-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Bv47kZCAUifS8OHOdDgVUdH108NlvRyO0wi4Et/LhF6lU/9wAcLUHLt5psY1Wrri nuCvzop0h0UH9mivsZmqgg== 0000354396-94-000036.txt : 19940930 0000354396-94-000036.hdr.sgml : 19940930 ACCESSION NUMBER: 0000354396-94-000036 CONFORMED SUBMISSION TYPE: S-8 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19940929 EFFECTIVENESS DATE: 19941018 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: USF&G CORP CENTRAL INDEX KEY: 0000354396 STANDARD INDUSTRIAL CLASSIFICATION: 6331 IRS NUMBER: 521220567 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: S-8 SEC ACT: 1933 Act SEC FILE NUMBER: 033-55667 FILM NUMBER: 94550917 BUSINESS ADDRESS: STREET 1: 100 LIGHT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105473000 MAIL ADDRESS: STREET 1: P. O. BOX 1138 CITY: BALTIMORE STATE: MD ZIP: 21203 S-8 1 This Exhibit Index is on page 9 As filed with the Securities and Exchange Commission on September 29, 1994 Registration No. 33-43132 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-8 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 USF&G Corporation and USF&G Capital Accumulation Plan (Exact name ofissuer as specified in its charter) Maryland 52-1220567 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 100 Light Street 21202 Baltimore, Maryland (Zip Code) (Address of principal executive offices) USF&G CAPITAL ACCUMULATION PLAN (Full title of plan) (Name, address and telephone number of agent for service) (Copy to:) John A. MacColl, Esquire John F. Hoffen, Jr., Esquire USF&G Corporation USF&G Corporation 100 Light Street 100 Light Street Baltimore, Maryland 21202 Baltimore, Maryland 21202 (410) 547-3000 (410) 547-3000 CALCULATION OF REGISTRATION FEE Proposed maximum Proposed maximum Amount of Title of securities Amount to offering price aggregate offering registra- to be registered registered per share price tion fee Common Stock, $2.50 2,000,000 $13.25* $26,500,000* $9,137.20* par value, and the shares Participation Interests in the USF&G Captial Accumulation Plan * Calculated solely for purposes of calculating the registration fee pursuant to Rule 457(c) and (h), the proposed maximum offering price per share, proposed maximum aggregate offering price and the amount of the registration fee are based on the average of the daily high and low sale prices of USF&G Corporation Common Stock reported on the New York Stock Exchange on September 23, 1994 (i.e., $13.25). Pursuant to Rule 457(h)(2), no separate registration fee is provided for the interests in the USF&G Capital Accumulation Plan hereby registered. PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS Not required to be included in the Form S-8 pursuant to the Note to Part I of Form S-8. PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE. The following documents which have been filed by the Registrant with the Securities and Exchange Commission (the "Commission") are incorporated herein by reference: (a) Annual Report on Form 10-K for the year ended December 31, 1993; (b) All other reports filed pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934 ("Exchange Act") since the end of the fiscal year covered by the registration document referred to in (a) above. (c) Description of Common Stock of the Registrant contained or incorporated in the registration statements filed by the Registrant under the Exchange Act, including any amendments or reports filed for the purpose of updating such description. All documents subsequently filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part of the Registration Statement from the date of filing of such document. ITEM 4. DESCRIPTION OF SECURITIES. Not applicable. ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL. The legal validity of the shares of Common Stock offered by the Registrant pursuant to this Registration Statement is being passed upon by John A. MacColl, Senior Vice President and General Counsel for the Registrant. As of August 20, 1994, Mr. MacColl owns shares of Common Stock and options to acquire such shares aggregating less than 0.1% of the Registrant's outstanding Common Stock. ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS. The Charter of the Registrant provides for indemnification and limitation of liability of directors and officers of the Registrant as follows: The Corporation shall indemnify (a) its directors to the fullest extent provided by the General Laws of the State of Maryland now or hereafter in force, including the advance of expenses under the procedures provided by such laws; (b) its officers to the same extent it shall indemnify its directors; and (c) its officers who are not directors to such further extent as shall be authorized by the Board of Directors and be consistent with law. The foregoing shall not limit the authority of the Corporation to indemnify other employees and agents consistent with law. * * * To the fullest extent permitted by Maryland statutory or decisional law, as amended or interpreted, no director or officer of this Corporation shall be personally liable to the Corporation or its stockholders for money damages. No amendment of the Charter of the Corporation or repeal of any of its provisions shall limit or eliminate the benefits provided to directors and officers under this provision with respect to any act or omission prior to such amendment or repeal. * * * The Maryland General Corporation Law provides that a corporation may indemnify any director made a party to a proceeding by reason of service in that capacity unless it is established that: (1) the act or omission of the director was material to the matter giving rise to the proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, or (2) the director actually received an improper personal benefit in money, property or services, or (3) in the case of any criminal proceeding, the director had reasonable cause to believe that the act or omission was unlawful. To the extent that a director has been successful in defense of any proceeding, the Maryland General Corporation Law provides that he or she shall be indemnified against reasonable expenses incurred in connection therewith. A Maryland corporation may indemnify its officers to the same extent as its directors and to such further extent as is consistent with law. ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED. Not applicable. ITEM 8. EXHIBITS. 4 Description of Shareholder Rights Plan (incorporated by reference to Form 8-A filed September 21, 1987). 5 Opinion and Consent of Counsel as to Legality of the shares of Common Stock. Pursuant to Item 8 of Form S-8 and Rule 601(b)(5), in lieu of the requirement to provide as an exhibit an opinion of counsel concerning compliance by the Plan with the requirements of the Employee Retirement Income Security Act of 1974 or a determination letter from the Internal Revenue Service that the Plan is qualified under section 401 of the Internal Revenue Code of 1986 (the "Code"), the Registrant hereby undertakes to submit the Plan to the Internal Revenue Service for such a determination letter in the time required by section 401(b) of the Internal Revenue Code of 1986 and to make all changes required by the Internal Revenue Service in order to qualify the Plan under section 401 of the Code. 23.1 Consent of Independent Auditors 23.2 Consent of Counsel (included in Exhibit 5 above) 24 Power of Attorney (incorporated by reference to Form S-8 filed October, 2, 1991, File No. 33-43132) 28 Information From Reports Furnished to State Insurance Regulatory Authorities (incorporated by reference to the Registrant's Annual Report on Form 10-K for the year ended December 31, 1993) ITEM 9. UNDERTAKINGS. 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 Securities Act of 1933; (ii) To reflect in the prospectus any facts or events arising after the effective date of the 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 the registration statement; (iii) 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. Paragraphs (a)(1)(i) and (a)(1)(ii) 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 the registration statement. (2) That, for the purpose of determining any liability under the Securities Act of 1933, 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. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, 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. Insofar as indemnification for liabilities arising under the Securities Act of 1933 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 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 indemnifi- cation by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. SIGNATURES The Registrant. 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 Baltimore, Maryland on this 28th day of September, 1994. USF&G CORPORATION By: \s\ NORMAN P. BLAKE, JR. NORMAN P. BLAKE, JR. Chairman, Chief Executive Officer and President Pursuant to the requirements of the Securities Act of 1933, this Form S-8 Registration Statement has been signed by the following persons in the capacities and on the date indicated. Principal Executive Officer: Date: September 28, 1994 \s\ NORMAN P. BLAKE, JR. NORMAN P. BLAKE, JR. Chairman of the Board, Chief Executive Officer and President Principal Financial and Accounting Officer: Date: September 28, 1994 \s\ S/DAN L. HALE DAN L. HALE Executive Vice President, Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) A Majority of the Board of Directors (H. Furlong Baldwin, Michael J. Birck, Norman P. Blake, Jr., George L. Bunting, Jr., Robert E. Davis, Dale F. Frey, Robert E. Gregory, Jr., Robert J. Hurst, Wilbur G. Lewellen, Henry A. Rosenberg, Jr., Larry P. Scriggins and Anne Marie Whittemore) Date: September 28, 1994 By: \s\ JOHN A. MACCOLL JOHN A. MACCOLL Attorney-in-Fact The Plan. Pursuant to the requirements of the Securities Act of 1933, the Administrator of the USF&G Capital Accumulation Plan duly has caused this Form S-8 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Baltimore, State of Maryland, on September 28, 1994. USF&G CAPITAL ACCUMULATION PLAN By: \s\ AMY P. WILLIAMS AMY P. WILLIAMS Senior Vice-President and Plan Administrator EXHIBIT INDEX Exhibit Number Description Page 4 Description of Shareholder Rights Plan (incorporated by reference to Form 8-A filed September 21, 1987) 5 Opinion and Consent of Counsel Regarding the Legality of the shares of Common Stock 23.1 Consent of Independent Accountants. 23.2 Consent of Counsel (contained in Exhibit 5). 24 Power of Attorney (incorporated by reference to Form S-8 filed October 2, 1991, File No.33-43132) 28 Information From Reports Furnished to State Insurance Regulatory Authorities (incorporated by reference to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 1993) EXHIBIT 5 September 28, 1994 USF&G Corporation 100 Light Street Baltimore, Maryland 21202 Gentlemen: I am the duly elected and acting Senior Vice President-General Counsel of USF&G Corporation (the "Corporation") and I have acted as counsel to the Corporation in connection with the preparation and filing with the Securities and Exchange Commission of a registration statement on Form S-8 (the "Registration Statement") registering 2,000,000 shares of Common Stock, par value $2.50 per share, of the Corporation (the "Common Stock") for issuance pursuant to the USF&G Capital Accumulation Plan (the "Plan"). In this capacity, I have examined (i) the charter and by-laws of the Corporation, (ii) the corporate proceedings authorizing the issuance of 2,000,000 shares of Common Stock pursuant to the Plan, (iii) the Plan, and (iv) such other documents and instruments as I have considered necessary in the rendering of the opinions hereinafter set forth. Based upon the foregoing, I am of the opinion that: 1. The Corporation has been duly incorporated and is a validly existing corporation in good standing under the laws of the State of Maryland. 2. Upon issuance of shares of Common Stock pursuant to the Plan, such shares will be validly issued, fully paid and nonassessable. I hereby consent to the filing of this opinion as Exhibit 5 to the Registration Statement and to the reference to me under Item 5 of this Registration statement. Very truly yours, \s\ John A. MacColl EXHIBIT 23.1 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in this Registration Statement Form S-8 pertaining to the registration of 2,000,000 shares of common stock in connection with the USF&G Capital Accumulation Plan of our reports (a) dated February 11, 1994, with respect to the consolidated financial statements of USF&G Corporation incorporated by reference and the related financial statement schedules included in its Annual Report (Form 10-K) and (b) dated May 27, 1994, with respect to the financial statements and schedules of the USF&G Capital Accumulation Plan included in the Plan's Annual Report (Form 11-K), both for the year ended December 31, 1993, filed with the Securities and Exchange Commission. \s\ ERNST & YOUNG LLP Baltimore, Maryland September 23, 1994 -----END PRIVACY-ENHANCED MESSAGE-----