Securities Registration: Employee Benefit Plan (s-8)
May 15 2017 - 5:54PM
Edgar (US Regulatory)
As filed with the Securities and Exchange
Commission on May 15, 2017
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Second Sight Medical Products, Inc.
(Exact name of registrant as specified
in its charter)
California
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02-0692322
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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12744 San Fernando Road, Suite 400
Sylmar, California 91342
(818) 833-5000
(Address of Principal Executive Offices,
including Zip Code)
Second Sight Medical Products Inc. 2015
Employee Stock Purchase Plan
(Full title of the plans)
Will McGuire
Chief Executive Officer
Second Sight Medical Products, Inc.
12744 San Fernando Road, Suite 400
Sylmar, California 91342
(Name and address of agent for service)
(818) 833-5000
(Telephone number, including area code,
of agent for service)
Indicate by check mark whether the 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:
Large accelerated filer
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¨
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Accelerated filer
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x
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Non-accelerated filer
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¨
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(do not check if a small
reporting company)
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Smaller reporting company
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¨
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CALCULATION OF REGISTRATION FEE
Title of Securities
to be Registered
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Amount
to be
Registered (1)
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Proposed
Maximum
Offering Price
per Share
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Proposed
Maximum
Aggregate
Offering Price
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Amount of
Registration
Fee
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Common Stock, no par value per share
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100,000
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(2)
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$
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1.175
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$
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117,500
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$
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13.62
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Total
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100,000
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$
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1.175
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$
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117,500
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(3)
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$
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13.62
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(1) Pursuant to
Rule 416(a) of the Securities Act of 1933, as amended, this registration statement also covers any additional shares of common
stock that become issuable by reason of any stock dividend, stock split, recapitalization or other similar transactions effected
without the registrant's receipt of consideration that results in an increase in the number of registrant's outstanding shares
of common stock.
(2) Represents
additional shares of common stock reserved for issuance pursuant to future awards under the amended 2015 Employee Stock Purchase
Plan.
(3) Estimated in accordance with paragraphs (c) and (h) of Rule 457 under the 1933 Act solely for the purpose of calculating
the registration fee on the basis of $1.175, which represents the average of the high and low price per share of the Company’s
common stock on May 11, 2017 as reported on the Nasdaq Capital Market.
Explanatory Note
This Registration Statement on Form S-8 is
being filed by Second Sight Medical Products, Inc. (the “Registrant”) to register a total of 100,000 shares of common
stock issuable under the Registrant's 2015 Employee Stock Purchase Plan (“ESPP”) pursuant to an “evergreen”
provision in the ESPP.
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
Information required by Part I to be contained
in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities
Act of 1933, as amended, and the Explanatory Note to Part I of Form S-8.
PART II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents
by Reference.
The SEC allows us to “incorporate by
reference” the information we file with them, which means that we can disclose important information to you by referring
you to those documents. The information incorporated by reference is considered to be part of this registration statement, and
later information filed with the SEC will update and supersede this information. We hereby incorporate by reference into this registration
statement the following documents previously filed with the SEC:
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(a)
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our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the SEC on March 16, 2017;
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(b)
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our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2017, filed with the SEC on May 9, 2017;
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(c)
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our Current Reports on Form 8-K filed with the SEC on January 6, 2017, February 27, 2017, March 6, 2017, March 10, 2017,
March 15, 2017, March 31, 2017, April 10, 2017, April 20, 2017; and
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(d)
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the description of the Common Stock contained in our Registration Statement on Form 8-A filed with the
SEC on November 14, 2014, as amended on Form 8-A/A filed with the SEC on November 17, 2014, including any
additional amendment or report filed for the purpose of updating such description, along with the description of the warrants contained
in our Registration Statement on Form 8-A filed with the Commission on March 24, 2017 including any additional
amendment or report filed for the purpose of updating such description.
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All documents that the registrant subsequently
files pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing of
a post-effective amendment to the registration statement which indicates that all of the shares of common stock offered have been
sold or which deregisters all of such shares 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 the filing of such documents; except as to any portion of any future annual
or quarterly report to stockholders or document or current report furnished under current Items 2.02 or 7.01 of Form 8-K that is
not deemed filed under such provisions. For the purposes of this registration statement, any statement contained in a document
incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded to the extent that a
statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference
herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this registration statement.
Under no circumstances will any information
filed under current items 2.02 or 7.01 of Form 8-K be deemed incorporated herein by reference unless such Form 8-K expressly provides
to the contrary.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named
Experts and Counsel.
As of the
date of this Registration Statement, Aaron A. Grunfeld beneficially owns 73,955 shares of our common stock, warrants to
purchase 34,102 shares of common stock and options to purchase 70,000 shares of our common stock.
Item 6. Indemnification of
Directors and Officers.
Section 317 of
the California Corporations Code, or the California Code, authorizes a corporation to indemnify, subject to certain exceptions,
any person who was or is a party or is threatened to be made a party to any proceeding (other than an action by or in the right
of the corporation to procure a judgment in its favor) by reason of the fact that such person is or was an agent of the corporation,
as the term “agent” is defined in section 317(a) of the California Code, against expenses, judgments, fines, settlements
and other amounts actually and reasonably incurred in connection with such proceeding if such person acted in good faith and in
a manner such person reasonably believed to be in the best interests of the corporation and, in the case of a criminal proceeding,
had no reasonable cause to believe the conduct of such person was unlawful. A corporation is further authorized to indemnify, subject
to certain exceptions, any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed
action by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was
an agent of the corporation, against expenses actually and reasonably incurred by that person in connection with the defense or
settlement of the action if the person acted in good faith, in a manner the person believed to be in the best interests of the
corporation and its shareholders.
Section 204 of
the California Code provides that a corporation’s articles of incorporation may not limit the liability of directors (i) for
acts or omissions that involve intentional misconduct or a knowing and culpable violation of law, (ii) for acts or omissions
that a director believes to be contrary to the best interests of the corporation or its shareholders or that involve the absence
of good faith on the part of the director, (iii) for any transaction from which a director derived an improper personal benefit,
(iv) for acts or omissions that show a reckless disregard for the director’s duty to the corporation or its shareholders
in circumstances in which the director was aware, or should have been aware, in the ordinary course of performing a director’s
duties, of a risk of a serious injury to the corporation or its shareholders, (v) for acts or omissions that constitute an
unexcused pattern of inattention that amounts to an abdication of the director’s duty to the corporation or its shareholders,
(vi) under Section 310 of the California Code (concerning transactions between corporations and directors or corporations
having interrelated directors) or (vii) under Section 316 of the California Code (concerning directors’ liability
for distributions, loans, and guarantees).
Section 204 further
provides that a corporation’s articles of incorporation may not limit the liability of directors for any act or omission
occurring prior to the date when the provision became effective or any act or omission as an officer, notwithstanding that the
officer is also a director or that his or her actions, if negligent or improper, have been ratified by the directors. Further,
Section 317 has no effect on claims arising under federal or state securities laws and does not affect the availability of
injunctions and other equitable remedies available to a corporation’s shareholders for any violation of a director’s
fiduciary duty to the corporation or its shareholders.
The Company’s
Restated Articles of Incorporation provide for the elimination of liability for its directors to the fullest extent permissible
under California law and authorize it to provide indemnification to directors, officers, employees or other agents through bylaw
provisions, agreements with agents, vote of shareholders or disinterested directors or otherwise, in excess of the indemnification
otherwise permitted by Section 317 of the California Code, subject only to the applicable limits with respect to actions for
breach of duty to the Company and its shareholders.
The Company’s
Amended and Restated Bylaws provide that it shall indemnify its directors and officers, employees and agents against expenses,
judgments, fines, settlements, and other amounts actually and reasonably incurred in connection with any proceeding, arising by
reason of the fact that such person is or was its agent. As included in the Company’s Amended and Restated Bylaws, a “director”
or “officer” includes any person (a) who is or was a director or officer of the Company, (b) who is or was
serving at the request of the Company as a director or officer of another corporation, partnership, joint venture, trust or other
enterprise, or (c) who was a director or officer of a corporation which was a predecessor corporation of the Company or of
another enterprise at the request of such predecessor corporation. The Company’s Amended and Restated Bylaws also contain
provisions expressing the intent that these bylaws provide indemnity in excess of that expressly permitted by Section 317 of the
California Code to indemnify each of its employees and agents (other than directors and officers) against expenses, judgments,
fines, settlements, and other amounts actually and reasonably incurred in connection with any proceeding, arising by reason of
the fact that such person is or was its agent. As included in the Company’s Amended and Restated Bylaws, an “employee”
or “agent” (other than a director or officer), includes any person who (a) is or was an employee or agent of the
Company, (b) is or was serving at the Company’s request as an employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, or (c) was an employee or agent of a corporation which was a predecessor corporation
of the Company or of another enterprise at the request of such predecessor corporation.
The Company’s
Amended and Restated Bylaws further provide that it may advance expenses incurred in defending any proceeding for which indemnification
is required or permitted, following authorization thereof by the board of directors, prior to the final disposition of the proceeding
upon receipt of an undertaking by or on behalf of the indemnified party to repay that amount if it shall be determined ultimately
that the indemnified person is not entitled to be indemnified as authorized by its Amended and Restated Bylaws. The indemnification
provided for in the Company’s Amended and Restated Bylaws for acts, omissions or transactions while acting in the capacity
of, or while serving as, a director or officer of the Company but not involving a breach of duty to the Company and its shareholders
will not be deemed exclusive of any other rights those seeking indemnification may be entitled under any bylaw, agreement, vote
of shareholders or disinterested directors, or otherwise, to the extent the additional rights to indemnification are authorized
in its Restated Articles of Incorporation.
In addition, the
Company has entered into indemnification agreements with each of its directors and officers, and maintains directors’ and
officers’ liability insurance under which its directors and officers are insured against loss (as defined in the policy)
as a result of certain claims brought against them in such capacities.
Item 7. Exemption from Registration
Claimed.
Not applicable.
ITEM 8. EXHIBITS.
Exhibit
No.
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Exhibit Description
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3.1
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Restated Articles of Incorporation of the Registrant(1)
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3.2
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Amended and Restated Bylaws of the Registrant, as currently in effect.(1)
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5.1*
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Opinion of Aaron
A. Grunfeld
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10.2
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2003 Equity Incentive Plan.(1)+
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10.3
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2003 Form of Employee Option Agreement.(1)+
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10.4
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2011 Equity Incentive Plan.(1)+
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10.5
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2011 Form of Employee Option Agreement.(1)+
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10.6
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Second Sight Medical Products, Inc. Equity Incentive Plan – Restricted Stock Units (2)+
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10.7
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Second Sight Medical Products, Inc. Restricted Stock Unit Award Agreement (2)+
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10.8
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2015 Employee Stock Purchase Plan. (3)+
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23.1*
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Consent of Gumbiner Savett Inc, Independent Registered Public Accounting Firm.
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23.2*
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Consent of Aaron A. Grunfeld (included in Exhibit 5.1).
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Indicates management contract or compensatory plan
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(1)
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Incorporated by reference to the registrant’s
registration statement on Form S-1, file no. 333-198073, originally filed with the Securities and Exchange Commission on August
12, 2014, as amended.
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(2)
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Incorporated by reference to the registrant’s
Form 8-K filed on December 4, 2015.
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(3)
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Incorporated by reference to the registrant’s
definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 16, 2015.
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Item 9. Undertakings.
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(a)
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The undersigned Registrant hereby undertakes:
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(1)
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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:
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(i)
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To include any prospectus required by Section 10(a)(3)
of the Securities Act;
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(ii)
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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 in the Registration Statement; and
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(iii)
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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;
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provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii)
of this section do not apply to this Registration Statement on Form S-8 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 SEC by the Registrant pursuant to Section 13
or Section 15(d) of the Exchange Act that are incorporated by reference in the 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 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 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 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 and 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, the Company 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 Sylmar, State of California, on May 15, 2017.
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SECOND SIGHT MEDICAL PRODUCTS, INC.
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By: /s/Will McGuire
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Will McGuire
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President and Chief Executive Officer
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POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints
Will McGuire and Thomas B. Miller
his true and lawful attorneys-in-fact and agents, each acting alone, with full powers
of substitution and re-substitution, for him or her and in his or her name, place and stead, in any and all parties, to sign any
and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, each acting alone, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents, each acting alone, or his substitute or substitutes, may lawfully do
or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Name
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Title
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Date
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/s/ Will McGuire
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President, Chief Executive Officer and Director
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May
15, 2017
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Will McGuire
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(Principal Executive Officer)
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/s/ Thomas B. Miller
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Chief Financial Officer
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May 15, 2017
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Thomas B. Miller
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(Principal Financial and Accounting Officer)
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/s/ Robert J. Greenberg
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Chairman of the Board of Directors
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May 15,
2017
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Robert J. Greenberg M.D., Ph.D.
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/s/ Gregg Williams
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Director
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May 15,
2017
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Gregg Williams
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/s/ William J. Link
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Director
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May 15, 2017
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William J. Link
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/s/ Aaron Mendelsohn
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Director
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May 15, 2017
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Aaron Mendelsohn
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/s/ Matthew Pfeffer
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Director
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May 15, 2017
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Matthew Pfeffer
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