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As filed with the Securities and Exchange Commission on June 12, 2001
Registration No. 333-_________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
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SUN HYDRAULICS CORPORATION
(Exact Name of Issuer as Specified in its Charter)
FLORIDA 59-2754337
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1500 WEST UNIVERSITY PARKWAY
SARASOTA, FL 34243
(Address of principal executive offices)
SUN HYDRAULICS CORPORATION
2001 RESTRICTED STOCK PLAN
(Full Title of Plan)
ALLEN J. CARLSON
PRESIDENT AND CEO
SUN HYDRAULICS CORPORATION
1500 WEST UNIVERSITY PARKWAY
SARASOTA, FL 34243
(941) 362-1200
(Name, Address and Telephone Number of Agent for Service)
Copy to:
GREGORY C. YADLEY, ESQUIRE
SHUMAKER, LOOP & KENDRICK, LLP
101 EAST KENNEDY BLVD., SUITE 2800
TAMPA, FL 33602
(813) 229-7600
CALCULATION OF REGISTRATION FEE
============================================================================================================
TITLE OF SECURITIES AMOUNT TO PROPOSED MAXIMUM OFFERING PROPOSED MAXIMUM AMOUNT
TO BE REGISTERED BE REGISTERED(1) PRICE PER SHARE(2) AGGREGATE REGISTRATION FEE
OFFERING PRICE(2)
- ------------------------------------------------------------------------------------------------------------
Shares of Common 275,000 shares $7.75 $2,131,250 $532.81
Stock, par value
$.001 per share
============================================================================================================
(1) A maximum of 275,000 shares may be issued under the 2001 Restricted
Stock Plan. Such shares may be in whole or in part, as the Board of Directors of
the Registrant shall determine, from authorized but unissued shares of Common
Stock or issued shares of Common Stock which shall have been reacquired by the
Registrant.
(2) Estimated solely for the purpose of calculating the registration fee.
Pursuant to Rule 457(h), the fee is calculated on the basis of the average of
the high and low prices for the Registrant's Common Stock reported in The Nasdaq
Stock Market on June 8, 2001.
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PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
The following documents filed by the Registrant (Exchange Act File No.
0-21835) with the Securities and Exchange Commission are incorporated herein by
reference and made a part hereof:
(a) The Registrant's most recent annual report on Form 10-K, or,
if the financial statements therein are more current, the Registrant's
most recent prospectus, other than the prospectus of which this
document is a part, filed pursuant to rule 424(b) of the Commission
under the Securities Act of 1933.
(b) All other reports filed by the Registrant pursuant to sections
13(a) or 15(d) of the Securities Exchange Act of 1934 since the end of
the fiscal year covered by the annual report or the prospectus referred
to in (a) above.
(c) The description of the Registrant's Common Stock which is
contained in the Registrant's registration statement filed under
Section 12 of the Securities Exchange Act of 1934, including any
amendment or reports filed for the purpose of updating such
description.
All documents subsequently filed by the Registrant with the Commission
pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act after the
date of this Registration Statement, but prior to the filing of a post-effective
amendment to this Registration Statement which indicates that all securities
offered by this Registration Statement have been sold or which deregisters all
such securities then remaining unsold, shall be deemed to be incorporated by
reference into this Registration Statement. Each document incorporated by
reference into this Registration Statement shall be deemed to be a part of this
Registration Statement from the date of the filing of such document with the
Commission until the information contained therein is superseded or updated by
any subsequently filed document which is incorporated by reference into this
Registration Statement or by any document which constitutes part of the
prospectus relating to the Sun Hydraulics Corporation 2001 Restricted Stock Plan
(the "Plan") which is used to satisfy the requirements of Section 10(a) of the
Securities Act of 1933 and Rule 428 promulgated thereunder.
ITEM 4. DESCRIPTION OF SECURITIES
Not applicable.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
Not applicable.
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ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
As authorized by the Florida Business Corporation Law ("FBCL"), the
registrant's Articles of Incorporation ("the Articles") limits the liability of
Directors of the registrant for monetary damages. The effect of this provision
in the Articles is to eliminate the rights of the registrant and its
shareholders (through shareholders' derivative suits on behalf of the
registrant) to recover monetary damages against a Director for breach of the
fiduciary duty of care as a Director (including breaches resulting from
negligent behavior) except in certain limited situations. This provision does
not limit or eliminate the rights of the registrant or any stockholder to seek
non-monetary relief such as an injunction or rescission in the event of a breach
of a Director's duty of care. These provisions will not alter the liability of
Directors under federal securities laws.
The Articles provides that the registrant shall indemnify its
Directors, officers, employees and agents to the maximum extent and under all
circumstances permitted by the FBCL. The registrant believes that these
provisions will assist the registrant in attracting and retaining qualified
individuals to serve as Directors and officers.
In addition, the registrant has entered into Indemnity Agreements with
its Directors and executive officers providing for indemnification to the
fullest extent permitted by law. The Indemnity Agreements also establish the
presumption that the Director or executive officer has met the applicable
standard of conduct required for indemnification. The agreements provide for
litigation expenses to be advanced to a Director or executive officer at his or
her request provided that he or she undertakes to repay the amount advanced if
it is ultimately determined that he or she is not entitled to indemnification
for such expenses. The Indemnity Agreements' indemnification provisions
applicable to a derivative suit provide for indemnification for amounts paid in
settlement and partial indemnification in the event that a Director or executive
officer is not entitled to full indemnification.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
ITEM 8. EXHIBITS
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
4 Sun Hydraulics Corporation 2001 Restricted Stock Plan, filed
with the Commission as Appendix B to the Registrant's Proxy
Statement on Schedule 14A on April 12, 2001, and incorporated
herein by this reference.
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5 Opinion of Shumaker, Loop & Kendrick, LLP as to the legality
of the securities being registered.
23.1 Consent of Shumaker, Loop & Kendrick, LLP (included in their
opinion filed as Exhibit 5).
23.2 Consent of PricewaterhouseCoopers LLP, independent certified
public accountants.
ITEM 9. UNDERTAKINGS
1. The undersigned registrant hereby undertakes:
(a) 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 (the
"Securities Act");
(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;
(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 periodic
reports filed by the registrant pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934 (the "Exchange Act") that are
incorporated by reference in the registration statement.
(b) That, for purposes 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.
(c) To remove from registration by means of
post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.
2. 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)
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or 15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plan's annual report pursuant to 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.
3. The undersigned registrant hereby undertakes to deliver or
cause to be delivered with the prospectus, to each person to whom the prospectus
is sent or given, the latest annual report to security holders that is
incorporated by reference in the prospectus and furnished pursuant to and
meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Exchange Act;
and, where interim financial information required to be presented by Article 3
of Regulation S-X is not set forth in the prospectus, to deliver, or cause to be
delivered to each person to whom the prospectus is sent or given, the latest
quarterly report that is specifically incorporated by reference in the
prospectus to provide such interim financial information.
4. 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 Securities and Exchange
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.
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SIGNATURES
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 Sarasota, State of Florida, on this 11th day of
June, 2001.
SUN HYDRAULICS CORPORATION
By: /s/ Allen J. Carlson
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Allen J. Carlson,
President and CEO
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and
appoints Allen J. Carlson his true and lawful attorney-in-fact and agent, for
him and in his name, place and stead, in any and all capacities, 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 attorney-in-fact and agent full power and authority to do and perform
each and every act and thing requisite and necessary to be done, as fully to all
intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent 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 indicated on this 11th day of June, 2001.
SIGNATURE TITLE
- --------- -----
/s/ Clyde G. Nixon
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Clyde G. Nixon Chairman of the Board of Directors
/s/ Allen J. Carlson
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Allen J. Carlson President, Chief Executive Officer and Director
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/s/ Richard J. Dobbyn Chief Financial Officer (Principal Financial and
- ---------------------------------- Accounting Officer)
Richard J. Dobbyn
/s/ John S. Kahler
- ----------------------------------
John S. Kahler Director
/s/ Christine L. Koski
- ----------------------------------
Christine L. Koski Director
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Robert E. Koski Director
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Ferdinand E. Megerlin Director
/s/ Taco van Tijn
- ----------------------------------
Taco van Tijn Director
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David N. Wormley Director
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EXHIBIT INDEX
The following exhibits are filed herewith as part of this Registration
Statement:
Exhibit No. Description
- ----------- -----------
4 Sun Hydraulics Corporation 2001 Restricted Stock Plan, filed
with the Commission as Appendix B to the Registrant's Proxy
Statement on Schedule 14A on April 12, 2001, and incorporated
herein by this reference.
5 Opinion of Shumaker, Loop & Kendrick, LLP as to the legality
of the securities being registered.
23.1 Consent of Shumaker, Loop & Kendrick, LLP (included in their
opinion filed as Exhibit 5).
23.2 Consent of PricewaterhouseCoopers LLP, independent certified
public accountants.
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