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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13D-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13D-2(a)
HYBRID NETWORKS, INC.
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(Name of Issuer)
Common Stock, $0.001 Par Value Per Share
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(Title of Class of Securities)
44860K102
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(CUSIP Number)
Stephen E. Halprin Edwin Lowe, Esq.
OSCCO Management Partners III Fenwick & West LLP
12 Hawk View Two Palo Alto Square
Portola Valley, CA 94028 Palo Alto, CA 94306
(650) 494-0600
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
October 31, 1999
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box / /.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act.
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SCHEDULE 13D
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CUSIP No. 44860K102
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<TABLE>
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<S> <C> <C>
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
OSCCO III, L.P. 94-3100071
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
2 (b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of California
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7 SOLE VOTING POWER
NUMBER
OF 761,723
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SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED Not Applicable
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BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING 761,723
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PERSON 10 SHARED DISPOSITIVE POWER
WITH
Not Applicable
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
761,723
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
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14 TYPE OF REPORTING PERSON
PN
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</TABLE>
2
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CUSIP No 44860K102
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<TABLE>
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<S> <C> <C>
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
OSCCO MANAGEMENT PARTNERS III 94-3100206
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
2 (b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of California
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7 SOLE VOTING POWER
NUMBER
OF 761,723
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SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED Not Applicable
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BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING 761,723
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PERSON 10 SHARED DISPOSITIVE POWER
WITH
Not applicable
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
761,723
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
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14 TYPE OF REPORTING PERSON
PN
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</TABLE>
3
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CUSIP No 44860K102
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<TABLE>
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<S> <C> <C>
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
STEPHEN E. HALPRIN SS# ###-##-####
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
2 (b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
NUMBER
OF Not Applicable
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SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED 761,723
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BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING Not Applicable
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PERSON 10 SHARED DISPOSITIVE POWER
WITH
761,723
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
761,723
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
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14 TYPE OF REPORTING PERSON
IN
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</TABLE>
4
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- -----------------------------------
CUSIP No 44860K102
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<TABLE>
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<S> <C> <C>
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
F. Ward Paine SS # ###-##-####
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
2 (b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
NUMBER
OF Not Applicable
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SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED 761,723
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BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING Not Applicable
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PERSON 10 SHARED DISPOSITIVE POWER
WITH
761,723
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
761,723
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
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14 TYPE OF REPORTING PERSON
IN
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</TABLE>
5
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- -----------------------------------
CUSIP No 44860K102
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<TABLE>
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<S> <C> <C>
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jonathan C. Baer SS # ###-##-####
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
2 (b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
NUMBER
OF Not Applicable
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SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED 761,723
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BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING Not Applicable
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PERSON 10 SHARED DISPOSITIVE POWER
WITH
761,723
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
761,723
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
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14 TYPE OF REPORTING PERSON
IN
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</TABLE>
6
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1. ITEM 1. SECURITY AND ISSUER.
This statement on Schedule 13D (this "STATEMENT") relates to the Common
Stock, $0.001 par value per share (the "COMMON STOCK"), of Hybrid Networks, Inc.
(the "ISSUER") that is issuable upon conversion of the 4% Convertible Debentures
due 2009 (the "DEBENTURES") purchased from the Issuer by OSCCO III, L.P., a
California limited partnership ("OSCCO"), on September 9, 1999.
The Debentures will be convertible, at OSCCO's election, into 263,158
shares of Common Stock (subject to adjustment as provided in the Debenture) , at
any time after the first of the following to occur:
- December 31, 1999 (unless the Issuer agrees in writing to an
earlier date),
- a Change of Control (as hereinafter defined) of the Issuer or
- receipt by OSCCO of a Change of Control Notice (as hereinafter
defined) from the Issuer.
For purposes of the Debentures, Change of Control means: (a) any person
shall have acquired beneficial ownership of more than 25% of the outstanding
voting stock of the Issuer (within the meaning of Section 13(d) or 14(d) of the
Exchange Act); or (b) individuals who immediately after the closing were
directors of the Issuer cease to constitute a majority of the board of directors
of the Issuer. If a proposed Change of Control will occur pursuant to an
agreement to which the Issuer is a party, the Issuer shall give notice of such
proposed Change of Control (the "CHANGE OF CONTROL NOTICE") to OSCCO at least 10
business days prior to the consummation of the transactions contemplated by such
agreement. At any time on or after December 31, 2000, the Issuer shall have the
right to convert the principal of the Debentures (or any portion of the
principal which is $1.00 or an integral multiple of $1.00) into fully paid and
nonassessable (except as otherwise provided by law) shares of Common Stock.
OSCCO previously acquired (before 1988) and currently owns 432,013
shares of Common Stock and warrants (which are currently exercisable) to
purchase up to 66,552 shares of Common Stock (together, the "OTHER SECURITIES").
Before October 31, 1999, the date on which the Debentures will be exercisable
within 60 days, OSCCO has and will beneficially own less than 5% of the total
outstanding Common Stock. On October 31, 1999, OSCCO will, by virtue of the
Debentures (when added to the Other Securities) beneficially own 6.9% of the
total outstanding Common Stock.
The principal executive offices of the Issuer are located at 6409
Guadalupe Mines Road, San Jose, California 95120.
2. ITEM 2. IDENTITY AND BACKGROUND.
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(a) This Statement is being filed by OSCCO, OSCCO Management Partners
III, a California general partnership and general partner of OSCCO ("OSCCO
MANAGEMENT"), and Stephen E. Halprin, F. Ward Paine and Jonathan C. Baer, all
being general partners of OSCCO Management (collectively, the "GENERAL
PARTNERS"). Each of the foregoing are referred to as a "REPORTING PERSON" and
collectively as the "REPORTING PERSONS."
(b) The principal business offices of OSCCO, OSCCO Management and Mr.
Halprin are located at 12 Hawk View, Portola Valley, CA 94028. The principal
business office of Mr. Paine is located at 290 Mapache, Portola Valley, CA
94028. The principal business office of Mr. Baer is located at 55 Pepper Drive,
Los Altos, CA 94022.
(c) OSCCO is a private investment fund whose principal business
includes engaging in the purchase and sale of investments for its account. The
principal business of OSCCO Management is acting as the general partner of
OSCCO. The principal occupation of each of Mr. Halprin and Mr. Paine is acting
as a general partner of OSCCO Management. The principal occupation of Mr. Baer
is as an advisor and consultant to various early stage companies.
(d) During the last five years, none of the Reporting Persons has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of the Reporting Persons has been
a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction which resulted in a judgment, decree or final order (i) enjoining
future violations of, or prohibiting or mandating activities subject to, Federal
or State securities laws or (ii) finding any violation with respect to such
laws.
(f) Each General Partner is a citizen of the United States of America.
3. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The aggregate purchase price of the Debentures was $750,000. The
aggregate price paid for the Other Securities was $1,097,878.75. The funds used
by OSCCO to purchase the Debentures and Other Securities were funds raised by
OSCCO for the purpose of purchasing securities in general but not these
particular securities.
4. ITEM 4. PURPOSE OF TRANSACTION.
OSCCO purchased the Debentures and the Other Securities based on its
belief that they represented an attractive investment opportunity. The
acquisition of the Debentures and the Other Securities was made in the ordinary
course of business and was not made for the purpose of acquiring control of the
Issuer.
Depending upon overall market conditions, other investment
opportunities available to OSCCO and the availability of securities of the
Company at prices that would make the purchase of additional securities of the
Company desirable, OSCCO may endeavor to increase its position
8
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in the Issuer through the purchase of additional securities of the Company on
the open market or in private transactions, through a tender offer or
otherwise, on such terms and at such times as OSCCO may deem advisable.
OSCCO intends to actively monitor efforts of management to increase
stockholder value. OSCCO may also decide in the future to propose a transaction
whereby all or a portion of the Issuer be sold, and in connection therewith,
OSCCO may seek to participate in such transaction or seek to acquire control of
the Issuer in a negotiated transaction or otherwise. OSCCO also may seek in the
future to have one or more of its representatives appointed to the Board of
Directors of the Issuer, by agreement with the Issuer or otherwise, including by
running its own slate of nominees. OSCCO may in the future propose other matters
for consideration and approval by the Issuer, its stockholders or the Board of
Directors, but has not identified such matters this date.
OSCCO does not have any present plan or proposal which would relate to
or result in any of the matters set forth in subparagraphs (a) through (j) of
Item 4 of Schedule 13D except as set forth herein or such as would occur upon
completion of any of the actions discussed above. OSCCO intends to review its
investment in the Issuer on a continuing basis and, depending on various
factors, including the Issuer's financial position and investment strategy, the
price levels of the Debentures, the Other Securities or shares of Common Stock,
conditions in the securities markets and general economic and industry
conditions, may in the future take such actions with respect to its investment
in the Issuer as it deems appropriate, including purchasing additional
Debentures, Other Securities or shares of Common Stock or selling some or all of
the Debentures or Other Securities, or to change its intentions with respect to
any and all matters referred to in Item 4.
5. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) OSCCO has purchased the Debentures for an aggregate purchase price
of $750,000. Assuming the conversion of the Debentures and the exercise of the
warrants referred to above, each Reporting Person would own as of the date
hereof 761,723 shares of Common Stock, representing approximately 6.9% of the
11,006,952 shares of Common Stock outstanding as of September 30, 1999 (adjusted
to include the Common Stock issuable upon conversion of the Debentures and the
warrants owned by OSCCO). The number of shares of Common Stock into which a
Debenture is convertible may be increased due to certain adjustments to the
conversion price as described in the Debenture.
(b) OSCCO individually purchased the Debentures and has the sole power
to vote or to direct the vote of 761,723 shares of Common Stock and the sole
power to dispose or to direct the disposition of 761,723 shares of Common Stock.
OSCCO Management, by virtue of being the sole general partner of OSCCO, has the
sole power to vote or to direct the vote of 761,723 shares of Common Stock and
the sole power to dispose or to direct the disposition of 761,723 shares of
Common Stock. The General Partners, by virtue of their position as a general
partner of OSCCO Management, have shared power to vote or to direct the vote of
9
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761,723 shares of Common Stock and shared power to dispose or direct the
disposition of 761,723 shares of Common Stock. Each General Partner shares
voting and disposition power relating to 761,723 shares of Common Stock with
each of the other General Partners in proportion to such General Partner's
profit interest in OSCCO Management.
(c) OSCCO purchased the Debentures on September 9, 1999 as described in
Item 1 above. In September, Stephen E. Halprin exercised options for 2,160
shares of Common Stock. Mr. Halprin subsequently transferred such shares of
Common Stock to OSCCO. No other Reporting Person has effected a transaction in
the Common Stock during the sixty days preceding the date of this Schedule 13D.
(d) Not applicable.
(e) Not applicable.
6. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
On September 9, 1999, in connection with the purchase of the
Debentures, OSCCO, along with holders of a majority of the "Registrable
Securities" under the Issuer's prior registration rights agreement, entered into
the 1999 Amended and Restated Investor Rights Agreement. Under the Rights
Agreement, OSCCO and the other holders of Registrable Securities have (a)
piggyback registration rights to participate, at the Issuer's expense, in any
registration by the Issuer for its own account or for the account of any
stockholder (other than registrations on Form S-8 or Form S-4) and (b) the right
to require the Issuer to register, at its expense, the sale of the Registrable
Securities on Form S-3, subject to certain conditions.
Other than as described above, and other than the agreements governing
OSCCO and OSCCO Management (which agreements apply to securities in general and
not specifically to the Issuer's securities), to the best of each of the
Reporting Person's knowledge, no contracts, arrangements, understandings or
relationships (legal or otherwise) exist among the persons named in Item 2 or
among such persons and any other person with respect to any securities of the
Issuer, including but not limited to, the transfer or voting of any such
securities, finder's fees, joint ventures, loan or option arrangements, puts or
calls, guarantees of profits, division of profits or loss, or the giving or
withholding of proxies.
7. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
The following exhibits are filed herewith:
1. 1999 Amended and Restated Investor Rights Agreement dated as of
September 9, 1999, which is incorporated herein by reference to the Issuer's
Report on 8-K (File No. 000-23289) filed with the Securities and Exchange
Commission on September 24, 1999.
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After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
OSCCO III, L.P.
By: OSCCO Management Partners III
Its: General Partner
By: /s/ STEPHEN E. HALPRIN
------------------------
Stephen E. Halprin
Its: General Partner
OSCCO MANAGEMENT PARTNERS III
By: /s/ STEPHEN E. HALPRIN
------------------------
Stephen E. Halprin
Its: General Partner
STEPHEN E. HALPRIN
/s/ STEPHEN E. HALPRIN
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F. WARD PAINE
/s/ F. WARD PAINE
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JONATHAN C. BAER
/s/ JONATHAN C. BAER
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Date: October 26, 1999
11
