As filed with the Securities and Exchange Commission on May 7, 2015
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM S-8
REGISTRATION STATEMENT
UNDER THE
SECURITIES ACT OF 1933
______________________
Kornit Digital Ltd.
(Exact name of registrant as specified in charter)
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State of Israel (State or other jurisdiction of incorporation or organization) |
Not Applicable (I.R.S. Employer Identification No.) |
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12 Ha’ Amal Street, Afek Park, Rosh-Ha’Ayin, Israel (Address of principal executive offices) |
4809246 (Zip Code) |
Kornit Digital Ltd. 2004 Share Option Plan
Kornit Digital Ltd. 2012 Share Incentive Plan
Kornit Digital Ltd. 2015 Incentive Compensation Plan
Kornit Digital Ltd. 2015 Employee Share Purchase Plan
(Full Title of the Plans)
Kornit Digital North America Inc.
10541-10601 North Commerce Street
Mequon, WI 53092
(262) 518-0200
(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)
Copies of communications to:
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Colin J. Diamond, Esq. Joshua G. Kiernan, Esq. White & Case LLP 1155 Avenue of the Americas New York, NY 10036 Tel: (212) 819-8200 Fax: (212) 354-8113 |
Itamar Rosen, Adv. Kornit Digital Ltd. 12 Ha’ Amal Street, Afek Park, Rosh-Ha’Ayin 4809246, Israel Tel: +972-3-908-5800 Fax: +972-3-908-0280
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Clifford M. J. Felig, Adv. Aviv Avidan-Shalit, Adv. Meitar Liquornik Geva Leshem Tal 16 Abba Hillel Silver Rd. Ramat Gan 5250608, Israel Tel: +972-3-610-3100 Fax: +972-3-610-3111 |
CALCULATION OF REGISTRATION FEE
| Title of securities to be registered | Amount to be registered (1) | Proposed maximum offering price per share | Proposed maximum aggregate offering price | Amount of registration fee |
| Ordinary Shares, par value NIS 0.01 | 2,790,312 | $2.13 | $5,943,365 (2) | $690.62 |
| Ordinary Shares, par value NIS 0.01 | 908,394 | $13.93 | $12,653,928 (3) | $1,470.39 |
| (1) | This Registration Statement on Form S-8 covers the following Ordinary Shares of Kornit Digital Ltd. (the “Registrant”): (i) 1,096,668 ordinary shares issuable upon the exercise of options granted prior to the date hereof under the Registrant’s 2004 Share Option Plan (the “2004 Plan”), (ii) 1,693,644 ordinary shares issuable upon the exercise of options granted prior to the date hereof under the Registrant’s 2012 Share Incentive Plan (the “2012 Plan”), (iii) 665,969 ordinary shares that may be issued under the Registrant’s 2015 Incentive Compensation Plan (the “2015 Plan”), (iv) 242,425 ordinary shares that may be issued under the Registrant’s 2015 Employee Share Purchase Plan (“ESPP” and together with the 2004 Plan, the 2012 Plan and the 2015 Plan, the “Plans”) and (iv) pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), an indeterminate number of additional shares that may become issuable under the terms of the Plans by reason of any share split, share dividend, recapitalization or other similar transaction effected without the Registrant’s receipt of consideration which results in an increase in the number of the outstanding shares of the Registrant’s ordinary shares. |
| (2) | Calculated solely for the purpose of determining the registration fee pursuant to Rule 457(h) under the Securities Act on the basis of $1.76 per share, the weighted average exercise price of the 2,790,312 ordinary shares issuable upon exercise of outstanding options under the 2004 Plan and 2012 Plan as of the date of this Registration Statement. |
| (3) | Calculated solely for the purpose of determining the registration fee pursuant to Rule 457(h) under the Securities Act on the basis of the average of the high and low prices ($13.21-$14.65) of the Registrant’s ordinary shares as quoted on the Nasdaq Global Select Market on May 4, 2015. |
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PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information*
Item 2. Registrant Information and Employee Plan Annual Information*
* The documents containing the information specified in this Part I of Form S-8 (plan information and registration information and employee plan annual information) will be sent or given to employees as specified by the Securities and Exchange Commission (the “Commission”) pursuant to Rule 428(b)(1) of the Securities Act of 1933, as amended (the “Securities Act”). Such documents are not required to be and are not filed with the Commission either as part of this registration statement (this “Registration Statement”) or as prospectuses or prospectus supplements pursuant to Rule 424. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act. The Registrant will provide a written statement to participants advising them of the availability without charge, upon written or oral request, of the documents incorporated by reference in Item 3 of Part II hereof and including the statement in the preceding sentence. The written statement to all participants will indicate the availability without charge, upon written or oral request, of other documents required to be delivered pursuant to Rule 428(b), and will include the address and telephone number to which the request is to be directed.
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PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The following documents filed by Kornit Digital Ltd. (the “Company”) are incorporated herein by reference:
| (i) | the Company’s final prospectus filed on April 2, 2015 pursuant to Rule 424(b)(4) under the Securities Act in connection with the Company’s Registration Statement on Form F-1 (File No. 333-202291) |
| (ii) | the unaudited condensed consolidated financial statements attached to the press release annexed as Exhibit 99.1 to our Report on Form 6-K furnished to the Commission on May 6, 2015; and |
| (iii) | the description of the Company’s Ordinary Shares contained in Item 1 of the Registration Statement on Form 8-A (File No. 001-36903) filed with the Commission on March 31, 2015. |
In addition to the foregoing, all documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), prior to the filing of a post-effective amendment indicating that all securities offered hereby have been sold or deregistering all 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. Any statement contained herein or 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 this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be 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 a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel
Not applicable.
Item 6. Indemnification of Directors and Officers
Under the Israeli Companies Law, a company may not exculpate an office holder from liability for a breach of the duty of loyalty. An Israeli company may exculpate an office holder in advance from liability to the company, in whole or in part, for damages caused to the company as a result of a breach of duty of care but only if a provision authorizing such exculpation is included in its articles of association. Our amended and restated articles of association include such a provision. The company may not exculpate in advance a director from liability arising out of a prohibited dividend or distribution to shareholders.
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Under the Israeli Companies Law, a company may indemnify an office holder in respect of the following liabilities and expenses incurred for acts performed by him or her as an office holder, either pursuant to an undertaking made in advance of an event or following an event, provided its articles of association include a provision authorizing such indemnification:
| · | financial liability imposed on him or her in favor of another person pursuant to a judgment, including a settlement or arbitrator’s award approved by a court. However, if an undertaking to indemnify an office holder with respect to such liability is provided in advance, then such an undertaking must be limited to events which, in the opinion of the board of directors, can be foreseen based on the company’s activities when the undertaking to indemnify is given, and to an amount or according to criteria determined by the board of directors as reasonable under the circumstances, and such undertaking shall detail the abovementioned foreseen events and amount or criteria; |
| · | reasonable litigation expenses, including attorneys’ fees, incurred by the office holder (1) as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, provided that (i) no indictment was filed against such office holder as a result of such investigation or proceeding; and (ii) no financial liability was imposed upon him or her as a substitute for the criminal proceeding as a result of such investigation or proceeding or, if such financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent; and (2) in connection with a monetary sanction; and |
| · | reasonable litigation expenses, including attorneys’ fees, incurred by the office holder or imposed by a court in proceedings instituted against him or her by the company, on its behalf, or by a third party, or in connection with criminal proceedings in which the office holder was acquitted, or as a result of a conviction for an offense that does not require proof of criminal intent. |
Under the Israeli Companies Law, a company may insure an office holder against the following liabilities incurred for acts performed by him or her as an office holder if and to the extent provided in the company’s articles of association:
| · | a breach of the duty of loyalty to the company, provided that the office holder acted in good faith and had a reasonable basis to believe that the act would not harm the company; |
| · | a breach of duty of care to the company or to a third party, to the extent such a breach arises out of the negligent conduct of the office holder; and |
| · | a financial liability imposed on the office holder in favor of a third party. |
Under the Israeli Companies Law, a company may not indemnify, exculpate or insure an office holder against any of the following:
| · | a breach of the duty of loyalty, except for indemnification and insurance for a breach of the duty of loyalty to the company to the extent that the office holder acted in good faith and had a reasonable basis to believe that the act would not harm the company; |
| · | a breach of duty of care committed intentionally or recklessly, excluding a breach arising out of the negligent conduct of the office holder; |
| · | an act or omission committed with intent to derive illegal personal benefit; or |
| · | a fine or forfeit levied against the office holder. |
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Under the Israeli Companies Law, exculpation, indemnification and insurance of office holders in a public company must be approved by the compensation committee and the board of directors and, with respect to certain office holders or under certain circumstances, also by the shareholders. See “Management—Approval of Related Party Transactions under Israeli Law.”
The Company’s amended and restated articles of association permit it to exculpate, indemnify and insure its office holders to the fullest extent permitted or to be permitted by the Israeli Companies Law.
The Company has obtained directors’ and officers’ liability insurance for the benefit of its office holders and intends to continue to maintain such coverage and pay all premiums thereunder to the fullest extent permitted by the Israeli Companies Law. In addition, prior to the closing of our initial public offering, the Company entered into agreements with each of its directors and executive officers exculpating them from liability to the Company for damages caused to us as a result of a breach of duty of care and undertaking to indemnify them, in each case, to the fullest extent permitted by our amended and restated articles of association and the Israeli Companies Law, including with respect to liabilities resulting from our initial public offering to the extent that these liabilities are not covered by insurance. In the opinion of the Commission, indemnification of directors and office holders for liabilities arising under the Securities Act, however, is against public policy and therefore unenforceable.
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
The exhibits listed on the exhibit index at the end of this Registration Statement are included in this Registration Statement.
Item 9. Undertakings
The undersigned Registrant, Kornit Digital Ltd., 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; |
| (b) | to reflect in the prospectus any facts or events arising after the effective date of this 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 this Registration Statement; and |
| (c) | to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement. |
Provided, however, that paragraphs (a) and (b) do not apply if 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 Section 15(d) of the Exchange Act that are incorporated by reference in this 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; and |
| (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; and |
The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Sections 13(a) or 15(d) of the Exchange Act that is incorporated by reference in this 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 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 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.
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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 Rosh Ha-Ayin, Israel on this 7th day of May, 2015.
| KORNIT DIGITAL LTD. |
| By: /s/ Gabi Seligsohn |
| Name: Gabi Seligsohn |
| Title: Chief Executive Officer |
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that each person whose signature appears below hereby constitutes and appoints Gabi Seligsohn and Guy Avidan, and each of them severally, acting alone and without the other, his or her true and lawful attorneys-in-fact and agents, with full power to act separately and full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and all additional registration statements pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or either of them or his or her or their substitute or 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 and entity on May 7, 2015 in the capacities indicated:
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Signatures |
Title |
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/s/ Gabi Seligsohn |
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| Gabi Seligsohn | Chief Executive Officer (Principal Executive Officer) |
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/s/ Guy Avidan |
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| Guy Avidan | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
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/s/ Yuval Cohen |
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| Yuval Cohen | Chairman of the Board of Directors |
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/s/ Ofer Ben-Zur |
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| Ofer Ben-Zur | Director |
| __________________________ | |
| Eli Blatt | Director |
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/s/ Lauri Hanover |
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| Lauri Hanover | Director |
| __________________________ | |
| Marc Lesnick | Director |
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/s/ Alon Lumbroso |
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| Alon Lumbroso | Director |
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/s/ Jerry Mandel |
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| Jerry Mandel | Director |
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/s/ Dov Ofer |
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| Dov Ofer | Director |
| KORNIT DIGITAL NORTH AMERICA INC. | Authorized Representative in the United States |
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By: /s/ Ofer Ben-Zur Name: Ofer Ben-Zur
|
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EXHIBITS
|
Exhibit No. |
Description |
| 5.1 | Opinion of Meitar Liquornik Geva Leshem Tal, Attorneys at Law, Israeli counsel to the Registrant, as to the validity of the ordinary shares (including consent) |
| 23.1 | Consent of Kost, Forer, Gabbay and Kasierer, a member of Ernst & Young Global |
| 23.2 | Consent of Meitar Liquornik Geva Leshem Tal, Attorneys at Law (included in Exhibit 5.1) |
| 24.1 | Power of Attorney (included in signature page to this Registration Statement) |
| 99.1 | Kornit Digital Ltd. 2004 Share Option Plan (incorporated by reference to Exhibit 10.1 of the Registration Statement on Form F-1 of the Registrant (File No. 333-202291)) |
| 99.2 | Kornit Digital Ltd. 2012 Share Incentive Plan (incorporated by reference to Exhibit 10.2 of the Registration Statement on Form F-1 of the Registrant (File No. 333-202291)) |
| 99.3 | Kornit Digital Ltd. 2015 Incentive Compensation Plan (incorporated by reference to Exhibit 10.21 of the Registration Statement on Form F-1 of the Registrant (File No. 333-202291)) |
| 99.4 | Kornit Digital Ltd. 2015 Employee Share Purchase Plan (incorporated by reference to Exhibit 10.22 of the Registration Statement on Form F-1 of the Registrant (File No. 333-202291)) |
7
Exhibit 5.1
Kornit Digital Ltd.
12 Ha`Amal Street, Afek Park
Rosh-Ha`Ayin 4809246, Israel
May 7, 2015
Re: Registration Statement on Form S-8
Ladies and Gentlemen:
We have acted as Israeli counsel to Kornit Digital Ltd., a company organized under the laws of the State of Israel (the “Company”), in connection with its registration statement on Form S-8 (the “Registration Statement”) to be filed with the Securities and Exchange Commission under the Securities Act of 1933 (the “Securities Act”) covering up to 3,698,706 ordinary shares of the Company, par value New Israeli Shekel 0.01 per share (“Ordinary Shares”), in the aggregate (collectively, the “Shares”), consisting of (i) 1,096,668 Ordinary Shares issuable upon the exercise of options granted prior to the date hereof under the Company’s 2004 Share Option Plan (the “2004 Plan”), (ii) 1,693,644 Ordinary Shares issuable upon the exercise of options granted prior to the date hereof under the Company’s 2012 Share Incentive Plan (the “2012 Plan”), (iii) 665,969 that are available for future grants under the Company’s 2015 Incentive Compensation Plan (the “2015 Plan”) and 242,425 Ordinary Shares that are available for purchase under the Company’s 2015 Employee Share Purchase Plan, and together with the 2004 Plan, the 2012 Plan and the 2015 Plan, the “Plans”).
In connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of the Plans, the Registration Statement, the Company’s Articles of Association (as amended), and such other agreements, certificates, resolutions, minutes and other statements of corporate officers and other representatives of the Company and others and other documents provided to us by the Company as we have deemed necessary or appropriate as a basis for this opinion.
In rendering an opinion on the matters hereinafter set forth, we have assumed the authenticity of all original documents submitted to us as certified, conformed or photographic copies thereof, the genuineness of all signatures and the due authenticity of all persons executing such documents. We have assumed the same to have been properly given and to be accurate. We have also assumed the truth of all facts communicated to us by the Company and that all consents, minutes and protocols of meetings of the Company’s board of directors which have been provided to us are true and accurate and have been properly prepared in accordance with the Company’s Articles of Association (as amended) and all applicable laws. In addition, we have assumed that the Company will receive the full consideration for the Shares (which may consist, in part or in full, of services performed for the Company).
Members of our firm are admitted to the Bar in the State of Israel, and we do not express any opinion as to the laws of any other jurisdiction. This opinion is limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated.
Based upon and subject to the foregoing, we are of the opinion that the Shares have been duly authorized and reserved for issuance and, when issued and paid for, will be legally issued, fully paid and non-assessable.
We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement. In giving this opinion and such consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, the rules and regulations of the Securities and Exchange Commission promulgated thereunder or Item 509 of Regulation S-K promulgated under the Securities Act.
This opinion letter is rendered as of the date hereof and we disclaim any obligation to advise you of facts, circumstances, events or developments that may be brought to our attention after the effective date of the Registration Statement that may alter, affect or modify the opinions expressed herein.
| Very truly yours, | |
|
/s/ Meitar Liquornik Geva Leshem Tal Meitar Liquornik Geva Leshem Tal |
EXHIBIT 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement on Form S-8 pertaining to the Kornit Digital Ltd. 2004 Share Option Plan, 2012 Share Incentive Plan, 2015 Incentive Compensation Plan and 2015 Employee Share Purchase Plan,, of our report dated February 25, 2015, (except for Notes 2v, 9, 10, 11i, 15c and 15d, as to which the date is March 18, 2015), with respect to the consolidated financial statements of Kornit Digital Ltd. and its subsidiaries included in its Registration Statement on Form F-1 (File No. 333-202291), filed with the Securities and Exchange Commission on March 18, 2015.
| /s/ KOST FORER GABBAY & KASIERER | |
| Tel-Aviv, Israel | KOST FORER GABBAY & KASIERER |
| May 6, 2015 | A Member of Ernst & Young Global |