As filed with the Securities and Exchange Commission on March 18, 2014
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
SUNSHINE HEART, INC.
(Exact name of Registrant as specified in its charter)
Delaware |
|
68-0533453 |
(State or other jurisdiction of |
|
(I.R.S. Employer Identification Number.) |
|
|
|
12988 Valley View Road |
|
55344 |
(Address of principal executive offices) |
|
(Zip code) |
Sunshine Heart, Inc. Second Amended and Restated 2011 Equity Incentive Plan
Sunshine Heart, Inc. 2013 Non-Employee Directors Equity Incentive Plan
Sunshine Heart, Inc. New-Hire Equity Incentive Plan
(Full title of the plan)
David A. Rosa
Chief Executive Officer
Sunshine Heart, Inc.
12988 Valley View Road
Eden Prairie, MN 55344
(952) 345-4200
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
Copy to:
Phillip D. Torrence, Esq.
Honigman Miller Schwartz and Cohn LLP
350 East Michigan Avenue, Suite 300
Kalamazoo, MI 49007
(269) 337-7702
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check One):
Large accelerated filer o Accelerated filer o
Non-accelerated filer o (Do not check if a smaller reporting company) Smaller reporting company x
CALCULATION OF REGISTRATION FEE
|
|
|
|
|
|
|
|
| |||||||
Title of securities to be registered |
|
Amount to be |
|
Proposed maximum |
|
Proposed maximum |
|
Amount of | |||||||
Common Stock, par value $0.0001 per share |
|
1,196,643 |
|
$ |
6.275 |
|
$ |
7,508,934.83 |
|
$ |
967.15 | ||||
|
(1) |
|
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the Securities Act), this Registration Statement shall also cover any additional shares of the Registrants common stock (Common Stock) that become issuable under the Plans (as defined below) by reason of any stock dividend, stock split, recapitalization or any other similar transaction without receipt of consideration that results in an increase in the number of shares of the Registrants outstanding Common Stock. |
| |||||||||||
|
(2) |
|
Estimated solely for the purpose of calculating the registration fee pursuant to paragraphs (c) and (h) of Rule 457 under the Securities Act. The offering price per share and aggregate offering price are based upon the average of the high and low prices of the Common Stock as reported on the NASDAQ Capital Market on March 14, 2014, a date within five business days prior to the date of filing of this registration statement, for: (i) shares reserved for future grant pursuant to the Registrants Second Amended and Restated 2011 Equity Incentive Plan (the 2011 EIP); (ii) shares reserved for future grant pursuant to the Registrants 2013 Non-Employee Directors Equity Incentive Plan (the Directors EIP); and (iii) shares reserved for future grant pursuant to the Registrants New-Hire Equity Incentive Plan (the New-Hire Plan; and collectively, with the 2011 EIP and the Directors EIP, the Plans). |
| |||||||||||
Securities |
|
Number of Shares |
|
Offering Price |
|
Aggregate Offering Price |
| ||
Shares reserved for future grant under the 2011 EIP |
|
806,654 |
(3) |
$ |
6.275 |
|
$ |
5,061,753.85 |
|
Shares reserved for future grant under the Directors EIP |
|
108,982 |
(4) |
$ |
6.275 |
|
$ |
683,862.05 |
|
Shares reserved for future grant under the New-Hire Plan |
|
281,007 |
(5) |
$ |
6.275 |
|
$ |
1,763,318.93 |
|
Proposed Maximum Offering Price |
|
|
|
|
|
$ |
7,508,934.83 |
|
(3) |
|
The 806,654 shares consist of (i) 747,738 shares that were automatically added to the shares authorized for issuance under the 2011 EIP on January 1, 2014 pursuant to an evergreen provision contained in the 2011 EIP and (ii) 58,916 shares returned to the 2011 EIP share reserve as a result of shares being partially withheld by the Registrant to cover tax withholding obligations at the time of Common Stock grants or vesting of restricted stock unit grants, in accordance with the provisions of the 2011 EIP. Pursuant to the 2011 EIP, for a period of five (5) years commencing on January 1, 2013 and ending on (and including) January 1, 2017, the aggregate number of shares of Common Stock that may be issued pursuant to stock awards will automatically adjust on each January 1 so that it will equal (i) thirteen percent (13%) of the fully diluted shares as of the immediately preceding December 31, reduced by (ii) the number of shares of Common Stock issuable upon exercise of outstanding options under the Sunshine Heart, Inc. Amended and Restated 2002 Stock Plan. |
(4) |
|
The 108,982 shares consist of 108,982 shares that were automatically added to the shares authorized for issuance under the Directors EIP on January 1, 2014 pursuant to an evergreen provision contained in the Directors EIP. Pursuant to the Directors EIP, the share reserve under the Directors EIP will automatically increase on January 1st of each year, for a period of not more than ten years, commencing on January 1, 2014 and ending on (and including) January 1, 2023, to an amount equal to two percent (2%) of the fully diluted shares outstanding on December 31st of the preceding calendar year; provided that the Board of Directors may act prior to January 1st of a given year to provide that there will be no January 1st increase in the share reserve for such year or that the increase in the share reserve for such year will be a lesser number of shares than would otherwise occur. |
(5) |
|
The 281,007 shares consist of 281,007 shares reserved for future grant under the New-Hire Plan pursuant to a First Amendment to the New-Hire Plan that was approved by the Registrants Compensation Committee, pursuant to delegated authority, on October 21, 2013. |
EXPLANATORY NOTE
This Registration Statement on Form S-8 is being filed for the purpose of registering an additional (i) 806,654 shares reserved for future grant pursuant to the Registrants Second Amended and Restated 2011 Equity Incentive Plan, (ii) 108,982 shares reserved for future grant pursuant to the Registrants 2013 Non-Employee Directors Equity Incentive Plan and (iii) 281,007 shares reserved for future grant pursuant to the Registrants New-Hire Equity Incentive Plan.
INCORPORATION BY REFERENCE OF CONTENTS OF
REGISTRATION STATEMENTS ON FORM S-8
The contents of the Registration Statements on Form S-8 previously filed with the Securities and Exchange Commission (the Commission) on September 14, 2012 (File No. 333-183925), May 30, 2013 (File No. 333-188935) and August 9, 2013 (File No. 333-190499) are incorporated by reference herein.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents By Reference.
The following documents filed with the Commission by the Registrant are hereby incorporated by reference in this Registration Statement:
(a) The Registrants Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Commission on March 14, 2014;
(b) The information specifically incorporated by reference into our Annual Report on Form 10-K for the year ended December 31, 2013 from our definitive Proxy Statement for the Annual Meeting of Stockholders to be held on May 29, 2014, to be filed with the Commission within 120 days after the end of the fiscal year covered by the Annual Report on Form 10-K for the year ended December 31, 2013;
(c) The description of the Registrants Common Stock contained in the Registration Statement on Form 10 (Registration No. 001-35312) filed pursuant to Section 12(b) on September 30, 2011 and all amendments thereto; and
(d) The description of the Registrants Series A Junior Participating Preferred Stock, par value $0.0001 per share, in the Registration Statement on Form 8-A (Registration No. 001-35312) filed with the Commission on June 14, 2013.
In addition, all documents the Registrant subsequently files pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the filing of this Registration Statement 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 covered hereby then remaining unsold are incorporated by reference in this Registration Statement and are a part hereof from the date of filing of such documents.
Any statement contained 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, which also is or is deemed to be incorporated by reference herein, modifies or supersedes such prior statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute part of this Registration Statement.
Item 8. Exhibits.
The Exhibit Index attached to this Registration Statement is incorporated herein by reference.
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 City of Eden Prairie, State of Minnesota, on March 18, 2014.
|
SUNSHINE HEART, INC. | |
|
|
|
|
By: |
/s/ JEFFREY S. MATHIESEN |
|
Name: |
Jeffrey S. Mathiesen |
|
Title: |
Chief Financial Officer |
We, the undersigned officers and directors of Sunshine Heart, Inc., hereby constitute David A. Rosa and Jeffrey S. Mathiesen, as the true and lawful attorneys with full power to them, and each of them singly to sign for us and in our names, in the capacities indicated below the Registration Statement filed herewith and any amendments to said Registration Statement, and generally to do all such things in our name and behalf in our capacities as officers and directors to enable Sunshine Heart, Inc. to comply with the provisions of the Securities Act of 1933 and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said Registration Statement and any and all amendments thereto. 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.
SIGNATURE |
|
TITLE |
|
DATE |
|
|
|
|
|
/s/ DAVID A. ROSA |
|
President, Chief Executive Officer |
|
March 18, 2014 |
David A. Rosa |
|
(Principal Executive Officer) and Director |
|
|
|
|
|
|
|
/s/ JEFFREY S. MATHIESEN |
|
Chief Financial Officer |
|
March 18, 2014 |
Jeffrey S. Mathiesen |
|
(Principal Financial and Accounting Officer) |
|
|
|
|
|
|
|
/s/ PAUL R. BUCKMAN |
|
Director |
|
March 18, 2014 |
Paul R. Buckman |
|
|
|
|
|
|
|
|
|
/s/ GEOFFREY E. BROOKE |
|
Director |
|
March 18, 2014 |
Geoffrey E. Brooke |
|
|
|
|
|
|
|
|
|
/s/ GREGORY D. WALLER |
|
Director |
|
March 18, 2014 |
Gregory D. Waller |
|
|
|
|
|
|
|
|
|
/s/ JOHN L. ERB |
|
Director |
|
March 18, 2014 |
John L. Erb |
|
|
|
|
|
|
|
|
|
/s/ WARREN S. WATSON |
|
Director |
|
March 18, 2014 |
Warren S. Watson |
|
|
|
|
|
|
|
|
|
/s/ JON W. SALVESON |
|
Director |
|
March 18, 2014 |
Jon W. Salveson |
|
|
|
|
EXHIBIT INDEX
|
|
|
|
Incorporated By Reference |
|
|
|
| ||||
Exhibit |
|
Exhibit Description |
|
Form |
|
File |
|
Date of First |
|
Exhibit |
|
Filed |
|
|
|
|
|
|
|
|
|
|
|
|
|
4.1 |
|
Certificate of Incorporation, as amended. |
|
10 |
|
001-35312 |
|
February 1, 2012 |
|
3.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.2 |
|
Form of Certificate of Designations of Series A Junior Participating Preferred Stock of Sunshine Heart, Inc. |
|
8-K |
|
001-35312 |
|
June 14, 2013 |
|
3.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.3 |
|
Amended and Restated Bylaws. |
|
10 |
|
001-35312 |
|
September 30, 2011 |
|
3.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.4 |
|
Rights Agreement dated June 14, 2013 by and between Sunshine Heart, Inc. and American Stock Transfer & Trust Company, LLC, as Rights Agent. |
|
8-K |
|
001-35312 |
|
June 14, 2013 |
|
4.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.1 |
|
Opinion of Honigman Miller Schwartz Cohn LLP. |
|
|
|
|
|
|
|
|
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
23.1 |
|
Consent of Ernst & Young LLP. |
|
|
|
|
|
|
|
|
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
23.2 |
|
Consent of Honigman Miller Schwartz and Cohn LLP (included in its opinion filed as Exhibit 5.1 to this Registration Statement). |
|
|
|
|
|
|
|
|
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
24.1 |
|
Power of Attorney (included with signatures). |
|
|
|
|
|
|
|
|
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
99.1 |
|
Sunshine Heart, Inc. Amended and Restated 2011 Equity Incentive Plan. |
|
14A |
|
001-35312 |
|
July 27, 2012 |
|
App. A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.2 |
|
Form of Stock Option Grant Notice and Option Agreement for 2011 Equity Incentive Plan. |
|
10 |
|
001-35312 |
|
September 30, 2011 |
|
10.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.3 |
|
Form of Senior Management Stock Option Grant Notice and Option Agreement for 2011 Equity Incentive Plan. |
|
10 |
|
001-35312 |
|
September 30, 2011 |
|
10.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.4 |
|
Form of Stock Option Grant Notice and Form of Option Agreement (Director) for 2011 Equity Incentive Plan. |
|
8-K |
|
001-35312 |
|
September 18, 2012 |
|
10.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.5 |
|
Form of Stock Grant Notice and Stock Award Agreement for 2011 Equity Incentive Plan. |
|
8-K |
|
001-35312 |
|
September 10, 2013 |
|
10.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.6 |
|
Form of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement for 2011 Equity Incentive Plan. |
|
8-K |
|
001-35312 |
|
September 10, 2013 |
|
10.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.7 |
|
Sunshine Heart, Inc. 2013 Non-Employee Directors Equity Incentive Plan. |
|
14A |
|
001-35312 |
|
April 5, 2013 |
|
App. A |
|
|
|
|
|
|
Incorporated By Reference |
|
|
|
| ||||
Exhibit |
|
Exhibit Description |
|
Form |
|
File |
|
Date of First |
|
Exhibit |
|
Filed |
|
|
|
|
|
|
|
|
|
|
|
|
|
99.8 |
|
Form of Stock Option Agreement under the Sunshine Heart, Inc. 2013 Non-Employee Directors Equity Incentive Plan. |
|
8-K |
|
001-35312 |
|
May 29, 2013 |
|
10.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.9 |
|
Sunshine Heart, Inc. New-Hire Equity Incentive Plan. |
|
10-Q |
|
001-35312 |
|
August 8, 2013 |
|
10.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.10 |
|
First Amendment to the Sunshine Heart, Inc. New-Hire Equity Incentive Plan. |
|
10-Q |
|
001-35312 |
|
November 12, 2013 |
|
10.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.11 |
|
Form of Stock Option Grant Notice and Option Agreement for the Sunshine Heart, Inc. New-Hire Equity Incentive Plan. |
|
10-Q |
|
001-35312 |
|
November 12, 2013 |
|
10.2 |
|
|
Exhibit 5.1
| |
| |
(313) 465-7000 | |
Fax: (313) 465-8000 | |
www.honigman.com |
March 18, 2014
Sunshine Heart, Inc.
12988 Valley View Road
Eden Prairie, MN 55344
RE: Registration Statement on Form S-8
Ladies and Gentlemen:
We have acted as counsel to Sunshine Heart, Inc., a Delaware corporation (the Company), in connection with the preparation and filing of a Registration Statement on Form S-8 (the Registration Statement) with the Securities and Exchange Commission (the Commission) for the registration under the Securities Act of 1933, as amended (the Securities Act), of up to 1,196,643 shares of the Companys Common Stock, $0.0001 par value per share (the Shares), to be issued pursuant to awards under the Companys Second Amended and Restated 2011 Equity Incentive Plan, 2013 Non-Employee Directors Equity Incentive Plan and New-Hire Equity Incentive Plan (collectively, the Plans).
Based on our examination of such documents and other matters as we deem relevant, we are of the opinion that the Shares, when offered, sold and issued by the Company in accordance with the applicable Plans and the awards thereunder, the Registration Statement and the related Prospectuses, will be validly issued, fully paid and nonassessable.
We consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not hereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission under the Securities Act.
|
Very truly yours, |
|
|
|
/S/ HONIGMAN MILLER SCHWARTZ AND COHN LLP |
350 East Michigan Avenue · Suite 300 · Kalamazoo, Michigan 49007-3800
Detroit · Lansing · Oakland County · Ann Arbor · Kalamazoo
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Registration Statement on Form S-8 pertaining to the Sunshine Heart, Inc. Second Amended and Restated 2011 Equity Incentive Plan, Sunshine Heart, Inc. 2013 Non-Employee Directors Equity Incentive Plan, and Sunshine Heart, Inc. New-Hire Equity Incentive Plan, with respect to the consolidated financial statements of Sunshine Heart, Inc. and subsidiaries included in its Annual Report (Form 10-K) for the year ended December 31, 2013 filed with the Securities and Exchange Commission.
/S/ ERNST & YOUNG LLP |
|
Minneapolis, Minnesota |
|
March 18, 2014