Clicksoftware Technologies Ltd - Securities Registration: Employee Benefit Plan (S-8)
20 Março 2008 - 2:54PM
Edgar (US Regulatory)
AS
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 20, 2008
REGISTRATION
NO. 333-
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
REGISTRATION
STATEMENT
ON
FORM S-8
UNDER
THE
SECURITIES ACT OF 1933
CLICKSOFTWARE
TECHNOLOGIES LTD.
(EXACT
NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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ISRAEL
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NOT
APPLICABLE
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(STATE
OR OTHER JURISDICTION OF
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(I.R.S.
EMPLOYER
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INCORPORATION
OR ORGANIZATION)
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IDENTIFICATION
NUMBER)
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11
BEN GURION STREET
GIVAT
SHMUEL, ISRAEL
(ADDRESS
OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
2000
SHARE OPTION PLAN, AS AMENDED
(FULL
TITLE OF THE PLANS)
DR.
MOSHE BEN-BASSAT
CHIEF
EXECUTIVE OFFICER
CLICKSOFTWARE
TECHNOLOGIES LTD.
35
CORPORATE DRIVE SUITE 140
BURLINGTON,
MA 01803
(781)
272-5903
(NAME
AND ADDRESS OF AGENT FOR SERVICE)
COPIES
TO:
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PHYLLIS
KORFF, ESQ.
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RICHARD
MANN, ESQ.
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SKADDEN,
ARPS, SLATE, MEAGHER & FLOM LLP
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GROSS,
KLEINHENDLER, HODAK, BERKMAN & CO.
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FOUR
TIMES SQUARE
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ONE
AZRIELI CENTER
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NEW
YORK, NY 10036
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CIRCULAR
TOWER
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TEL
AVIV 67021
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ISRAEL
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CALCULATION
OF REGISTRATION FEE
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PROPOSED
MAXIMUM
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PROPOSED
MAXIMUM
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AMOUNT
OF
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AMOUNT
TO BE
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OFFERING
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AGGREGATE
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REGISTRATION
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TITLE
OF SECURITIES TO BE REGISTERED
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REGISTERED
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PRICE
PER SHARE(1)
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OFFERING
PRICE
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FEE
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Ordinary
Shares, NIS 0.02 par value, to be
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issued
under the 2000 Share Option Plan,
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as
amended July 20,2004
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1,250,000
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$2.70
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$3,375,000
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$132.64
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TOTAL:
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1,250,000
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(1)
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Calculated
in accordance with Rule 457(h) and Rule 457(c) under the Securities Act of
1933, as amended, solely for the purpose of calculating the registration
fee based on the price of $2.70 per share, which was the average of the
high and low price per Ordinary Share as reported on the Nasdaq
Capital Market on March 19, 2008.
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EXPLANATORY
NOTE
On
July 21, 2000, ClickSoftware Technologies Ltd. (the "Registrant" or the
"Company") filed a Registration Statement on Form S-8 (File No. 333-42000) with
the Securities and Exchange Commission (the "Commission") to register an
aggregate of 5,254,584 ordinary shares of the Registrant that may be issued
pursuant to the Registrant's 1996 Option Plan, 1998 Option Plan, 1999 Option
Plans, 2000 U.S. Option Plan, 2000 Israeli Plan, 2000 Share Option Plan, and
2000 Employee Share Purchase Plan.
Pursuant
to the 2000 Share Option Plan, as amended, the number of ordinary shares made
available under the 2000 Share Option Plan will be automatically increased on
the first day of the Company's fiscal year to equal the lesser of: (i) 5% of the
outstanding ordinary shares on such date, (ii) 1,250,000 ordinary shares, and
(iii) an amount determined by the Company’s board of directors (the “Evergreen
Mechanism”).
Accordingly,
the number of ordinary shares reserved under the 2000 Share Option Plan was
increased by 400,000 ordinary shares effective January 1, 2004. In
addition, in September 2003, the Company’s board of directors adopted a
resolution to increase the number of ordinary shares made available under the
2000 Employee Share Purchase Plan by 250,000 ordinary shares. On April 29,
2004, the Registrant filed with the Commission a Registration Statement on Form
S-8 (File No. 333-115003) to register an additional 650,000 ordinary shares
of the Registrant that may be issued pursuant to the 2000 Share Option Plan, as
amended, and the Company's 2000 Employee Share Purchase Plan.
In
accordance with the Evergreen Mechanism, the number of ordinary shares reserved
under the 2000 Share Option Plan was increased by 450,000 ordinary shares
effective January 1, 2006. On June 29, 2006, the Registrant filed
with the Commission a Registration Statement on Form S-8 (File No. 333-30827) to
register an additional 450,000 ordinary shares of the Registrant that may
be issued pursuant to the 2000 Share Option Plan, as amended. On March 15,
2007, the Registrant filed with the Commission a Registration Statement on Form
S-8 (File No. 333-141307) to register an additional 450,000 ordinary shares
of the Registrant that may be issued pursuant to the 2000 Share Option Plan, as
amended.
In
accordance with the Evergreen Mechanism, effective as of January 1, 2008, the
Company’s board of directors ratified the automatic increase in the number of
shares reserved under the 2000 Share Option Plan, as amended, by 1,250,000
ordinary shares.
The
Registrant is filing this Registration Statement on Form S-8 to register an
additional 1,250,000 ordinary shares of the Company, which may be issued upon
the exercise of options which have been granted or may hereafter be granted
under the 2000 Share Option Plan.
Pursuant
to General Instruction E to Form S-8, the contents of the Registration
Statements previously filed with the Commission relating to the 2000 Share
Option Plan referred to above are incorporated by reference, except as revised
herein.
PART
I
INFORMATION
REQUIRED IN THE SECTION 10(A) PROSPECTUS
All
information required by Part I to be contained in the prospectus is omitted from
this Registration Statement in accordance with Rule 428 and the introductory
note to Part I of Form S-8, in each case under the Securities Act of
1933.
PART
II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item
3. Information Incorporated by Reference.
There
are hereby incorporated by reference in this Registration Statement the
following documents and information heretofore filed with the
Commission:
(a) Annual
Report on Form 20-F for the fiscal year ended December 31, 2006 filed with the
Commission on April 11, 2007;
(b) Current
Reports on Form 6-K filed with the Commission on February 7, 2007, April 12,
2007, May 2, 2007, June 7, 2007, July 25, 2007, October 31, 2007 and January 30,
2008;
(c) The
description of the Registrant’s ordinary shares contained under the headings
"Description of Share Capital," "Shares Eligible for Future Sale" and "United
States Federal Income Tax Considerations" contained in the Registrant's
Registration Statement on Form S-1 filed with the Commission on June 1, 2000,
including any amendment or report filed for the purpose of updating such
description;
(d) The
Company's Registration Statement on Form 8-A filed pursuant to Section 12 of the
Securities and Exchange Act of 1934 (the "Exchange Act") on June 19, 2000,
and any further amendment or report filed hereafter for the purpose of updating
any such description; and
(e) All
documents subsequently filed by the Company pursuant to Sections 13(a), 13(c),
14 and 15(d) of the Exchange Act after the date of this Registration Statement
and 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 by reference in this
Registration Statement and to be part hereof from the date of filing such
documents.
Item
4. Description of Securities
Not
applicable.
Item
5. Interests of Named Experts and Counsel
Not
applicable.
Item
6. Indemnification of Directors and Officers
The
Company’s amended and restated articles of association allow it to indemnify,
exculpate and insure its office holders to the fullest extent permitted under
the Israeli Companies Law.
Under
the Israeli Companies Law, a company may indemnify an office holder against any
monetary liability incurred in his or her capacity as an office holder whether
imposed on him or her or incurred by him or her in favor of another person
pursuant to a judgment, a settlement or an arbitrator’s award approved by
court. A company also can indemnify an office holder against
reasonable litigation expenses, including attorneys’ fees, incurred, whether or
not paid by him or her in his or her capacity as an office holder, in
proceedings instituted against him or her by the company, on its behalf or by a
third party, in connection with criminal proceedings in which the office
holder was acquitted, or as a result of a conviction for a crime that does not
require proof of criminal intent.
In
addition, a company may indemnify an office holder against reasonable legal
fees, including attorney’s fees, incurred, whether or not paid by him or her, by
him or her in his or her capacity as an office holder in consequence of an
investigation or proceeding instituted against him or her by an authority that
is authorized to conduct such investigations or proceedings, and that was
resolved without an indictment against him or her and without imposing on him or
her a financial obligation as an alternative to a criminal proceeding, or that
was resolved without filing an indictment against him or her but with the
imposition on him or her of a financial obligation as an alternative to a
criminal proceeding in respect of an offense that does not require the proof of
criminal intent.
A
company may indemnify an office holder in respect of some liabilities, either in
advance of an event or following an event. If a company undertakes to indemnify
an office holder in advance of an event, the indemnification, other than
litigation expenses, must be limited to foreseeable events in light of the
company’s actual activities when the company undertook such indemnification, and
to reasonable amounts or standards, as determined by the board of
directors.
A
company may obtain insurance for an office holder against liabilities incurred
in his or her capacity as an office holder. These liabilities include a breach
of duty of care to the company or a third party, including a breach arising
out of negligent conduct of the office holder, a breach of duty of loyalty and
any monetary liability imposed on the office holder in favor of a
third party.
A
company may exculpate an office holder from a breach of duty of care in advance
of that breach. The Company’s articles of association provide for
exculpation to the extent permitted under Israeli law. A company may
not exculpate an office holder from a breach of duty of loyalty towards the
company. A company may also not exculpate a director in advance from
a breach of duty of care concerning a distribution (as defined in the Israeli
Companies Law).
An
Israeli company may only indemnify or insure an office holder against a breach
of duty of loyalty to the extent that the office holder acted in good faith and
had reasonable grounds to assume that the action would not prejudice the
company. In addition, an Israeli company may not indemnify, insure or exculpate
an office holder against a breach of duty of care if committed intentionally or
recklessly (excluding mere negligence), or committed with the intent to derive
an unlawful personal gain, or for a fine or forfeit levied against the office
holder in connection with a criminal offense.
As
permitted under Israeli law, the Company has agreements whereby it
indemnifies its officers and directors for certain acts or omissions that
may have been made or will be made in the future by the officers and directors
by virtue of their service as a director or officer of the Company or, on behalf
of the Company, in a company controlled by the Company or in which the Company
has an interest. The maximum aggregate indemnification amount that the Company
may pay to all of its directors and officers pursuant to all letters of
indemnification issued and that may be issued by the Company is $20
million.
The
Company has director and officer insurance coverage that may limit
its exposure and may enable the Company to recover a portion of any future
amounts paid. The Company has agreed with its officers and
directors in its letters of exemption, indemnification and insurance to maintain
liability insurance applicable to directors and officers in an amount of not
less than $10,000,000. In addition, in the event of the acquisition of the
Company by a third party or in the event of the cessation of the activities of
the Company, the Company has agreed to procure and maintain a “run-off” policy,
which will extend directors and officers insurance coverage to our officers and
directors for a reasonable period after the date of such acquisition or the
cessation of the activities of the Company.
The
Company has also agreed to exempt its officers and directors from liabilities
and damage to the Company as a result of a breach of duty of care towards us,
while acting in good faith, subject to applicable law. The exemption will not
apply to (i) a breach of the duty of care in a distribution, as defined in the
Israeli Companies Law, (ii) counter claims filed against the director/officer by
us in a lawsuit instigated by the director/officer, (iii) a breach of duty of
care if the breach was done willfully or recklessly and (iv) other circumstances
provided by the Israeli Companies Law.
Item
8. Exhibits.
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EXHIBIT
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DESCRIPTION
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NUMBER
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4.1
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(1)
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2000
Share Option Plan, as amended
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4.2
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Articles
of Association of ClickSoftware Technologies Ltd., amended and restated as
of July 9, 2007
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5.1
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Opinion
of Gross, Kleinhendler, Hodak, Berkman & Co.
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23.1
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Consent
of Brightman Almagor & Co., Independent Auditor
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23.2
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Consent
of Gross, Kleinhendler, Hodak, Berkman & Co.
(contained
in Exhibit 5.1)
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24.1
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Power
of Attorney (included in signature page to this Registration
Statement)
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(1)
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Incorporated
by reference to the Registrant's definitive proxy statement filed on June
21, 2004.
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Item
9. Undertakings.
(a) 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 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.
(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.
(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.
(b) The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant’s annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan's annual report
pursuant to Section 15(d) of the Exchange Act) 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.
(c) 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 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.
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 City of Burlington,
State of Massachusetts, on March 11, 2008.
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CLICKSOFTWARE
TECHNOLOGIES LTD.
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By:
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/S/
MOSHE BENBASSAT
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Moshe
BenBassat
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Chief
Executive Officer
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POWER
OF ATTORNEY
KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below
constitutes and appoints Moshe BenBassat and Shmuel Arvatz, jointly and
severally, his attorneys-in-fact, each with full power of substitution, for him
in any and all capacities, to sign any amendments to this Registration Statement
on Form S-8, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission, hereby
ratifying and confirming all that each of said attorneys-in-fact, or his
substitute or substitutes, may do or cause to be done by virtue
hereof.
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:
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SIGNATURE
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TITLE
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DATE
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/s/
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Moshe
Benbassat
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Chairman
of the Board of Directors & Chief Executive Officer
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March
11, 2008
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Moshe
BenBassat
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(Principal
Executive Officer)
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/s/
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Shmuel
Arvatz
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Chief
Financial Officer (Principal
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March
11, 2008
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Shmuel
Arvatz
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Financial
and Accounting Officer)
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/s/
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Naomi
Atsmon
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Director
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March
11, 2008
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Naomi
Atsmon
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/s/
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Israel Borovich
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Director
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March
11, 2008
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Israel
Borovich
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/s/
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Roni
Einav
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Director
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March
11, 2008
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Roni
Einav
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/s/
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Dan
Falk
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Director
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March
11, 2008
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Dan
Falk
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/s/
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James
W. Thanos
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Director
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March
11, 2008
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James
W. Thanos
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/s/
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Gil
Weiser
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Director
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March
11, 2008
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Gil
Weiser
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INDEX
TO EXHIBITS
|
EXHIBIT
|
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DESCRIPTION
|
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NUMBER
|
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|
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4.1
|
(1)
|
|
2000
Share Option Plan, as amended
|
|
4.2
|
|
|
Articles
of Association of ClickSoftware Technologies Ltd., amended and restated as
of July 9, 2007
|
|
5.1
|
|
|
Opinion
of Gross, Kleinhendler, Hodak, Berkman & Co.
|
|
23.1
|
|
|
Consent
of Brightman Almagor & Co., Independent Auditor
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23.2
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Consent
of Gross, Kleinhendler, Hodak, Berkman & Co.
(contained
in Exhibit 5.1)
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24.1
|
|
|
Power
of Attorney (included in signature page to this Registration
Statement)
|
|
|
(1)
|
Incorporated
by reference to the Registrant's definitive proxy statement filed on June
21, 2004.
|
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