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As filed with the Securities and Exchange Commission on July 7, 1999
Registration Statement No. 333-_________
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20552
-----------------------------
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
-----------------------------
SECURITY FIRST TECHNOLOGIES CORPORATION
(Exact name of registrant as specified in its charter)
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<S> <C>
Delaware 58-2395199
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(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
</TABLE>
3390 Peachtree Road, NE, Suite 1700, Atlanta, Georgia 30326
(Address of Principal Executive Offices)
-----------------------------
SECURITY FIRST TECHNOLOGIES, INC. SECTION 401(k) PLAN
(Full title of the plan)
-------------------------
Robert F. Stockwell
Chief Financial Officer
Security First Technologies Corporation
3390 Peachtree Road, NE, Suite 1700
Atlanta, Georgia 30326
(Name and address of agent for service)
(404) 812-6780
(Telephone number, including area code, of agent for service)
COPY TO:
Stuart G. Stein, Esq.
Hogan & Hartson L.L.P.
555 Thirteenth Street, N.W.
Washington, D.C. 20004
(202) 637-8575
--------------------------
CALCULATION OF REGISTRATION FEE
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<CAPTION>
================================================================================================================================
AMOUNT PROPOSED MAXIMUM PROPOSED MAXIMUM AMOUNT OF
TITLE OF SECURITIES TO BE OFFERING PRICE AGGREGATE OFFERING REGISTRATION
TO BE REGISTERED REGISTERED PER SHARE PRICE FEE
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock, par value $0.01 per share 750,000 $* $29,625,000* $8,235.75*
================================================================================================================================
</TABLE>
* Estimated solely for the purpose of calculating this fee pursuant to Rule
457(c) and (h) under the Securities Act of 1933, as amended, based upon
the average of the high and low prices for shares of common stock of
Security First Technologies Corporation as reported on The Nasdaq Stock
Market's National Market Tier of $39.50 on June 29, 1999. In addition,
pursuant to Rule 416(c) under the Securities Act of 1933, this
registration statement also covers an indeterminate amount of interests to
be offered or sold pursuant to the employee benefit plan described herein.
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FORM S-8
REGISTRATION STATEMENT
PART I
INFORMATION REQUIRED IN SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part I will be
sent or given to employees as specified by Rule 428(b)(1) under the Securities
Act of 1933. In accordance with the instructions to Part I of Form S-8 as
promulgated by the Securities and Exchange Commission, these documents will not
be filed with the SEC either as part of this registration statement or as
prospectuses or prospectus supplements pursuant to Rule 424 under the Securities
Act. These documents and the documents incorporated by reference into this
registration statement pursuant to Item 3 of Part II of this registration
statement, taken together, constitute the 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.
Security First Technologies Corporation, which we refer to as S1 or
the Registrant, and the Security First Technologies, Inc. Section 401(k) Plan,
as amended, which we refer to as the Plan, hereby incorporate by reference into
this registration statement the following documents:
(a) The Annual Report on Form 11-K of the Plan
for the fiscal year ended December 31, 1998;
(b) The Annual Report on Form 10-K of S1 for the
fiscal year ended December 31, 1998, as
amended by S1's Annual Report on Form 10-K/A
for the fiscal year ended December 31, 1998
filed with the SEC on May 14, 1999;
(c) All other reports filed by S1 with the SEC
pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 since
December 31, 1998; and
(d) The description of S1's common stock, par
value $0.01 per share contained in S1's
Registration Statement on Form 8-A filed
with the SEC on September 30, 1998,
including any amendment or report filed for
the purpose of updating such description.
In addition, all documents filed by S1 or the Plan subsequent to the
date hereof pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act
prior to the filing of a post-effective amendment which indicates that all
securities offered have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference in this
registration statement and to be part of this registration statement from the
date of filing of such documents. Any statement contained in a document
incorporated or deemed to be incorporated by reference into this registration
statement shall be deemed to be modified or superseded for purposes of this
registration statement to the extent that a statement contained in this
registration statement or in any other subsequently filed document which also is
or is deemed to be incorporated by reference into this registration statement
modifies or supersedes such statement. Any such statement so
1
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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 145 of the General Corporation Law of the State of Delaware
sets forth certain circumstances under which directors, officers, employees and
agents may be indemnified against liability that they may incur in their
capacity as such. Section 6 of S1's Amended and Restated Certificate of
Incorporation, as amended, provides for indemnification of S1's directors,
officers, employees and agents under certain circumstances. Section 6 of S1's
Amended and Restated Bylaws provides that S1 may purchase and maintain insurance
on behalf of directors, officers, employees or agents. S1 has in effect a policy
of liability insurance covering its directors and officers. Insofar as
indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of S1 pursuant to the
foregoing provisions, or otherwise, S1 has been advised that in the opinion of
the SEC 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 S1 of
expenses incurred or paid by a director, officer, or controlling person of S1 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, S1 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.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
ITEM 8. EXHIBITS.
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Exhibit
No. Description
- --- -----------
<S> <C>
4.1 Amended and Restated Certificate of Incorporation of Security First
Technologies Corporation ("S1") (filed as Exhibit 1 to S1's
Registration Statement on Form 8-A filed with the Securities and
Exchange Commission (the "SEC") on September 30, 1998 and
incorporated herein by reference).
4.2 Certificate of Amendment of Amended and Restated Certificate of
Incorporation of S1.
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2
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4.3 Certificate of Designation for S1's Series B Redeemable Convertible
Preferred Stock (filed as Exhibit 2 to S1's Registration Statement
on Form 8-A filed with the SEC on September 30, 1998 and
incorporated herein by reference).
4.4 Certificate of Designation for S1's Series C Redeemable Convertible
Preferred Stock (filed as Exhibit 3 to S1's Quarterly Report on Form
10-Q for the quarterly period ending March 31, 1999 and incorporated
herein by reference).
4.5 Amended and Restated Bylaws of S1 (filed as Exhibit 3 to S1's
Registration Statement on Form 8-A filed with the SEC on September
30, 1998 and incorporated herein by reference).
4.6 Specimen certificate for S1's common stock (filed as Exhibit 4 to
S1's Registration Statement on Form 8-A filed with the SEC on
September 30, 1998 and incorporated herein by reference).
23 Consent of KPMG LLP.
24 Power of Attorney.
</TABLE>
S1 has submitted the Plan and undertakes to submit any amendment to
the Plan to the Internal Revenue Service in a timely manner and will make all
changes required by the Internal Revenue Service in order the qualify the Plan.
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;
(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 the registration
statement or any material change to such
information in the registration statement.
(2) That, for the purpose 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.
3
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(3) 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.
(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 (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.
(c) The undertaking concerning indemnification is set forth
under the response to Item 6.
4
<PAGE> 6
SIGNATURES
The Registrant. 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 Atlanta, State of Georgia, on this 6th day of
July, 1999.
SECURITY FIRST TECHNOLOGIES CORPORATION
By: /s/ ROBERT F. STOCKWELL
--------------------------------------
Robert F. Stockwell
Chief Financial Officer and Treasurer
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities indicated below on this 6th day of July, 1999.
SIGNATURE TITLE
--------- -----
/s/ JAMES S. MAHAN, III Chairman, Chief Executive Officer and
- ----------------------- President
James S. Mahan, III (Principal Executive Officer)
/s/ ROBERT F. STOCKWELL Chief Financial Officer and
- ----------------------- Treasurer
Robert F. Stockwell (Principal Financial Officer
and Principal Accounting
Officer)
/s/ ROBERT W. COPELAN * Director
- -----------------------
Robert W. Copelan
/s/ DORSEY R. GARDNER * Director
- -----------------------
Dorsey R. Gardner
Director
- -----------------------
Joseph S. McCall
/s/ HOWARD J. RUNNION, JR. * Director
- -----------------------------
Howard J. Runnion, Jr.
* By /s/ ROBERT F. STOCKWELL
--------------------------
Robert F. Stockwell
pursuant to Power of Attorney
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The Plan. Pursuant to the requirements of the Securities Act of
1933, the trustees (or other persons who administer the employee benefit plan)
have duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Atlanta, State of
Georgia, on this 6th day of July, 1999.
SECURITY FIRST TECHNOLOGIES, INC.
SECTION 401(K) PLAN
By: /s/ ROBERT F. STOCKWELL
--------------------------
Robert F. Stockwell
Plan Administrator
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EXHIBIT INDEX
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Exhibit
No. Description
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<S> <C>
4.1 Amended and Restated Certificate of Incorporation of Security First
Technologies Corporation ("S1") (filed as Exhibit 1 to S1's
Registration Statement on Form 8-A filed with the Securities and
Exchange Commission (the "SEC") on September 30, 1998 and
incorporated herein by reference).
4.2 Certificate of Amendment of Amended and Restated Certificate of
Incorporation of S1.
4.3 Certificate of Designation for S1's Series B Redeemable Convertible
Preferred Stock (filed as Exhibit 2 to S1's Registration Statement
on Form 8-A filed with the SEC on September 30, 1998 and
incorporated herein by reference).
4.4 Certificate of Designation for S1's Series C Redeemable Convertible
Preferred Stock (filed as Exhibit 3 to S1's Quarterly Report on Form
10-Q for the quarterly period ending March 31, 1999 and incorporated
herein by reference).
4.5 Amended and Restated Bylaws of S1 (filed as Exhibit 3 to S1's
Registration Statement on Form 8-A filed with the SEC on September
30, 1998 and incorporated herein by reference).
4.6 Specimen certificate for S1's common stock (filed as Exhibit 4 to
S1's Registration Statement on Form 8-A filed with the SEC on
September 30, 1998 and incorporated herein by reference).
23 Consent of KPMG LLP.
24 Power of Attorney.
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<PAGE> 1
Exhibit 4.2
STATE OF DELAWARE
CERTIFICATE OF AMENDMENT
OF
AMENDED AND RESTATED CERTIFICATE OF INCORPORATION
OF
SECURITY FIRST TECHNOLOGIES CORPORATION
Security First Technologies Corporation (the "Corporation"), a
corporation organized and existing under and by virtue of the General
Corporation Law of the State of Delaware,
DOES HEREBY CERTIFY:
FIRST: That at a meeting of the Board of Directors of the
Corporation resolutions were duly adopted setting forth a proposed amendment to
Section 4.1 of the Amended and Restated Certificate of Incorporation of the
Corporation, declaring said amendment to be advisable and directing that the
amendment proposed be considered at the next annual meeting of the shareholders
of the Corporation. As amended, Section 4.1 reads in its entirety as follows:
4.1 AUTHORIZED SHARES
The total number of shares of all classes of stock that
the Corporation shall have the authority to issue is three hundred
seventy-five million (375,000,000), of which three hundred fifty million
(350,000,000) shares shall be common stock, par value $0.01 per share
("Common Stock"), and twenty-five million (25,000,000) shares shall be
serial preferred stock, par value $0.01 per share ("Preferred Stock").
SECOND: That thereafter, pursuant to resolution of the Board of
Directors, the annual meeting of the shareholders of the Corporation was duly
called and held, upon notice in accordance with Section 222 of the General
Corporation Law of the State of Delaware, at which meeting the necessary number
of shares as required by statute were voted in favor of the amendment.
THIRD: That the aforesaid amendment was duly adopted in accordance
with the applicable provisions of Section 242 of the General Corporation Law of
the State of Delaware.
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IN WITNESS WHEREOF, said Security First Technologies Corporation has
caused this certificate to be signed by James S. Mahan, III, its Chairman, Chief
Executive Officer and President, and attested by Nancy K. Kenley, its Secretary,
this 3rd day of June, 1999.
ATTEST: SECURITY FIRST TECHNOLOGIES
CORPORATION
By: /s/ Nancy K. Kenley By: /s/ James S. Mahan, III
-------------------- ------------------------
Nancy K. Kenley James S. Mahan, III
Secretary Chairman, Chief Executive Officer
and President
<PAGE> 1
Exhibit 23
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Security First Technologies Corporation:
We consent to the incorporation by reference in the registration statement on
Form S-8 of Security First Technologies Corporation of (1) our report dated
February 4, 1999, relating to the consolidated balance sheets of Security First
Technologies Corporation and subsidiary as of December 31, 1997 and 1998, and
the related consolidated statements of operations, stockholders' equity and
comprehensive income (loss), and cash flows for each of the years in the
three-year period ended December 31, 1998, which report appears in the Annual
Report on Form 10-K for the year ended December 31, 1998, and (2) our report
dated June 11, 1999, relating to the statements of net assets available for
plan benefits as of December 31, 1998 and 1997 and the related statement of
changes in net assets available for plan benefits for the year ended December
31, 1998 which report appears in the Annual Report on Form 11-K for the year
ended December 31, 1998.
KPMG LLP
/s/ KPMG LLP
Atlanta, Georgia
July 6, 1999
<PAGE> 1
Exhibit 24
POWER OF ATTORNEY
REGISTRATION STATEMENT FOR
SECTION 401(k) PLAN
REGISTRATION STATEMENT FOR EMPLOYEE STOCK PURCHASE PLAN
REGISTRATION STATEMENT FOR STOCK OPTION PLANS AND AGREEMENTS
Each person whose signature appears below appoints James S. Mahan,
III or Robert F. Stockwell, jointly and severally, each in his own capacity, his
true and lawful attorneys-in-fact, with full power of substitution for him and
in his name, place and stead, in any and all capacities to sign the Registration
Statements on Form S-8 referred to above and any amendments to the Registration
Statements, and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the Securities and Exchange Commission, hereby
ratifying and confirming all that said attorney-in-fact, or their substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
This Power of Attorney may be signed in counterparts.
[Signatures on following page]
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IN WITNESS WHEREOF, each of the undersigned has executed this Power
of Attorney as of June 30, 1999.
/s/ ROBERT W. COPELAN
------------------------------------
Robert W. Copelan
/s/ DORSEY R. GARDNER
------------------------------------
Dorsey R. Gardner
/s/ JAMES S. MAHAN, III
------------------------------------
James S. Mahan, III
------------------------------------
Joseph S. McCall
/s/ HOWARD J. RUNNION, JR.
------------------------------------
Howard J. Runnion
