Registration No.
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SECURITIES AND EXCHANGE COMMISSION
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
EASTERN ENTERPRISES
(Exact name of registrant as specified in its charter)
Massachusetts 04-1270730
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
9 Riverside Road, Weston, Massachusetts 02193
(Address of principal executive offices) (zip code)
EASTERN ENTERPRISES 1995 STOCK OPTION PLAN
(Full title of the Plan)
WALTER J. FLAHERTY L. WILLIAM LAW, JR., ESQ.
Senior Vice President and Senior Vice President, General
Chief Financial Officer Counsel and Secretary
Eastern Enterprises Eastern Enterprises
9 Riverside Road 9 Riverside Road
Weston, Massachusetts 02193 Weston, Massachusetts 02193
(Name and address of agents for service)
(617) 647-2300
(Telephone number, including area code, of agents for service)
CALCULATION OF REGISTRATION FEE
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Title of securities Amount to be Proposed maximum Proposed maximum Amount of
to be registered registered offering price per share aggregate offering price registration fee
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Common Stock (Par Value
$1.00 Per Share) with 1,000,000 $29.5625<F1> $29,562,500<F1> $10,194
related Common Stock
Purchase Rights
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<FN>
<F1> Estimated solely for purposes of calculating the amount of the registration
fee pursuant to Rule 457(h) and based on the average of the high and low prices
of the Common Stock on April 21, 1995, as reported in The Wall Street Journal
report of New York Stock Exchange Composite Transactions.
</FN>
April 27, 1995
Exhibit Index on Page 8
Total Number of Pages: 12
Part II. INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents and information filed with the Commission are
incorporated herein by reference:
(a) The Registrant's Annual Report on Form 10-K for the fiscal year
ended December 31, 1994, filed pursuant to Section 13 of the Securities Exchange
Act of 1934, as amended (the "1934 Act").
(b) All other reports filed by the Registrant pursuant to Section 13(a)
or 15(d) of the 1934 Act since the end of the fiscal year covered by such Annual
Report.
(c) The description of the Registrant's Common Stock contained in the
Amendment on Form 8, dated May 22, 1991, to the Registrant's Registration
Statement on Form 8-A, File No. 1-2297, dated November 6, 1950, and the
description of the Registrant's Common Stock Purchase Rights contained in the
Registrant's Registration Statement on Form 8-A, dated March 1, 1990, both filed
pursuant to Section 12(b) of the 1934 Act, including any amendment or report
filed for the purpose of updating such descriptions.
All reports and other documents subsequently filed by the Registrant
pursuant to Section 13(a), 13(c), 14 and 15(d) of the 1934 Act, 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 date of the filing of such reports and documents.
Item 6. Indemnification of Directors and Officers.
Article 19 of the Declaration of Trust of the Registrant provides in
relevant part as follows:
"No Trustee, officer or agent of this trust shall be liable except for
acts or failures to act which at the time would impose liability on him if this
trust were a Massachusetts business corporation and he were a director, officer
or agent thereof respectively. This trust shall indemnify each of its Trustees
and officers against all liabilities and expenses, including amounts paid in
satisfaction of judgments, in compromise or as fines and penalties, and counsel
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fees, reasonably incurred by him in connection with the defense or disposition
of any action, suit or other proceeding, whether civil or criminal, including
but not limited to derivative suits (to the extent permitted by law), in which
he may be involved or with which he may be threatened, while in office or
thereafter, except with respect to any matter as to which he shall have been
adjudicated to have acted in bad faith or not to have acted in good faith in the
reasonable belief that his action was in the best interests of this trust or, to
the extent that such matter relates to service with respect to an employee
benefit plan, in the best interests of the participants or beneficiaries of such
plan, provided, however, that as to any matter disposed of by a compromise
payment by such Trustee or officer pursuant to a consent decree or otherwise, no
indemnification either for said payment or for any other expenses shall be
provided unless such compromise shall be approved as in the best interests of
this trust, after notice that it involves such indemnification: (a) if no change
of control has occurred, (i) by a disinterested majority of the Trustees then in
office or (ii) by a majority of the disinterested Trustees then in office or by
the Shareholders, provided that this trust shall have received a written opinion
of independent legal counsel to the effect that such Trustee or officer appears
to have acted in good faith in the reasonable belief that his action was in the
best interests of this trust; or (b) if a change of control shall have occurred,
by an opinion in writing of independent legal counsel to the effect that such
Trustee or officer appears to have acted in good faith in the reasonable belief
that his action was in the best interests of this trust. The rights accruing to
any Trustee or officer under these provisions shall not exclude any other right
to which he may be lawfully entitled; provided, however, that no Trustee or
officer may satisfy any rights of indemnity or reimbursement granted herein or
to which he may be otherwise entitled except out of the trust estate, and no
Shareholder shall be personally liable to any person with respect to any claim
for indemnity or reimbursement or otherwise. The Trustees may make advance
payments in connection with indemnification under this Article 19, provided that
any such indemnified Trustee or officer shall have given a written undertaking
to reimburse this trust in the event that it is subsequently determined that he
is not entitled to such indemnification, which undertaking shall be accepted
without reference to the financial ability of the recipient to make such
reimbursement. If in an action, suit or proceeding brought by or in right of
this trust, a Trustee is not held liable, whether because relieved of liability
under this Article 19 or otherwise, such Trustee shall be deemed to have been
entitled to indemnification for expenses incurred in defense of said action,
suit or proceeding.
* * *
As used in this Article 19:
(i) The term "officer" includes (a) persons who serve at the request of
this trust as directors, officers or trustees of another organization and (b)
employees of this trust and its subsidiaries who serve in any capacity with
respect to employee benefit plans. All directors, officers and trustees of
wholly-owned subsidiaries of this trust shall be deemed to serve at the request
of this trust.
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(ii) An "interested" Trustee is one against whom in such capacity the
proceeding in question or another proceeding on the same or similar grounds is
then pending.
(iii) A "change in control" occurs when: (a) any individual,
corporation, association, partnership, joint venture, trust or other entity or
association thereof acting in concert (excluding any employee benefit plan,
dividend reinvestment plan or similar plan of this trust, or any trustee thereof
acting in such capacity) acquires more than 20% of this trust's outstanding
shares of Common Stock, whether in whole or in part, by means of an offer made
publicly to the holders of all or substantially all of the outstanding shares of
Common Stock to acquire shares of Common Stock for cash, other property, or a
combination thereof or by any other means, unless the transaction is consented
to by vote of a majority of the Continuing Trustees; or (b) Continuing Trustees
cease to constitute a majority of the Trustees.
(iv) The term "Continuing Trustee" shall mean any Trustee of this trust
who (a) was a Trustee of this trust on the later of January 1, 1988 or the date
the Trustee or officer seeking indemnification first became such or (b) was
recommended for his initial term of office by a majority of Continuing Trustees
in office at the time of such recommendation.
Nothing contained in this Article 19 shall (i) limit the power of this
trust to indemnify employees and agents of this trust or its subsidiaries other
than Trustees and officers on any terms it deems appropriate not prohibited by
law, (ii) limit the power of this trust to indemnify Trustees and officers for
expenses incurred in suits, actions, or other proceedings initiated by such
Trustee or officer of this trust, or (iii) affect any rights to indemnification
to which personnel of this trust other than Trustees and officers may be
entitled by contract or otherwise. The rights provided in this Article 19 shall
not be exclusive of or affect any other right to which any Trustee, officer or
agent of this trust may be entitled and such rights shall inure to the benefit
of his successors, heirs, executors, administrators and other legal
representatives. Such other rights shall include all powers, immunities and
rights of reimbursement which would be allowable under the laws of The
Commonwealth of Massachusetts were this trust a business corporation organized
under such laws."
Section 67 of Chapter 156B of the Massachusetts General Laws provides
that, subject to certain limitations, indemnification of directors and officers
of a Massachusetts business corporation may be provided to the extent specified
or authorized by its articles of organization or by-laws.
The Registrant maintains an insurance policy on behalf of itself and
its subsidiaries, and on behalf of the respective trustees, directors and
officers thereof, covering certain liabilities which may arise as a result of
the actions or omissions of said trustees, directors and officers.
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Item 8. Exhibits.
The list of exhibits is as follows:
Exhibit No.
4 The Eastern Enterprises 1995 Stock Option Plan (filed as
Exhibit 10.9 to the Annual Report of the Registrant on
Form 10-K, File No. 1-2297, for the fiscal year ended
December 31, 1994 and incorporated herein by reference).
5 Opinion of L. William Law, Jr., Esq.
23.1 Consent of Arthur Andersen LLP.
23.2 Consent of L. William Law, Jr., Esq., to the filing of
his opinion as an exhibit to this Registration Statement
is included in Exhibit 5.
24 Power of Attorney.
Item 9. Undertakings.
The undersigned Registrant hereby undertakes:
(1) to file, during any period in which offers or sales are being made
of the securities registered hereby, 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; and (iii) to include any material information with
respect to the plan of distribution not previously disclosed in this
registration statement or any material change to such information in this
registration statement; provided, however, that clauses (i) and (ii) shall not
apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or furnished to
the Securities and Exchange Commission by the Registrant pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference herein;
(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
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a new registration statement relating to the securities offered herein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof; and
(3) to remove from registration by means of a post-effective amendment
any of the securities being registered hereby 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 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.
Reference is hereby made to the Declaration of Trust establishing
Eastern Enterprises dated July 18, 1929, as amended, a copy of which is on file
in the office of the Secretary of the Commonwealth of Massachusetts. The name
"Eastern Enterprises" refers to the Trustees under said Declaration as Trustees
and not personally; and no Trustee, shareholder, officer or agent of Eastern
Enterprises shall be held to any personal liability in connection with the
affairs of said Eastern Enterprises, but the trust estate only is liable.
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SIGNATURES
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 Town of Weston, Commonwealth of Massachusetts, on the 27th day
of April, 1995.
EASTERN ENTERPRISES
By: /s/ Richard R. Clayton
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Richard R. Clayton,
President and Chief Operating Officer
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed below by the following persons in the
capacities indicated on the 27th day of April, 1995.
/s/ J. Atwood Ives Chairman and Chief Executive Officer; Trustee
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J. Atwood Ives
/s/ Walter J. Flaherty Senior Vice President and Chief Financial Officer
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Walter J. Flaherty
/s/ James J. Harper Vice President and Controller
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James J. Harper
/s/ Richard R. Clayton
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Richard R. Clayton, Trustee
/s/ Samuel Frankenheim /s/ Leonard R. Jaskol
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Samuel Frankenheim, Trustee Leonard R. Jaskol, Trustee
/s/ Dean W. Freed /s/ Thomas W. Jones
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Dean W. Freed, Trustee Thomas W. Jones, Trustee
/s/ Robert P. Henderson /s/ Rina K. Spence
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Robert P. Henderson, Trustee Rina K. Spence, Trustee
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EXHIBIT INDEX
Page Number
in Sequential
Numbering
Exhibit System
4 The Eastern Enterprises 1995 Stock Option Plan
(incorporated by reference)
5 Opinion of L. William Law, Jr., Esq. 9
23.1 Consent of Arthur Andersen LLP. 11
23.2 Consent of L. William Law, Jr., Esq., to the filing of
his opinion as an exhibit to this Registration Statement
is included in Exhibit 5.
24 Power of Attorney. 12
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