Amended Statement of Beneficial Ownership (sc 13d/a)
December 20 2017 - 4:40PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
TILLYS,
INC.
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
886885102
(CUSIP Number)
Michael L. Henry
Tillys, Inc.
10
Whatney
Irvine, California 92618
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
December 15, 2017
(Date of Event which Requires Filing of this Statement)
If the filing person has
previously filed a statement on Schedule 13G to report the acquisition which is subject of this Schedule 13D, and is filing this statement because of Rule
13d-1(e),
13d-1(f)
or
13d-1(g),
check the following box.
☒
Note:
Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See
Rule 13d-7(b)
for other parties to whom copies are to be sent.
*
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The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.
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The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (the Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
13D
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CUSIP No. 886885102
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Page 1 of 9 Pages
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1.
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Name of
Reporting Person:
Hezy Shaked
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2.
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Check the Appropriate Box if a Member
of a Group (See Instructions):
(a) ☐ (b) ☐
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3.
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SEC Use Only:
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4.
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Source of Funds:
OO
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5.
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Check if Disclosure of Legal
Proceedings is Required Pursuant to
Items
2(d)
or
2(e)
☐
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6.
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Citizenship or Place of
Organization:
United States, Israel
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Number of
Shares
Beneficially
Owned By
Each
Reporting
Person
With:
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7.
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Sole Voting Power:
12,925,952
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8.
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Shared Voting Power:
600,611
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9.
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Sole Dispositive Power:
9,292,805
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10.
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Shared Dispositive Power:
600,611
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person:
13,526,563
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12.
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Check if the Aggregate Amount in Row
(11) Excludes Certain Shares: ☐
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13.
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Percent of Class Represented By Amount
in Row (11):
46.8%
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14.
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Type of Reporting Person:
IN
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13D
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CUSIP No. 886885102
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Page 2 of 9 Pages
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1.
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Name of
Reporting Person:
Tilly Levine
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2.
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Check the Appropriate Box if a Member
of a Group (See Instructions):
(a) ☐ (b) ☐
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3.
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SEC Use Only:
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4.
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Source of Funds:
OO
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5.
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Check if Disclosure of Legal
Proceedings is Required Pursuant to
Items
2(d)
or
2(e)
☐
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6.
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Citizenship or Place of
Organization:
United States, Israel
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Number of
Shares
Beneficially
Owned By
Each
Reporting
Person
With:
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7.
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Sole Voting Power:
0
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8.
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Shared Voting Power:
718,772
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9.
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Sole Dispositive Power:
3,633,147
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10.
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Shared Dispositive Power:
718,772
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person:
4,351,919
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12.
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Check if the Aggregate Amount in Row
(11) Excludes Certain Shares: ☐
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13.
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Percent of Class Represented By Amount
in Row (11):
15.1%
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14.
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Type of Reporting Person:
IN
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13D
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CUSIP No. 886885102
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Page 3 of 9 Pages
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1.
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Name of
Reporting Person:
Tilly Levine, Trustee HS Annuity Trust dated August 6, 2010
Trust for Netta Shaked-Schroer
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2.
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Check the Appropriate Box if a Member
of a Group (See Instructions):
(a) ☐ (b) ☐
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3.
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SEC Use Only:
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4.
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Source of Funds:
OO
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5.
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Check if Disclosure of Legal
Proceedings is Required Pursuant to
Items
2(d)
or
2(e)
☐
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6.
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Citizenship or Place of
Organization:
California
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Number of
Shares
Beneficially
Owned By
Each
Reporting
Person
With:
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7.
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Sole Voting Power:
0
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8.
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Shared Voting Power:
359,386
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9.
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Sole Dispositive Power:
0
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10.
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Shared Dispositive Power:
359,386
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person:
359,386
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12.
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Check if the Aggregate Amount in Row
(11) Excludes Certain Shares: ☐
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13.
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Percent of Class Represented By Amount
in Row (11):
1.25%
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14.
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Type of Reporting Person:
OO (Trust)
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13D
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CUSIP No. 886885102
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Page 4 of 9 Pages
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1.
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Name of
Reporting Person:
Tilly Levine, Trustee HS Annuity Trust dated August 6, 2010
Trust for Amy Shaked-Diaz
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2.
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Check the Appropriate Box if a Member
of a Group (See Instructions):
(a) ☐ (b) ☐
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3.
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SEC Use Only:
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4.
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Source of Funds:
OO
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5.
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Check if Disclosure of Legal
Proceedings is Required Pursuant to
Items
2(d)
or
2(e)
☐
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6.
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Citizenship or Place of
Organization:
California
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Number of
Shares
Beneficially
Owned By
Each
Reporting
Person
With:
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7.
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Sole Voting Power:
0
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8.
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Shared Voting Power:
359,386
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9.
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Sole Dispositive Power:
0
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10.
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Shared Dispositive Power:
359,386
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person:
359,386
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12.
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Check if the Aggregate Amount in Row
(11) Excludes Certain Shares: ☐
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13.
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Percent of Class Represented By Amount
in Row (11):
1.25%
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14.
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Type of Reporting Person:
OO (Trust)
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13D
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CUSIP No. 886885102
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Page 5 of 9 Pages
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1.
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Name of
Reporting Person:
Reid Investments, LLC
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2.
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Check the Appropriate Box if a Member
of a Group (See Instructions):
(a) ☐ (b) ☐
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3.
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SEC Use Only:
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4.
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Source of Funds:
OO
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5.
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Check if Disclosure of Legal
Proceedings is Required Pursuant to
Items
2(d)
or
2(e)
☐
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6.
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Citizenship or Place of
Organization:
Delaware
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Number of
Shares
Beneficially
Owned By
Each
Reporting
Person
With:
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7.
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Sole Voting Power:
0
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8.
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Shared Voting Power:
600,611
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9.
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Sole Dispositive Power:
0
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10.
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Shared Dispositive Power:
600,611
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person:
600,611
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12.
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Check if the Aggregate Amount in Row
(11) Excludes Certain Shares: ☐
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13.
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Percent of Class Represented By Amount
in Row (11):
2.08%
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14.
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Type of Reporting Person:
OO (Limited Liability Company)
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13D
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CUSIP No. 886885102
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Page 6 of 9 Pages
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Explanatory Note
This Amendment No. 5 to Schedule 13D (this
Amendment No.
5
) amends and supplements the Schedule 13D originally
filed with the United States Securities and Exchange Commission (the
SEC
) on February 24, 2016 (the
Original Statement
and, together with all amendments thereto, this
Statement
), relating
to the Class A common stock, par value $0.001 per share (the
Class
A Common Stock
), of Tillys Inc., a Delaware corporation (the
Issuer
). Capitalized terms used herein without
definition shall have the meaning set forth in the Original Statement.
Item 4. Purpose of Transaction
Item 4 of the Statement is hereby amended by inserting the following information immediately following the last paragraph under the subheading
10b5-1
Plans: The Hezy Shaked Living Trust UAD 5/18/1999, of which Mr. Shaked is the trustee and beneficiary (the
Hezy Shaked Living Trust
), entered into a stock trading plan on
December 14, 2017 in accordance with Rule
10b5-1
of the Securities Exchange Act of 1934 (the
Hezy Shaked
10b5-1
Plan
), pursuant to which the Hezy
Shaked Living Trust may sell a certain number of shares of the Issuers Class A Common Stock (which would be converted at the time of sale, on a
one-to-one
basis, from Class B Common Stock held by such Reporting Person) in specified amounts at market prices subject to specified limitations. The Hezy Shaked Living Trust expires on the earliest of (1) December 20, 2018, (2) the sale of all
of the shares specified under the Hezy Shaked
10b5-1
Plan, (3) the date that the Hezy Shaked
10b5-1
Plan is terminated, or (4) the date the seller undergoes a
dissolution.
The description contained in this Statement of the Hezy Shaked
10b5-1
Plan is a summary only and is
qualified in its entirety by the form of
10b5-1
plan that is filed as an exhibit to this Statement and is incorporated herein by this reference. See Item 7 Material to be Filed as Exhibits.
Item 5. Interest in Securities of the Issuer
Item 5
of the Statement is amended and restated in its entirety by inserting the following information:
(a) and (b)
The following sets forth, as of the date of this Amendment No. 5, the aggregate number and percentage of shares of Class A Common Stock beneficially
owned by each of the Reporting Persons, as well as the number of shares of Class A Common Stock as to which each Reporting Person has the sole power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared
power to dispose or to direct the disposition of as of the date hereof, based upon 14,448,294 shares of Class A Common Stock and 14,398,497 shares of Class B Common Stock outstanding as of November 30, 2017, as reported in the
Issuers most recent Quarterly Report on Form
10-Q
filed on December 5, 2017. The information set forth below assumes the conversion of all shares of Class B Common Stock into Class A
Common Stock on a
one-for-one
basis. Holders of Class B Common Stock are entitled to ten votes per share on all matters to be voted on by the Issuers common
stockholders.
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Reporting Person
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Amount
beneficially
owned
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Percent
of class
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Sole power
to vote or to
direct the
vote
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Shared
power to
vote or to
direct
the vote
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Sole power
to dispose
or to direct
the
disposition
of
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Shared
power to
dispose or
to direct
the
disposition
of
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Hezy Shaked
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13,526,563
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(1)
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46.8
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%
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12,925,952
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600,611
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9,292,805
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600,611
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Tilly Levine
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4,351,919
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(2)
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15.1
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%
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0
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718,772
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3,633,147
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718,772
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Tilly Levine, Trustee HS Annuity Trust dated August 6, 2010 Trust for Netta
Shaked-Schroer
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359,386
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1.25
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%
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0
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359,386
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0
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359,386
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Tilly Levine, Trustee HS Annuity Trust dated August 6, 2010 Trust for Amy
Shaked-Diaz
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359,386
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1.25
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%
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0
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359,386
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0
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359,386
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Reid Investments, LLC
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600,611
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2.08
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%
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0
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600,611
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0
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600,611
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13D
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CUSIP No. 886885102
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Page 7 of 9 Pages
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(1)
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Includes (a) 9,217,805 shares of Class B Common Stock held by The Hezy Shaked Living Trust, of which Mr. Shaked is the trustee and beneficiary with sole voting and dispositive power, (b) 3,633,147 shares of
Class B Common Stock held by The Tilly Levine Separate Property Trust, of which Ms. Levine is the trustee and beneficiary, over which Mr. Shaked has sole voting power pursuant to a voting trust agreement with Ms. Levine, (c)
600,611 shares of Class A Common Stock held by the LLC, for which Mr. Shaked serves as sole manager with sole voting and investment control over the securities held thereby, and (d) 75,000 shares of Class A Common Stock underlying an
option granted to Mr. Shaked, of which 25,000 shares vested and became exercisable on March 24, 2015, 25,000 shares vested and became exercisable on March 24, 2016 and 25,000 shares vested and became exercisable on March 24,
2017. See Item 6 of the Original Statement.
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(2)
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Includes (a) 3,633,147 shares of Class B Common Stock held by The Tilly Levine Separate Property Trust of which Ms. Levine is the sole trustee and beneficiary (the
Levine Shares
), and (b)
359,386 shares of Class B Common Stock held by each of Trust I and Trust II, of which Ms. Levine is trustee (718,772 shares in total). Pursuant to a voting trust agreement with Mr. Shaked, Ms. Levine has granted Mr. Shaked,
as trustee under the agreement, the right to vote the Levine Shares. Ms. Levine retains dispositive power over and full economic interest in the Levine Shares. See Item 6 of the Original Statement.
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(c)
From October 4, 2017, the date that the Amendment
No. 4 to this Statement (
Amendment No.
4
) was filed with the Commission, through December 20, 2017, the Reporting Persons disposed of (1) an aggregate of 220,000 shares of Class A Common
Stock of the Issuer in a series of transactions at prices ranging from $11.33 to $16.16 per share in open market transactions on the New York Stock Exchange pursuant to the
10b5-1
Plans related to each
respective Reporting Person, (2) 20,000 shares of Class A Common Stock of the Issuer through a bona fide gift by Tilly Levine, and (3) 50,000 shares of Class A Common Stock of the Issuer through a bona fide gift by Hezy Shaked. The number
of shares of Class A Common Stock disposed of and the weighted average price per share are provided below. The Reporting Persons undertake to provide, upon request by the staff of the SEC, the Issuer, or a security holder of the Issuer, full
information regarding the number of shares sold at each separate price for each transaction.
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Reporting Person
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Date
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Shares
Disposed
Of
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Weighted
Average
Price per
Share
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Hezy Shaked
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October 11, 2017
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15,000
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$
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12.0029
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Hezy Shaked
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October 12, 2017
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15,000
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$
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11.476
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Tilly Levine
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October 16, 2017
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10,000
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$
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11.7771
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Tilly Levine
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October 17, 2017
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10,000
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$
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11.9761
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Trust I
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October 18, 2017
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5,000
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$
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12.3923
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Trust II
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October 18, 2017
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5,000
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$
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12.3934
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Tilly Levine
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October 24, 2017
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10,000
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$
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12.3096
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The LLC
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October 24, 2017
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10,000
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$
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12.3064
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Tilly Levine
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October 25, 2017
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10,000
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$
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12.3203
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Hezy Shaked
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November 6, 2017
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15,000
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$
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11.8374
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Hezy Shaked
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November 7, 2017
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15,000
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$
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11.7403
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Tilly Levine
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November 8, 2017
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10,000
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$
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11.6362
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Tilly Levine
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November 9, 2017
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10,000
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$
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11.7989
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Trust I
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November 15, 2017
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5,000
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$
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12.2746
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Trust II
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November 15, 2017
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5,000
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$
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12.2712
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The LLC
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November 16, 2017
|
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10,000
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$
|
12.4686
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Tilly Levine
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November 20, 2017
|
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10,000
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$
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13.2429
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Tilly Levine
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November 21, 2017
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10,000
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$
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13.1197
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Trust I
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December 11, 2017
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5,000
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$
|
15.8679
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Trust II
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December 11, 2017
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5,000
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$
|
15.8644
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Tilly Levine
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December 12, 2017
|
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20,000
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$
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0
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The LLC
|
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December 12, 2017
|
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10,000
|
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$
|
15.8099
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Hezy Shaked
|
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December 12, 2017
|
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50,000
|
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$
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0
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Tilly Levine
|
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December 14, 2017
|
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|
10,000
|
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$
|
14.9753
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Tilly Levine
|
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December 15, 2017
|
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|
10,000
|
|
|
$
|
14.9829
|
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13D
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CUSIP No. 886885102
|
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Page 8 of 9 Pages
|
Except for the transactions disclosed in this Item 5(c), none of the Reporting Persons has effected any transactions in the
securities of the Issuer since the filing date of Amendment No. 4.
13D
|
|
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CUSIP No. 886885102
|
|
Page 9 of 9 Pages
|
Item 7. Material to be Filed as Exhibits.
|
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Exhibit
Number
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|
Description
|
|
|
1
|
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Tilly Levine Voting Trust Agreement, dated June 30, 2011, by and between Hezy Shaked and Tilly Levine (incorporated by reference to Exhibit 1 of the Schedule 13D filed by the Reporting Persons with the Commission on
February 24, 2016).
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2
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First Amendment to the Tilly Levine Voting Trust Agreement, dated December 4, 2012, by and between Hezy Shaked and Tilly Levine (incorporated by reference to Exhibit 2 of the Schedule 13D filed by the Reporting Persons with the
Commission on February 24, 2016).
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3
|
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Second Amendment to the Tilly Levine Voting Trust Agreement, dated May 25, 2017, by and between Hezy Shaked and Tilly Levine (incorporated by reference to Exhibit 3 of the Schedule 13D filed by the Reporting Persons with the
Commission on May 25, 2017).
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4
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Form of
10b5-1
Plan (incorporated by reference to Exhibit 3 of the Schedule 13D filed by the Reporting Persons with the Commission on November 22, 2016).
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5
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Joint Filing Agreement (incorporated by reference to Exhibit 4 of Amendment No. 1 to the Schedule 13D filed by the Reporting Persons with the Commission on November 22, 2016).
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: December 20, 2017
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/s/ Hezy Shaked
|
Hezy Shaked
|
/s/ Tilly Levine
|
Tilly Levine
|
Tilly Levine, Trustee HS Annuity Trust dated August 6, 2010 Trust for Netta Shaked-Schroer
|
/s/ Tilly Levine
|
Tilly Levine
Trustee
|
Tilly Levine, Trustee HS Annuity Trust dated August 6, 2010 Trust for Amy
Shaked-Diaz
/s/ Tilly Levine
|
Tilly Levine
Trustee
|
Reid Investments, LLC
a Delaware limited
liability company
/s/ Hezy Shaked
|
Hezy Shaked
Manager
|
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