As filed with the Securities and Exchange Commission on June 6, 2002
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ITRON, INC.
(Exact name of registrant as specified in its charter)
| Washington |
91-1011792 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
2818 N. Sullivan Road
Spokane, Washington 99216-1897
(Address of principal executive offices, including area code)
ITRON, INC. 2002 EMPLOYEE STOCK PURCHASE PLAN
(Full title of the plan)
Russell N. Fairbanks, Jr.
Vice President and General Counsel
Itron, Inc.
2818 N. Sullivan Road
Spokane, Washington 99216-1897
(509) 924-9900
(Name, address and telephone number, including area code, of agent
for service)
Copy to:
Andrew Bor
Perkins
Coie LLP
1201 Third Avenue, Suite 4800
Seattle, Washington
98101-3099
(206) 583-8888
CALCULATION OF REGISTRATION FEE
| Title of Securities to be Registered |
Amount to Be Registered (1) |
Proposed Maximum Offering Price (2) |
Proposed Maximum Aggregate Offering Price |
Amount of Registration Fee (2) | |||||||
| Common Stock, no par value, under the Itron, Inc. 2002 Employee Stock Purchase Plan (3) |
520,000 |
$ |
27.76 |
$ |
14,435,200.00 |
$ |
1,329.00 | ||||
(1) |
Together with an indeterminate number of additional shares which may be necessary to adjust the number of shares reserved for issuance pursuant to such employee
benefit plan as the result of any future stock split, stock dividend or similar adjustment of the Registrant’s outstanding common stock. |
(2) |
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended. The calculation of
the registration fee is based upon a per share price of $27.76 which was the average of the high ($29.02) and low ($26.50) sales prices of Itron, Inc.’s common stock on June 3, 2002, as reported for such date by the Nasdaq National Market.
|
(3) |
Includes associated common stock purchase rights. |
PART II
INFORMATION REQUIRED IN REGISTRATION STATEMENT
Item 3. |
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE |
The following documents filed with the Securities and Exchange Commission (the “Commission”) by the registrant, Itron, Inc., a Washington corporation (the
“Registrant”), are hereby incorporated by reference in this Registration Statement:
(a) The
Registrant’s Annual Report on Form 10-K for the year ended December 31, 2001, filed on March 28, 2002, which contains audited financial statements for the most recent fiscal year for which such statements have been filed.
(b) The Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2002, filed on May
14, 2002.
(c) The description of the Registrant’s common stock contained in the registration
statement on Form 8-A filed on September 18, 1993, under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including any amendments or reports filed for the purpose of updating such description.
(d) All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Exchange Act
since the end of the fiscal year covered by the Annual Report on Form 10-K referred to in (a) above.
All
documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date hereof, and prior to the filing of a post-effective amendment which indicates that the securities offered hereby have been sold or
which deregisters the securities covered hereby then remaining unsold, shall also be deemed to be incorporated by reference into this Registration Statement and to be a part hereof commencing on the respective date of filing of such documents.
Item 4. |
DESCRIPTION OF SECURITIES |
Not applicable.
Item 5. |
INTERESTS OF NAMED EXPERTS AND COUNSEL |
None.
Item 6. |
INDEMNIFICATION OF DIRECTORS AND OFFICERS |
Under the Washington Business Corporation Act, a corporation may indemnify directors against reasonable expenses for liability incurred in the defense of any proceeding to which such individuals were a
party because of their position with the corporation. The director must have acted in good faith and reasonably believed that the conduct in the individual’s official capacity was in the best interests of the corporation and in all other cases
that the conduct at least was not opposed to the corporation’s best interests. Indemnity is available for criminal proceedings if the individual had no reasonable cause to believe the conduct was unlawful. The Washington Business Corporation
Act prohibits indemnification, however, in connection with any proceeding by or in the right of the corporation in which the individual is adjudged liable to the corporation or in connection with any other proceeding in which the individual was
charged with and found liable for receiving an improper personal
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benefit. Washington law also provides for discretionary indemnification of officers. Under no circumstances, however, may any director or officer be indemnified for:
• |
acts or omissions finally adjudged to be intentional misconduct or a knowing violation of the law; |
• |
conduct of a director or officer finally adjudged to be an unlawful distribution; or |
• |
any transaction with respect to which it was finally adjudged that the director or officer personally received a benefit in money, property or services to which
the director or officer was not legally entitled. |
Itron’s restated bylaws provide this
indemnification to directors and officers to the full extent of the law. This right to indemnification includes the right to advancement of expenses upon an undertaking by the director or officer to repay the expenses if it is later determined that
such indemnitee was not entitled to indemnification. Under Itron’s restated bylaws, this right to indemnification is a contract right. Itron’s restated bylaws provide that it may maintain insurance to protect any director or officer
against any loss, liability or expense whether or not Itron would have the power to indemnify such person against such loss, liability or expense under the Washington Business Corporation Act.
Itron’s restated bylaws also authorize Itron to enter into contracts with any director or officer in furtherance of the provisions of the restated bylaws
regarding indemnification and to create a trust fund, grant a security interest or use other means to ensure the payment of amounts necessary to effect this indemnification.
Unless limited by the corporation’s articles of incorporation, Washington law requires indemnification if the director or officer is wholly successful on the merits of
the action or otherwise. Any indemnification of a director in a derivative action must be reported to the shareholders in writing with or before notice of the next shareholders’ meeting. Itron’s restated articles of incorporation do not
limit indemnification if the director or officer is wholly successful on the merits of the action.
Item 7. |
EXEMPTION FROM REGISTRATION CLAIMED |
Not applicable.
Item 8. |
EXHIBITS |
| Exhibit Number |
Description | |
| 5.1 |
Opinion of Perkins Coie LLP regarding legality of the common stock being registered | |
| 23.1 |
Consent of Deloitte & Touche LLP, Independent Auditors | |
| 23.2 |
Consent of Perkins Coie LLP (included in opinion filed as Exhibit 5.1) | |
| 24.1 |
Power of Attorney (see signature page) | |
| 99.1 |
Itron, Inc. 2002 Employee Stock Purchase Plan (incorporated by reference to Appendix B of the proxy statement on Schedule 14A filed with the Commission on
April 10, 2002) |
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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:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the “Securities Act”);
(ii) 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
(iii) 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 (1)(i) and (1)(ii) above do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed 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.
(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 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefits plan’s annual report
pursuant to Section 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.
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 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 the City of Spokane, State of Washington, on the 5th day of June, 2002.
| ITRON, INC. | ||
| By: |
/S/ LEROY D.
NOSBAUM | |
| LeRoy D. Nosbaum Chairman of
the Board and Chief Executive Officer | ||
POWER OF ATTORNEY
Each person whose individual signature appears below hereby authorizes LeRoy D. Nosbaum and David G. Remington, or either of them, as
attorneys-in-fact with full power of substitution, to execute in the name and on the behalf of each person, individually and in each capacity stated below, and to file, any and all amendments to this Registration Statement, including any and all
post-effective amendments.
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities indicated below on the 5th day of
June, 2002.
| Signature |
Title | |
| /S/ LEROY D.
NOSBAUM LeRoy D. Nosbaum |
Chairman of the Board and Chief Executive Officer (Principal Executive Officer) | |
| /S/ DAVID G.
REMINGTON David G. Remington |
Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | |
| /S/ MICHAEL B.
BRACY Michael B. Bracy |
Director | |
| /S/ MICHAEL J.
CHESSER Michael J. Chesser |
Director | |
| /S/ TED C.
DEMERRITT Ted C.
DeMerritt |
Director | |
| /S/ JON E.
ELIASSEN Jon E. Eliassen |
Director | |
| /S/ THOMAS S.
GLANVILLE Thomas S. Glanville |
Director | |
| /S/ ROBERT D.
NEILSON Robert D. Neilson |
President, Chief Operating Officer and Director | |
| /S/ MARY ANN
PETERS Mary Ann Peters |
Director | |
| /S/ S. EDWARD
WHITE S. Edward White |
Director | |
| /S/ GRAHAM M.
WILSON Graham M. Wilson |
Director |
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INDEX TO EXHIBITS
| Exhibit Number |
Description | |
| 5.1 |
Opinion of Perkins Coie LLP regarding legality of the common stock being registered | |
| 23.1 |
Consent of Deloitte & Touche LLP, Independent Auditors | |
| 23.2 |
Consent of Perkins Coie LLP (included in opinion filed as Exhibit 5.1) | |
| 24.1 |
Power of Attorney (see signature page) | |
| 99.1 |
Itron, Inc. 2002 Employee Stock Purchase Plan (incorporated by reference to Appendix B of the proxy statement on Schedule 14A filed with the Commission on
April 10, 2002) |
EXHIBIT 5.1
PERKINS COIE LLP
1201 THIRD AVENUE, 48TH FLOOR, SEATTLE, WASHINGTON 98101-3099
TELEPHONE: 206 583-8888 FACSIMILE: 206 583-8500
June 5, 2002
Itron, Inc.
2818 N. Sullivan Road
Spokane, Washington 99216-1897
Re: |
Registration Statement on Form S-8 of Shares of Common Stock, no par value, of Itron, Inc. |
Ladies and Gentlemen:
We
have acted as counsel to you in connection with the preparation of a Registration Statement on Form S-8 (the “Registration Statement”) under the Securities Act of 1933, as amended (the “Act”), which you are filing with the
Securities and Exchange Commission with respect to up to 520,000 shares of common stock, no par value, which may be issued pursuant to the Itron, Inc. 2002 Employee Stock Purchase Plan (the “Plan”).
We have examined the Registration Statement and such documents and records of Itron, Inc. as we have deemed necessary for the purpose of
this opinion. In giving this opinion, we are assuming the authenticity of all instruments presented to us as originals, the conformity with originals of all instruments presented to us as copies and the genuineness of all signatures.
Based upon and subject to the foregoing, we are of the opinion that any original issuance shares that may be issued pursuant to
the Plan have been duly authorized and that, upon the due execution of Itron, Inc. of any certificates representing the shares, the registration by its registrar of such shares, the sale thereof by Itron, Inc. in accordance with the terms of the
Plan and the receipt of consideration therefor in accordance with the terms of the Plan, such shares will be validly issued, fully paid and nonassessable.
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not admit that we are in the category of persons whose consent is required
under Section 7 of the Act.
Very truly yours,
/S/ PERKINS COIE LLP
Exhibit 23.1
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in
this registration statement of Itron, Inc. and subsidiaries on Form S-8 of our report dated February 12, 2002 (March 18, 2002 as to Note 18), which expresses an unqualified opinion and includes an explanatory paragraph relating to a change in method
of accounting for revenues in 2000, included in the Annual Report on Form 10-K of Itron, Inc. and subsidiaries for the year ended December 31, 2001.
/S/ DELOITTE & TOUCHE LLP
Seattle, Washington
June 5, 2002