As filed with the Securities and Exchange Commission on April 14, 2017
333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Cadence Bancorporation
(Exact name of registrant as specified in its charter)
| Delaware | 2800 Post Oak Boulevard, Suite 3800 Houston, Texas 77056 | 47-1329858 | ||
(State or other jurisdiction of incorporation or organization) | (Address of principal executive offices including zip code) | (I.R.S. Employer Identification No.) |
Amended and Restated 2015 Cadence Bancorporation Omnibus Incentive Plan
(Full title of the plan)
Valerie C. Toalson
Chief Financial Officer
Cadence Bancorporation
2800 Post Oak Boulevard, Suite 3800
Houston, Texas 77056
(Name and address of agent for service)
(713) 871-4000
(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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||
| Non-accelerated filer (Do not check if a smaller reporting company) ☐ | ||||||||
| Smaller reporting company | ☐ | Emerging growth company | ☑ | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
CALCULATION OF REGISTRATION FEE
| Title of each class of securities to be registered(1) | Amount to be Registered (2) | Proposed maximum offering price per | Proposed maximum aggregate offering | Amount of registration fee(4) | ||||
Class A common stock, $0.01 par value per share | 7,500,000 | $21.87 | $164,025,000 | $19,010.50 | ||||
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| (1) | This Registration Statement on Form S-8 (this “Registration Statement”) covers up to 7,500,000 shares of Class A Common Stock of Cadence Bancorporation, par value $0.01 per share (the “Class A Common Stock”), that may be offered in connection with the Amended and Restated Cadence Bancorporation 2015 Omnibus Incentive Plan (the “2015 Plan”). |
| (2) | Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement shall also be deemed to cover any additional securities to be offered or issued in connection with the provisions of the 2015 Plan, which provides for adjustments in the amount of securities to be offered or issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. |
| (3) | Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rules 457(c) and 457(h) under the Securities Act. The price of $164,025,000 equals: (i) the product of: (x) 7,500,000 shares of Class A Common Stock and (y) $21.87, the average of the high and low sales prices for Class A Common Stock, as reported on the New York Stock Exchange on April 13, 2017. |
| (4) | Fee was calculated by multiplying 0.0001159 by the proposed maximum aggregate offering price. |
INTRODUCTORY NOTE
This Registration Statement on Form S-8 (the “Registration Statement”) of Cadence Bancorporation, a Delaware corporation (“Cadence” or the “Registrant”), relates to up to 7,500,000 shares of Class A common stock of Cadence, $0.01 par value per share (the “Class A Common Stock”), that may be offered in connection with the Amended and Restated Cadence Bancorporation 2015 Omnibus Incentive Plan (the “2015 Plan”).
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in this Part I will be sent or given to employees as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the “Securities Act”). Such documents need not be filed with the Securities and Exchange Commission (the “Commission”) either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424. These documents and the documents incorporated by reference in the Registration Statement pursuant to Item 3 of Part II of this Registration Statement, 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 previously filed by Cadence with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are hereby incorporated by reference into this Registration Statement:
| 1. | Cadence’s final prospectus dated April 12, 2017 and filed with the Commission on April 13, 2017 pursuant to Rule 424(b)(4) under the Securities Act in connection with Cadence’s initial public offering Registration Statement on Form S-1 (File No. 333-216809) (the “Form S-1”); |
| 2. | The description of the Class A Common Stock set forth in Cadence’s Registration Statement on Form 8-A filed with the Commission on April 11, 2017 and any amendments, reports or other filings filed with the Commission for the purpose of updating that description; and |
| 3. | Cadence’s other reports filed pursuant to Sections 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the document listed in the first item above. |
All documents subsequently filed by Cadence 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 securities offered hereby have been sold or that deregisters all securities then remaining unsold, shall be deemed incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of such documents (other than information therein that is furnished and not deemed filed with the Commission).
Any statement contained herein or 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 in any subsequently filed document that 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.
| 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 102(b)(7) of the Delaware General Corporation Law (the “DGCL”) permits a corporation to provide in its certificate of incorporation that a director of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (1) for any breach of the director’s duty of loyalty to the corporation or its stockholders, (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) under Section 174 of the DGCL (regarding, among other things, the payment of unlawful dividends or unlawful stock purchases or redemptions), or (4) for any transaction from which the director derived an improper personal benefit. The Registrant’s Second Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) provides for such limitation of liability.
Section 145(a) of the DGCL empowers a corporation to indemnify any director, officer, employee or agent, or former director, officer, employee or agent, who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation), by reason of such person’s service as a director, officer, employee or agent of the corporation, or such person’s service, at the corporation’s request, as a director, officer, employee or agent of another corporation or enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding; provided that such director or officer acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the corporation; and, with respect to any criminal action or proceeding, provided that such director or officer had no reasonable cause to believe his conduct was unlawful.
Section 145(b) of the DGCL empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit 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 a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another enterprise, against expenses (including attorneys’ fees) actually and reasonably incurred in connection with the defense or settlement of such action or suit; provided that such director or officer acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification may be made in respect of any claim, issue or matter as to which such director or officer shall have been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such director or officer is fairly and reasonably entitled to indemnity for such expenses that the court shall deem proper. Notwithstanding the preceding sentence, except as otherwise provided in the Registrant’s Amended and Restated By-Laws (the “By-Laws”), the Registrant is required to indemnify any such person in connection with a proceeding (or part thereof) commenced by such person only if the commencement of such proceeding (or part thereof) by any such person was authorized by its Board of Directors.
In addition, the Certificate of Incorporation provides that the Registrant must indemnify its directors and officers to the fullest extent authorized by law. The Registrant is also expressly required to advance certain expenses to its directors and officers and carry directors’ and officers’ insurance providing indemnification for its directors and officers for some liabilities. The Registrant believes that these indemnification provisions and the directors’ and officers’ insurance are useful to attract and retain qualified directors and executive officers.
The Underwriting Agreement, dated as of April 12, 2017, by and between Cadence Bancorporation and Goldman, Sachs & Co. and J.P. Morgan Securities LLC, as representatives of the several Underwriters named in Schedule I thereto, filed with the Commission as Exhibit 1.1 to the Form S-1, provides for indemnification of directors and officers of the Registrant by the underwriters against certain liabilities.
| Item 7. | Exemption from Registration Claimed. |
Not applicable.
| Item 8. | Exhibits. |
The list of exhibits is set forth under “Exhibit Index” at the end of this registration statement and is incorporated herein 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 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 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; |
| (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 (1)(a)(i) and (1)(a)(ii) 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 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 initialbona fide offering thereof; and |
| (3) | to remove from registration by means of a post-effective amendment any of the securities being registered that 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 initialbona 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 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 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 AND POWER OF ATTORNEY
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 Houston, State of Texas, on this 14th day of April, 2017.
| Cadence Bancorporation | ||
| By: | /s/ Paul B. Murphy, Jr. | |
| Name: | Paul B. Murphy, Jr. | |
| Title: | Chairman and Chief Executive Officer | |
Each of the undersigned officers and directors of Cadence Bancorporation does hereby severally constitute and appoint Paul B. Murphy, Jr. Valerie C. Toalson and Jerry W. Powell, and each of them acting alone, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them for him or her and in his or her name, place and stead, and in any and all capacities, to sign any and all amendments (including pre-effective and post-effective amendments and any other registration statement filed pursuant to Rule 462(b) under the Securities Act) to this Registration Statement and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC and any applicable securities exchange or securities self-regulatory body, granting to said attorneys-in-fact and agents, and each of them, 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 or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agent, or his or her substitute, 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 dates indicated.
Signature | Title | Date | ||
/s/ Paul B. Murphy, Jr. Paul B. Murphy, Jr. | Chairman and Chief Executive Officer (Principal Executive Officer) | April 14, 2017 | ||
/s/ Valerie C. Toalson Valerie C. Toalson | Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | April 14, 2017 | ||
/s/ William B. Harrison, Jr. William B. Harrison, Jr. | Director | April 14, 2017 | ||
/s/ Robert K. Steel Robert K. Steel | Director | April 14, 2017 | ||
/s/ J. Richard Fredericks J. Richard Fredericks | Director | April 14, 2017 | ||
/s/ Scott M. Stuart Scott M. Stuart | Director | April 14, 2017 | ||
EXHIBIT INDEX
Exhibit No. | Description of Exhibit | |
| 4.1 | Second Amended and Restated Certificate of Incorporation of Cadence Bancorporation (incorporated by reference to Exhibit 3.1 to the Registration Statement of Cadence Bancorporation on Form S-1 (File No. 333-216809), initially filed with the Securities and Exchange Commission on March 17, 2017) | |
| 4.2 | Amended and Restated By-laws of Cadence Bancorporation (incorporated by reference to Exhibit 3.2 to the Registration Statement of Cadence Bancorporation on Form S-1 (File No. 333-216809), initially filed with the Securities and Exchange Commission on March 17, 2017) | |
| 5.1 | Opinion of Wachtell, Lipton, Rosen & Katz regarding the validity of securities to be issued* | |
| 10.1 | Amended and Restated Cadence Bancorporation 2015 Omnibus Incentive Plan* | |
| 23.1 | Consent of Wachtell, Lipton, Rosen & Katz (included in Exhibit 5.1) | |
| 23.2 | Consent of KPMG LLP* | |
| 23.3 | Consent of Ernst & Young LLP* | |
| 24.1 | Power of Attorney (included in signature page) | |
| * | Filed herewith. |
