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EX-5.1 - EX-5.1 - Freshpet, Inc. | d908066dex51.htm |
As filed with the Securities and Exchange Commission on April 29, 2015
Registration No. 333-203368
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 2
TO
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
FRESHPET, INC.
(Exact name of registrant as specified in its charter)
Delaware | 2047 | 20-1884894 | ||
(State or other jurisdiction of incorporation or organization) |
Primary Standard Industrial Classification Code Number) |
(I.R.S. Employer Identification Number) |
400 Plaza Drive, 1st Floor
Secaucus, New Jersey 07094
(201) 520-4000
(Address, including zip code, and telephone number, including area code, of registrants principal executive offices)
Richard Kassar
Chief Financial Officer
400 Plaza Drive, 1st Floor
Secaucus, New Jersey 07094
(201) 520-4000
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies of all communications, including communications sent to agent for service, should be sent to:
Christian O. Nagler, Esq. Andrew M. Herman, Esq. Kirkland & Ellis LLP 601 Lexington Avenue New York, New York 10022 (212) 446-4800 |
Marc D. Jaffe, Esq. Senet S. Bischoff, Esq. Latham & Watkins LLP 885 Third Avenue New York, New York 10022 (212) 906-1200 |
Approximate date of commencement of proposed sale to the public:
As soon as practicable after this Registration Statement becomes effective.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: ¨
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities act registration statement number of the earlier effective registration statement for the same offering. ¨
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer | ¨ | Accelerated filer | ¨ | |||
Non-accelerated filer | x (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
CALCULATION OF REGISTRATION FEE
| ||||||||
Title of Each Class of Securities to be Registered |
Amount to be Registered(1) |
Proposed Maximum Offering Price Per Share |
Proposed Maximum Offering Price(1)(2) |
Amount of Registration Fee(3) | ||||
Common Stock, $0.001 par value per share |
6,110,353 | $22.86 | $139,682,670 | $16,231.13 | ||||
| ||||||||
|
(1) | Includes the additional shares of common stock that the underwriters have the option to purchase. |
(2) | Estimated solely for the purpose of calculating the registration fee. In accordance with Rule 457(c) under the Securities Act of 1933, as amended, the price shown is the average of the high and low selling price of the common stock on April 24, 2015, as reported on The Nasdaq Global Market. |
(3) | A registration fee of $16,231.13 was previously paid. |
The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
Explanatory Note
This Amendment No. 2 to the Registration Statement on Form S-1 of Freshpet, Inc. is being filed solely for the purpose of filing Exhibit 5.1. No changes have been made to Part I of the Registration Statement. Accordingly, Part I has been omitted from this amendment.
PART IIINFORMATION NOT REQUIRED IN PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution.
The following table sets forth all costs and expenses, other than the underwriting discounts payable by us, in connection with the offer and sale of the common stock being registered. All amounts shown are estimates except for the Securities and Exchange Commission (SEC) registration fee and the Financial Industry Regulatory Authority, Inc. (FINRA) filing fee.
Amount | ||||
SEC registration fee |
$ | 16,231 | ||
FINRA filing fee |
21,453 | |||
Nasdaq Listing fee |
| |||
Printing expenses |
205,000 | |||
Accounting fees and expenses |
175,000 | |||
Legal fees and expenses |
250,000 | |||
Transfer Agent and Registrar fees and expenses |
15,000 | |||
Miscellaneous expenses |
30,000 | |||
|
|
|||
Total |
$ | 712,684 | ||
|
|
Item 14. Indemnification of Officers and Directors.
Section 102(b)(7) of the DGCL allows a corporation to provide in its certificate of incorporation that a director of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except where the director breached the duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our Certificate of Incorporation provides for this limitation of liability.
Section 145 of the DGCL (Section 145), provides that a Delaware corporation may indemnify any person who was, is or is threatened to be made, party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was an officer, director, employee or agent of such corporation or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the corporations best interests and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was illegal. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him against the expenses which such officer or director has actually and reasonably incurred.
Section 145 further authorizes a corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or enterprise, against any liability asserted against him and incurred by him in any such capacity, or arising out of his or her status as such, whether or not the corporation would otherwise have the power to indemnify him under Section 145.
Our Certificate of Incorporation provides that we must indemnify our directors and officers to the fullest extent authorized by the DGCL and must also pay expenses incurred in defending any such proceeding in advance of its final disposition upon delivery of an undertaking, by or on behalf of an indemnified person, to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under this section or otherwise.
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We have entered into indemnification agreements with each of our current directors and officers. These agreements require us to indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified.
The indemnification rights set forth above shall not be exclusive of any other right which an indemnified person may have or hereafter acquire under any statute, provision of our Certificate of Incorporation, our Bylaws, agreement, vote of stockholders or disinterested directors or otherwise.
We maintain standard policies of insurance that provide coverage (1) to our directors and officers against loss rising from claims made by reason of breach of duty or other wrongful act and (2) to us with respect to indemnification payments that we may make to such directors and officers.
The proposed form of underwriting agreement to be filed as Exhibit 1.1 to this Registration Statement provides for indemnification to our directors and officers by the underwriters against certain liabilities.
Item 15. Recent Sales of Unregistered Securities
We sold 2,410,753 shares of Series C Preferred Stock to existing stockholders in the time period since January 1, 2012 in exchange for an aggregate of $12,634,854. In the time period since January 1, 2012, we issued to directors, officers, employees and contractors options to purchase an aggregate of 74,824 shares of common stock with exercise prices of $7.10 per share pursuant to the 2010 Plan. In the time period since January 1, 2012, upon the exercise of stock options, we have issued 7,952 shares of common stock to certain officers, directors, employees and contractors in exchange for an aggregate of $49,889. No underwriters were used in connection with the transactions. The sale of such securities was exempt from registration pursuant to Section 4(a)(2) of the Securities Act as transactions by an issuer not involving a public offering and/or Rule 506 promulgated under the Securities Act. All of the purchasers in these transactions represented to us in connection with their purchase that they were acquiring the shares for investment and not distribution, and that they could bear the risks of the investment and could hold the securities for an indefinite period of time. Such purchasers received written disclosures that the securities had not been registered under the Securities Act and that any resale must be made pursuant to a registration or an available exemption from such registration. All of the foregoing securities are deemed restricted securities for the purposes of the Securities Act.
Item 16. Exhibits
(1) | Exhibits: |
The exhibit index attached hereto is incorporated herein by reference.
(2) | Financial Statement Schedules: |
No financial statement schedules are provided because the information called for is not required or is shown in the financial statements or the notes thereto.
Item 17. Undertakings
(a) | 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 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 |
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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. |
(b) | The undersigned Registrant hereby undertakes that: |
(1) | For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be a part of this registration statement as of the time it was declared effective. |
(2) | For purposes of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus 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. |
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Secaucus, State of New Jersey, on April 29, 2015.
FRESHPET, INC.
By: | /s/ Richard Kassar | |
Name: Richard Kassar | ||
Title: Chief Financial Officer |
* * * *
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons on April 29, 2015 in the capacities indicated.
Signature |
Title | |
* Richard Thompson |
Chief Executive Officer and Director (Principal Executive Officer) | |
/s/ Richard Kassar Richard Kassar |
Chief Financial Officer (Principal Accounting and Financial Officer) | |
* Charles A. Norris |
Director | |
* J. David Basto |
Director | |
* Daryl G. Brewster |
Director | |
* Lawrence S. Coben |
Director | |
* Walter N. George III |
Director |
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Signature |
Title | |
* Christopher B. Harned |
Director | |
* Robert C. King |
Director | |
* Jonathan S. Marlow |
Director | |
* Craig D. Steeneck |
Director |
By: | /s/ Richard Kassar | |
Richard Kassar | ||
Attorney-in-Fact |
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EXHIBIT INDEX
Exhibit No. |
Description | |
1.1 | Form of Underwriting Agreement | |
3.1 | Third Amended and Restated Certificate of Incorporation (incorporated by reference to the Companys Registration on Form S-8 filed on December 12, 2014) | |
3.2 | Amended and Restated Bylaws (incorporated by reference to the Companys Registration on Form S-8 filed on December 12, 2014) | |
4.1 | Warrant Agreement, dated as of October 5, 2007, between the Company and City National Bank, a national banking association (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
5.1* | Opinion of Kirkland & Ellis LLP | |
10.1 | Amended and Restated Credit Agreement, dated as of April 12, 2013, among the Company, the several banks and other lenders from time to time parties to thereto and OneWest Bank, FSB, as administrative agent for the lenders (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.2 | First Amendment to Amended and Restated Credit Agreement, dated as of May 7, 2013, among the Company, the several banks and other lenders from time to time parties thereto and OneWest Bank, FSB, as administrative agent for the lenders (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.3 | Second Amendment to Amended and Restated Credit Agreement, dated as of July 2, 2013, among the Company, the several banks and other lenders from time to time parties thereto and OneWest Bank, FSB, as administrative agent for the lenders (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.4 | Third Amendment to Amended and Restated Credit Agreement, dated as of September 30, 2013, among the Company, the several banks and other lenders from time to time parties thereto and OneWest Bank, FSB, as administrative agent for the lenders (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.5 | Fourth Amendment to Amended and Restated Credit Agreement, dated as of May 28, 2014, among the Company, the several banks and other lenders from time to time parties thereto and OneWest Bank N.A. (incorporated by reference to Amendment No. 1 to the Companys Registration Statement on Form S-1 filed on October 2, 2014) | |
10.6 | Fifth Amendment to Amended and Restated Credit Agreement, dated as of October 23, 2014, among the Company, the several banks and other lenders from time to time parties thereto and OneWest Bank N.A. (incorporated by reference to Amendment No. 2 to the Companys Registration Statement on Form S-1 filed on October 27, 2014) | |
10.7 | Amended and Restated Loan and Security Agreement, dated as of December 23, 2010, by and between the Company and City National Bank, a national banking association, as lender (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.8 | Amendment Number One to Amended and Restated Loan and Security Agreement, dated as of February 9, 2012, by and between the Company and City National Bank, a national banking association, as lender (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) |
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Exhibit No. |
Description | |
10.9 | Amendment Number Two to Amended and Restated Loan and Security Agreement, dated as of May 2, 2012, by and between the Company and City National Bank, a national banking association, as lender (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.10 | Amendment Number Three to Amended and Restated Loan and Security Agreement, dated as of June 8, 2012, by and between the Company and City National Bank, a national banking association, as lender (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.11 | Amendment Number Four to Amended and Restated Loan and Security Agreement, dated as of May 3, 2013, by and between the Company and City National Bank, a national banking association, as lender (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.12 | Amendment Number Five to Amended and Restated Loan and Security Agreement, dated as of March 14, 2014, by and between the Company and City National Bank, a national banking association, as lender (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.13 | Amendment Number Six to Amended and Restated Loan and Security Agreement, dated as of September 4, 2014, by and between the Company and City National Bank, a national banking association, as lender (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.14 | Amendment Number Seven to Amended and Restated Loan and Security Agreement, dated as of October 23, 2014, by and between the Company and City National Bank, a national banking association, as lender (incorporated by reference to Amendment No. 2 to the Companys Registration Statement on Form S-1 filed on October 27, 2014) | |
10.15 | Second Amended and Restated Loan and Security Agreement by and between the Company and City National Bank, a national banking association, as the arranger and administrative agent, OneWest Bank, as syndication agent, and the lenders thereto (incorporated by reference to the Companys Form 8-K filed on November 19, 2014) | |
10.16 | Amendment Number One to Second Amended and Restated Loan and Security Agreement by and between the Company and City National Bank, a national banking association, as the arranger and administrative agent, and the lenders thereto (incorporated by reference to the Companys Form 8-K filed on December 29, 2014) | |
10.17 | Amendment Number Two to Second Amended and Restated Loan and Security Agreement by and between the Company and City National Bank, a national banking association, as the arranger and administrative agent, and the lenders thereto (incorporated by reference to the Companys Form 10-K filed on March 31, 2015) | |
10.18 | Amendment Number Three to Second Amended and Restated Loan and Security Agreement by and between the Company and City National Bank, a national banking association, as the arranger and administrative agent, and the lenders thereto (incorporated by reference to the Companys Form 10-K filed on March 31, 2015) | |
10.19 | Freshpet, Inc. 2014 Omnibus Incentive Plan (incorporated by reference to the Companys Registration on Form S-8 filed on December 12, 2014) | |
10.20 | Professor Connors, Inc. 2010 Stock Option Plan (incorporated by reference to the Companys Registration on Form S-8 filed on December 12, 2014) |
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Exhibit No. |
Description | |
10.21 | Professor Connors, Inc. 2006 Stock Plan (incorporated by reference to the Companys Registration on Form S-8 filed on December 12, 2014) | |
10.22 | Form of Restricted Stock Agreement Pursuant to the Freshpet, Inc. 2014 Omnibus Incentive Plan (incorporated by reference to Amendment No. 2 to the Companys Registration Statement on Form S-1 filed on October 27, 2014) | |
10.23 | Form of Restricted Stock Unit Agreement Pursuant to the Freshpet, Inc. 2014 Omnibus Incentive Plan (incorporated by reference to Amendment No. 2 to the Companys Registration Statement on Form S-1 filed on October 27, 2014) | |
10.24 | Form of Incentive Stock Option Agreement Pursuant to the Freshpet, Inc. 2014 Omnibus Incentive Plan (incorporated by reference to Amendment No. 2 to the Companys Registration Statement on Form S-1 filed on October 27, 2014) | |
10.25 | Form of Nonqualified Stock Option Agreement Pursuant to the Freshpet, Inc. 2014 Omnibus Incentive Plan (incorporated by reference to Amendment No. 2 to the Companys Registration Statement on Form S-1 filed on October 27, 2014) | |
10.26 | Form of Stock Appreciation Rights Agreement Pursuant to the Freshpet, Inc. 2014 Omnibus Incentive Plan (incorporated by reference to Amendment No. 2 to the Companys Registration Statement on Form S-1 filed on October 27, 2014) | |
10.27 | Form of Freshpet, Inc. Non-Employee Director Compensation Policy (incorporated by reference to Amendment No. 3 to the Companys Registration Statement on Form S-1 filed on November 4, 2014) | |
10.28 | Employment Agreement between Richard Thompson and Freshpet, Inc., dated as of December 23, 2010 (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.29 | Form of Employment Agreement between Richard Thompson and Freshpet, Inc. (incorporated by reference to Amendment No. 3 to the Companys Registration Statement on Form S-1 filed on November 4, 2014) | |
10.30 | Employment Agreement between Scott Morris and Freshpet, Inc. dated as of October 25, 2006 (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.31 | Amendment to Employment Agreement between Scott Morris and Freshpet, Inc. dated as of January 6, 2009 (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.32 | Form of Employment Agreement between Scott Morris and Freshpet, Inc. (incorporated by reference to Amendment No. 3 to the Companys Registration Statement on Form S-1 filed on November 4, 2014) | |
10.33 | Employment Agreement between Cathal Walsh and Freshpet, Inc. dated as of October 25, 2006 (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.34 | Amendment to Employment Agreement between Cathal Walsh and Freshpet, Inc. dated as of January 6, 2009 (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.35 | Form of Employment Agreement between Cathal Walsh and Freshpet, Inc. (incorporated by reference to Amendment No. 3 to the Companys Registration Statement on Form S-1 filed on November 4, 2014) |
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Exhibit No. |
Description | |
10.36 | Form of Indemnification Agreement between Freshpet, Inc. and each of its directors and executive officers (incorporated by reference to Amendment No. 3 to the Companys Registration Statement on Form S-1 filed on November 4, 2014) | |
10.37 | Form of Second Amended and Restated Stockholders Agreement (incorporated by reference to Amendment No. 3 to the Companys Registration Statement on Form S-1 filed on November 4, 2014) | |
10.38 | Amended and Restated Fee and Reimbursement Agreement among Freshpet, Inc. and the other parties thereto dated as of April 15, 2013 (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.39 | Amendment No. 1 to the Amended and Restated Fee and Reimbursement Agreement among Freshpet, Inc. and the other parties thereto dated as of October 9, 2013 (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.40 | Amendment No. 2 to the Amended and Restated Fee and Reimbursement Agreement among Freshpet, Inc. and the other parties thereto dated as of April 7, 2014 (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
10.41 | Form of Amendment No. 3 to the Amended and Restated Fee and Reimbursement Agreement among Freshpet, Inc. and the other parties thereto (incorporated by reference to Amendment No. 3 to the Companys Registration Statement on Form S-1 filed on November 4, 2014) | |
10.42 | Distribution Agreement between Tyson Foods, Inc. and Freshpet, Inc. dated as of January 6, 2009 (incorporated by reference to Amendment No. 2 to the Companys Registration Statement on Form S-1 filed on October 27, 2014) | |
10.43 | Amendment to the Distribution Agreement between Tyson Foods, Inc. and Freshpet, Inc. dated as of August 8, 2014 (incorporated by reference to Amendment No. 2 to the Companys Registration Statement on Form S-1 filed on October 27, 2014) | |
10.44 | Form of Selldown Agreement (incorporated by reference to Amendment No. 3 to the Companys Registration Statement on Form S-1 filed on November 4, 2014) | |
10.45 | Employment Agreement between Richard Kassar and Freshpet, Inc. dated as of October 31, 2014 | |
21.1 | List of Subsidiaries (incorporated by reference to the Companys Registration Statement on Form S-1 filed on September 12, 2014) | |
23.1 | Consent of KPMG LLP | |
23.2* | Consent of Kirkland & Ellis LLP (included in Exhibit 5.1) | |
24.1 | Power of Attorney (included on the signature page of this Registration Statement) | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Schema Documents | |
101.CAL | XBRL Calculation Linkbase Document | |
101.LAB | XBRL Labels Linkbase Document | |
101.PRE | XBRL Presentation Linkbase Document | |
101.DEF | XBRL Definition Linkbase Document |
* | Filed herewith. |
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