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As filed with the Securities and Exchange Commission on May 18, 1999
Registration No. 333-________
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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
SECURITY DYNAMICS TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE 04-2916506
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
36 CROSBY DRIVE, BEDFORD, MASSACHUSETTS 01730
(Address of Principal Executive Offices) (Zip Code)
1994 STOCK OPTION PLAN, AS AMENDED - 1998 RESTATEMENT
(Full Title of the Plan)
ARTHUR W. COVIELLO, JR.
SECURITY DYNAMICS TECHNOLOGIES, INC.
36 CROSBY DRIVE
BEDFORD, MASSACHUSETTS 01730
(Name and Address of Agent for Service)
(781) 301-5000
(Telephone Number, Including Area Code, of Agent for Service)
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CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
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Proposed Proposed
Title of Maximum Maximum
Securities Amount Offering Aggregate Amount of
to be to be Price Offering Registration
Registered Registered Per Share Price Fee
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock, 2,000,000 $19.4375(1) $38,875,000(1) $10,808
$.01 par value shares
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</TABLE>
(1) Estimated solely for the purpose of calculating the registration fee, and
based on the average of the high and low prices of the Common Stock on the
Nasdaq National Market on May 14, 1999 in accordance with Rules 457(c) and
457(h) under the Securities Act of 1933.
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PART I. INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The information required by Part I is included in documents sent or
given to participants in the Registrant's 1994 Stock Option Plan, as amended -
1998 Restatement pursuant to Rule 428(b)(1) of the Securities Act of 1933, as
amended (the "Securities Act").
PART II. INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Statement of Incorporation by Reference
Except as otherwise set forth below, this Registration Statement on
Form S-8 incorporates by reference the contents of the Registration Statement on
Form S-8, File No. 333-52255 (the "Initial Registration Statement"), filed by
the Registrant on May 8, 1998, relating to the Registrant's 1994 Stock Option
Plan, as amended - 1998 Restatement.
Item 5 of the Initial Registration Statement is amended and restated in
its entirety as follows:
Item 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
The legality of the Common Stock being offered hereby will be
passed upon for the Company by Hale and Dorr LLP, Boston, Massachusetts. A
senior partner of Hale and Dorr LLP beneficially owns approximately 3,300 shares
of the Registrant's Common Stock.
1
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SIGNATURES
Pursuant to the requirements of the Securities Act, 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 Town of Bedford, Massachusetts on May 18, 1999.
SECURITY DYNAMICS TECHNOLOGIES, INC.
By: /s/ Charles R. Stuckey, Jr.
-----------------------------------
Charles R. Stuckey, Jr.
Chairman of the Board and
Chief Executive Officer
POWER OF ATTORNEY
We, the undersigned officers and directors of Security Dynamics
Technologies, Inc. hereby severally constitute Charles R. Stuckey, Jr., Arthur
W. Coviello, Jr., Marian G. O'Leary and Hal J. Leibowitz, and each of them
singly, our true and lawful attorneys with full power to them, and each of them
singly, to sign for us and in our names in the capacities indicated below, the
Registration Statement on Form S-8 filed herewith and any and all subsequent
amendments to said Registration Statement, and generally to do all such things
in our names and behalf in our capacities as officers and directors to enable
Security Dynamics Technologies, Inc. to comply with all requirements of the
Securities and Exchange Commission, hereby ratifying and confirming our
signatures as they may be signed by said attorneys, or any of them, to said
Registration Statement and any and all amendments thereto.
2
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Pursuant to the requirements of the Securities Act, this Registration
Statement has been signed by the following persons in the capacities and on the
dates indicated.
Signature Title Date
- --------- ----- ----
/s/ Charles R. Stuckey, Jr. Chairman of the Board May 18, 1999
- ------------------------------- of Directors and Chief
Charles R. Stuckey, Jr. Executive Officer
(Principal Executive Officer)
/s/ Marian G. O'Leary Senior Vice President, May 18, 1999
- ------------------------------- Finance, Chief Financial
Marian G. O'Leary Officer and Treasurer
(Principal Financial and
Accounting Officer)
/s/ D. James Bidzos Director May 18, 1999
- -------------------------------
D. James Bidzos
/s/ Arthur W. Coviello, Jr. Director May 18, 1999
- -------------------------------
Arthur W. Coviello, Jr.
/s/ Richard L. Earnest Director May 18, 1999
- -------------------------------
Richard L. Earnest
/s/ Taher Elgamal Director May 18, 1999
- -------------------------------
Taher Elgamal
/s/ Joseph B. Lassiter, III Director May 18, 1999
- -------------------------------
Joseph B. Lassiter, III
/s/ George M. Middlemas Director May 18, 1999
- -------------------------------
George M. Middlemas
/s/ James K. Sims Director May 18, 1999
- -------------------------------
James K. Sims
3
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EXHIBIT INDEX
Exhibit
Number Description
------ -----------
4.1 Specimen Certificate of Common Stock, $.01 par value per share, of the
Registrant is incorporated herein by reference to Exhibit 4.1 to the
Registrant's Registration Statement on Form S-1, as amended (File No.
33-85606)
5 Opinion of Hale and Dorr LLP
23.1 Consent of Hale and Dorr LLP (included in Exhibit 5)
23.2 Consent of Deloitte & Touche LLP, independent auditors
24 Power of Attorney (included in the signature pages of this
Registration Statement)
4
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EXHIBIT 5
HALE AND DORR LLP
Counsellors At Law
60 State Street, Boston, Massachusetts 02109
617-526-6000 * FAX 617-526-5000
May 18, 1999
Security Dynamics Technologies, Inc.
36 Crosby Drive
Bedford, Massachusetts 01730
Re: 1994 Stock Option Plan, as amended - 1998 Restatement
-----------------------------------------------------
Ladies and Gentlemen:
We have assisted in the preparation of a Registration Statement on Form
S-8 (the "Registration Statement") to be filed with the Securities and Exchange
Commission under the Securities Act of 1933, as amended (the "Securities Act"),
relating to an aggregate of 2,000,000 shares of Common Stock, $.01 par value per
share (the "Shares"), of Security Dynamics Technologies, Inc., a Delaware
corporation (the "Company"), issuable under the Company's 1994 Stock Option
Plan, as amended - 1998 Restatement (the "Plan").
We have examined the Third Restated Certificate of Incorporation of the
Company, as amended to date, and the Amended and Restated By-Laws of the
Company, and originals, or copies certified to our satisfaction, of all
pertinent records of the meetings of the directors and stockholders of the
Company, the Registration Statement and such other documents relating to the
Company as we have deemed material for the purposes of this opinion.
In our examination of the foregoing documents, we have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us
as originals, the conformity to original documents of all documents submitted to
us as copies, the authenticity of the originals of such latter documents and the
legal competence of all signatories to such documents.
We assume that the appropriate action will be taken, prior to the offer
and sale of the Shares in accordance with the Plan, to register and qualify the
Shares for sale under all applicable state securities or "blue sky" laws.
We express no opinion herein as to the laws of any state or
jurisdiction other than the state laws of The Commonwealth of Massachusetts, the
Delaware General Corporation Law statute and the federal laws of the United
States of America.
Based upon and subject to the foregoing, we are of the opinion that the
Shares have been duly authorized for issuance and, when the Shares are issued
and paid for in accordance with the terms and conditions of the Plan, the Shares
will be validly issued, fully paid and nonassessable.
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It is understood that this opinion is to be used only in connection
with the offer and sale of the Shares while the Registration Statement is in
effect.
Please note that we are opining only as to the matters expressly set
forth herein, and no opinion should be inferred as to any other matters.
We hereby consent to the filing of this opinion with the Commission as
an exhibit to the Registration Statement in accordance with the requirements of
Item 601(b)(5) of Regulation S-K under the Securities Act and to the use of our
name therein under the caption "Interests of Named Experts and Counsel." In
giving such consent, we do not hereby admit that we are in the category of
persons whose consent is required under Section 7 of the Securities Act or the
rules and regulations of the Commission.
Very truly yours,
/s/ HALE AND DORR LLP
---------------------------------
HALE AND DORR LLP
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EXHIBIT 23.2
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this Registration
Statement of Security Dynamics Technologies, Inc. (the "Company") on Form S-8 of
our reports dated January 27, 1999 (which report on the consolidated financial
statements expresses an unqualified opinion and includes explanatory paragraphs
referring to the restatement of the consolidated financial statements for a
pooling of interests in 1998 and a change in the Company's method of accounting
for option grants requiring stockholder approval in 1996), appearing in and
incorporated by reference in the Company's Annual Report on Form 10-K for the
year ended December 31, 1998.
/s/ DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 18, 1999
