<PAGE>
As filed with the Securities and Exchange Commission on April 10, 1997
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM S-8
REGISTRATION STATEMENT
under
THE SECURITIES ACT OF 1933
ECHLIN INC.
(Exact name of registrant as specified in its charter)
Connecticut 06-0330448
(State of incorporation) (I.R.S. Employer
Identification Number)
100 Double Beach Road
Branford, Connecticut 06405
(203-481-5751)
(Address, including zip code, and telephone
number, including area code, of
registrant's principal executive
office)
----------------------------------
Echlin Inc. 1996 Non-Executive Director Stock Option Plan
----------------------------------
Jon P. Leckerling
Executive Vice President-Administration,
General Counsel and Corporate Secretary
100 Double Beach Road
Branford, Connecticut 06405
(203-481-5751)
(Name, address, including zip code, and telephone number, including area code,
of agent for service)
----------------------------------
-------------------------------
<TABLE>
CALCULATION OF REGISTRATION FEE
- --------------------------------------------------------------------------------
<CAPTION>
Proposed Proposed
maximum maximum Amount
Title of Amount offering aggregate of
securities to be price offering registration
to be registered registered per share price fee
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock 250,000 (1) $8,250,000 $2,500
Par value $1.00 per share
</TABLE>
________________________________________________________________________________
(1) Estimated solely for the purpose of determining the registration fee in
accordance with Rule 457(h) under the Securities Act of 1933, on the basis of
$_________ the average of the high and low prices for the Registrant's Common
Stock as reported on the consolidated transaction reporting system for
securities listed on the New York Stock Exchange on April 9, 1997.
--------------------------
- --------------------------------------------------------------------------------
<PAGE>
ECHLIN INC.
CROSS REFERENCE SHEET
Item Number and Caption in
Caption in Form S-8 Prospectus
1. Plan Information The Stock Option Plan
2. Registrant Information and Incorporation of Certain
Employee Plan Annual Information Documents by Reference
<PAGE>
PROSPECTUS
250,000 Shares
ECHLIN INC.
Common Stock
($1.00 Par Value)
Offered as set forth herein pursuant to the
Echlin Inc. 1996 Non-Executive Director Stock Option Plan
-------------------------
The Common Stock is listed on the New York
Stock Exchange under the symbol "ECH."
The last sale price of the Common Stock
on April 9, 1997 was $32.75 per share, as
reported on such stock exchange.
----------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE COMMISSION OR ANY STATE
SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A
CRIMINAL OFFENSE.
---------------------------------
The date of this Prospectus is April 10, 1997
<PAGE>
AVAILABLE INFORMATION
Echlin Inc. ("Echlin" or the "Company") is subject to the informational
requirements of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), and in accordance therewith, files reports, proxy statements and other
information with the Securities and Exchange Commission (the "Commission"). Such
reports, proxy statements and other information concerning the Company can be
inspected and copied at the public reference facilities of the Commission's
office at 450 Fifth Street, N.W., Washington, DC 20549, and at certain of its
Regional Offices in New York (7 World Trade Center, 13th Floor, New York, New
York 10048), and Chicago (500 West Madison Street, Chicago, Illinois
60661-2511). Copies of such material can be obtained from the Public Reference
Section of the Commission at 450 Fifth Street, N.W., Washington, D. C. 20549.
Such material can also be inspected and copied at the offices of the New York
Stock Exchange, Inc., 20 Broad Street, New York, New York 10005 and The Pacific
Stock Exchange Inc., 618 South Spring Street, Los Angeles, California 90014, and
301 Pine Street, San Francisco, California 94014. Additional information
regarding the Company and the Common Stock offered hereby is contained in the
Registration Statement on Form S-8 (of which this Prospectus forms a part) and
the exhibits relating thereto, filed with the Commission under the Securities
Act. The Registration Statement and any exhibits thereto may be inspected
without charge at the offices of the Commission at 450 Fifth Street, N.W.,
Washington, DC 20549, and copies thereof may be obtained from the Commission
upon the payment of the prescribed fees.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
There are incorporated herein by reference the following documents
heretofore filed by the Company with the Commission:
(a) Annual Report on Form 10-K for the fiscal year ended
August 31, 1996;
(b) All other reports filed since August 31, 1996 to the date
of this Prospectus pursuant to Section 13(a) or 15(d) of the Exchange Act; and
(c) Proxy Statement dated November 15, 1996 with respect to
the Annual Meeting of Shareholders held on December 18, 1996.
All documents filed by the Company pursuant to Sections 13(a), 13 (c),
14 or 15(d) of the Exchange Act subsequent to the date of this Prospectus and
prior to the termination of the offering of the Common Stock shall be deemed to
be incorporated by reference into this Prospectus.
Any statement contained in a document, all or a portion of which is
incorporated or deemed to be incorporated by reference herein, shall be deemed
to be modified or superseded for purposes of the Registration Statement and this
Prospectus to the extent that a statement contained in the Registration
Statement, this Prospectus, or any other subsequently filed document that is
also incorporated by reference herein modifies or supersedes such statement. Any
such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute part of this Prospectus.
This Prospectus incorporates documents by reference which are not
presented herein or delivered herewith. The Company will provide without charge
to each person to whom this Prospectus is delivered, upon the written or oral
request of any such person, a copy of any or all of the documents which are
incorporated herein by reference (other than exhibits, unless such exhibits are
specifically incorporated by reference into such documents). Requests should be
directed to the Corporate Secretary, Echlin Inc., 100 Double Beach Road,
Branford, Connecticut 06405. Telephone requests may be directed to (203)
481-5751.
THE COMPANY
Echlin was incorporated under Connecticut law in 1959, succeeding a
business which had been organized in 1924. Echlin's principal executive office
is located at 100 Double Beach Road, Branford, Connecticut 06405; its telephone
number is 203-481-5751.
THE STOCK OPTION PLAN
General Plan Information. At the Annual Meeting held on December 18, 1996,
the shareowners of the Company approved the Echlin Inc. 1996 Non-Executive
Director Stock Option Plan (the "Plan").
The following constitutes a brief description of the material features
of the Plan and is qualified in its entirety by reference to the Plan (a copy of
which is incorporated by reference as an exhibit to the Registration Statement
of which this Prospectus forms a part).
Purpose. The Plan is designed to maintain Echlin's ability to attract
and retain the services of experienced and highly qualified outside directors
and to increase the alignment of their interest with the interest of shareowners
in Echlin's continued success.
Participation. Participation in the Plan is limited to members of the Board
of Directors who are not current employees of the Company or any of its
subsidiaries ("Non-Executive Directors").
Shares to be Offered. There are 250,000 shares of Common Stock reserved
for issuance under the Plan. The Plan provides that each year, on the first
Friday following the Company's Annual Meeting of Shareowners, each individual
elected, reelected or continuing as a Non-Executive Director will automatically
receive, in consideration for service as a Director, non-qualified stock options
("Options") on 2,000 shares of Common Stock. In addition, Non-Executive
Directors: serving as committee chairmen receive Options on 500 shares of Common
Stock for each chairmanship held; serving on the Executive Committee of the
Board receive Options on 1,000 shares of Common Stock; serving as Vice Chairman
of the Board receive Options on 4,000 shares of Common Stock; and serving as
Chairman of the Board receive Options on 8,000 shares of Common stock. In
recognition of the lengthy and dedicated service of the current Non-Executive
Directors, the grant following the 1996 Annual Meeting of Shareowners included a
special initial grant to each Non-Executive Director of 300 options per year of
service as a director and 150 Options per year of service as a Board committee
chairman in addition to the regular grant outlined above for each Non-Executive
Director who served as a director during the Company's fiscal year 1996. The
Plan also provides that D. Allan Bromley, who retired as a Non-Executive
Director at the 1996 Annual Meeting of Shareowners having reached the Board's
mandatory retirement age, qualified nonetheless for the 1996 grant under the
Plan. Notwithstanding the foregoing, if, on the first Friday following an Annual
Meeting of Shareowners, the General Counsel of the Company determines, in her or
his sole discretion, that the Company is in possession of material undisclosed
information that would prevent it from issuing securities at that time, then the
annual grant of Options to Non-Executive Directors will be suspended until the
second day after the public dissemination of the information (or the first
trading day thereafter). The amount and other terms of the grant will remain as
set forth in the Plan, with the exercise price of the Option to be determined in
accordance with the formula on the date the Option is finally granted.
Exercise Price, Option Period and Payment. Under the Plan's formula,
the exercise price for Options granted under the Plan will be the closing price
of the Company's Common Stock as quoted on the composite tape of the New York
Stock Exchange (NYSE) on the date of the grant. Options become exercisable one
year from the date of grant and expire ten years from the date of grant (the
"Option Period"). The exercise price must be paid in cash or in Common Stock of
the Company or any combination of cash and Common Stock.
Change in Control. Consistent with the Company's 1992 Stock Option Plan
(the "1992 Plan") for executives and key employees, the Plan provides if a
majority of the Directors not participating under the 1992 Plan declare a
qualifying change in control event (as defined below) under the 1992 Plan, or
any successor plan thereto, all then outstanding Options under the Plan shall
become immediately exercisable.
A "change in control event" of the Company is defined as: (i) more than
30 percent of the Company's outstanding common stock being beneficially held or
acquired by any person; (ii) more than 20 percent of the outstanding common
stock being purchased pursuant to a tender or exchange offer; (iii) the Company
merging or consolidating with or selling substantially all of its assets to
another entity and the Company not being the surviving corporation; or (iv)
during any two year period, a majority of individuals who are Directors of the
Company at the beginning of the period ceasing to be Directors by the end of the
period, unless the nomination of each new Director is approved by a two-thirds
majority of those who are Directors at the beginning of the period.
Cessation of Service. Upon retirement of a Director who is at least age
65 with three or more years of service, a Non-Executive Director's Options will
continue to become exercisable and must be exercised within 60 months from
retirement. Upon a Non-Executive Director's death, Options will continue to be
exercisable by persons permitted to act under applicable succession laws; such
legal representatives will then have 24 months from the date of death to
exercise Options. Should an individual cease to serve as a Non-Executive
Director for any reason other than retirement or death, he or she will have 30
days within which to exercise those options which were exercisable as of the
date he or she ceased to serve as a director. In all cases, including
retirement, death and other cessation of service as a Non-Executive Director, no
Option may be exercised after the expiration of the applicable Option Period.
Federal Income Tax Consequences. Under current law, the grant of an
Option will not result in income for the grantee or in deduction for the
Company. The exercise of Options would result in ordinary income for the grantee
and a deduction for the Company measured by differences between the option
exercise price and the fair market value of the shares received at the time of
exercise. The Options are non-qualified and do not meet the requirements of
Section 422 of the Internal Revenue Code, relating to employee incentive stock
options, nor is the plan qualified under Section 401(a) of the Internal Revenue
Code.
Resale Restrictions. Shares of Common Stock purchased under the Plan by
an "affiliate" of Echlin, as defined in Rule 405 under the Securities Act of
1933 (the "Securities Act"), may be sold only pursuant to (a) an effective
prospectus meeting the requirements of the Securities Act for the reoffer of
such shares, (b) Rule 144 under the Securities Act, or (c) an exemption from the
registration requirements of the Securities Act. An "affiliate" is a person who
controls or is controlled by the Company, directly or indirectly, or is a member
of a controlling group. Shares purchased by non-affiliates may be resold without
restriction.
Other Information. The Plan became effective on approval of the
Company's shareowners and will terminate, for purposes of granting further
options, ten years after its effective date. The Plan is administered by the
Chairman of the Board who is authorized to interpret the Plan but has no
discretion with respect to the selection of directors to receive options, the
number of shares subject to the Plan or to each grant thereunder, or the
purchase price for shares subject to option. The Chairman has no authority to
materially increase the benefits of the Plan. The Board may suspend or terminate
the Plan or revise and amend it. However, any revision or amendment that changes
the selection or eligibility of directors to receive options, the number of
shares subject to the Plan or to any option, or the purchase price for shares
subject to option or that materially increase benefits under the Plan, will
require approval of the Company's shareowners.
DESCRIPTION OF CAPITAL STOCK
Echlin's authorized capital stock consists of 150,000,000 shares of
Common Stock, par value $1 per share, and 1,000,000 shares of Preferred Stock,
without par value. None of the shares of the Preferred Stock has been issued.
The Preferred Stock may be issued in series from time to time as determined by
the Board of Directors of the Company, who are empowered, for each series, to
fix the dividend rate, redemption provisions, liquidation privileges, sinking
fund provisions, voting powers and any conversion rights. When any shares of
Preferred Stock are outstanding, dividends may be payable thereon at a fixed
dividend rate before dividends can be paid on outstanding shares of Echlin's
Common Stock. On dissolution, liquidation or winding-up of Echlin, holders of
Preferred Stock may be entitled to receive a stipulated liquidation price before
any distribution could be made to the holders of the Common Stock. The Company
presently has no plans, arrangements or understandings with respect to the
issuance of any of the Preferred Stock (other than pursuant to the Preferred
Stock purchase rights described below).
Each share of Common Stock is entitled to one vote and to dividends as
declared by the Board of Directors. Upon liquidation, each share of Common Stock
is entitled to an equal share in all of the assets of the Company, after payment
of creditors and holders of Preferred Stock, if any. There are no preemptive
rights and no conversion, redemption or sinking fund privileges and all shares
of Common Stock outstanding are fully paid and non-assessable.
Under the terms of a shareholder rights plan approved by the Company's
Board of Directors in June 1989 ("Echlin's Shareholder Rights Plan"), a
Preferred Stock purchase right ("Right") is attached to and automatically trades
with each outstanding share of Common Stock.
The Rights, which are redeemable, will become exercisable only in the
event that any person or group becomes a holder of 20 percent or more of the
Company's Common Stock, or commences a tender or exchange offer which, if
consummated, would result in that person or group owning at least 20 percent of
the Common Stock. Once the Rights become exercisable they entitle all other
shareholders to purchase, by payment of a $65 exercise price, Common Stock (or,
in certain circumstances, other consideration) with a value of twice the
exercise price. In addition, at any time after a 20 percent position is
acquired, the Board of Directors may, at its option, require each outstanding
Right (other than Rights held by the acquiring person or group) to be exchanged
for one share of Common Stock or its equivalent. The Rights will expire on June
30, 1999 unless redeemed or exchanged earlier.
The transfer agent and registrar for the Common Stock and Rights Agent
under Echlin's Shareholder Rights Plan is Boston EquiServe, L.P., Boston,
Massachusetts.
The Common Stock is listed on the New York Stock Exchange, The Pacific
Stock Exchange and the International Stock Exchange in London.
LEGAL OPINIONS
The legality of the Shares offered hereby will be passed upon for
Echlin by Jon P. Leckerling, Esq., Executive Vice President-Administration,
General Counsel and Corporate Secretary of Echlin.
--------------------------------
No person has been authorized to give any information or
to make any representations other than those contained
in this Prospectus and, if given or made, such
information or representations must not be relied upon
as having been authorized by the Company.
<TABLE>
TABLE OF CONTENTS
<S> <S>
Available Information ......... 2
Incorporation of Certain
Documents by Reference ........ 2
The Company ................... 3
The Stock Option Plan ......... 3
Description of Capital Stock .. 5
Legal Opinions ................ 6
</TABLE>
This Prospectus does not constitute an offer to sell or
a solicitation of an offer to buy any securities other
than the Common Stock to which it relates, or an offer __________ to or
solicitation of any person in any jurisdiction in which such offer or
solicitation would be unlawful. The PROSPECTUS delivery of this Prospectus at
any time does not imply __________ that this information herein is correct as
of any time subsequent to its date.
<PAGE>
250,000 Shares
ECHLIN INC.
Common Stock
April 10, 1997
- --------------------------------
<PAGE>
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 3. Incorporation of Documents by Reference
Reference is made to the "Incorporation of Certain Documents by
Reference" in the Prospectus comprising a part of this Registration Statement.
Item 4. Description of Securities
Reference is made to "Description of Capital Stock" in the Prospectus
comprising a part of this Registration Statement.
Item 5. Interests of Named Experts and Counsel
Reference is made to "Legal Opinions" in the Prospectus comprising a
part of this Registration Statement.
Item 6. Indemnification of Directors and Officers
Connecticut by statute provides for indemnification of directors,
officers, shareholders, employees and agents of a corporation. Under Sec.
33-320a of the Connecticut Stock Corporation Act (the "Act"), a corporation is
required to indemnify a director against judgments and other expenses of
litigation when he is sued by reason of his being a director in any proceeding
brought, other than on behalf of the corporation, if the director:
(1) is successful on the merits in defense, or
(2) acted in good faith and in a manner reasonably
believed to be in the best interests of the corporation, or
(3) in a criminal action or proceeding, has no
reasonable cause to believe his conduct was unlawful.
In a proceeding brought on behalf of a corporation (a derivative
action), a director is entitled to be indemnified by the corporation for
reasonable expenses of litigation, if the director is finally adjudged not to
have breached his duty to the corporation. In addition, a director is entitled
to indemnification for both derivative and non-derivative actions, if a court
determines, upon application, that the director is fairly and reasonably
entitled to be indemnified.
A Connecticut corporation may not provide for indemnification in any
manner inconsistent with the statutory indemnification provisions (which,
however, expressly allow a corporation to procure insurance providing greater
indemnification.)
The Registrant maintains a directors and officers liability insurance
policy which insures the Registrant's directors and officers against claims and
liabilities arising out of negligent errors or omissions in the course of the
performance of their official duties, including claims and liabilities arising
under the securities laws of the United States and states of applicable
jurisdiction. Fraudulent and willful acts are excluded.
The Registrant's Certificate of Incorporation provides by amendment
that a person who is or was a director of the corporation shall have no personal
liability to the corporation or its shareholders for monetary damages for any
breach of duty in such capacity in excess of the compensation received by the
director for serving the corporation during the year of violation.
The amendment was adopted to implement changes to Section 33-290 of the
Act, effective October 1, 1989. Under this change in the law, a Connecticut
corporation may amend its Certificate of Incorporation to limit the personal
liability of directors to the corporation or its shareholders for monetary
damages for breach of duty in their capacity as directors.
The limitation may not be to an amount less than the compensation
received by the director for serving the corporation during the year of the
violation and director liability cannot be limited if the violation:
(1) involved a knowing and culpable violation of law
by the director;
(2) enabled the director or an associate to receive
an improper personal economic gain;
(3) showed a lack of good faith and a conscious
disregard for the duty of the director to the corporation under circumstances
in which the director was aware that his conduct or omission created an
unjustifiable risk of serious injury to the corporation;
(4) constituted a sustained and unexcused pattern of
inattention that amounted to an abdication of the director's duty to the
corporation; or
(5) created a liability under Section 33-321, which
relates to directors who vote for any distribution of assets of a corporation
to its shareholders in violation of the Act. ------------------------
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
4(a) -By-Laws, as amended, filed as Exhibit 3(ii) to Echlin's Annual
Report on Form 10-K for the fiscal year ended August 31, 1996, is incorporated
herein by reference.
4(b) -Certificate of Incorporation, filed as Exhibit 3(3)(ii) to
Echlin's Annual Report on Form 10-K for the fiscal year ended August 31, 1987,
is incorporated herein by reference.
4(c) -Certificate of Amendment amending the Certificate of
Incorporation to Establish Series A Cumulative Participating Preferred Stock,
filed as Exhibit 3(3)(iii) to Echlin's Annual Report on Form 10-K for the fiscal
year ended August 31, 1989, is incorporated herein by reference.
4(d) -Certificate of Amendment, amending the Certificate of
Incorporation, to limit the liability of directors for monetary damages under
certain circumstances, filed as Item 2 to Echlin's 1989 Annual Proxy Statement,
is incorporated herein by reference.
4(e) -Rights Agreement, dated as of June 21, 1989, between Echlin and
the Connecticut Bank and Trust Company, N.A., as Rights Agent, which includes
the form of Amendment to the company's Certificate of Incorporation as Exhibit
A, the form of Rights Certificate as Exhibit B and the Summary of Rights to
Purchase Preferred Stock as Exhibit C, filed as Exhibit 1 to Echlin's Current
Report on Form 8-K dated June 21, 1989, is incorporated herein by reference.
4(f) -Successor Rights Agent Agreement between Echlin and The First
National Bank of Boston appointing The First National Bank of Boston as
successor Rights Agent to replace the Connecticut Bank and Trust Company, N.A.
as Rights Agent, filed as Exhibit 3(3)(iv) to Echlin's Annual Report on Form
10-K for the fiscal year ended August 31, 1990, is incorporated herein by
reference.
4(g) -Echlin Inc. 1996 Non-Executive Director Stock Option Plan, filed
as Appendix A to Echlin's Proxy Statement mailed to shareholders on November
15, 1996, is incorporated herein by reference.
5. -Opinion of Jon P. Leckerling, Esq. as to the legality of the Common
Stock being offered under this Registration Statement.
24(a) -Consent of Price Waterhouse LLP.
24(b) -Consent of Counsel. (Included in Exhibit 5 hereto).
25. -Powers of Attorney. (Included on the signature page hereto).
Item 9. Undertakings
The undersigned Registrant hereby undertakes:
(a) (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 of 1933, as amended (the "Securities Act");
(ii) To reflect in the prospectus any facts or events arising after the
effective date of the Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the Registration Statement;
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement;
Provided, however, that paragraphs (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 by the Company
pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), that are incorporated by reference 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) To remove from registration by means of a post-effective
amendment any of the securities which remain unsold at the termination of the
offering.
(b) That, for purposes of determining any liability under the
Securities Act of 1933, as amended (the "Securities Act"), each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934, as amended (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) 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 Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
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 a Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Branford, Connecticut, on the 9th day of April, 1997.
ECHLIN INC.
By: /s/ Larry W. McCurdy
---------------------------
Larry W. McCurdy
President and Chief Executive Officer
POWER OF ATTORNEY
The undersigned directors and officers of Echlin Inc. do hereby
constitute and appoint Jon P. Leckerling and Edward D. Toole or either of them,
our true and lawful attorneys-in-fact and agents to do any and all acts and
things in our name and behalf in our capacities as directors and officers, and
to execute any and all instruments for us and in our names in the capacities
indicated below which such person or persons may deem necessary or advisable to
enable Echlin Inc. to comply with the Securities Act of 1933, as amended, and
any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with this Registration Statement, including
specifically, but not limited to, power and authority to sign for us, or any of
us, in the capacities indicated below any and all amendments (including
post-effective amendments) hereto and we do hereby ratify and confirm all that
such person or persons shall 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* indicated on the 9th day of April, 1997.
Name Title
Principal Executive Officer:
/s/ Larry W. McCurdy
- -----------------------------
Larry W. McCurdy President and Chief Executive
Officer; Director
Principal Financial Officer:
/s/ Joseph A. Onorato
- -----------------------------
Joseph A. Onorato Vice President and Chief
Financial Officer
Principal Accounting Officer:
/s/ Kenneth T. Flynn, Jr.
- -----------------------------
Kenneth T. Flynn, Jr. Vice President - Controller
/s/ John F. Creamer, Jr.
- -----------------------------
John F. Creamer, Jr. Vice Chairman of the Board and
Director
/s/ Milton P. DeVane
- -----------------------------
Milton P. DeVane Director
/s/ John E. Echlin, Jr.
- -----------------------------
John E. Echlin, Jr. Director
/s/ John F. Gustafson
- -----------------------------
John F. Gustafson Director
/s/ Donald C. Jensen
- -----------------------------
Donald C. Jensen Director
/s/ Trevor O. Jones
- -----------------------------
Trevor O. Jones Chairman of the Board and Director
/s/ Frederick J. Mancheski
- -----------------------------
Frederick J. Mancheski Director
/s/ Phillip S. Myers
- -----------------------------
Phillip S. Myers Director
/s/ William P. Nusbaum
- -----------------------------
William P. Nusbaum Director
/s/ Jerome G. Rivard
- -----------------------------
Jerome G. Rivard Director
EXHIBIT INDEX
Exhibit
No. Description
5. -Opinion of Jon P. Leckerling, Esq. as to the legality of the Common
Stock being offered under this Registration Statement.
24(a) -Consent of Price Waterhouse LLP.
24(b) -Consent of Counsel. (Included in Exhibit 5 hereto).
25. -Powers of Attorney. (Included on the signature page hereto).
<PAGE>
ECHLIN INC. [LOGO] EXHIBIT 5
100 Double Beach Road
Branford, CT 06405
April 9, 1997
Echlin Inc.
100 Double Beach Road
Branford, CT 06405
Gentlemen:
In connection with the registration under the Securities Act of 1933,
as amended, of 250,000 shares of common stock, one dollar ($1.00) par value, of
Echlin Inc., a Connecticut corporation ("Echlin"), to be offered pursuant to
Echlin's 1996 Non-Executive Director Stock Option Plan, I have examined such
corporate records and other documents, including the registration statement on
Form S-8, to be filed with the Securities and Exchange Commission, relating to
such shares (the "Registration Statement"), and have reviewed such matters of
law as I have deemed necessary for this opinion. Based on such examination, I
advise you that in my opinion:
1. Echlin is a corporation duly organized and existing under the
laws of the State of Connecticut.
2. All necessary corporate action on the part of Echlin has been
taken to authorize the registration of shares of common stock
by Echlin, and when issued as contemplated in the Registration
Statement, such shares will be legally issued, fully paid and
nonassessable.
I consent to the filing of this opinion as an exhibit to the
Registration Statement.
Very truly yours,
/s/ Jon P. Leckerling
------------------------
Jon P. Leckerling
:jea
<PAGE>
EXHIBIT 24A
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in this Registration
Statement on Form S-8 of our report dated September 24, 1996, which appears on
page 31 of the 1996 Annual Report to Shareholders of Echlin Inc., which is
incorporated by reference in Echlin Inc.'s Annual Report on Form 10-K for the
year ended August 31, 1996. We also consent to the incorporation by reference of
our report on the Financial Statement Schedule, which appears on page 12 of such
Annual Report on Form 10-K.
/s/ Price Waterhouse
PRICE WATERHOUSE LLP
Stamford, Connecticut
April 7, 1997
