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As filed with the Securities and Exchange Commission on February , 2000
Registration No. 33-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
SYNERGY TECHNOLOGIES CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Colorado 84-1379164 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification Number)
#210, 214 11th Ave. S.E.
Calgary, Alberta Canada T2G 0X8
(Address of Principal Executive Offices) (Zip Code)
1999 DIRECTORS AND ADVISORY BOARD MEMBERS STOCK OPTION
AND STOCK AWARD PLAN
(Full Title of the Plan)
Mr. Cameron Haworth
Director and President
Synergy Technologies Corporation
#210, 214 11th Ave. S.E.
Calgary, Alberta Canada T2G 0X8
(Name and Address of Agent for Service)
(888) 378-6633
(Telephone Number, Including Area Code, of Agent for Service)
Copy to:
W. Scott Lawler, Esq.
Lawler & Associates
2200 Sunrise Boulevard, Suite 240
Gold River, California 95670
(916) 853-9500
CALCULATION OF REGISTRATION FEE
===========================================================================
Proposed Proposed Maximum Maximum Title of Offering Aggregate Amount of Securities to Amount to be Price Per Offering Registration be Registered Registered Share (1) Price (1) Fee (1)
Common Stock
par value $0.002
per share 1,100,000 $1.00 $1,100,000 $290.40
Total 1,100,000 $290.40
===========================================================================
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information*
Item 2. Registrant Information and Employee Plan Annual Information*
*Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act of 1933 (the "Securities Act"), and the Note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The following documents filed by Synergy Technologies Corporation (the "Registrant") with the Securities and Exchange Commission (the "Commission") are hereby incorporated by reference in this Registration Statement:
In addition, all documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"), prior to the filing of a post-effective amendment indicating that all of the securities offered hereunder have been sold or de-registering all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference in this Registration Statement 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 that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
The consolidated financial statements of the Registrant as of December 31, 1998 and March 31, 1999, have been incorporated by reference in this Registration Statement in reliance upon the report of Sarna & Company, independent certified public accountants, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. To the extent that Sarna & Company audits and reports on financial statements of the Registrant issued at future dates, and consents to the use of their report thereon, such financial statements also will be incorporated by reference in the registration statement in reliance upon their report and said authority.
Item 4. Description of Securities
Inapplicable.
Item 5. Interests of Named Experts and Counsel
Inapplicable.
Item 6. Indemnification of Directors and Officers
Sections 7-109-102 and 7-109-107 of the Colorado General Corporate Law provides that a corporation may indemnify directors and officers, as well as employees, fiduciaries and agents, against reasonable expenses actually incurred by any such person in connection with any proceeding in which such person is made a party by reason of such person being or having been a director, officer, employee or agent of the Registrant. The Colorado General Corporate Law provides that Section 7-109-107 is not exclusive of other rights to which those seeking indemnification may be entitled under any bylaw, general or specific action of the board of directors or shareholders or by contract. Article X of the Registrant's Articles of Incorporation and Article V of the Registrant's Bylaws provide for indemnification by the Registrant of its directors, officers, employees, fiduciaries and agents to the fullest extent permitted by the Colorado General Corporate Law.
The Registrant has not, as of this time, obtained any directors' and/or officers' insurance providing for indemnification of the Registrant's directors, officers and/or employees for certain liabilities, but it expects to do so in the future.
The Registrant has not entered into any indemnification agreements with any of its current or past directors or officers providing for indemnification under certain circumstances for acts and omissions which may not be covered by any directors' and officers' liability insurance.
Item 7. Exemption From Registration Claimed
Inapplicable.
Item 8. Exhibits
Exhibit
Number Description
5.1 Opinion of Lawler & Associates
23.1 Consent of Lawler & Associates (included in Exhibit 5.1 to this Registration Statement).
23.2 Consent of Sarna & Company
24 Powers of Attorney (included on page 6).
99.1 1999 Directors and Advisory Board Members Stock Option and Stock Award 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 event arising out of 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 (a)(1)(i) and (a)(1)(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 with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement; and
(iv) 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) 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, each filing of the Registrant's annual report pursuant to Section 13(a) or 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.
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 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.
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 Calgary, Alberta Canada, on the 11th of February, 2000.
SYNERGY TECHNOLOGIES CORPORATION
(Registrant)
By: Cameron Haworth
Title: President
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS that each person whose signature appears below each severally constitutes and appoints Cameron Haworth and W. Scott Lawler, Esq. and each of them, as true and lawful attorneys-in-fact and agents, with full powers of substitution and re-substitution, for them in their 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 attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as they might or could do in person, hereby ratifying and confirming all which said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do, or cause to be done by virtue hereof.
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, who constitute the entire board of directors.
Signature Capacity Date
Cameon Haworth Director and President February 11, 2000
(Principal Executive Officer)
Jacqueline Danforth Director, Secretary and February 11, 2000
Treasurer (Principal Financial
and Accounting Officer)
John Gradek Director February 11, 2000
James Shone Director February 11, 2000
EXHIBIT INDEX
Exhibit
Number Description
5.1 Opinion of Lawler & Associates
23.1 Consent of Lawler & Associates (included in Exhibit 5.1 to this Registration Statement).
23.2 Consent of Sarna & Company
24 Powers of Attorney (included on page 6 of this Registration Statement).
99.1 1999 Directors and Advisory Board Members Stock Option and Stock Award Plan
EXHIBIT 5.1
February 5, 2000
Synergy Technologies Corporation
Suite 210
214 11th Avenue, S.E.
Calgary, Alberta T2G 0X8
Re: Registration Statement on Form S-8 - Synergy Technologies Corporation 1999 DIRECTORS AND ADVISORY BOARD MEMBERS STOCK OPTION AND STOCK AWARD PLAN
Ladies and Gentlemen:
At your request, I am rendering this opinion in connection with the proposed issuance, pursuant to the Synergy Technologies Corporation 1999 Directors And Advisory Board Members Stock Option And Stock Award Plan (the "Plan"), of up to 1,100,000 shares (the "Shares") of common stock, $0.002 par value ("Common Stock"), of Synergy Technologies Corporation, a Colorado corporation (the "Company").
I have examined instruments, documents and records which we deemed relevant and necessary for the basis of the opinion hereinafter expressed. In such examination, I have assumed the following: (a) the authenticity of original documents and the genuineness of all signatures; (b) the conformity to the originals of all documents submitted to us as copies; and (c) the truth, accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates we have reviewed.
Based on such examination, I am of the opinion that the Shares issuable by the Company pursuant to the Plan, when issued in accordance with the provisions of the Plan and the stock option agreements entered into thereunder and in the manner referred to in the prospectus associated with the Registration Statement on Form S-8, will be validly issued, fully paid and non-assessable.
I hereby consent to the filing of this opinion as an exhibit to the Registration Statement on Form S-8. In giving such consent, I do not consider that I am an "expert" within the meaning of such term as used in the Securities Act of 1933 or the rules and regulations of the Securities and Exchange Commission issued thereunder with respect to any part of the Registration Statement.
I express no opinion as to matters of law in jurisdictions other than the federal securities laws of the United States and the corporate law of the State of Colorado, and the opinions herein as to such law are based solely on our review of standard compilations of the official statutes of the State of Colorado.
This opinion is rendered solely for your use as an exhibit to the Registration Statement on Form S-8 and may not be relied upon for any other purpose. I disclaim any obligation to update this opinion letter for events occurring or coming to our attention after the date hereof.
Very truly yours,
/s/ W. Scott Lawler, Esq.
EXHIBIT 23.2
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Synergy Technologies Corporation of our report dated May 30, 1999 relating to the consolidated financial statements of Synergy Technologies Corporation and Subsidiaries as of December 31, 1998 and our report dated May 31, 1999 relating to the consolidated financial statements of Synergy Technologies Corporation and Subsidiaries as of March 31, 1999.
/s/ Sarna & Company
Westlake Village, California
February , 2000
EXHIBIT 99.1
SYNERGY TECHNOLOGIES CORPORATION
1999 DIRECTORS AND ADVISORY BOARD MEMBERS STOCK OPTION
AND STOCK AWARD PLAN
1,100,000 shares, subject to adjustment as provided in Section 13 hereof. No Participant shall receive, over the term of this Plan, awards of restricted stock, awards in the form of stock appreciation rights or options, whether incentive stock options or options other than incentive stock options, to purchase more than 20 percent of the total shares of Common Stock authorized for issuance under this Plan. Any shares subject to an Option which for any reason expires or is terminated unexercised and any restricted stock which is forfeited may again be optioned or awarded under this Plan; provided, however, that forfeited shares shall not be available for further awards if the Participant has realized the benefits of ownership from such shares. Shares subject to this Plan may be either authorized and unissued shares or issued shares repurchased or otherwise acquired by the Company or its subsidiaries.
- Grant of Options.
Directors and advisory board members are eligible to be granted options, restricted stock and other awards
under this Plan and to have their bonuses payable in restricted stock. The directors and advisory board members
who shall receive awards or options under this Plan, and the criteria to be used in determining the award to be
made, shall be determined from time to time by the Administrator, in its sole discretion, from among those
eligible, which may be based upon information furnished to the Administrator by the Company's management;
and the Administrator shall determine, in its sole discretion, the number of shares to be covered by each award
and option granted to each director or advisory board member selected.
No award or option may be granted under this Plan after more than ten years from the earlier of the date
this Plan is adopted by the Board or the date this Plan is approved by the shareholders of the Company.
Options granted under this Plan may be either incentive stock options, as defined in Section 422 of the
Code, or options other than incentive stock options. Each option shall be subject to all the applicable provisions
of this Plan, including the following terms and conditions, and to such other terms and conditions not inconsistent
therewith as the Administrator shall determine:
For purposes of this Plan, fair market value shall be the mean between the highest and lowest prices at which the
Common Stock is traded on a national securities exchange or an automated securities quotation exchange on the
relevant date, provided however, if there is no sale of the Common Stock on such exchange on such date, fair
market value shall be the mean between the bid and asked prices on such exchange at the close of the market on
such date. No Optionee shall have any rights to dividends or other right of a shareholder with respect to shares
of Common Stock subject to his or her Option until he or she has given written notice of exercise of such Option
and paid in full for such shares.
Awards of restricted stock under this Plan shall be subject to all the applicable provisions of this Plan,
including the following terms and conditions, and to such other terms and conditions not inconsistent therewith,
as the Administrator shall determine:
Each Agreement may, in the sole discretion of the Administrator, provide that any or all of the following
actions may be taken upon the occurrence of a change in control (as defined in the Agreement) with respect to the
Company:
The Company shall require a payment from a Participant to cover applicable withholding for income and
employment taxes upon the happening of any event pursuant to this Plan which requires such withholding. The
Company reserves the right to offset such tax payment from any funds which may be due the Participant from the
Company or its subsidiaries or divisions or, in its discretion, to the extent permitted by applicable law, to accept
such tax payment through the delivery of shares of Common Stock owned by the Participant or by utilizing shares
of the Common Stock which were to be delivered to the Participant pursuant to this Plan, having an aggregate fair
market value, determined as of the date of payment, equal to the amount of the payment due.
In the event of stock dividends, stock splits, recapitalizations, mergers, consolidations, combinations,
exchanges of shares, spin-offs, liquidations, reclassifications or other similar changes in the capitalization of the
Company, the number of shares of Common Stock available for grant under this Plan shall be adjusted
appropriately by the Board, and, where deemed appropriate, the number of shares covered by outstanding stock
options and stock appreciation rights outstanding and the number of shares of restricted stock outstanding, and
the option price of outstanding stock options, shall be similarly adjusted. If another corporation or other business
entity is acquired by the Company, and the Company has assumed outstanding employee option grants under a
prior existing plan of the acquired entity, similar adjustments are permitted at the discretion of the Administrator.
In the event of any other change affecting the shares of Common Stock available for awards under this Plan, such
adjustment, if any, as may be deemed equitable by the Administrator, shall be made to preserve the intended
benefits of this Plan giving proper effect to such event.
The Board may, at any time, amend, alter or discontinue this Plan; provided, however, no amendment,
alteration or discontinuation shall be made which would impair the rights of any holder of an award of restricted
stock, option, stock appreciation rights or stock bonus theretofore granted, without his or her written consent, or
which, without the approval of the shareholders would:
This Plan shall be adopted by the Board and approved by the Company's shareholders and such regulatory
bodies as may be necessary, which approvals must occur within the period ending twelve months after the date
this Plan is adopted. Subject to such approvals, grants and awards may be made under this Plan between the date
of its adoption and receipt of such approvals. This Plan shall terminate upon the earlier of the following dates or
events to occur:
No such termination of this Plan shall adversely affect the rights of any Participant hereunder and all
options or stock appreciation rights previously granted and restricted stock and stock bonuses awarded hereunder
shall continue in force and in operation after the termination of this Plan, except as they may be otherwise
terminated in accordance with the terms of this Plan.
This Plan shall not be deemed to preclude the implementation by the Company or its divisions or
subsidiaries of other compensation plans which may be in effect from time to time, nor adversely affect any rights
of Participants under any other compensation plans of the Company or its divisions or subsidiaries.
No right or interest in any award granted under this Plan shall be assignable or transferable, except as
set forth in this Plan and required by law, and no right or interest of any participant in any award shall be liable
for, or subject to, any lien, obligation or liability except as set forth in this Plan or as required by law.
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