-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FFdv85RWTdXTY+/fvG+OpoqbaQFreyNQ2YiikVXIGV/4c7Wqv27E7Q4BlJta9T3i evMpx7myE8q9w1H0GsRwwg== 0000950144-99-007729.txt : 19990618 0000950144-99-007729.hdr.sgml : 19990618 ACCESSION NUMBER: 0000950144-99-007729 CONFORMED SUBMISSION TYPE: S-8 PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 19990617 EFFECTIVENESS DATE: 19990617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPRINGS INDUSTRIES INC CENTRAL INDEX KEY: 0000093102 STANDARD INDUSTRIAL CLASSIFICATION: BROADWOVEN FABRIC MILLS, COTTON [2211] IRS NUMBER: 570252730 STATE OF INCORPORATION: SC FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: S-8 SEC ACT: SEC FILE NUMBER: 333-80889 FILM NUMBER: 99647960 BUSINESS ADDRESS: STREET 1: 205 N WHITE ST CITY: FORT MILL STATE: SC ZIP: 29715 BUSINESS PHONE: 8035471500 MAIL ADDRESS: STREET 1: 205 NORTH WHITE STREET CITY: FORT MILL STATE: SC ZIP: 29715 FORMER COMPANY: FORMER CONFORMED NAME: SPRINGS MILLS INC DATE OF NAME CHANGE: 19820517 S-8 1 SPRINGS INDUSTRIES,INC. 1 As filed with the Securities and Exchange Commission on June 17, 1999 Registration No. ---------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------------------- FORM S-8 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ---------------------------- S P R I N G S I N D U S T R I E S, I N C. (Exact name of registrant as specified in its charter) South Carolina 57-0252730 (State or other jurisdiction (IRS Employer of incorporation or organization) Identification Number) 205 North White Street Fort Mill, South Carolina 29715 (Address of Principal Executive Offices and Zip Code) SPRINGS INDUSTRIES, INC. 1999 DEFERRED COMPENSATION PLAN FOR OUTSIDE DIRECTORS (Full title of the plan) C. Powers Dorsett Senior Vice President-General Counsel and Secretary Springs Industries, Inc. 205 North White Street Fort Mill, South Carolina 29715 (Name and address of agent for service) (803) 547-3768 (Telephone number, including area code, of agent of service) - -------------------------------------------------------------------------------- CALCULATION OF REGISTRATION FEE
---------------------------------------------------------------------------------------------------------------- Title of Amount Proposed Proposed Amount of securities to be maximum maximum registration to be registered offering aggregate fee registered price per offering share(1) price ---------------------------------------------------------------------------------------------------------------- Class A Common Stock par value 100,000 shares $38.78125 $3,878,125 $1,078.12 $.25 per share ----------------------------------------------------------------------------------------------------------------
(1) Estimated, pursuant to Rules 457(c) and (h) of the Securities Act of 1933, solely for calculation of the registration fee, based on the average of the high and low prices per share of the Class A Common Stock on June 11, 1999, on the New York Stock Exchange. The Exhibit Index appears after the Signature Page of this Registration Statement. - -------------------------------------------------------------------------------- 1 2 PART II Item 3. INCORPORATION OF DOCUMENTS BY REFERENCE Springs Industries, Inc. (the "Company" or the "Registrant") hereby incorporates by reference the following documents filed with the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934 (the "1934 Act"): (a) The Company's Annual Report on Form 10-K for the fiscal year ended January 2, 1999; (b) The Company's Quarterly Report on Form 10-Q for the quarter ended April 3, 1999; and (c) The description of the Common Stock contained in the Company's Registration Statement filed pursuant to Section 12 of the 1934 Act, including any amendment or report filed for the purpose of updating the description. All documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the 1934 Act prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities remaining unsold shall be deemed to be incorporated by reference herein and to be a part hereof from the date of the filing of such documents. Item 4. DESCRIPTION OF SECURITIES Not applicable. Item 5. INTERESTS OF NAMED EXPERTS AND COUNSEL The opinion as to the validity of the securities being registered has been furnished by C. Powers Dorsett, Senior Vice President-General Counsel and Secretary of the Registrant. On June 16, 1999, Mr. Dorsett beneficially owned 1,618 shares of the Class A Common Stock of the Company and, under the Company's 1991 Incentive Stock Plan, held options to purchase 75,000 shares of the Class A Common Stock. Item 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS Article 8 of the Company's Restated Articles of Incorporation provides that no director of the Company shall have personal liability to the Company or its shareholders for monetary damages for breach of fiduciary duty as a director unless and to the extent that such elimination or limitation of personal liability is prohibited by the laws of the State of South Carolina. Article 8 is designed to implement the personal liability limitations authorized by Section 33-2-102(e) of the South Carolina Business Corporation Act (the "Act"), which permits certain South Carolina corporations to include in their articles of incorporation a provision limiting directors' liability for monetary damages for certain breaches of their fiduciary duties. Under current South Carolina law, Article 8 does not eliminate or limit the liability of a director (i) for any breach of the director's duty of loyalty to the corporation or its stockholders; (ii) for acts or omissions not in good faith or which involve gross negligence, intentional misconduct, or a knowing violation of law; (iii) for liability imposed as a result of voting for or assenting to an unlawful distribution from the Company; or (iv) for any transaction from which the director derived an improper personal benefit. 2 3 Article 5 of Chapter 8 of Title 33 of the Act authorizes indemnification of a director made party to a proceeding because he is or was a director if the director conducted himself in good faith and he reasonably believed that his conduct in his official capacity was in the corporation's best interest, and his conduct in all other cases was at least not opposed to its best interest, and in any criminal proceeding he had no reasonable cause to believe his conduct was unlawful. Notwithstanding the above, in proceedings to obtain a judgment in favor of the corporation, indemnification would be limited to reasonable expenses incurred in connection with the proceeding and only if the director were not adjudged liable to the corporation, and in the case of adjudicated liability in any other proceedings, only if the director did not derive an improper personal benefit. The Act also authorizes corporations to indemnify officers, employees, and agents who are not directors to the extent, consistent with public policy, that may be provided by the corporation's articles of incorporation, bylaws, general or specific action of its board of directors, or contract. Furthermore, unless limited by its articles of incorporation, the Act requires a corporation to indemnify a director or officer who is wholly successful, on the merits or otherwise, in the defense of any proceeding to which he was a party because he is or was a director or officer against reasonable expenses incurred by him in connection with the proceeding. The Registrant's Restated Articles of Incorporation do not impose any limitations on this requirement. The Company's Bylaws provide generally that the Registrant shall indemnify each director or officer to the full extent permitted under the Act. There are in effect directors' and officers' and fiduciary liability insurance policies covering certain claims against any director or officer of the Company by reason of certain acts or omissions by such person in his capacity as a director or officer. Item 7. EXEMPTION FROM REGISTRATION CLAIMED Not applicable. Item 8. EXHIBITS See Exhibit Index. 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; (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. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; 3 4 (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; provided, however, that 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 Securities Exchange Act of 1934 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. B. 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 Securities Exchange Act of 1934 [and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934] 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. The undersigned registrant hereby undertakes: 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 indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. 4 5 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 Town of Fort Mill, State of South Carolina, on June 16, 1999. SPRINGS INDUSTRIES, INC. By: /s/ C. Powers Dorsett ------------------------------------- C. Powers Dorsett Senior Vice President- General Counsel & Secretary Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
Date: Principal Executive Officer: /s/ Crandall C. Bowles June 16, 1999 --------------------------------- Crandall C. Bowles Chairman, President, Chief Executive Officer, and Director Date: Principal Financial Officer: /s/ James F. Zahrn June 16, 1999 ---------------------------------- James F. Zahrn Executive Vice President and Chief Financial Officer Date: Principal Accounting Officer: /s/ Charles M. Metzler June 16, 1999 ---------------------------------- Charles M. Metzler Vice President-Controller Directors: Date: John F. Akers* John L. Clendenin* June 16, 1999 Leroy S. Close* By: /s/ C. Powers Dorsett -------------------- Charles W. Coker* C. Powers Dorsett John H. McArthur* (attorney-in-fact)* Aldo Papone* June 16, 1999 Robin B. Smith* Sherwood H. Smith, Jr.* Stewart Turley* *by power of attorney
5 6 INDEX TO EXHIBITS Exhibit 4.1 Springs Industries, Inc., Restated Articles of Incorporation, amended and restated as of April 18, 1994, incorporated by reference to Exhibit (3) of the Registrant's Form 10-Q filed August 15, 1994. Exhibit 4.2 Springs Industries, Inc., Bylaws, amended as of December 12, 1996, incorporated by reference to Exhibit (3)(a) of the Registrant's Form 10-K filed March 27, 1998. Exhibit 4.3 Springs Industries, Inc., 1999 Deferred Compensation Plan for Outside Directors. Exhibit 5.1 Opinion of C. Powers Dorsett regarding the validity of the securities being registered. Exhibit 23.1 Consent of C. Powers Dorsett (included in opinion of counsel filed as Exhibit 5.1). Exhibit 23.2 Consent of Deloitte & Touche LLP. Exhibit 24 Powers of Attorney of certain Directors of the Company. 6 EX-4.3 2 1999 DEFERRED COMPENSATION PLAN 1 EXHIBIT 4.3 1999 DEFERRED COMPENSATION PLAN FOR OUTSIDE DIRECTORS OF SPRINGS INDUSTRIES, INC. Article 1 Introduction 1.1 Recitals. (a) Whereas, effective April 30, 1984, the Board of Directors (the "Board") of Springs Industries, Inc., a South Carolina corporation (the "Corporation"), approved and adopted the Deferred Compensation Plan for Outside Directors for the purpose of allowing Directors [as defined in Section 1.3(n) below] to elect to defer the receipt of fees owing to them for service on, and attending meetings of, the Board and committees thereof, to fix the date(s) of receipt thereof, and to assist the Corporation in attracting and retaining qualified individuals to serve as directors; (b) Whereas, the Deferred Compensation Plan for Outside Directors was amended by the Board effective February 26, 1987 (the "Amended and Restated Deferred Compensation Plan for Outside Directors"); (c) Whereas, the Amended and Restated Deferred Compensation Plan for Outside Directors was again amended and restated on August 18, 1994 (the "Second Amended and Restated Deferred Compensation Plan for Outside Directors"); (d) Whereas, the Second Amended and Restated Deferred Compensation Plan for Outside Directors was amended effective October 29, 1995, and again amended effective November 1, 1996 (as so amended, the "Prior Plan"); (e) Whereas, the Outside Directors COLI Deferred Compensation Plan was adopted with respect to deferrals by Directors during the four-year period from May 1, 1986, to April 30, 1990 (the "COLI Plan"); and (f) Whereas the Board desires to adopt a new deferred compensation plan which shall be known as the 1999 Deferred Compensation Plan for Outside Directors; NOW, THEREFORE, the 1999 Deferred Compensation Plan for Outside Directors hereby is adopted effective April 19, 1999. 1.2 Name and Purpose. The name of this plan is the "1999 Deferred Compensation Plan for Outside Directors of Springs Industries, Inc." (the "Plan"). The purpose of the Plan is to enable the Corporation to obtain and retain the services of directors by permitting the deferment of their fees until their services with the Corporation have terminated while at the same time giving the Corporation the present use of the compensation so deferred. 1.3 Definitions. Whenever used in the Plan, the following terms shall have the meaning set forth or referenced below: (a) "Account" means a Cash Account or a Stock Account. (b) "Board" has the meaning set forth in Section 1.1(a) above. (c) "Business Day" means a day except for a Saturday, Sunday or a legal holiday. (d) "Cash Account" means an Account which reflects the Compensation deferred by a Participant pursuant to Section 2.3 and shall include any Interest Account or COLI Account transferred from the Prior Plan or the COLI Plan pursuant to Section 2.6(d). 7 2 (e) "Cash Compensation" means Compensation paid in the form of cash. (f) "Cash Credit" means a credit to a Cash Account, expressed in whole dollars and fractions thereof. (g) "Closing Price" means the closing price of the Common Stock as reported in the New York Stock Exchange Composite Transactions published in The Wall Street Journal. (h) "COLI Account" means the account of a Participant under the COLI Plan. (i) "COLI Plan" means the Outside Directors COLI Deferred Compensation Plan which was adopted with respect to deferrals by Directors during the period May 1, 1986, to April 30, 1990. (j) "Committee" means the Management Compensation and Organization Committee of the Board (or any successor Committee). (k) "Common Stock" means (i) the Class A Common Stock, $.25 par value per share, of the Corporation, adjusted as provided in Section 2.10, or (ii) if there is a merger or consolidation and the Corporation is not the surviving corporation thereof, the capital stock of the surviving corporation given in exchange for such common stock of the Corporation. (l) "Compensation" means all remuneration (whether paid in cash or in the form of Common Stock or any derivatives thereof) paid to a Director for services to the Corporation as a director, other than reimbursement for expenses, and shall include retainer fees for service on, and fees for attendance at meetings of, the Board and any Committees thereof. (m) "Corporation" has the meaning set forth in Section 1.1(a) above. (n) "Director" means any individual serving on the Board who is not an employee of the Corporation or any of its subsidiaries. (o) "Dividend Account" means the Dividend Account of a Participant under the Prior Plan. (p) "Interest Account" means the Interest Account of a Participant under the Prior Plan. (q) "Measuring Fund Account" means the Measuring Fund Account of a Participant under the Prior Plan. (r) "Participant" means a Director who has filed an election to participate in the Plan under Section 2.2 with regard to any Plan Year or a Director whose Interest Account or Stock Account under the Prior Plan or whose COLI Account under the COLI Plan is transferred to the Cash Account or the Stock Account of the Plan pursuant to Section 2.6(d). (s) "Plan" has the meaning set forth in Section 1.2 above. (t) "Plan Year" means the period beginning the first day of the month following the Corporation's annual meeting of shareholders in April 1999 through December 31, 1999, and thereafter shall be the applicable calendar year. (u) "Prior Plan" means the Corporation's Deferred Compensation Plan as amended and restated on August 18, 1994, and as subsequently amended effective October 29, 1995, and November 1, 1996. (v) "Retire" or "Retires" shall mean the ending of a Director's service as a member of the Board, but shall not include the ending of such service by reason of death. (w) "Secretary" means the corporate secretary of the Corporation. 8 3 (x) "Stock Account" means an Account which reflects the Compensation deferred by a Participant pursuant to Section 2.3. (y) "Stock Compensation" means Compensation paid in the form of Common Stock or any derivative thereof. (z) "Stock Credit" means a credit to a Stock Account established pursuant to Section 2.3, and calculated pursuant to Section 2.5. (aa) "Stock Equivalents Account" means the Stock Equivalent Account of a Participant under the Prior Plan. ARTICLE 2 Participation in the Plan 2.1 Eligibility. Any Director serving on to the Board subsequent to April 19, 1999, may participate in the Plan. 2.2 Election to Participate. (a) Each Director, and each first time nominee for Director, may elect to defer payment of all or any portion of his Compensation that is payable with respect to services performed during any Plan Year. Such election must be made prior to the date that services are rendered in the Plan Year in which such Compensation otherwise would be paid and shall be irrevocable thereafter for such Plan Year; provided, however, a newly-elected Director may deliver a deferral election to the Corporation within 30 days after his election, which deferral election shall be effective for Compensation for services performed subsequent to the date the deferral election is delivered to the Corporation; provided further, however, that an election by a Director or nominee pursuant to this paragraph (a) for any Plan Year (or portion thereof) shall be valid and effective for all purposes for all succeeding Plan Years, unless and until such election is revoked or modified by such Director prior to the date that services are rendered in such succeeding Plan Year(s); and, provided further, that no such election, revocation or modification may be made if the exemption afforded by Rule 16b-3 under Section 16 of the Securities Exchange Act of 1934 (or any successor statute), as constituted from time to time, or the rules or regulations promulgated thereunder, would not be available as a result thereof. (b) An election to defer any Compensation under the Plan shall: (i) be in writing; (ii) be delivered to the Secretary of the Corporation; (iii) contain, or be deemed to contain, the matters set forth in Section 2.3 below, in accordance with the terms thereof; and (iv) be irrevocable in all respects with respect to the Plan Year or Plan Years to which the election relates. If a Director does not elect to defer Compensation payable to him during a Plan Year, all such Compensation shall be paid directly to such Director in accordance with resolutions adopted by the Board or by the shareholders of the Corporation from time to time. 2.3 Mode of Deferral. A Participant may elect to defer all or a portion of his Cash Compensation for a Plan Year to a Cash Account, a Stock Account, or a combination of both such Accounts and to defer all or a portion of his Stock Compensation for a Plan Year to a separate Stock Account. The Corporation shall maintain such Accounts in the name of the Participant. Any such election with respect to the Account or Accounts to which his Compensation for a Plan Year shall be deferred shall be specified in the election referred to in Section 2.2(b) above that is delivered by the Director to the Secretary, and shall be irrevocable. If a Participant fails to elect the Account to which deferral of Cash Compensation shall be made, he shall be deemed to have irrevocably elected deferral to the Cash Account. Compensation deferred to a Cash Account or Stock Account shall result in Cash Credits or Stock Credits, respectively. 2.4 Cash Account. The Cash Account of a Participant established with respect to a Plan Year shall be credited, as of the day the Compensation would have been paid had it not been deferred, with Cash Credits equal to the dollar amount of such deferred Compensation. As of the last day of each calendar quarter, or as of the date the Account is distributed, if earlier, such Cash Accounts shall be credited with interest in the form of additional Cash Credits. Interest shall be at such rate as is determined from time to time by the Committee. Initially, the rate of interest under the Cash Account shall be the Lehman Brothers Corporate Bond Long-Term Baa Index except that interest with respect to a Participant's COLI Account transferred to a separate Cash Account pursuant to Section 2.6(d) below shall continue initially to be determined in accordance with the COLI Plan. 9 4 2.5 Stock Account. (a) The Stock Accounts of a Participant established with respect to a Plan Year shall be credited, as of the day the Compensation would have been paid had it not been deferred, with Stock Credits equal to the number of shares of Common Stock (including fractions of a share) that could have been purchased with the amount of such deferred Compensation at the average of the Closing Prices of shares of Common Stock for the last five (5) trading days immediately preceding the day in which such Stock Accounts are so credited. As of the date any dividend is paid to holders of shares of Common Stock, such Stock Accounts shall be credited with additional Stock Credits equal to the number of shares of Common Stock (including fractions of a share) that could have been purchased, at the Closing Price of shares of Common Stock on such date, with the amount which would have been paid as dividends on that number of shares (including fractions of a share) of Common Stock which is equal to the number of Stock Credits then attributed to such Stock Accounts. In the case of dividends paid in property other than cash, the amount of the dividend shall be deemed to be the fair market value of the property at the time of the payment of the dividend, as determined in good faith by the Committee. (b) To the extent a Participant's separate Stock Account has been credited with Stock Credits as a result of a Participant's election to defer receipt of remuneration under the Corporation's 1991 Restricted Stock Plan for Outside Directors, or any successor plan, such Stock Credits (but not Stock Credits arising from the payment of dividends on Common Stock with respect to such deferrals) shall be subject to forfeiture as provided in such plan. 2.6 Distribution of a Cash Account or a Stock Account. (a) Distribution of all Cash Accounts and Stock Accounts of a Participant shall commence as of January 15 of the Plan Year following the Plan Year in which such Participant Retires. If the date for commencement of such distribution is not a Business Day, such distribution shall commence on the next succeeding Business Day. (b) A Participant may elect the number of annual installments (not to exceed 15) in which the Participant's Cash Accounts and Stock Accounts (including accounts transferred from the Prior Plan and the COLI Plan pursuant to Section 2.6(d) below) maintained on his behalf under the Plan shall be distributed. A Participant's Cash Accounts and Stock Account shall both be distributed in the same number of annual installments, except that a Participant may elect to have his Cash Account for the COLI Plan distributed over fifteen (15) annual installments regardless of the Participant's distribution election for his other Accounts. If no such election is made by such Director with respect to such Accounts, the number of annual installments for all Accounts shall be ten (10). Such payment or payments shall be in amounts determined pursuant to Section 2.8 below, and shall be made on the date set forth in Section 2.6(a) above, and such date of each succeeding Plan Year as applicable. (c) A Participant's installment election referred to in paragraph (b) above is not effective unless made more than six months prior to the date the Participant Retires. Once made, such election shall apply for all succeeding Plan Years unless modified thereafter. A Participant who has made a deferral election may make an additional election to change the form of distribution of the balance in his Account (a "Change-of-Form Election"). Only a total of three (3) Change-of-Form Elections may be made by any Participant and only one such Change-of-Form-Election may be made by any Participant during any three (3) calendar years; provided, however, that no such Change-of-Form-Election will be effective unless made more than six (6) months prior to the date the Participant Retires. (d) Effective July 1, 1999, (i) the Interest Accounts and Dividend Accounts in the Prior Plan of Directors eligible to participate in the Plan shall be transferred to the respective Director's Cash Account under the Plan, (ii) the Measuring Fund Accounts and Stock Equivalents Account of such Directors shall be transferred to the respective Director's Stock Account in the Plan, and (iii) the COLI Accounts of such Directors shall be transferred to a separate Cash Account for the respective Director under the Plan. Furthermore, each Participant who has a Measuring Fund Account under the Prior Plan may elect (which election shall be irrevocable) prior to May 15, 1999, to transfer, effective July 1, 1999, all or a portion of the Participant's account balance in the Measuring Fund under the Prior Plan to his Cash Account rather than solely to his Stock Account. All accounts 10 5 transferred from the Prior Plan and the COLI Plan to the Plan as specified in this Section shall be based on the valuation of such accounts as of June 30, 1999. 2.7 Form of Distribution. Distribution of a Participant's Cash Accounts shall be made only in cash. Distribution of a Participant's Stock Accounts shall be made in the form of an equivalent number of shares of Common Stock; provided, however, at the option of the Committee the distribution may be in the form of cash in the amount of the cash value on the date of distribution of the number of Stock Credits distributable in the installment. For purposes of determining such cash value, the Corporation shall use the average of the Closing Prices of the Common Stock for the last five (5) trading days immediately preceding the date of distribution. 2.8 Installment Amount. The amount of each installment with respect to a Cash Account of a Participant shall be equal to the product of the current balance in such Cash Account and a fraction, the numerator of which is one and the denominator of which is the number of installments yet to be paid. The number of Stock Credits attributable to an installment with respect to a Stock Account (unless otherwise specified in the Plan) shall be equal to the product of the current number of Stock Credits attributed to such Stock Account and a fraction, the numerator of which is one and the denominator of which is the number of installments yet to be paid. 2.9 Hardship Withdrawals. In case of an unforeseeable emergency, a Participant may request the Committee, on a form to be provided by the Committee or its delegate, that payment be made earlier than the date to which it was deferred. For purposes of this Section 2.9, an "unforeseeable emergency" shall be limited to a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent [as defined in Section 152(a) of the Internal Revenue Code] of the Participant, loss of the Participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The circumstances that will constitute an unforeseeable emergency will depend upon the facts of each case; but, in any case, payment may not be made to the extent that such hardship is or may be relieved: (i) through reimbursement or compensation by available insurance or otherwise; (ii) by liquidation of the Participant's assets, to the extent the liquidation of such assets would not itself cause severe financial hardship; or (iii) by cessation of deferrals under the Plan. 2.10 Adjustment. If at any time the number of outstanding shares of Common Stock shall be increased as the result of any stock dividend, stock split, subdivision or reclassification of shares, the number of Stock Credits with which each Stock Account of a Participant is credited shall be increased in the same proportion as the outstanding number of shares of Common Stock is increased. If the number of outstanding shares of Common Stock shall at any time be decreased as the result of any combination, reverse stock split or reclassification of shares, the number of Stock Credits with which each Stock Account of a Participant is credited shall be decreased in the same proportion as the outstanding number of shares of Common Stock is decreased. In the event the Corporation shall at any time be consolidated with or merged into any other corporation and holders of shares of Common Stock receive shares of the capital stock of the resulting or surviving corporation, there shall be credited to each Stock Account of a Participant, in place of the Stock Credits then credited thereto, new Stock Credits in an amount equal to the product of the number of shares of capital stock exchanged for one share of Common Stock upon such consolidation or merger and the number of Stock Credits with which such Account then is credited. If in such a consolidation or merger holders of shares of Common Stock shall receive any consideration other than shares of the capital stock of the resulting or surviving corporation or its parent corporation, the Committee, in its sole discretion, shall determine the appropriate change in Participants' Accounts. 2.11 Distribution upon Death. (a) A Participant may deliver a beneficiary election to the Secretary of the Corporation electing that, in the event the Participant should die before full payment of all amounts credited to the Participant's Cash Accounts and Stock Accounts, the balance shall be paid in either one payment or in some other number of approximately equal annual installments [not exceeding five (5)] to such person or persons designated in the beneficiary election, except that a Participant may elect to have his Cash Account for the COLI Plan distributed in the number of installments determined with respect to such Cash Account under Section 2.6(b) above in the event of death of the Participant prior to commencement of distribution or over the balance of such period if the Participant dies after commencement of such distribution. A Participant may from time to time revoke or change any such designation by written notice to the Secretary. If there is no designation on file with the Secretary at the 11 6 time of the Participant's death, or if the person or persons designated therein shall have all predeceased the Participant, such distributions shall be made in one (1) payment to the executor or administrator of the Participant's estate. Any distribution under this Section 2.11(a) shall be made or commence as soon as practicable following the end of the fiscal quarter in which the Secretary is notified of the Participant's death or is satisfied as to the identity of the appropriate payee, whichever is later. 2.12 Withholding Taxes. The Corporation shall deduct from all distributions under the Plan any taxes required to be withheld by federal, state, or local governments. ARTICLE 3 The Committee 3.1 Authority. The Committee shall have full power and authority to administer the Plan, including the power to (a) promulgate forms to be used with respect to the Plan, (b) promulgate rules of Plan administration, (c) settle any disputes as to rights or benefits arising from the Plan, (d) interpret the terms of the Plan, (e) amend, modify or terminate the Plan as provided in Section 4.5 below and (e) make such decisions or take such action as the Committee, in its sole discretion, deems necessary or advisable to aid in the proper administration of the Plan; provided, however that the Committee cannot change or modify any of the irrevocable elections made by a Participant under Section 2.2(b) above. Any decision made by the Committee shall be final and binding on the Corporation, Participants and their heirs or successors. 3.2 Elections, Notices. All elections, notices and designations required or permitted to be provided to the Committee under the Plan must be in such form or forms prescribed by, and contain such information as is required by, the Committee. ARTICLE 4 Miscellaneous 4.1 Funding. No promise hereunder shall or may be secured by any assets of the Corporation, and no assets of the Corporation shall otherwise be designated as attributable or allocated to the satisfaction of such promises. The Participants have the status of general unsecured creditors of the Corporation hereunder. 4.2 Non-alienation of Benefits. No benefit under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to do so shall be void. No such benefit, prior to receipt thereof pursuant to the provisions of the Plan, shall be in any manner liable for or subject to the debts, contracts, liabilities, engagements or torts of the Participant. 4.3 Delegation of Administrative Duties. The Committee may delegate to officers and employees of the Corporation from time to time the power and authority to carry out and effect the decisions and rules of the Committee. Any such delegation shall be in writing. 4.4 Governing Law. This Plan shall be governed by and construed in accordance with the laws of the State of South Carolina. 4.5 Amendment, Modification and Termination of the Plan. The Board or the Committee at any time may terminate and in any respect amend or modify the Plan. 4.6 Successors and Heirs. The Plan and any properly executed elections hereunder shall be binding upon the Corporation and Participants, and upon any assignee or successor in interest to the Corporation and upon the heirs, legal representatives and beneficiaries of any Participant. 4.7 Status of Participants. Stock Credits are not, and do not constitute, shares of Common Stock, and no right as a holder of shares of Common Stock shall devolve upon a Participant by reason of his participation in the Plan. 12 7 4.8 Use of Terms. The masculine includes the feminine and the plural includes the singular, unless the context clearly indicates otherwise. 4.9 Statement of Accounts. No later than February of each Plan Year, each Participant in the Plan during the immediately preceding Plan Year shall receive a statement of his Accounts under the Plan as of December 31 of such preceding Plan Year and of the amount deferred during the Plan Year. Such statement shall be in a form and contain such information as is deemed appropriate by the Committee. 13 EX-5.1 3 OPINION OF C. POWERS DORSETT 1 EXHIBIT 5.1 June 16, 1999 Springs Industries, Inc. 205 North White Street Fort Mill, SC 29715 Re: Springs Industries, Inc. - Registration Statement on Form S-8 relating to 100,000 shares of Class A Common Stock Gentlemen: I am General Counsel of Springs Industries, Inc., a South Carolina corporation (the "Company"), and have acted as counsel for the Company in connection with the preparation of a Registration Statement on Form S-8 (the "Registration Statement") filed with the Securities and Exchange Commission under the Securities Act of 1933 relating to the registration of 100,000 shares of the Company's Class A Common Stock, par value $.25 per share (the "Shares"), that may be issued pursuant to the Springs Industries, Inc., 1999 Deferred Compensation Plan for Outside Directors (the "Plan"). In connection with this opinion, I have examined and relied upon such records, documents, certificates, and other instruments as in my judgment are necessary or appropriate to form the basis for the opinions hereinafter set forth. In such examination, I have assumed the genuineness of signatures on original documents and the conformity to such original documents of all copies submitted to me as certified, conformed, or photographic copies and, as to certificates of public officials, I have assumed the same to have been properly given and to be accurate. As to matters of fact material to this opinion, I have relied upon statements and representations of representatives of the Company and of public officials. The opinions expressed herein are limited in all respects to the federal laws of the United States of America and the laws of the State of South Carolina, and no opinion is expressed with respect to the laws of any other jurisdiction or any effect which such laws may have on the opinions expressed herein. This opinion is limited to the matters stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein. Based upon and subject to the foregoing, I am of the opinion that upon the issuance of the Shares as provided in the Plan, the Shares will be validly issued, fully paid, and nonassessable. I hereby consent to the filing of this opinion as an Exhibit to the Registration Statement and to the reference to my name under the caption "Interest of Named Experts and Counsel" in the Registration Statement. Sincerely yours, /s/C. Powers Dorsett C. Powers Dorsett 14 EX-23.2 4 CONSENT OF DELOITTE & TOUCHE LLP 1 EXHIBIT 23.2 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in this Registration Statement of Springs Industries, Inc. on Form S-8 of our report dated February 1, 1999, incorporated by reference in the Annual Report on Form 10-K of Springs Industries, Inc. for the year ended January 2, 1999. Deloitte & Touche LLP Charlotte, North Carolina June 14, 1999 15 EX-24 5 POWERS OF ATTORNEY 1 EXHIBIT 24 POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned, being a director of Springs Industries, Inc., a South Carolina corporation (the "Company") hereby constitutes and appoints Crandall C. Bowles, C. Powers Dorsett, Robert W. Sullivan, and James F. Zahrn, and each of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place, and stead in any and all capacities, to sign one or more Registration Statements under the Securities Act of 1933, as amended, on Form S-8 or such other form as such attorneys-in-fact, or any of them, may deem necessary or desirable, any amendments thereto, and all post-effective amendments and supplements to such registration statement, for the registration of securities in connection with the Springs Industries, Inc. 1999 Deferred Compensation Plan for Outside Directors, in such forms as they or any one of them may approve, and to file the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done to the end that such Registration Statement or Registration Statements shall comply with the Securities Act of 1933, as amended, and the applicable Rules and Regulations adopted or issued pursuant thereto, as fully and to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their substitute or resubstitute, may lawfully do or cause to be done by virtue hereof. IN WITNESS WHEREOF, each of the undersigned has hereunto set his or her hand this 10th day of June, 1999. /s/John L. Clendenin /s/John H. McArthur - --------------------------- ------------------------------- John L. Clendenin John H. McArthur /s/Leroy S. Close /s/Robin B. Smith - --------------------------- ------------------------------- Leroy S. Close Robin B. Smith /s/Charles W. Coker /s/Sherwood H. Smith, Jr. - --------------------------- ------------------------------- Charles W. Coker Sherwood H. Smith, Jr. 16 2 POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS, that the undersigned, being a director of Springs Industries, Inc., a South Carolina corporation (the "Company") hereby constitutes and appoints Crandall C. Bowles, C. Powers Dorsett, Robert W. Sullivan, and James F. Zahrn, and each of them, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place, and stead in any and all capacities, to sign one or more Registration Statements under the Securities Act of 1933, as amended, on Form S-8 or such other form as such attorneys-in-fact, or any of them, may deem necessary or desirable, any amendments thereto, and all post-effective amendments and supplements to such registration statement, for the registration of securities in connection with the Springs Industries, Inc. 1999 Deferred Compensation Plan for Outside Directors, in such forms as they or any one of them may approve, and to file the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done to the end that such Registration Statement or Registration Statements shall comply with the Securities Act of 1933, as amended, and the applicable Rules and Regulations adopted or issued pursuant thereto, as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their substitute or resubstitute, may lawfully do or cause to be done by virtue hereof. IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day of June, 1999. /s/John F. Akers ------------------------------- John F. Akers Director POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS, that the undersigned, being a director of Springs Industries, Inc., a South Carolina corporation (the "Company") hereby constitutes and appoints Crandall C. Bowles, C. Powers Dorsett, Robert W. Sullivan, and James F. Zahrn, and each of them, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place, and stead in any and all capacities, to sign one or more Registration Statements under the Securities Act of 1933, as amended, on Form S-8 or such other form as such attorneys-in-fact, or any of them, may deem necessary or desirable, any amendments thereto, and all post-effective amendments and supplements to such registration statement, for the registration of securities in connection with the Springs Industries, Inc. 1999 Deferred Compensation Plan for Outside Directors, in such forms as they or any one of them may approve, and to file the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done to the end that such Registration Statement or Registration Statements shall comply with the Securities Act of 1933, as amended, and the applicable Rules and Regulations adopted or issued pursuant thereto, as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their substitute or resubstitute, may lawfully do or cause to be done by virtue hereof. IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 11th day of June, 1999. /s/Aldo Papone ------------------------------- Aldo Papone Director 17 3 POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS, that the undersigned, being a director of Springs Industries, Inc., a South Carolina corporation (the "Company") hereby constitutes and appoints Crandall C. Bowles, C. Powers Dorsett, Robert W. Sullivan, and James F. Zahrn, and each of them, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place, and stead in any and all capacities, to sign one or more Registration Statements under the Securities Act of 1933, as amended, on Form S-8 or such other form as such attorneys-in-fact, or any of them, may deem necessary or desirable, any amendments thereto, and all post-effective amendments and supplements to such registration statement, for the registration of securities in connection with the Springs Industries, Inc. 1999 Deferred Compensation Plan for Outside Directors, in such forms as they or any one of them may approve, and to file the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done to the end that such Registration Statement or Registration Statements shall comply with the Securities Act of 1933, as amended, and the applicable Rules and Regulations adopted or issued pursuant thereto, as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their substitute or resubstitute, may lawfully do or cause to be done by virtue hereof. IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 7th day of June, 1999. /s/Stewart Turley ------------------------------ Stewart Turley Director 18 -----END PRIVACY-ENHANCED MESSAGE-----