0000916641-01-501279.txt : 20011009
0000916641-01-501279.hdr.sgml : 20011009
ACCESSION NUMBER: 0000916641-01-501279
CONFORMED SUBMISSION TYPE: S-8
PUBLIC DOCUMENT COUNT: 6
FILED AS OF DATE: 20011002
EFFECTIVENESS DATE: 20011002
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PITTSTON CO
CENTRAL INDEX KEY: 0000078890
STANDARD INDUSTRIAL CLASSIFICATION: BITUMINOUS COAL & LIGNITE MINING [1220]
IRS NUMBER: 541317776
STATE OF INCORPORATION: VA
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: S-8
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-70758
FILM NUMBER: 1750777
BUSINESS ADDRESS:
STREET 1: 1801 BAYBERRY COURT
STREET 2: P O BOX 18100
CITY: RICHMOND
STATE: VA
ZIP: 23058-4229
BUSINESS PHONE: 8045533681
MAIL ADDRESS:
STREET 1: 1801 BAYBERRY COURT
STREET 2: P O BOX 18100
CITY: RICHMOND
STATE: VA
ZIP: 23226-8100
S-8
1
ds8.txt
FORM S-8
Registration No. 333-78631
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------
POST-EFFECTIVE AMENDMENT NO. 1
TO
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
------------
The Pittston Company
(Exact name of registrant as specified in its charter)
VIRGINIA Issuer: 54-1317776
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1801 Bayberry Court
P. O. Box 18100
Richmond, Virginia 23226-8100
(Address of principal executive offices)
------------
Key Employees' Deferred Compensation Program of The Pittston Company
and
1994 Employee Stock Purchase Plan of The Pittston Company
(Full title of the plans)
------------
AUSTIN F. REED
Vice President, General Counsel and Secretary
The Pittston Company
1801 Bayberry Court
P. O. Box 18100
Richmond, Virginia 23226-8100
(804) 289-9600
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
With a copy to:
Allen C. Goolsby, Esquire
Hunton & Williams
Riverfront Plaza, East Tower
951 East Byrd Street
Richmond, Virginia 23219
(804) 788-8200
------------
CALCULATION OF REGISTRATION FEE
====================================================================================================================================
Proposed maximum Proposed maximum
Title of securities Amount to be offering price aggregate Amount of
to be registered registered per share offering price registration fee
------------------------------------------------------------------------------------------------------------------------------------
Key Employees Deferred Compensation
Program of The Pittston Company
------------------------------------------------------------------------------------------------------------------------------------
Pittston Brink's Group 186,155 shares $17.785* $3,310,766.675* $828.00*
Common Stock, par value $1.00 per
share (including associated Rights)
------------------------------------------------------------------------------------------------------------------------------------
1994 Employee Stock Purchase Plan of
The Pittston Company
------------------------------------------------------------------------------------------------------------------------------------
Pittston Brink's Group Common Stock, 234,905 shares $17.785* $4,177,785.425* $1,045.00*
par value $1.00 per share
(including associated Rights)
====================================================================================================================================
(*) Calculated pursuant to Rule 457(c) of the Securities Act of 1933, as amended (the "Securities Act"), based on the average of
the high and low prices on the New York Stock Exchange on October 1, 2001.
====================================================================================================================================
THE PITTSTON COMPANY
This Post-Effective Amendment No. 1 is filed with respect to an aggregate
of 700,000 shares of Pittston BAX Group Common Stock, par value $1.00 per share,
including associated rights ("BAX Stock"), 1,000,000 shares of Pittston Minerals
Group Common Stock, par value $1.00 per share, including associated rights
("Minerals Stock"), and 421,060 shares of Pittston Brink's Group Common Stock,
par value $1.00 per share, including associated rights ("Common Stock").
The purpose of this Post-Effective Amendment is to deregister 700,000
shares of BAX Stock and 1,000,000 shares of Minerals Stock and to register
421,060 additional shares of Common Stock. This Registration Statement as
originally filed with the Securities and Exchange Commission (the "Commission")
on May 17, 1999 (Registration No. 333-78631) related to the offering of (i)
100,000 additional shares of Common Stock, 200,000 additional shares of BAX
Stock, and 250,000 additional shares of Minerals Stock issuable pursuant to the
Key Employees' Deferred Compensation Program of The Pittston Company (the
"Deferred Compensation Program") and (ii) 400,000 additional shares of Minerals
Stock issuable pursuant to the 1994 Employee Stock Purchase Plan of The Pittston
Company (the "1994 Stock Purchase Plan"). The Pittston Company (the "Company")
initially registered the issuance of (i) 250,000 shares of Pittston Services
Group Common Stock ("Services Stock"), and 100,000 shares of Minerals Stock in
connection with the Deferred Compensation Program and (ii) 750,000 shares of
Services Stock and 250,000 shares of Minerals Stock in connection with the 1994
Stock Purchase Plan on its Registration Statement on Form S-8 (Registration No.
33-53565) as filed with the Securities and Exchange Commission (the
"Commission") on May 10, 1994. Subsequently, the Company amended its Restated
Articles of Incorporation to redesignate Services Stock as Common Stock and to
authorize the creation of Pittston Burlington Group Stock ("Burlington Stock").
The Company distributed one-half of one share of Burlington Stock for each
outstanding share of Services Stock (which Services Stock was redesignated as
Common Stock). The Company filed Post-Effective Amendment No. 1 to Form S-8
(Registration No. 33-53565) to reflect the reclassification of Services Stock as
Common Stock and to register an aggregate of 500,000 shares of Burlington Stock
issuable in connection with the Deferred Compensation Program and the 1994
Employee Stock Purchase Plan. Effective May 4, 1998, the designation Pittston
Burlington Group Common Stock and Pittston Burlington Group were changed to
Pittston BAX Group Common Stock and Pittston BAX Group, respectively. The
contents of Registration Statement No. 33-53565, Post-Effective Amendment No. 1
thereto and Registration Statement No. 333-78631 are incorporated by reference
herein.
On January 14, 2000, the Company completed an exchange of BAX Stock and
Minerals Stock into Common Stock, at exchange ratios of .4848 share of Common
Stock for each share of BAX Stock and .0817 share of Common Stock for each share
of Minerals Stock (the "Exchange"). The remaining class, Common Stock, now
constitutes the Company's only class of common stock and continues to trade on
the New York Stock Exchange under the symbol "PZB." Accordingly, this
consolidated Post-Effective Amendment No. 1 reflects the reclassification of the
(i) 700,000 shares of BAX Stock and (ii) 1,000,000 shares of Minerals Stock
previously registered under the Registration Statements referred to above and
registers the additional 421,060 shares of Common Stock resulting from the
Exchange of those shares.
II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed by the Company with the Commission
pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), are hereby incorporated by reference into this Registration Statement:
(a) The Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 2000;
(b) The 1994 Stock Purchase Plan's Annual Report on Form 11-K for the
fiscal year ended December 31, 2000;
2
(c) The Company's Quarterly Report on Form 10-Q for the period ended
March 31, 2001; and
(d) The Company's Quarterly Report on Form 10-Q for the period ended
June 30, 2001.
Additionally incorporated by reference into this Registration
Statement is the Description of Common Stock, attached as Exhibit 1 to the
Company's Registration Statement on Form 8-A filed with the Commission as of
December 4, 1995 (Commission File No. 1-9148).
In addition to the foregoing, all documents subsequently filed by (i)
the Company and (ii) the 1994 Stock Purchase Plan pursuant to Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a post-effective
amendment which indicates that all securities registered hereunder have been
issued or which deregisters all securities offered then remaining unsold, shall
be deemed incorporated by reference into this Registration Statement and to be a
part hereof from the date of the filing of such documents. Any statement,
including financial statements, contained in a document 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 5. Interests of Named Experts and Counsel.
Certain legal matters regarding shares of Common Stock will be passed
upon for the Company by Austin F. Reed, Vice President, General Counsel and
Secretary of the Company. Mr. Reed beneficially owns 97,351 shares of Common
Stock.
Item 8. Exhibits.
The following exhibits are filed as part of this Registration
Statement:
Exhibit No.
-----------
4.1 Restated Articles of Incorporation of the Company, dated as of March 16,
1998 (incorporated by reference to Articles of Correction of the Company
filed as Exhibit 3(i) to the Company's Quarterly Report on Form 10-Q, filed
on May 15, 1998 (Commission File No. 1-9148)).
4.2 Bylaws of the Company, as amended through July 14, 2000 (incorporated by
reference to Exhibit 3(b) of the Company's Quarterly Report on Form 10-Q,
filed on August 8, 2000 (Commission File No. 1-9148)).
4.3 Amended and Restated Rights Agreement, dated as of January 14, 2000 between
the Company and BankBoston, N.A., as Rights Agent (incorporated by
reference to Exhibit 1 to the Company's Registration Statement on Form 8-
A/A, dated January 14, 2000 (Commission File No. 1-9148)).
4.4 Form of Right Certificate for the Brink's Group Rights (incorporated by
reference to Exhibit A of Exhibit 1 to the Company's Registration Statement
on Form 8-A/A, dated January 14, 2000 (Commission File No. 1-9148)).
3
4.5 Key Employees' Deferred Compensation Program of The Pittston Company, as
amended and restated as of January 14, 2000 (incorporated by reference to
Exhibit 10(b) of the Company's Annual Report on Form 10-K filed on March
24, 2000 (Commission File No. 1-9148)).
4.6 1994 Employee Stock Purchase Plan of The Pittston Company, as amended and
restated as of August 1, 2001.
5 Opinion of Austin F. Reed, Esq., regarding Common Stock.
23.1 Consent of Ausin F. Reed, Esq. (included as part of Exhibit 5 to this
Registration Statement).
23.2 Consent of Independent Auditors.
23.3 Consent of Independent Auditors.
24 Powers of Attorney.
4
SIGNATURES
The Company
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 Post-Effective
Amendment No. 1 to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Richmond, Commonwealth of
Virginia, on the 27th day of September, 2001.
THE PITTSTON COMPANY
By: /s/ AUSTIN F. REED
---------------------------------------------
Austin F. Reed
Vice President, General Counsel and Secretary
5
Pursuant to the requirements of the Securities Act of 1933, this Post-
Effective Amendment No. 1 to the Registration Statement has been signed by the
following persons in the capacities and on the date indicated.
Signature Title Date
--------- ----- ----
/s/ MICHAEL T. DAN Chairman of the Board, September 27, 2001
------------------------- President and Chief
Michael T. Dan Executive Officer
/s/ ROBERT T. RITTER Vice President and Chief September 27, 2001
------------------------- Financial Officer
Robert T. Ritter (Principal Financial Officer
and Principal Accounting
Officer
* Director September 27, 2001
-------------------------
Roger G. Ackerman
* Director September 27, 2001
-------------------------
Betty C. Alewine
* Director September 27, 2001
-------------------------
James R. Barker
* Director September 27, 2001
-------------------------
Marc C. Breswalsky
* Director September 27, 2001
-------------------------
James L. Broadhead
* Director September 27, 2001
-------------------------
William F. Craig
* Director September 27, 2001
-------------------------
Gerald Grinstein
* Director September 27, 2001
-------------------------
Ronald M. Gross
* Director September 27, 2001
-------------------------
Carl S. Sloane
*By: /s/ AUSTIN F. REED September 27, 2001
--------------------------------
Austin F. Reed, Attorney-in-Fact
6
EXHIBIT INDEX
Exhibit No.
-------------
4.1 Restated Articles of Incorporation of the Company, dated as of March
16, 1998 (incorporated by reference to Articles of Correction of the
Company filed as Exhibit 3(i) to the Company's Quarterly Report on
Form 10-Q filed on May 15, 1998 (Commission File No. 1-9148)).
4.2 Bylaws of the Company, as amended through July 14, 2000 (incorporated
by reference to Exhibit 3(b) of the Company's Quarterly Report on Form
10-Q, filed on August 8, 2000 (Commission File No. 1-9148)).
4.3 Amended and Restated Rights Agreement, dated as of January 14, 2000
between the Company and BankBoston, N.A., as Rights Agent
(incorporated by reference to Exhibit 1 to the Company's Registration
Statement on Form 8-A/A, dated January 14, 2000 (Commission File
No. 1-9148)).
4.4 Form of Right Certificate for the Brink's Group Rights (incorporated
by reference to Exhibit A of Exhibit 1 to the Company's Registration
Statement on Form 8-A/A, dated January 14, 2000 (Commission File
No. 1-9148)).
4.5 Key Employees Deferred Compensation Program of The Pittston Company,
as amended and restated as of January 14, 2000 (incorporated by
reference to Exhibit 10(b) of the Company's Annual Report on Form 10-K
filed on March 24, 2000 (Commission File No. 1-9148)).
4.6 1994 Employee Stock Purchase Plan of The Pittston Company, as amended
and restated as of August 1, 2001.
5 Opinion of Austin F. Reed, Esq., regarding Common Stock.
23.1 Consent of Austin F. Reed, Esq. (included as part of Exhibit 5 to this
Registration Statement).
23.2 Consent of Independent Auditors.
23.3 Consent of Independent Auditors.
24 Powers of Attorney.
EX-4.6
3
dex46.txt
1994 EMPLOYEE STOCK PURCHASE PLAN
================================================================================
1994 EMPLOYEE STOCK PURCHASE PLAN
OF
THE PITTSTON COMPANY
(As Amended and Restated as of August 1, 2001)
================================================================================
TABLE OF CONTENTS
-----------------
Page
----
ARTICLE I - Purpose of the Plan........................................... 1
ARTICLE II - Definitions................................................... 1
ARTICLE III - Administration................................................ 4
ARTICLE IV - Number of Shares To Be Offered................................ 5
ARTICLE V - Eligibility and Participation................................. 6
ARTICLE VI - Effect of Termination of Employment........................... 9
ARTICLE VII - Rights Not Transferable....................................... 9
ARTICLE VIII - Limitation on Stock Ownership................................. 10
ARTICLE IX - Miscellaneous Provisions...................................... 10
ARTICLE X - Amendment or Termination of the Plan.......................... 12
1
1994 EMPLOYEE STOCK PURCHASE PLAN
---------------------------------
OF
--
THE PITTSTON COMPANY
--------------------
(As Amended and Restated as of August 1, 2001)
ARTICLE I
Purpose of the Plan
-------------------
The 1994 Employee Stock Purchase Plan of The Pittston Company (the
"Plan"), as amended and restated as of August 1, 2001, is a continuation and
improvement of the Plan as in effect immediately prior to such date. The Plan
enables eligible employees of the Company and its Subsidiaries to purchase
through regular payroll deductions shares of common stock of The Pittston
Company. The Company intends this Plan to encourage such employees to acquire a
proprietary interest in the Company with a view toward further identifying their
interests with those of other shareholders of the Company. The Plan is intended
to qualify as an "employee stock purchase plan" under Section 423 of the
Internal Revenue Code.
ARTICLE II
Definitions
-----------
Section 1. Wherever used in the Plan, the following terms shall have
the meanings indicated:
Board: The Board of Directors of the Company.
-----
Code: The Internal Revenue Code of 1986, as amended.
----
Committee: The committee designated by the Board to administer the
---------
Plan in accordance with Section 1 of Article III. Until otherwise
determined by the Board, the Administrative Committee designated by the
Board shall be the Committee under the Plan.
2
Common Stock: Pittston Brink's Group Common Stock. Such shares of
------------
Common Stock of the Company shall be subject to such terms, conditions and
restrictions, including without limitations, restrictions on resale of such
shares for a specified period of time, as shall be determined by the
Committee.
Company: The Pittston Company.
-------
Compensation: The annual base rate of pay of a Participant, including
------------
commissions but excluding, unless otherwise determined by the Committee in
accordance with nondiscriminatory rules adopted by it, overtime or premium
pay.
Dividend Date: The date on which a cash dividend on Common Stock is
-------------
paid.
Eligible Employee: Any employee of the Company or a Subsidiary who is
-----------------
customarily employed for at least 20 hours per week; provided, however,
-------- -------
that in the case of an employee who is covered by a collective bargaining
agreement, he or she shall not be considered an Eligible Employee unless
and until the labor organization representing such individual has accepted
the Plan on behalf of the employees in the collective bargaining unit. Any
such employee shall continue to be an Eligible Employee during an approved
leave of absence provided such employee's right to continue employment with
the Company or a Subsidiary upon expiration of such employee's leave of
absence is guaranteed either by statute or by contract with, or a policy
of, the Company or a Subsidiary.
Fair Market Value: With respect to shares of Common Stock, the
-----------------
average of the high and low quoted sale prices (including any sale prices
determined on a when issued basis) of a share of such stock on the
applicable Offering Date, Purchase Date, Dividend
3
Date or other date specified herein, as the case may be, as reported on the
New York Stock Exchange Composite Transactions Tape; provided that (a) if
on such Offering Date, Dividend Date or any other date other than the
Purchase Date, there is no reported sale transaction on the New York Stock
Exchange Composite Transactions Tape, Fair Market Value shall be determined
on the first subsequent date on which such a transaction shall have
occurred, and (b) if on such Purchase Date there is no such transaction,
Fair Market Value shall be determined on the last preceding date on which
such a transaction shall have occurred.
Offering Date: The first day of each six-month period commencing on
-------------
July 1 or January 1 on and after July 1, 1994.
Offering Period: With respect to each Participant, the six-month
---------------
period from an Offering Date to and including the next following Purchase
Date.
Participant: An Eligible Employee who elects to participate in the
-----------
Plan on an Offering Date in accordance with the provisions of the Plan. All
Participants shall have the same rights and privileges except as otherwise
permitted by Section 423 of the Code and the Plan.
Plan Cash Account: The cash account maintained by the Company on its
-----------------
books for each Participant pursuant to the Plan.
Purchase Date: The last day of each six-month Offering Period.
-------------
Purchase Price: The price at which Participants may purchase shares
--------------
of Common Stock in accordance with the Plan.
Stock Account: The stock account consisting of shares of Common Stock
-------------
maintained by a recordkeeper selected by the Company
4
for each Participant pursuant to the Plan. Subsidiary: A subsidiary
----------
corporation, as defined in Section 424 of the Code, which is designated by
the Committee as a Subsidiary for purposes of the Plan.
ARTICLE III
Administration
--------------
Section 1. Subject to the authority of the Board as described herein,
the Plan shall be administered by a committee designated by the Board, which
shall be composed of at least three members. The Committee is authorized to
interpret the Plan and may from time to time adopt such rules and regulations
for carrying out the Plan as it deems best. All determinations by the Committee
shall be made by the affirmative vote of a majority of its members, but any
determination reduced to writing and signed by a majority of its members shall
be fully as effective as if it had been made by a majority vote at a meeting
duly called and held. Subject to any applicable provisions of the Company's
bylaws or of the Plan, all determinations by the Committee or the Board pursuant
to the provisions of the Plan, and all related orders or resolutions of the
Committee or the Board, shall be final, conclusive and binding on all persons,
including the Company and its shareholders and Eligible Employees and
Participants under the Plan.
Section 2. All authority of the Committee provided for in, or pursuant
to, this Plan, including that referred to in Section 1 of this Article III, may
also be exercised by the Board. In the event of any conflict or inconsistency
between determinations, orders, resolutions or other actions of the Committee
and the Board taken in connection with this Plan, the actions of the Board shall
control.
5
ARTICLE IV
Number of Shares To Be Offered
------------------------------
Section 1. Subject to the provisions of Section 2 of this Article IV,
the maximum number of shares of Common Stock which may be issued or allocated
pursuant to the Plan shall be 984,905 shares of Common Stock.
Section 2. In the event of any dividend payable in Common Stock or any
split or combination of Common Stock, (a) the number of shares which may be
issued under this Plan shall be proportionately increased or decreased, as the
case may be, (b) the number of shares (including shares subject to rights to
purchase which have not been exercised) thereafter deliverable shall be
proportionately increased or decreased, as the case may be, and (c) the
aggregate Purchase Price shall not be changed. In the event of any other
recapitalization, reorganization, extraordinary dividend or distribution or
restructuring transaction (including any distribution of shares of stock of any
Subsidiary or other property to holders of shares of Common Stock) affecting
Common Stock, the number of shares issuable under this Plan shall be subject to
such adjustment as the Committee or the Board may deem appropriate, and the
number of shares thereafter deliverable (including shares subject to rights to
purchase which have not been exercised) and/or the Purchase Price shall be
subject to such adjustment as the Committee or the Board may deem appropriate.
In the event of a merger or share exchange in which the Company will not survive
as an independent, publicly owned corporation, or in the event of a
consolidation or of a sale of all or substantially all of the Company's assets,
provision shall be made for the protection and continuation of any outstanding
rights to purchase by the substitution,
6
on an equitable basis, of such shares of stock, other securities, cash, or any
combination thereof, as shall be appropriate.
ARTICLE V
Eligibility and Participation
-----------------------------
Section 1. An Eligible Employee who shall have satisfied all
eligibility requirements on or before any Offering Date may become a Participant
for the Offering Period commencing on such Offering Date by filing with the
office or offices designated by the Committee an enrollment form prescribed by
the Committee authorizing payroll deductions not less than ten business days
prior to such Offering Date. By enrolling in the Plan, a Participant shall be
deemed to elect to purchase the maximum number of whole shares of Common Stock
that can be purchased with the amount of the Participant's Compensation which is
withheld during the Offering Period.
Section 2. A Participant shall automatically participate in each
successive Offering Period until the time of such Participant's withdrawal from
the Plan as hereinafter provided. A Participant shall not be required to file
any additional enrollment forms for any such successive Offering Period in order
to continue participation in the Plan.
Section 3. Each Participant shall designate on the enrollment form the
percentage of Compensation which he or she elects to have withheld for the
purchase of Common Stock, which may be any whole percentage from 1% up to and
including 10% of such Participant's Compensation (up to a maximum of $12,750 per
calendar year); provided, however, that in no event shall the amount withheld
-------- -------
during an Offering Period exceed 50% of such Participant's Compensation
determined on the Offering Date. A Participant may reduce (but not increase) the
rate of
7
payroll withholding during an Offering Period by filing with the Committee a
form to be prescribed by it, at any time prior to the end of such Offering
Period for which such reduction is to be effective. Not more than one reduction
may be made in any Offering Period unless otherwise determined by
nondiscriminatory rules adopted by the Committee. A Participant may increase or
decrease the rate of payroll deduction for any subsequent Offering Period by
filing, at the appropriate office provided for in Section 1 of this Article V, a
new authorization for payroll deductions not less than ten business days prior
to the Offering Date for such subsequent Offering Period.
Section 4. The Purchase Price for each share of Common Stock to be
purchased under the Plan in respect of any Offering Period shall be 85% of the
Fair Market Value of such share on either (a) the Offering Date in respect
thereof or (b) the Purchase Date in respect thereof, whichever is less.
Section 5. The aggregate Purchase Price shall be accumulated
throughout the Offering Period solely by payroll deductions which shall be
applied automatically to purchase shares of Common Stock on the Purchase Date
for such Offering Period. Payroll deductions shall commence on the first payday
following the applicable Offering Date and shall continue to the end of the
Offering Period subject to prior decrease, withdrawal or termination as provided
in the Plan.
Section 6. The Company will maintain a Plan Cash Account on its books
in the name of each Participant. On each payday the amount deducted from each
Participant's Compensation will be credited to such Participant's Plan Cash
Account. No interest shall accrue on any such payroll deductions. As of the
Purchase Date with respect to each Offering Period, the amount then in such Plan
Cash Account shall be applied to the purchase of the number of whole shares of
Common
8
Stock determined by dividing such amount by the applicable Purchase Price
of Common Stock. Any cash amounts remaining at the end of an Offering Period
shall be accumulated and used to purchase shares during the next Offering
Period.
Section 7. The shares of Common Stock purchased on behalf of a
Participant shall be transferred to a Stock Account maintained by a recordkeeper
selected by the Company. All rights accruing to an owner of record of such
Common Stock, including, without limitation, voting and tendering rights, shall
belong to the Participant for whose account such Common Stock is held. Each
Participant is entitled to direct the recordkeeper as to the manner in which
such Common Stock is to be voted.
Upon the termination of the Plan pursuant to Article X, each
Participant shall receive a cash payment equal to any cash in his or her Plan
Cash Account.
Section 8. A Participant may elect to cease active participation in
the Plan at any time up to the end of an Offering Period by filing with the
Committee a form to be prescribed by it. As promptly as practicable after such
filing, all payroll deductions credited to such Participant's Plan Cash Account
shall be returned to such Participant in cash, without interest. A Participant
who elects to cease participation in the Plan may not resume participation in
the Plan until after the expiration of the then current Offering Period.
Thereafter, any such Participant may enroll in the Plan by filing an enrollment
form as provided in Section 1 of this Article V.
Section 9. In the event that the aggregate number of shares of Common
Stock which all Participants elect to purchase during an Offering Period shall
exceed the number of shares remaining available for issuance under the Plan, the
number of shares which each
9
Participant shall become entitled to purchase during such Offering Period shall
be determined by multiplying the number of such shares available for issuance by
a fraction whose numerator shall be the number of the shares such Participant
has elected to purchase and whose denominator shall be the number of the shares
which all Participants have elected to purchase. Any amounts deducted from a
Participant's Compensation in excess of the amount that may be used to acquire
shares of Common Stock shall be refunded to the Participant as soon as
practicable.
ARTICLE VI
Effect of Termination of Employment
-----------------------------------
Any amounts credited to the Plan Cash Account of a Participant whose
employment is terminated for any reason, including retirement or death, or the
failure of a Participant to remain an Eligible Employee, shall be refunded,
without interest, to such individual, or, in the event of his or her death, to
his or her legal representative. A transfer by a Participant from the Company to
a Subsidiary, from one Subsidiary to another, or from a Subsidiary to the
Company shall not be considered to be a termination of employment.
ARTICLE VII
Rights Not Transferable
-----------------------
The rights of any Participant in the Plan, including any right to
purchase shares of Common Stock, or in any Common Stock or moneys to which he or
she may be entitled under the Plan shall not be transferable otherwise than by
will or the applicable laws of descent and distribution and any such right to
purchase shall be exercisable, only during the lifetime of such Participant, and
then only by such Participant. If a Participant shall in any manner attempt to
transfer,
10
assign or otherwise encumber his or her rights under the Plan, other than by
will, such attempt shall be deemed to constitute a cessation of participation in
the Plan and the provisions included in Section 8 of Article V shall apply.
ARTICLE VIII
Limitation on Stock Ownership
-----------------------------
Notwithstanding any provision herein to the contrary, no Participant
shall have a right to purchase shares of Common Stock pursuant to Article V if
(a) such Participant, immediately after electing to purchase such shares, would
own Common Stock possessing 5% or more of the total combined voting power or
value of stock of the Company or of any Subsidiary, or (b) the rights of such
Participant to purchase Common Stock under the Plan would accrue at a rate that
exceeds $25,000 of the Fair Market Value of such Common Stock (determined at the
time or times such rights are granted) for each calendar year for which such
rights are outstanding at any time. For purposes of the foregoing clause (a),
ownership of Common Stock shall be determined by the attribution rules of
Section 424(d) of the Code and Participants shall be considered to own any
Common Stock which they have a right to purchase under the Plan or any other
stock option or purchase plan.
ARTICLE IX
Miscellaneous Provisions
------------------------
Section 1. Nothing in the Plan shall be construed to give any Eligible
Employee or Participant the right to be retained in the employ of the Company or
a Subsidiary or to affect the right of the
11
Company or any Subsidiary or a Participant to terminate such employment at any
time with or without cause.
Section 2. A Participant shall have no rights as a shareholder with
respect to any shares of Common Stock which he or she may have a right to
purchase under the Plan until the date such shares are purchased and deposited
in the Participant's Stock Account.
Section 3. Each right to purchase shares of Common Stock under the
Plan shall be subject to the requirement that if at any time the Committee shall
determine that the listing, registration or qualification of such right to
purchase or the shares of Common Stock subject thereto upon any securities
exchange or under any state or federal law, or the consent or approval of any
governmental regulatory body, is necessary or desirable as a condition of, or in
connection with, such right to purchase or the issue of Common Stock pursuant
thereto, then, anything in the Plan to the contrary notwithstanding, no such
right to purchase may be exercised in whole or in part, and no shares of Common
Stock shall be issued, unless such listing, registration, qualification, consent
or approval shall have been effected or obtained free from any conditions not
reasonably acceptable to the Committee.
Section 4. All instruments evidencing participation in the Plan shall
be in such form, consistent with the Plan and any applicable determinations or
other actions of the Committee and the Board, as the Company shall determine.
Section 5. The Committee may establish appropriate procedures with a
view toward obtaining information regarding any disqualifying disposition by any
person of shares of Common Stock which may make available to the Company a tax
deduction in respect of such disposition.
12
ARTICLE X
Amendment or Termination of the Plan
------------------------------------
Section 1. The Plan became effective as of July 1, 1994, and shall
terminate on June 30, 2007, unless the shareholders theretofore shall have
approved an extension of such termination date.
Section 2. The Board may, at any time and from time to time, amend
(including, but not limited to, amendments to the Plan to increase the Purchase
Price described in Section 4 of Article V), modify or terminate the Plan, but no
such amendment or modification without the approval of the shareholders shall:
(a) increase the maximum number (determined as provided in the Plan)
of shares of Common Stock which may be issued pursuant to the Plan;
(b) permit the issuance of any shares of Common Stock at a Purchase
Price less than that provided in the Plan as approved by the shareholders;
(c) extend the term of the Plan; or
(d) cause the Plan to fail to meet the requirements of an "employee
stock purchase plan" under Section 423 of the Code.
EX-5
4
dex5.txt
OPINION OF AUSTIN REED
Exhibit 5
---------
[The Pittston Company Letterhead]
September 27, 2001
The Pittston Company
1801 Bayberry Court
P. O. Box 18100
Richmond, VA 23226-8100
Registration Statements on Form S-8
The Savings-Investment Plan of The Pittston Company and Its Subsidiaries,
The Pittston Company 1988 Stock Option Plan,
Key Employees' Deferred Compensation Program of The Pittston Company,
1994 Employee Stock Purchase Plan of The Pittston Company and
The Pittston Company Non-Employee Directors' Stock Option Plan
--------------------------------------------------------------
Ladies and Gentlemen:
As General Counsel of The Pittston Company (the "Company"), I have acted as
counsel to the Company in connection with Post-Effective Amendment No. 1 to the
Registration Statement on Form S-8 for The Savings-Investment Plan of The
Pittston Company and Its Subsidiaries (the "Savings-Investment Plan"), Post-
Effective Amendment No. 2 to the Registration Statement on Form S-8 for The
Pittston Company 1988 Stock Option Plan (the "Stock Option Plan"), Post-
Effective Amendment No. 1 to the Registration Statement on Form S-8 for the Key
Employees' Deferred Compensation Program of The Pittston Company (the "Deferred
Compensation Program") and the 1994 Employee Stock Purchase Plan of The Pittston
Company (the "1994 Stock Purchase Plan") and the Registration Statement on Form
S-8 for The Pittston Company Non-Employee Directors' Stock Option Plan (the
"Directors' Plan"), (collectively, the "Registration Statements"), being filed
under the Securities Act of 1933, as amended (the "Act"), on or about the date
of this letter to register (i) 249,179 additional shares of Pittston Brink's
Group Common Stock, par value $1.00 per share, including associated Rights
("Common Stock"), which may be issued from time to time pursuant to the Savings-
Investment Plan, (ii) 2,377,084 additional shares of Common Stock which may be
issued from time to time pursuant to the Stock Option Plan, (iii) 186,155
additional shares of Common Stock which may be issued from time to time pursuant
to the Deferred Compensation Program, (iv) 234,905 additional shares of Common
Stock which may be issued from time to time pursuant to the 1994 Stock Purchase
Plan and (v) 294,403 additional shares of Common Stock which may be issued from
time to time pursuant to the Directors' Plan.
I am familiar with the Registration Statements and the Exhibits thereto.
I, or attorneys under my supervision, have also examined originals or copies,
certified or otherwise, of such other documents, evidence of corporate action
and instruments, as I have deemed necessary or
advisable for the purpose of rendering this opinion. As to questions of fact
relevant to this opinion, I have relied upon certificates or written statements
from officers and other appropriate representatives of the Company and its
subsidiaries or public officials. In all such examinations I have assumed the
genuineness of all signatures, the authority to sign and the authenticity of all
documents submitted to me as originals. I have also assumed the conformity to
the original of all documents submitted to me as copies.
Based upon the subject to the foregoing, I am of the opinion that:
1. The Company is a corporation duly incorporated, validly existing and
in good standing under the laws of the Commonwealth of Virginia.
2. The shares of Common Stock have been duly authorized and, when
offered and sold as described in the Registration Statements, will be legally
issued, fully paid and nonassessable.
I hereby consent to the use of my name in the Registration Statements and
to the filing, as an exhibit to the Registration Statements, of this opinion.
In giving this consent, I do not hereby admit that I am in the category of
persons whose consent is required under Section 7 of the Act, or the rules and
regulations of the Securities and Exchange Commission.
Very truly yours,
/s/ Austin F. Reed
Austin F. Reed
Vice President, General Counsel
and Secretary
EX-23.2
5
dex232.txt
CONSENT OF INDEPENDENT AUDITORS
Consent of Independent Auditors
We consent to incorporation by reference in the post-effective amendments to the
registration statements on Form S-8 of The Pittston Company for The Pittston
Company 1988 Stock Option Plan, the Key Employees' Deferred Compensation Program
of The Pittston Company and the 1994 Employee Stock Purchase Plan of The
Pittston Company, and the Savings Investment Plan of The Pittston Company and
Its Subsidiaries and in the registration statement on Form S-8 for The Pittston
Company Non-employee Directors' Stock Option Plan, of our report dated February
1, 2001 relating to the consolidated financial statements listed in the Index to
Financial Statements and Schedules in Item 14(a)1 included in the 2000 Annual
Report on Form 10-K of The Pittston Company, which report appears in the 2000
Annual Report on Form 10-K of The Pittston Company.
Our report refers to a change in the method of accounting for nonrefundable
installation revenues and the related direct costs of acquiring new subscribers
in 2000 as a result of the implementation of Staff Accounting Bulletin No. 101,
Revenue Recognition in Financial Statements.
Our report also refers to a change in the method of accounting for derivative
instruments and hedging activities in 1998 as a result of adopting Statement of
Financial Accounting Standards No. 133, Accounting for Derivative Instruments
and Hedging Activities.
/s/ KPMG, LLP
Richmond, Virginia
September 26, 2001
EX-23.3
6
dex233.txt
CONSENT OF INDEPENDENT AUDITORS
Consent of Independent Auditors
We consent to incorporation by reference in the post-effective amendment no. 1
to the registration statement on Form S-8 of The Pittston Company of our report
dated March 23, 2001, relating to the statements of financial condition of the
1994 Employee Stock Purchase Plan of The Pittston Company as of December 31,
2000 and 1999, and the related statements of income and changes in plan equity
for each of the years in the three-year period ended December 31, 2000, which
report appears in the 2000 Annual Report on Form 11-K of the 1994 Employee Stock
Purchase Plan of The Pittston Company.
/s/ KPMG, LLP
Richmond, Virginia
September 26, 2001
EX-24
7
dex24.txt
POWERS OF ATTORNEY
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that the undersigned does hereby constitute and
appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter, and each of them
severally (with full power of substitution), his true and lawful attorney-in-
fact and agent to do any and all acts and things and to execute any and all
instruments which, with the advice of counsel, any of said attorneys and agents
may deem necessary or advisable to enable The Pittston Company, a Virginia
corporation (the "Company"), to comply with the Securities Act of 1933, as
amended, and any rules, regulations and requirements of the Securities and
Exchange Commission in respect thereof, in connection with the preparation and
filing of the Company's Registration Statement on Form S-8 with respect to the
Key Employees' Deferred Compensation Program of The Pittston Company and 1994
Employee Stock Purchase Plan of The Pittston Company, including specifically,
but without limitation, power and authority to sign his name as an officer
and/or director of the Company, as the case may be, to the Registration
Statement on Form S-8 or any amendments or post-effective amendments thereto;
and the undersigned does hereby ratify and confirm that all said attorneys shall
do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of May,
2000.
Roger G. Ackerman
/s/ Roger G. Ackerman
--------------------------------------------------
Roger G. Ackerman
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that the undersigned does hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter, and
each of them severally (with full power of substitution), his true and lawful
attorney-in-fact and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem necessary or advisable to enable The Pittston Company, a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended, and any rules, regulations and requirements of the Securities and
Exchange Commission in respect thereof, in connection with the preparation and
filing of the Company's Registration Statement on Form S-8 with respect to the
Key Employees' Deferred Compensation Program of The Pittston Company and 1994
Employee Stock Purchase Plan of The Pittston Company, including specifically,
but without limitation, power and authority to sign his name as an officer
and/or director of the Company, as the case may be, to the Registration
Statement on Form S-8 or any amendments or post-effective amendments thereto;
and the undersigned does hereby ratify and confirm that all said attorneys shall
do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of May,
2000.
Betty C. Alewine
/s/ Betty C. Alewine
--------------------------------------------------
Betty C. Alewine
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that the undersigned does hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter, and
each of them severally (with full power of substitution), his true and lawful
attorney-in-fact and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem necessary or advisable to enable The Pittston Company, a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended, and any rules, regulations and requirements of the Securities and
Exchange Commission in respect thereof, in connection with the preparation and
filing of the Company's Registration Statement on Form S-8 with respect to the
Key Employees' Deferred Compensation Program of The Pittston Company and 1994
Employee Stock Purchase Plan of The Pittston Company, including specifically,
but without limitation, power and authority to sign his name as an officer
and/or director of the Company, as the case may be, to the Registration
Statement on Form S-8 or any amendments or post-effective amendments thereto;
and the undersigned does hereby ratify and confirm that all said attorneys shall
do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of May,
2000.
James R. Barker
/s/ James R. Barker
--------------------------------------------------
James R. Barker
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that the undersigned does hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter, and
each of them severally (with full power of substitution), his true and lawful
attorney-in-fact and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem necessary or advisable to enable The Pittston Company, a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended, and any rules, regulations and requirements of the Securities and
Exchange Commission in respect thereof, in connection with the preparation and
filing of the Company's Registration Statement on Form S-8 with respect to the
Key Employees' Deferred Compensation Program of The Pittston Company and 1994
Employee Stock Purchase Plan of The Pittston Company, including specifically,
but without limitation, power and authority to sign his name as an officer
and/or director of the Company, as the case may be, to the Registration
Statement on Form S-8 or any amendments or post-effective amendments thereto;
and the undersigned does hereby ratify and confirm that all said attorneys shall
do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of May,
2000.
Marc C. Breslawsky
/s/ Marc C. Breslawsky
--------------------------------------------------
Marc C. Breslawsky
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that the undersigned does hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter, and
each of them severally (with full power of substitution), his true and lawful
attorney-in-fact and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem necessary or advisable to enable The Pittston Company, a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended, and any rules, regulations and requirements of the Securities and
Exchange Commission in respect thereof, in connection with the preparation and
filing of the Company's Registration Statement on Form S-8 with respect to the
Key Employees' Deferred Compensation Program of The Pittston Company and 1994
Employee Stock Purchase Plan of The Pittston Company, including specifically,
but without limitation, power and authority to sign his name as an officer
and/or director of the Company, as the case may be, to the Registration
Statement on Form S-8 or any amendments or post-effective amendments thereto;
and the undersigned does hereby ratify and confirm that all said attorneys shall
do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of May,
2000.
James L. Broadhead
/s/ James L. Broadhead
--------------------------------------------------
James L. Broadhead
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that the undersigned does hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter, and
each of them severally (with full power of substitution), his true and lawful
attorney-in-fact and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem necessary or advisable to enable The Pittston Company, a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended, and any rules, regulations and requirements of the Securities and
Exchange Commission in respect thereof, in connection with the preparation and
filing of the Company's Registration Statement on Form S-8 with respect to the
Key Employees' Deferred Compensation Program of The Pittston Company and 1994
Employee Stock Purchase Plan of The Pittston Company, including specifically,
but without limitation, power and authority to sign his name as an officer
and/or director of the Company, as the case may be, to the Registration
Statement on Form S-8 or any amendments or post-effective amendments thereto;
and the undersigned does hereby ratify and confirm that all said attorneys shall
do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of May,
2000.
William F. Craig
/s/ William F. Craig
--------------------------------------------------
William F. Craig
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that the undersigned does hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter, and
each of them severally (with full power of substitution), his true and lawful
attorney-in-fact and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem necessary or advisable to enable The Pittston Company, a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended, and any rules, regulations and requirements of the Securities and
Exchange Commission in respect thereof, in connection with the preparation and
filing of the Company's Registration Statement on Form S-8 with respect to the
Key Employees' Deferred Compensation Program of The Pittston Company and 1994
Employee Stock Purchase Plan of The Pittston Company, including specifically,
but without limitation, power and authority to sign his name as an officer
and/or director of the Company, as the case may be, to the Registration
Statement on Form S-8 or any amendments or post-effective amendments thereto;
and the undersigned does hereby ratify and confirm that all said attorneys shall
do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of May,
2000.
Gerald Grinstein
/s/ Gerald Grinstein
--------------------------------------------------
Gerald Grinstein
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that the undersigned does hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter, and
each of them severally (with full power of substitution), his true and lawful
attorney-in-fact and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem necessary or advisable to enable The Pittston Company, a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended, and any rules, regulations and requirements of the Securities and
Exchange Commission in respect thereof, in connection with the preparation and
filing of the Company's Registration Statement on Form S-8 with respect to the
Key Employees' Deferred Compensation Program of The Pittston Company and 1994
Employee Stock Purchase Plan of The Pittston Company, including specifically,
but without limitation, power and authority to sign his name as an officer
and/or director of the Company, as the case may be, to the Registration
Statement on Form S-8 or any amendments or post-effective amendments thereto;
and the undersigned does hereby ratify and confirm that all said attorneys shall
do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of May,
2000.
Ronald M. Gross
/s/ Ronald M. Gross
--------------------------------------------------
Ronald M. Gross
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that the undersigned does hereby
constitute and appoint Michael T. Dan, Austin F. Reed and Robert T. Ritter, and
each of them severally (with full power of substitution), his true and lawful
attorney-in-fact and agent to do any and all acts and things and to execute any
and all instruments which, with the advice of counsel, any of said attorneys and
agents may deem necessary or advisable to enable The Pittston Company, a
Virginia corporation (the "Company"), to comply with the Securities Act of 1933,
as amended, and any rules, regulations and requirements of the Securities and
Exchange Commission in respect thereof, in connection with the preparation and
filing of the Company's Registration Statement on Form S-8 with respect to the
Key Employees' Deferred Compensation Program of The Pittston Company and 1994
Employee Stock Purchase Plan of The Pittston Company, including specifically,
but without limitation, power and authority to sign his name as an officer
and/or director of the Company, as the case may be, to the Registration
Statement on Form S-8 or any amendments or post-effective amendments thereto;
and the undersigned does hereby ratify and confirm that all said attorneys shall
do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of May,
2000.
Carl S. Sloane
/s/ Carl S. Sloane
--------------------------------------------------
Carl S. Sloane