and Exchange
Commission (the Commission):
(1) The Prospectus contained in the Registrants Registration Statement on Form S-1
(Registration No. 333-124119) filed with the Commission on November 13, 2006 pursuant to Rule
424(b)(4).
(2) The description of the Registrants common stock contained in the Registrants
Registration Statement on Form 8-A (001-33140) filed with the Commission on November 8, 2006,
pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the Exchange Act),
including any amendment or report filed for the purpose of updating such description.
All reports and other documents filed by the Company pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Exchange Act prior to the filing of a post-effective amendment that indicates that all
of the shares of Common Stock offered have been sold or that deregisters all shares of the Common
Stock then remaining unsold shall be deemed to be incorporated by reference in and a part of this
Registration Statement 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 herein or incorporated herein by reference or in any other
subsequently filed document that also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Capella Education Companys common stock is registered under Section 12 of the Exchange Act
and, therefore, the description of securities is omitted.
Item 5. Interests of Named Experts and Counsel.
Gregory W. Thom, Vice President, General Counsel and Secretary, has given his opinion about
certain legal matters affecting the plans in this registration statement. Mr. Thom owns options to
purchase a total of 62,771 shares of the Companys common stock, 23,939 of which are exercisable
within 60 days of the date of this registration statement. The total number of shares underlying
stock options owned by Mr. Thom represents less than 1% of the total outstanding shares of common
stock of the Company. Mr. Thom is eligible to participate in the Plans.
Item 6. Indemnification of Directors and Officers.
Section 302A.521, subd. 2, of the Minnesota Statutes requires that the Company indemnify a
person made or threatened to be made a party to a proceeding by reason of the former or present
official capacity of the person with respect to the Company, against judgments, penalties, fines,
including, without limitation, excise taxes assessed against the person with respect to an employee
benefit plan, settlements, and reasonable expenses, including attorneys fees and disbursements,
incurred by the person in connection with the proceeding with respect to the same acts or omissions
if such person (i) has not been indemnified by another organization or employee benefit plan for
the same judgments, penalties or fines, (ii) acted in good faith, (iii) received no improper
personal benefit, and statutory procedure has been followed in the case of any conflict of interest
by a director, (iv) in the case of a criminal proceeding, had no reasonable cause to believe the
conduct was unlawful, and (v) in the case of acts or omissions occurring in the persons
performance in the official capacity of director or, for a person not a director, in the official
capacity of officer, board committee member or employee, reasonably believed that the conduct was
in the best interests of the Company, or, in the case of performance by a director, officer or
employee of the Company involving service as a director, officer, partner, trustee, employee or
agent of another organization or employee benefit plan, reasonably believed that the conduct was
not opposed to the best interests of the Company. In addition, Section 302A.521, subd. 3, requires
payment by the Company, upon written request, of reasonable expenses in advance of final
disposition of the proceeding in certain instances. A decision as to required indemnification is
made by a disinterested majority of the Companys board of directors present at a meeting at which
a disinterested quorum is present, or by a designated committee of the board, by special legal
counsel, by the shareholders, or by a court.
The Companys bylaws provide that the Company shall indemnify each of the Companys directors
and officers, for such expenses and liabilities, in such manner, under such circumstances, and to
such extent, as required or permitted by the Minnesota Statutes, as detailed above. The Company
also maintains a director and officer liability insurance policy.
Item 7. Exemption from Registration Claimed.
Not applicable. No securities are to be re-offered or resold pursuant to this registration
statement.
Item 8. Exhibits.
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Exhibit No. |
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Description |
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4.1
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Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit
3.2 to the Registrants Amendment No. 3 to Registration Statement on Form S-1
(Registration No. 333-124119) filed with the Commission on October 6, 2006). |
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4.2
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Amended and Restated Bylaws (incorporated by reference to Exhibit 3.4 to the
Registrants Amendment No. 3 to Registration Statement on Form S-1 (Registration No.
333-124119) filed with the Commission on October 6, 2006). |
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4.3
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Specimen of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the
Registrants Amendment No. 4 to Registration Statement on Form S-1 (Registration No.
333-124119) filed with the Commission on October 20, 2006). |
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5
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Opinion of Gregory W. Thom, General Counsel of the Registrant (filed herewith). |
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23.1
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Consent of Gregory W. Thom, General Counsel of the Registrant (included in Exhibit 5). |
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23.2
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Consent of Ernst & Young LLP (filed herewith). |
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Powers of Attorney (filed herewith). |
Item 9. Undertakings.
A. |
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The Company hereby undertakes: |
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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 of
1933;
(ii) To reflect in the prospectus any facts or events arising after the effective
date of the 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 the 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 Securities and Exchange
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 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 the Registration Statement or any material change to
such information in the Registration Statement;
provided, however, that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the
Registration Statement is on Form S-8 and the information required to be included in a
post-effective amendment by those paragraphs is contained in reports filed with or furnished
to the Securities and Exchange Commission by the Company pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the
Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment 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.
(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 Company hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the Companys annual report pursuant to Section 13(a) or
Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plans annual report pursuant to Section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the Registration Statement 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.
C. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Company pursuant to the foregoing
provisions, or otherwise, the Company has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Company of expenses incurred or paid by a director, officer or
controlling person of the Company 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 Company 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 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
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 Minneapolis, State of Minnesota, on
November 15, 2006.
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CAPELLA EDUCATION COMPANY |
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By:
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/s/ Lois M. Martin |
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Lois M. Martin |
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Senior Vice President and Chief Financial Officer |
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated on November 15, 2006.
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Signature |
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Title |
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/s/ Stephen G. Shank*
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Chairman and Chief Executive Officer |
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(Principal
Executive Officer) |
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/s/ Lois M. Martin*
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Senior Vice President and Chief Financial Officer |
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(Principal
Financial Officer) |
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/s/ Amy L. Drifka*
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Vice President and Corporate Controller |
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(Principal
Accounting Officer) |
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Stephen G. Shank
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) |
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S. Joshua Lewis
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) |
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James A. Mitchell
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) |
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David W. Smith
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) |
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Tony J. Christianson
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) |
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Gordon A. Holmes
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) |
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The Board of Directors* |
Jody G. Miller
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Jeffrey W. Taylor
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) |
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Darrell R. Tukua
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) |
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Jon Q. Reynolds, Jr.
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) |
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Sandra E. Taylor
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) |
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* |
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Lois M. Martin, by signing her name hereto, does hereby sign this document on
behalf of each of the above-named officers and/or directors of the Registrant
pursuant to powers of attorney duly executed by such persons. |
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By |
/s/ Lois M. Martin |
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Lois M. Martin, Attorney-in-Fact |
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INDEX TO EXHIBITS
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Item No. |
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Description |
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Method of Filing |
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4.1
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Amended and Restated Articles of Incorporation
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Incorporated by reference |
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4.2
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Amended and Restated Bylaws
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Incorporated by reference |
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4.3
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Specimen of Common Stock Certificate
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Incorporated by reference |
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5
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Opinion of Gregory W. Thom, General Counsel
of the Registrant
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Filed herewith |
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23.1
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Consent of Gregory W. Thom, General Counsel
of the Registrant
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Included in Exhibit 5 |
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23.2
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Consent of Ernst & Young LLP
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Filed herewith |
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24
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Powers of Attorney
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Filed herewith |