As filed with the Securities and Exchange Commission on August 3, 1999
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
____
U.S. CAN CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 06-1094196
(State or other jurisdiction I.R.S. Employer Identification No.)
of incorporation or organization)
900 Commerce Drive 60523
Oak Brook, Illinois (Zip Code)
(Address of principal executive offices)
U.S. CAN CORPORATION
EXECUTIVE DEFERRED COMPENSATION PLAN
(Full title of the plan)
Steven K. Sims
Vice President, General Counsel and Secretary
900 Commerce Drive
Oak Brook, Illinois 60523
(Name and Address of Agent for Service)
(630) 571-2500
(Telephone Number, including area code, of Agent for Service)
______________
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
Proposed Proposed
Maximum Maximum
Title of Securities to be Amount to be Offering Price Aggregate Amount of
Registered Registered Per Share* Offering Price* Registration Fee
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock, $.01 par 100,000
value........................... Shares $22.0625 $2,206,250 $614
=========================================================================================================================
</TABLE>
* Pursuant to Rule 457(h)(1), the registration fee was computed on
the basis of the average of the high and low prices for the Common
Stock as reported on the New York Stock Exchange on July 28, 1999.
<PAGE>
PART II
INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents, which have heretofore been filed by U.S.
Can Corporation (the "Company" or "Registrant") with the Securities and
Exchange Commission, are incorporated herein by reference:
(a) the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 1998;
(b) the Company's Quarterly Report on Form 10-Q for the quarter
ended April 4, 1999; and
(c) the description of the Company's Common Stock, $.01 par
value (the "Common Stock"), contained in the Company's
Registration Statement on Form 8-A (File No. 0-21314)
filed with the Commission on March 8, 1993, pursuant to
Section 12 of the Exchange Act.
All documents subsequently filed by the Company pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the
filing of a post-effective amendment which indicates that all securities
offered have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated herein by reference and shall be
deemed a part hereof from the date of filing of such documents.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
The validity of the shares of Common Stock offered hereby will be
passed upon by Steven K. Sims, Vice President, General Counsel and
Secretary of the Company. Mr. Sims owns 288 shares of Common Stock and
holds options to purchase 25,000 shares of Common Stock.
Item 6. Indemnification of Directors and Officers.
The Company is incorporated under the laws of the State of
Delaware. The General Corporation Law of the State of Delaware (the
"Delaware Statute") provides for indemnification of directors, officers,
and employees in certain situations. The Delaware Statute, by its terms,
expressly permits indemnification where such a person acted in good faith
and in a manner such person reasonably believed to be in, or not opposed
to, the corporation's best interests, and, in a criminal action, if such
person had no reasonable cause to believe that his or her conduct was
unlawful. In the case of a claim by a third party (i.e., a party other than
the corporation), the Delaware Statute expressly permits indemnifications
for expenses, judgments, settlement payments, and other costs. In the case
of a claim by or in the right of the corporation (including stockholder
derivative suits), the Delaware Statute expressly provides for
indemnification for expenses only, and not for amounts paid in judgment or
settlement of such actions. Moreover, a corporation cannot, under the
Delaware Statute, provide for indemnification against expenses in the case
of an action by or in the right of the corporation if the person seeking
indemnification is adjudged liable to the corporation, unless the
indemnification is ordered by a court. The Delaware Statute also permits
advancement of expenses to directors and officers upon receipt of an
undertaking by such director or officer to repay all amounts advanced if it
shall ultimately be determined that he or she is not entitled to be
indemnified by the corporation. In addition, the Delaware Statute
specifically provides that its terms shall not be deemed exclusive of any
other right to indemnification to which a director, officer, or employee may be
<PAGE>
entitled under any by-law, agreement, or vote of stockholders or
disinterested directors.
The Company's Amended and Restated Certificate of Incorporation
provides for indemnification to the full extent permitted by the laws of
the State of Delaware against and with respect to threatened, pending or
completed actions, suits or proceedings arising from or alleged to arise
from a party's actions or omissions as a director, officer, employee or
agent of the Company or of any subsidiary of the Company or of any other
corporation, partnership, joint venture, trust or other enterprise which he
has served in such capacity at the request of the Company if such acts or
omissions occurred or were or are alleged to have occurred while said party
was a director or officer of the Company. Any indemnification (unless
ordered by a court) shall be made by the Company only as authorized in the
specific case upon a determination that indemnification is proper. Such
determination shall be made (1) by the Board of Directors by a majority
vote of a quorum of directors who were not parties to such action, suit or
proceeding, or (2) if such a quorum is not obtainable, or, even if
obtainable and a quorum of disinterested directors so directs, by
independent legal counsel in a written opinion, or (3) by the stockholders.
The Company maintains a director and officer liability insurance
policy which indemnifies directors and officers for certain losses arising
from a claim by reason of a wrongful act, as defined, under certain
circumstances where the Company does not provide indemnification.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
See Index to Exhibits which is incorporated herein by reference.
Item 9. Undertakings.
The undersigned registrant hereby undertakes:
1. To file, during any period in which offers or sales are
being made, a post-effective amendment to this
registration statement:
(i) To include any prospectus required by Section 10(a)
(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events
rising 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;
provided that, 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
a 20 percent change in the maximum aggregate
offering price set forth in the "Calculation of
Registration Fee" table in the effective
registration statement; and
<PAGE>
(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 (i) and (ii) above do
not apply if the registration statement is on Form S-3 or
Form S-8, and the information required to be included in
a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to
the Commission by the Registrant pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference 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.
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.
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 provisions referred
to under Item 6, 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 of 1933 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 of 1933 and will be governed by the final adjudication
of such issue.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused
this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Oak Brook, State of Illinois, on
this 29th day of July, 1999.
U.S. CAN CORPORATION
By: /s/ Paul W. Jones
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Paul W. Jones
President, Chief Executive Officer
and Chairman
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and
appoints Paul W. Jones, John L. Workman and Steven K. Sims and each of
them, the true and lawful attorneys-in-fact and agents of the undersigned,
with full power of substitution and resubstitution, for and in the name,
place and stead of the undersigned, in any and all capacities, to sign any
and all post-effective amendments to this Registration Statement, and to
file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, and hereby grants
to such attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing requisite and
necessary to be done, as fully to all intents and purposes as the
undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities indicated on the 29th day of July, 1999.
/s/ Paul W. Jones /s/ John L. Workman
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Paul W. Jones, President, Chief John L. Workman, Executive Vice
Executive Officer and Chairman President and Chief Financial Officer
/s/ Jack McGowan /s/ Calvin W. Aurand, Jr.
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Jack McGowan, Vice President Calvin W. Aurand, Jr., Director
and Controller
/s/ Benjamin F. Bailar /s/ Carl Ferenbach
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Benjamin F. Bailar, Director Carl Ferenbach, Director
/s/ Ricardo Poma /s/ Francisco A. Soler
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Ricardo Poma, Director Francisco A. Soler, Director
/s/ Charles W. Gaillard
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Louis B. Susman, Director Charles W. Gaillard, Director
<PAGE>
INDEX TO EXHIBIT
Exhibit
Number Description of Document
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5 Opinion of Steven K. Sims, Esq.
23.1 Consent of Arthur Andersen LLP
23.2 Consent of Steven K. Sims (included in his opinion filed as
Exhibit 5 hereto)
24 Powers of Attorney (contained on the signature page of this
registration statement)
Exhibit 5
July 28, 1999
Board of Directors
U.S. Can Corporation
900 Commerce Drive
Oak Brook, Illinois 60523
Re: U.S. Can Corporation
Registration Statement on Form S-8
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Ladies and Gentlemen:
I have acted as counsel to U.S. Can Corporation (the "Company") in
connection with the adoption of the U.S. Can Corporation 1998 Equity
Incentive Plan (the "1998 Incentive Plan") and the U.S. Can Corporation
1999 Equity Incentive Plan (the "1999 Incentive Plan," collectively, the
"Plans"). I am familiar with the corporate proceedings relative to the
adoption of the Plans and the proposed issuance of shares of common stock,
par value $.01 per share, of the Company (the "Common Stock") pursuant to
the Plans. I have examined such corporate and other records, instruments,
certificates and documents as I considered necessary to enable me to
express this opinion.
Based on the foregoing, it is my opinion that the shares of Common
Stock issuable pursuant to the Plans have been duly authorized for issuance
and, when sold pursuant to the Plans, will be validly issued, fully paid,
and non-assessable.
I hereby consent to the filing of this opinion as an exhibit to
the Registration Statement on Form S-8 to be filed by the Company with
respect to the shares of Common Stock issuable pursuant to the Plans and to
the reference to me under the caption "Interests of Named Experts and
Counsel" in such Registration Statement.
Very truly yours,
/s/ Steven K. Sims
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Steven K. Sims
Vice President, General Counsel
and Secretary
Exhibit 23.1
CONSENT OF INDEPENDENT AUDITORS
As independent public accountants, we hereby consent to the incorporation
by reference in this Registration Statement on Form S-8 of our report dated
February 17, 1999 included in U.S. Can Corporation's Annual Report on Form
10-K for the year ended December 31, 1998 and to all references to our Firm
included in this Registration Statement.
/s/ ARTHUR ANDERSEN LLP
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ARTHUR ANDERSEN LLP
Chicago, Illinois
August 2, 1999
