As filed with the Securities and Exchange Commission on July 13, 1998
Registration No. 333-_________
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
The Securities Act of 1933
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NATIONAL COMPUTER SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Minnesota 41-0850527
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
11000 Prairie Lakes Drive
Eden Prairie, MN 55344
(Address of principal executive offices) (Zip Code)
NATIONAL COMPUTER SYSTEMS, INC.
1997 EMPLOYEE STOCK OPTION PLAN
(Full title of the plan)
J.W. Fenton, Jr. Copy to:
Secretary/Treasurer Jay L. Swanson
National Computer Systems, Inc. Dorsey & Whitney LLP
11000 Prairie Lakes Drive Pillsbury Center South
Eden Prairie, Minnesota 55344 220 South Sixth Street
(Name and address of agent for service) Minneapolis, Minnesota 55402
(612) 829-3040
(Telephone number, including area code, of agent for service)
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CALCULATION OF REGISTRATION FEE
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Proposed Proposed
maximum maximum
Title of Amount offering aggregate Amount of
Securities to to be price per offering Registration
be registered registered share (1) price (1) fee
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Common Stock,
$.03 par value 600,000 $23.844 $14,306,400 $4,220.39
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(1) Estimated solely for the purpose of calculating the registration fee,
based upon the average of the high and low prices of the Common Stock
as reported on the Nasdaq National Market System on July 7, 1998.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The following documents which have been filed by National Computer
Systems, Inc. (the "Company") with the Securities and Exchange Commission are
incorporated by reference in this Registration Statement, as of their respective
dates:
(a) The Company's annual report on Form 10-K for the fiscal year
ended January 31, 1998.
(b) The Company's quarterly report on Form 10-Q for the quarter ended
April 30, 1998.
(c) The descriptions of the Company's Common Stock contained in the
Company's registration statements on Form 8-A and amendments
thereto dated June 2, 1969, June 24, 1987 and March 13, 1996.
All documents filed by the Company pursuant to Section 13(a), 13(c),
14 or 15(d) of the Securities Exchange Act of 1934, as amended, subsequent to
the date hereof and prior to the filing of a post-effective amendment which
indicates that all securities offered hereby have been sold or which deregisters
all securities then remaining unsold shall be deemed to be incorporated by
reference herein and to be a part hereof from the respective dates of filing of
such documents.
Item 6. Indemnification of Directors and Officers
Section 302A.521 of the Minnesota Statutes requires, among other
things, the indemnification of persons made or threatened to be made a party to
a proceeding by reason of acts or omissions performed in their official capacity
as an officer, director, employee or agent of the corporation against judgments,
penalties and fines (including attorneys' fees) if such person is not otherwise
indemnified, acted in good faith, received no improper benefit, believed that
such conduct was in the best interests of the corporation, and, in the case of
criminal proceedings, had no reason to believe the conduct was unlawful. In
addition, Section 302A.521, subd. 3, requires payment by the corporation, upon
written request, of reasonable expenses in advance of final disposition in
certain instances. A decision as to required indemnification is made by a
disinterested majority of the 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.
Article IX of the Company's Restated Articles of Incorporation, as
amended, provides that a director of the Company shall not be personally liable
to the Company or its shareholders for monetary damages for breach of fiduciary
duty as a director, except for liability (i) for any breach of the director's
duty of loyalty to the Company or its shareholders; (ii) for acts or omissions
not in good faith or which involve intentional misconduct or a knowing violation
of law; (iii) for authorizing a dividend, stock repurchase or redemption or
other distribution in violation of Minnesota law or for violation of certain
provisions of Minnesota securities laws; (iv) for any transaction from which the
director derived an improper personal benefit; or (v) for any act or omission
occurring prior to the date when Article IX became effective.
The Bylaws of the Company provide that the Company shall indemnify
such persons, for such liabilities, in such manner, under such circumstances and
to such extent as permitted by Section 302A.521, as now enacted or hereafter
amended.
Item 8. Exhibits
Exhibit
Number Description
4 Amended and Restated Rights Agreement dated as of March 4, 1996
between the Company and Norwest Bank Minnesota, N.A. (including the
form of Right Certificate attached as Exhibit B thereto) is
incorporated herein by reference to Exhibit 1 to Amendment No. 2 to
Form 8-A/A dated March 16, 1996.
5 Opinion of Counsel for the Company
23.1 Consent of Independent Auditors
23.2 Consent of Counsel for the Company (included in Exhibit 5)
24 Power of Attorney
Item 9. Undertakings
The undersigned registrant hereby undertakes that, for the purpose of
determining any liability under the Securities Act of 1933, each post-effective
amendment to this 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.
The undersigned registrant hereby undertakes 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.
The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's 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 plan's 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 therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
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 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
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 Act and will
be governed by the final adjudication of such issue.
Pursuant to the requirements of the Securities Act of 1933, 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 Eden Prairie, State of Minnesota.
NATIONAL COMPUTER SYSTEMS, INC.
Dated: July 10,1998 By: /s/ J.W. Fenton, Jr.
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J.W. Fenton, Jr.
Secretary/Treasurer
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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By: Russell A. Gullotti* Chairman of the Board of Directors,
- ------------------------- President & CEO
Russell A. Gullotti (principal executive officer)
By: David C. Cox* Director
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David C. Cox
By: Director
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Delores M. Etter
By: Moses S. Joseph* Director
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Moses S. Joseph
By: Jean B. Keffeler* Director
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Jean B. Keffeler
By: Stephen G. Shank* Director
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Stephen G. Shank
By: John E. Steuri* Director
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John E. Steuri
By: Jeffrey W. Taylor* Vice President and Chief
- ------------------------- Financial Officer
Jeffrey W. Taylor (principal financial and
accounting officer)
* Executed on behalf of the indicated officers and directors of the
registrant by J.W. Fenton, Jr., Secretary/Treasurer, duly appointed
attorney-in-fact.
/s/ J.W. Fenton, Jr.
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(Attorney-in-fact) Dated: July 10, 1998
EXHIBIT INDEX
Exhibit
Number Description Page
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5 - Opinion of Counsel for the Company ........................
23.1 - Consent of Independent Auditors ...........................
23.2 - Consent of Counsel for the Company (included in Exhibit 5).
24 - Power of Attorney .........................................