As filed with the Securities and Exchange Commission on November 24, 1998.
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
COUSINS PROPERTIES INCORPORATED
(Exact name of registrant as specified in its charter)
Georgia 58-0869052
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2500 Windy Ridge Parkway
Atlanta, Georgia 30339-5683
(Address, including zip code, of registrant's principal executive offices)
COUSINS PROPERTIES INCORPORATED
1995 STOCK INCENTIVE PLAN
(Full title of the plan)
TOM G. CHARLESWORTH
Senior Vice President, Secretary and General Counsel
Cousins Properties Incorporated
2500 Windy Ridge Parkway
Atlanta, Georgia 30339-5683
(770) 955-2200
(Name, address, including zip code, and telephone
number, including area code, of agent for service)
Copies to:
ALAN J. PRINCE, ESQ.
King & Spalding
191 Peachtree Street
Atlanta, Georgia 30303-1763
(404) 572-4600
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
Proposed Maximum Proposed Maximum Amount of
Title of Securities to be Registered Amount to Offering Price Aggregate Registration
be Registered Per Share(1) Offering Price(1) Fee
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock, par value $1.00 per share 1,000,000 $30.29 $30,290,000 $8,421
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Estimated solely for the purpose of computing the registration fee
pursuant to Rule 457(h) on the basis of the high and low prices of Common
Stock of Cousins Properties Incorporated on November 20, 1998.
<PAGE>
PART II
This Registration Statement on Form S-8 relates to an additional
1,000,000 shares of common stock, par value $1.00 (the "Common Stock"), of
Cousins Properties Incorporated (the "Company") to be issued to employees of the
Company and certain subsidiaries pursuant to the Cousins Properties Incorporated
1995 Stock Incentive Plan. As permitted by General Instruction E (Registration
of Additional Securities) to Form S-8, this Registration Statement omits certain
information otherwise required by Form S-8.
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Certain Documents by Reference
-----------------------------------------------
The following documents filed with the Securities and Exchange
Commission (the "Commission") are hereby incorporated by reference into this
Registration Statement:
1. The Annual Report of the Company on Form 10-K/A for the fiscal
year ended December 31, 1997;
2. All reports filed by the Company pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), since December 31, 1997;
3. The description of the Company's Common Stock contained in the
Company's Registration Statement on Form 8-A (File No.
1-11312) dated August 4, 1992, filed under the Exchange Act,
including any amendment or report filed for the purpose of
updating such description; and
4. The Company's Registration Statement on Form S-8 (File No. 33-56787)
filed with the Commission on December 8, 1994.
All documents filed by the Company subsequent to the date of this
Registration Statement pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act and prior to the filing of a post-effective amendment which
indicates that all securities offered hereby have been sold or which deregisters
all such securities then remaining unsold, shall be deemed to be incorporated by
reference in this Registration Statement and to be a part hereof from the date
of filing of such documents.
Item 4. Description of Securities
-------------------------
Inapplicable.
Item 5. Interest of Named Experts and Counsel
-------------------------------------
Inapplicable.
Item 6. Indemnification of Directors and Officers
-----------------------------------------
The following summary is qualified in its entirety by reference to the
complete text of the statute and Articles of Incorporation referred to below.
Part 5 of Article 8 of the Georgia Business Corporation Code states:
14-2-850. Part definitions.
As used in this part, the term:
(1) "Corporation" includes any domestic or foreign predecessor entity
of a corporation in a merger or other transaction in which the predecessor's
existence ceased upon consummation of the transaction.
(2) "Director" or "officer" means an individual who is or was a
director or officer, respectively, of a corporation or who, while a director or
officer of the corporation, is or was serving at the corporation's request as a
director, officer, partner, trustee, employee, or agent of another domestic or
foreign corporation, partnership, joint venture, trust, employee benefit plan,
or other entity. A director or officer is considered to be serving an employee
benefit plan at the corporation's request if his or her duties to the
corporation also impose duties on, or otherwise involve services by, the
director or officer to the plan or to participants in or beneficiaries of the
plan. Director or officer includes, unless the context otherwise requires, the
estate or personal representative of a director or officer.
(3) "Disinterested director" means a director who at the time of a vote
referred to in subsection (c) of Code Section 14-2-853 or a vote or selection
referred to in subsection (a) of Code Section 14-2-856 is not:
(A) A party to the proceeding; or
(B) An individual who is a party to a proceeding having a
familial, financial, professional, or employment relationship
with the director whose indemnification or advance for
expenses is the subject of the decision being made with
respect to the proceeding, which relationship would, in the
circumstances, reasonably be expected to exert an influence
on the director's judgment when voting on the decision being
made.
(4) "Expenses" includes counsel fees.
(5) "Liability" means the obligation to pay a judgment, settlement,
penalty, fine (including an excise tax assessed with respect to an employee
benefit plan), or reasonable expenses incurred with respect to a proceeding.
(6) "Official capacity" means:
(A) When used with respect to a director, the office of director
in a corporation; and
(B) When used with respect to an officer, as contemplated in Code
Section 14-2-857, the office in a corporation held by the
officer.
Official capacity does not include service for any other domestic or
foreign corporation or any partnership, joint venture, trust, employee benefit
plan, or other entity.
(7) "Party" means an individual who was, is, or is threatened to be
made a named defendant or respondent in a proceeding.
(8) "Proceeding" means any threatened, pending or completed action,
suit, or proceeding, whether civil, criminal, administrative, arbitrative, or
investigative and whether formal or informal.
14-2-851. Authority to indemnify.
(a) Except as otherwise provided in this Code section, a corporation may
indemnify an individual who is a party to a proceeding because he or she is or
was a director against liability incurred in the proceeding if:
(1) Such individual conducted himself or herself in good faith; and
(2) Such individual reasonably believed:
(A) In the case of conduct in his or her official capacity, that
such conduct was in the best interests of the corporation;
(B) In all other cases, that such conduct was at least not opposed
to the best interests of the corporation; and
(C) In the case of any criminal proceeding, that the individual
had no reasonable cause to believe such conduct was unlawful.
(b) A director's conduct with respect to an employee benefit plan for a
purpose he or she believed in good faith to be in the interests of the
participants in and beneficiaries of the plan is conduct that satisfies the
requirement of subparagraph (a) (2) (B) of this Code section.
(c) The termination of a proceeding by judgment, order, settlement, or
conviction, or upon a plea of nolo contendere or its equivalent is not, of
itself, determinative that the director did not meet the standard of conduct
described in this Code section.
(d) A corporation may not indemnify a director under this Code section:
(1) In connection with a proceeding by or in the right of the
corporation, except for reasonable expenses incurred in connection
with the proceeding if it is determined that the director has met
the relevant standard of conduct under this Code section; or
(2) In connection with any proceeding with respect to conduct for
which he or she was adjudged liable on the basis that personal
benefit was improperly received by him or her, whether or not
involving action in his or her official capacity.
14-2-852. Mandatory indemnification.
A corporation shall indemnify a director who was wholly successful, on
the merits or otherwise, in the defense of any proceeding to which he or she was
a party because he or she was a director of the corporation against reasonable
expenses incurred by the director in connection with the proceeding.
14-2-853. Advance for expenses.
(a) A corporation may, before final disposition of a proceeding, advance
funds to pay for or reimburse the reasonable expenses incurred by a director who
is a party to a proceeding because he or she is a director if he or she delivers
to the corporation:
(1) A written affirmation of his or her good faith belief that he or
she has met the relevant standard of conduct described in Code
Section 14-2-851 or that the proceeding involves conduct for which
liability has been eliminated under a provision of the articles of
incorporation as authorized by paragraph (4) of subsection (b) of
Code Section 14-2-202; and
(2) His or her written undertaking to repay any funds advanced if it
is ultimately determined that the director is not entitled to
indemnification under this part.
(b) The undertaking required by paragraph (2) of subsection (a) of this
Code section must be an unlimited general obligation of the director but need
not be secured and may be accepted without reference to the financial ability of
the director to make repayment.
(c) Authorizations under this Code section shall be made:
(1) By the board of directors:
(A) When there are two or more disinterested directors, by a
majority vote of all the disinterested directors (a majority of
whom shall for such purpose constitute a quorum) or by a majority
of the members of a committee of two or more disinterested
directors appointed by such a vote; or
(B) When there are fewer than two disinterested directors, by the
vote necessary for action by the board in accordance with
subsection (c) of Code Section 14-2-824, in which authorization
directors who do not qualify as disinterested directors may
participate; or
(2) By the shareholders, but shares owned or voted under the control of
a director who at the time does not qualify as a disinterested director
with respect to the proceeding may not be voted on the authorization.
14-2-854. Court-ordered indemnification and advances for expenses.
(a) A director who is a party to a proceeding because he or she is a
director may apply for indemnification or advance for expenses to the court
conducting the proceeding or to another court of competent jurisdiction. After
receipt of an application and after giving any notice it considers necessary,
the court shall:
(1) Order indemnification or advance for expenses if it determines
that the director is entitled to indemnification under this part;
or
(2) Order indemnification or advance for expenses if it determines, in
view of all the relevant circumstances, that it is fair and
reasonable to indemnify the director or to advance expenses to the
director, even if the director has not met the relevant standard
of conduct set forth in subsections (a) and (b) of Code Section
14-2-851, failed to comply with Code Section 14-2-853, or was
adjudged liable in a proceeding referred to in paragraph (1) or
(2) of subsection (d) of Code Section 14-2-851, but if the
director was adjudged so liable, the indemnification shall be
limited to reasonable expenses incurred in connection with the
proceeding.
(b) If the court determines that the director is entitled to
indemnification or advance for expenses under this part, it may also order the
corporation to pay the director's reasonable expenses to obtain court-ordered
indemnification or advance for expenses.
14-2-855. Determination and authorization of indemnification.
(a) A corporation may not indemnify a director under Code Section 14-2-851
unless authorized thereunder and a determination has been made for a specific
proceeding that indemnification of the director is permissible in the
circumstances because he or she has met the relevant standard of conduct set
forth in Code Section 14-2-851.
(b) The determination shall be made:
(1) If there are two or more disinterested directors, by the board of
directors by a majority vote of all the disinterested directors (a
majority of whom shall for such purpose constitute a quorum) or by
a majority of the members of a committee of two or more
disinterested directors appointed by such a vote;
(2) By special legal counsel:
(A) Selected in the manner prescribed in paragraph (1) of this
subsection; or
(B) If there are fewer than two disinterested directors, selected
by the board of directors (in which selection directors who
wish do not qualify as disinterested directors may
participate); or
(3) By the shareholders, but shares owned by or voted under the
control of a director who at the time does not qualify as a
disinterested director may not be voted on the determination.
(c) Authorization of indemnification or an obligation to indemnify and
evaluation as to reasonableness of expenses shall be made in the same manner as
the determination that indemnification is permissible, except that if there are
fewer than two disinterested directors or if the determination is made by
special legal counsel, authorization of indemnification and evaluation as to
reasonableness of expenses shall be made by those entitled under subparagraph
(b)(2)(B) of this Code section to select special legal counsel.
14-2-856. Shareholder approved indemnification.
(a) If authorized by the articles of incorporation or a bylaw, contract, or
resolution approved or ratified by the shareholders by a majority of the votes
entitled to be cast, a corporation may indemnify or obligate itself to indemnify
a director made a party to a proceeding including a proceeding brought by or in
the right of the corporation, without regard to the limitations in other Code
sections of this part, but shares owned or voted under the control of a director
who at the time does not qualify as a disinterested director with respect to any
existing or threatened proceeding that would be covered by the authorization may
not be voted on the authorization.
(b) The corporation shall not indemnify a director under this Code section
for any liability incurred in a proceeding in which the director is adjudged
liable to the corporation or is subjected to injunctive relief in favor of the
corporation:
(1) For any appropriation, in violation of the director's duties, of
any business opportunity of the corporation;
(2) For acts or omissions which involve intentional misconduct or a
knowing violation of law;
(3) For the types of liability set forth in Code Section 14-2-832; or
(4) For any transaction from which he or she received an improper
personal benefit.
(c) Where approved or authorized in the manner described in subsection (a)
of this Code section, a corporation may advance or reimburse expenses incurred
in advance of final disposition of the proceeding only if:
(1) The director furnishes the corporation a written affirmation of
his or her good faith belief that his or her conduct does not
constitute behavior of the kind described in subsection (b) of
this Code section; and
(2) The director furnishes the corporation a written undertaking,
executed personally or on his or her behalf, to repay any advances
if it is ultimately determined that the director is not entitled
to indemnification under this Code section.
14-2-857. Indemnification of officers, employees, and agents.
(a) A corporation may indemnify and advance expenses under this part to an
officer of the corporation who is a party to a proceeding because he or she is
an officer of the corporation:
(1) To the same extent as a director; and
(2) If he or she is not a director, to such further extent as may be
provided by the articles of incorporation, the bylaws, a
resolution of the board of directors, or contract except for
liability arising out of conduct that constitutes:
(A) Appropriation, in violation of his or her duties, of any
business opportunity of the corporation;
(B) Acts or omissions which involve intentional misconduct or a
knowing violation of law;
(C) The types of liability set forth in Code Section 14-2-832; or
(D) Receipt of an improper personal benefit.
(b) The provisions of paragraph (2) of subsection (a) of this Code section
shall apply to an officer who is also a director if the sole basis on which he
or she is made a party to the proceeding is an act or omission solely as an
officer.
(c) An officer of a corporation who is not a director is entitled to
mandatory indemnification under Code Section 14-2-852, and may apply to a court
under Code Section 14-2-854 for indemnification or advances for expenses, in
each case to the same extent to which a director may be entitled to
indemnification or advances for expenses under those provisions.
(d) A corporation may also indemnify and advance expenses to an employee or
agent who is not a director to the extent, consistent with public policy, that
may be provided by its articles of incorporation, bylaws, general or specific
action of its board of directors, or contract. 14-2-858. Insurance.
A corporation may purchase and maintain insurance on behalf of an
individual who is a director, officer, employee, or agent of the corporation or
who, while a director, officer, employee, or agent of the corporation, serves at
the corporation's request as a director, officer, partner, trustee, employee, or
agent of another domestic or foreign corporation, partnership, joint venture,
trust, employee benefit plan, or other entity against liability asserted against
or incurred by him or her in that capacity or arising from his or her status as
director, officer, employee, or agent, whether or not the corporation would have
power to indemnify or advance expenses to him or her against the same liability
under this part.
14-2-859. Application of part.
(a) A corporation may, by a provision in its articles of incorporation or
bylaws or in a resolution adopted or a contract approved by its board of
directors or shareholders, obligate itself in advance of the act or omission
giving rise to a proceeding to provide indemnification or advance funds to pay
for or reimburse expenses consistent with this part. Any such obligatory
provision shall be deemed to satisfy the requirements for authorization referred
to in subsection (c) of Code Section 14-2-853 or subsection (c) of Code Section
14-2-855. Any such provision that obligates the corporation to provide
indemnification to the fullest extent permitted by law shall be deemed to
obligate the corporation to advance funds to pay for or reimburse expenses in
accordance with Code Section 14-2-853 to the fullest extent permitted by law,
unless the provision specifically provides otherwise.
(b) Any provision pursuant to subsection (a) of this Code section shall not
obligate the corporation to indemnify or advance expenses to a director of a
predecessor of the corporation, pertaining to conduct with respect to the
predecessor, unless otherwise specifically provided. Any provision for
indemnification or advance for expenses in the articles of incorporation,
bylaws, or a resolution of the board of directors or shareholders, partners, or,
in the case of limited liability companies, members or managers of a predecessor
of the corporation or other entity in a merger or in a contract to which the
predecessor is a party, existing at the time the merger takes effect, shall be
governed by paragraph (3) of subsection (a) of Code Section 14-2-1106.
(c) A corporation may, by a provision in its articles of incorporation,
limit any of the rights to indemnification or advance for expenses created by or
pursuant to this part.
(d) This part does not limit a corporation's power to pay or reimburse
expenses incurred by a director or an officer in connection with his or her
appearance as a witness in a proceeding at a time when he or she is not a party.
(e) Except as expressly provided in Code Section 14-2-857, this part does
not limit a corporation's power to indemnify, advance expenses to, or provide or
maintain insurance on behalf of an employee or agent.
Article Ten of the Company's Restated Certificate of Incorporation provides:
No Director of the Corporation shall be personally liable to the
Corporation or its stockholders for monetary damages for breach of duty of care
or other duty as a Director, except for liability (i) for any appropriation, in
violation of his duties, of any business opportunity of the Corporation, (ii)
for acts or omissions which involved intentional misconduct or a knowing
violation of law, (iii) for the types of liabilities set forth in Section
14-2-832 of the Georgia Business Corporation Code, or (iv) for any transaction
from which the Director derived an improper personal benefit. If the Georgia
Business Corporation Code is amended to authorize corporate action further
eliminating or limiting the personal liability of Directors, then the liability
of a Director of the Corporation shall be eliminated or limited to the fullest
extent permitted by the Georgia Business Corporation Code, as amended. Neither
the amendment nor repeal of this Article 10 nor the adoption of any provision of
these Restated and Amended Articles of Incorporation inconsistent with this
Article shall eliminate or adversely affect any right or protection of a
Director of the Corporation existing immediately prior to such amendment, repeal
or adoption.
Item 7. Exemptions from Registration Claimed
------------------------------------
Inapplicable.
Item 8. Exhibits
--------
Exhibit Description
------- -----------
5.1 Opinion of King & Spalding
23.1 Consent of Arthur Andersen LLP
23.2 Consent of Ernst & Young LLP--CSC Associates, L.P.
23.3 Consent of King & Spalding (included in
Exhibit 5.1)
24.1 Power of Attorney (included on signature page)
99.1 Cousins Properties Incorporated 1995 Stock
Incentive Plan (filed as Exhibit A to the
Company's Proxy Statement dated March 28, 1996
and incorporated herein by reference thereto)
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:
(A) To include any prospectus
required by Section 10(a)(3) of
the Securities Act of 1933;
(B) 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.
Notwithstanding the foregoing,
any increase or decrease in
volume of securities offered
(if the total dollar value of
securities offered would not
exceed that which was
registered) and any deviation
from the low or high end of the
estimated maximum offering
range may be reflected in the
form of prospectus filed with
the Commission pursuant to
Rule 424(b) if, in the
aggregate, the changes in
volume and price represent no
more than 20% change in the
maximum aggregate offering
price set forth in the
"Calculation of Registration
Fee" table in the effective
registration statement; and
(C) 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 of
1933, 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.
(b) 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 15(d) of the Securities Exchange
Act of 1934 (and, where applicable, each filing
of an employee benefit plan's Annual Report
pursuant to 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.
(h) 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 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.
EXPERTS
The financial statements of the Company incorporated in this
Registration Statement by reference from the Company's Annual Report on Form
10-K/A for the year ended December 31, 1997 have been audited by Arthur Andersen
LLP, independent public accountants, as stated in their report incorporated by
reference in such Form 10-K/A, and have been so incorporated in reliance upon
the report of such firm given upon their authority as experts in accounting and
auditing. In that report, that firm states, with respect to certain joint
ventures, its opinion is based on the report of other independent public
auditors, Ernst & Young LLP. The financial statements and supporting schedules
referred to above have been incorporated by reference herein in reliance upon
the authority of said firms as experts in giving said reports.
<PAGE>
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 Cobb County, State of Georgia on this 23rd day of November,
1998.
COUSINS PROPERTIES INCORPORATED
By: /s/ Tom G. Charlesworth
----------------------------------
Tom G. Charlesworth
Senior Vice President,
Secretary and General Counsel
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Daniel M. DuPree, Tom G. Charlesworth and
Peter A. Tartikoff and each of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, for such persons and in his or her name, place and stead, in any
and all capacities, to sign any and all amendments to this Registration
Statement, and to file the same with all exhibits thereto and other documents in
connection therewith, with the Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and to perform each
and every act and thing requisite or necessary to be done in and about the
premises, as fully and to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, and any of them, or their substitutes, 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
capacity indicated on the 23rd day of November, 1998.
Signature Title
- --------- -----
/s/ Thomas G. Cousins Chairman of the Board of Directors
Thomas G. Cousins and Chief Executive Officer
(Principal Executive Officer)
/s/ Peter A. Tartikoff Senior Vice President and Chief
Peter A. Tartikoff Financial Officer (Principal Financial
Officer)
/s/ Kelly Barrett Senior Vice President--Finance
Kelly Barrett (Principal Accounting Officer)
/s/ Richard W. Courts, II Director
Richard W. Courts, II
/s/ Terence C. Golden Director
Terence C. Golden
/s/ Boone A. Knox Director
Boone A. Knox
/s/ William Porter Payne Director
William Porter Payne
/s/ Richard E. Salomon Director
Richard E. Salomon
<PAGE>
EXHIBIT INDEX
- -------------
Exhibit Description
- ------- -----------
5.1 Opinion of King & Spalding
23.1 Consent of Arthur Andersen LLP
23.2 Consent of Ernst & Young LLP--CSC Associates, L.P.
23.3 Consent of King & Spalding (included
in Exhibit 5.1)
24.1 Power of Attorney (included on signature page)
99.1 Cousins Properties Incorporated 1995 Stock Incentive
Plan (filed as Exhibit A to the Company's Proxy Statement
dated March 28, 1996 and incorporated herein by reference
thereto)
<PAGE>
EXHIBIT 5.1
[King & Spalding Letterhead]
KING & SPALDING
191 Peachtree Street
Atlanta, Georgia 30303-1763
Telephone: 404/572-4600
Facsimile: 404/572-5100
November 24, 1998
Cousins Properties Incorporated
2500 Windy Ridge Parkway
Atlanta, Georgia 30339
Re: Cousins Properties Incorporated--Form S-8 Registration Statement
Gentlemen:
We have acted as counsel for Cousins Properties Incorporated, a Georgia
corporation (the "Company"), in connection with the preparation of a
Registration Statement on Form S-8 (the "Registration Statement") to be filed
with the Securities and Exchange Commission. The Registration Statement relates
to an additional 1,000,000 shares of the Company's common stock, par value $1.00
per share, to be issued pursuant to, or issued upon the exercise of options
granted pursuant to, the Cousins Properties Incorporated 1995 Stock Incentive
Plan, as amended (the "Stock Plan") (all such shares and options are referred to
herein as the "Shares" and "Options," respectively).
As such counsel, we have examined and relied upon such records,
documents, certificates and other instruments as in our judgment are necessary
or appropriate to form the basis for the opinions hereinafter set forth. In all
such examinations, we have assumed the genuineness of signatures on original
documents and the conformity to such original documents of all copies submitted
to us as certified, conformed or photographic copies, and as to certificates of
public officials, we have assumed the same to have been properly given and to be
accurate.
For purposes of this opinion, we have assumed the following: (i) the
Shares that may be issued pursuant to the Stock Plan or upon exercise of the
Options granted pursuant to the Stock Plan will continue to be duly authorized
on the dates of such issuance and (ii) on the date on which any Option is
exercised, such Option will have been duly executed, issued and delivered by the
Company and will constitute the legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms subject,
as to enforceability, to applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors' rights generally, general
equitable principles and the discretion of courts in granting equitable
remedies.
The opinions expressed herein are limited in all respects to the
federal laws of the United States of America and laws of the State of Georgia,
and no opinion is expressed with respect to the laws of any other jurisdiction
or any effect which such laws may have on the opinions expressed herein. This
opinion is limited to the matters stated herein, and no opinion is implied or
may be inferred beyond the matters expressly stated herein.
Based upon the foregoing and subject to the limitations, qualifications
and assumptions set forth herein, we are of the opinion that:
a. The Shares are duly authorized; and
b. When the Shares are issued pursuant to the Stock Plan or upon
exercise of the Options granted pursuant the Stock Plan against payment
therefor, as the case may be, as provided in the Stock Plan, such Shares will be
validly issued, fully paid and nonassessable.
This opinion is given as of the date hereof, and we assume no
obligation to advise you after the date hereof of facts or circumstances that
come to our attention or changes in law that occur which could affect the
opinions contained herein. This letter is being rendered solely for the benefit
of Cousins Properties Incorporated in connection with the matters addressed
herein. This opinion may not be furnished to or relied upon by any person or
entity for any purpose without our prior written consent.
We consent to the filing of this opinion as an Exhibit to the
Registration Statement.
Very truly yours,
/s/ King & Spalding
KING & SPALDING
<PAGE>
EXHIBIT 23.1
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
A
As independent public accountants, we hereby consent to the incorporation by
reference in this registration statement of our reports dated February 16, 1998
included and incorporated by reference in Cousins Properties Incorporated's Form
10-K/A for the year ended December 31, 1997 and to all references to our Firm
included in this Registration Statement.
Arthur Andersen LLP
Atlanta, Georgia
November 24, 1998
<PAGE>
EXHIBIT 23.2
CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-8) and related Prospectus for the registration of
1,000,000 shares of common stock of Cousins Properties Incorporated pertaining
to the Cousins Properties Incorporated 1995 Stock Incentive Plan, and to the
incorporation by reference therein of our report dated February 2, 1998, with
respect to the financial statements and schedule of CSC Associates, L.P.
included in the Form 10-K/A of Cousins Properties Incorporated for the year
ended December 31, 1997, filed with the Securities and Exchange Commission.
ERNST & YOUNG LLP
Atlanta, Georgia
November 24, 1998
