As filed with the Securities and Exchange Commission on May 3, 2024
Registration No. 333-________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Tennant Company
(Exact name of registrant as specified in its charter)
| Minnesota | 41-0572550 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
10400 Clean Street
Eden Prairie, Minnesota 55344
(Address of Principal Executive Offices, including zip code)
TENNANT COMPANY AMENDED AND RESTATED 2020 STOCK INCENTIVE PLAN
(Full title of the Plan)
Kristin A. Erickson
Senior Vice President, General Counsel and Corporate Secretary
Tennant Company
10400 Clean Street
Eden Prairie, Minnesota 55344
(Name and address of agent for service)
(763) 540-1200
(Telephone number, including area code, of agent for service)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | x | Accelerated filer | ¨ | |
| Non-accelerated filer | ¨ | Smaller reporting company | ¨ | |
| Emerging growth company | ¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ¨
EXPLANATORY NOTE
The shareholders of Tennant Company (the “Company” or “Registrant”) approved the Tennant Company Amended and Restated 2020 Stock Incentive Plan (as amended and restated, the “Amended and Restated Plan”) on May 1, 2024 (the “Effective Date”).
This Registration Statement on Form S-8 is being filed with the Securities and Exchange Commission (the “Commission”) for the purpose of registering an additional 1,100,000 shares of common stock, par value $0.375 per share, of the Registrant (the “Common Stock”) for issuance pursuant to the Amended and Restated Plan as of the Effective Date. These shares are in addition to the shares previously registered on the Registrant’s Registration Statement on Form S-8 (No. 333-238160) on May 11, 2020.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part I of Form S-8 have been or will be sent or given to participants under the Amended and Restated Plan as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the “Securities Act”). In accordance with the instructions to Part I, those documents are not filed with the Commission as part of this Registration Statement or a prospectus under Rule 424 of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents previously filed by the Company with the Commission (File No. 1-16191) pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are, as of their respective dates, hereby incorporated by reference in this registration statement:
(a) The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Annual Report”), which incorporates by reference certain portions of the Company’s definitive proxy statement for the Company’s 2024 Annual Meeting of Shareholders filed on March 21, 2024, incorporated by reference in the 2023 Annual Report;
(b) The Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024;
(c) The Company’s Current Report on Form 8-K filed on May 2, 2024; and
(d) The description of the Company’s Common Stock, included in Exhibit 4.1 to Company's Form 10-K for the year ended December 31, 2022, and all amendments and reports filed for the purpose of updating such description.
In addition, all documents filed by the Company pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act after the date of this registration statement and before the filing of a post-effective amendment that indicates that all shares of Common Stock offered have been sold, or that deregisters all shares of Common Stock then remaining unsold, shall be deemed to be incorporated by reference in, and to be a part of, this registration statement from the date of filing of those documents.
Any statement 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 incorporated herein by reference or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.
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Notwithstanding the foregoing, nothing in this registration statement shall be deemed to incorporate any information from Item 2.02 or Item 7.01 of any Form 8-K, or that is otherwise furnished under applicable Commission rules rather than filed, or any exhibits to the extent furnished in connection with such items.
Item 4. Description of Securities.
The Company’s Common Stock is registered under Section 12 of the Exchange Act and, therefore, the description of securities is omitted.
Item 5. Interests of Named Experts and Counsel.
Faegre Drinker Biddle & Reath LLP has given an opinion on the validity of the shares of Common Stock being registered by this registration statement. Faegre Drinker Biddle & Reath LLP does not have an interest in the Company of the type specified in Item 509 of Regulation S-K.
Item 6. Indemnification of Directors and Officers.
Article VI of the Company’s Amended and Restated By-Laws provides that the Company shall indemnify its directors and officers to the full extent required by Minnesota Statutes, Section 302A.521, or by other provisions of law. Minnesota Statute Section 302A.521 requires the Company to indemnify a person made or threatened to be made a party to a proceeding by reason of the former or present official capacity of the person with respect to the Company against judgments, penalties, fines including, without limitation, excise taxes assessed against the person with respect to an employee benefit plan, settlements and reasonable expenses, including attorneys’ fees and disbursements, incurred by the person in connection with the action, suit or proceeding, if certain criteria are met. These criteria, all of which must be met by the person seeking indemnification, are:
(a) the person has not been indemnified by another organization or employee benefit plan for the same judgments, penalties, fines, settlements and expenses incurred by the person in connection with the proceeding with respect to the same acts or omissions;
(b) the person must have acted in good faith;
(c) no improper personal benefit was obtained by the person and, if applicable, certain statutory conflict-of interest provisions have been satisfied;
(d) in the case of a criminal proceeding, the person had no reasonable cause to believe that the conduct was unlawful; and
(e) the person acted in a manner he or she reasonably believed was in the best interests of the corporation or, in certain limited circumstances, not opposed to the best interests of the corporation.
The determination as to eligibility for indemnification is made by the members of the Company’s board of directors, or a committee thereof, who are at the time not parties to the proceedings under consideration, by special legal counsel, by the shareholders who are not parties to the proceedings or by a court.
Article VIII of the Company’s Restated Articles of Incorporation, as amended, provides that no director shall be personally liable to the Company or its shareholders for monetary damages for breach of fiduciary duty as a director, except:
(a) for any breach of the director’s duty of loyalty to the Company or its shareholders;
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(b) for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;
(c) for any dividends, stock repurchases and other distributions made in violation of Minnesota law or for violations of the Minnesota securities laws;
(d) for any transaction from which the director derived an improper benefit; or
(e) for any act or omission occurring prior to the effective date of the provision in the Company’s Restated Articles of Incorporation, as amended, limiting such liability.
Article VIII does not affect the availability of equitable remedies, such as an action to enjoin or rescind a transaction involving a breach of fiduciary duty, although, as a practical matter, equitable relief may not be available. Nor does Article VIII limit the liability of directors for violations of, or relieve them from the necessity of complying with, federal securities laws.
The directors and officers of the Company are insured under a policy of directors’ and officers’ liability insurance.
Item 7. Exemption from Registration Claimed.
Not applicable. No securities are to be reoffered or resold pursuant to this registration statement.
Item 8. Exhibits.
| (1) | Incorporated by reference to Exhibit 3i to the Company’s Form 10-Q for the quarter ended June 30, 2006. |
| (2) | Incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K dated January 13, 2023. |
| (3) | Incorporated by reference to Exhibit 3iii to the Company’s Form 10-Q for the quarter ended March 31, 2018. |
| (4) | Incorporated by reference to Appendix A to the Company’s Proxy Statement for the 2024 Annual Meeting of Shareholders filed March 21, 2024. |
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:
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(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 Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and
(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) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Securities and Exchange Commission 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 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) 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 Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Eden Prairie, State of Minnesota, on May 3, 2024.
| TENNANT COMPANY | ||
| By: | /s/ Kristin A. Erickson | |
| Kristin A. Erickson | ||
| Senior Vice President, General Counsel and Secretary | ||
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated on May 3, 2024.
| Signature | Title | |
| /s/ David W. Huml* | President and Chief Executive Officer | |
| David W. Huml | (Principal Executive Officer) | |
| /s/ Fay West | Chief Financial Officer and Principal Accounting Officer | |
| Fay West | (Principal Financial and Accounting Officer) |
| Azita Arvani | ) | |
| Carol S. Eicher | ) | |
| Maria C. Green | ) | |
| Andrew P. Hider | ) | |
| David W. Huml | ) | The Board of Directors* |
| Timothy R. Morse | ) | |
| Donal L. Mulligan | ) | |
| David Windley | ) |
| * | Kristin A. Erickson, by signing her name hereto, does hereby sign this document on behalf of each of the above-named directors of the Registrant pursuant to powers of attorney duly executed by such persons. |
| By | /s/ Kristin A. Erickson | ||
| Kristin A. Erickson, Attorney-in-Fact |
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Exhibit 5.1
Faegre Drinker Biddle & Reath LLP
2200 Wells Fargo Center, 90 South Seventh Street
Minneapolis, Minnesota 55402-3901
Phone +1 612 766 7000
Fax +1 612 766 1600
May 3, 2024
Tennant Company
10400 Clean Street
Eden Prairie, Minnesota 55344
Re: Registration Statement on Form S-8
Ladies and Gentlemen:
We have acted as counsel to Tennant Company, a Minnesota corporation (the “Company”), in connection with the preparation and filing with the Securities and Exchange Commission (the “Commission”) of the Company’s Registration Statement on Form S-8 (the “Registration Statement”) under the Securities Act of 1933, as amended (the “Act”), registering the offer and sale of up to 1,100,000 additional shares of the Company’s common stock, par value $0.375 per share (the “Shares”), pursuant to the Tennant Company Amended and Restated 2020 Stock Incentive Plan (the “Amended and Restated Plan”).
For purposes of this opinion letter, we have examined the Amended and Restated Plan, the Registration Statement, the Restated Articles of Incorporation, as currently in effect, and the Amended and Restated Bylaws, as currently in effect, of the Company, the resolutions of the Company’s board of directors authorizing the issuance of the Shares and such corporate and other records, agreements, instruments, certificates of public officials and documents as we have deemed necessary as a basis for the opinions hereinafter expressed and have made such examination of statutes as we have deemed relevant and necessary in connection with the opinions hereinafter expressed. As to facts material to this opinion letter, we have relied upon certificates, statements or representations of public officials, of officers and representatives of the Company and of others, without any independent verification thereof.
In our examination, we have assumed: (i) the legal capacity of all natural persons; (ii) the genuineness of all signatures; (iii) the authenticity of all documents submitted to us as originals; (iv) the conformity to original documents of all documents submitted to us as certified, conformed, photostatic or facsimile copies; (v) the authenticity of the originals of such latter documents; (vi) the truth, accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments, certificates and records we have reviewed; and (vii) the absence of any undisclosed modifications to the agreements and instruments reviewed by us.
Based on and subject to the foregoing and to the other qualifications, assumptions and limitations set forth herein, we are of the opinion that all necessary corporate action on the part of the Company has been taken to authorize the issuance and sale of the Shares to be issued in accordance with the Amended and Restated Plan and that, when (a) the Shares have been issued and sold as contemplated in the Registration Statement and related prospectus and in accordance with the Amended and Restated Plan, and (b) the consideration for the Shares specified in the Amended and Restated Plan has been received by the Company, the Shares will be validly issued, fully paid and nonassessable.
We are admitted to the practice of law in the State of Minnesota.
This opinion speaks only as of the date the Registration Statement becomes effective under the Act, and we assume no obligation to revise or supplement this opinion thereafter. This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein.
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.
| Yours very truly, | ||
| FAEGRE DRINKER BIDDLE & REATH LLP | ||
| By: | /s/ Amy C. Seidel | |
| Amy C. Seidel | ||
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in this Registration Statement on Form S-8 of our reports dated February 22, 2024 relating to the financial statements of Tennant Company and the effectiveness of Tennant Company’s internal control over financial reporting, appearing in the Annual Report on Form 10-K of Tennant Company for the year ended December 31, 2023.
/s/ Deloitte & Touche LLP
Minneapolis, Minnesota
May 3, 2024
Exhibit 24.1
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Kristin A. Erickson and Fay West and each or either of them, her or his true and lawful attorneys-in-fact and agents, each acting alone, with full powers of substitution and resubstitution, for her or him and in her or his name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this registration statement, 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, each acting alone, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as she or he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, each acting alone, or her or his substitute or substitutes, may lawfully do or cause to be done by virtue thereof.
IN WITNESS WHEREOF, the undersigned have hereunto set their hands this 3rd day of May, 2024.
| Signature | Title | |
| /s/ DAVID W. HUML | President, Chief Executive Officer and Director | |
| David W. Huml | (Principal Executive Officer) | |
| /s/ FAY WEST | Chief Financial Officer and Principal Accounting Officer | |
| Fay West | (Principal Financial and Accounting Officer) | |
| /s/ AZITA ARVANI | Director | |
| Azita Arvani | ||
| /s/ CAROL S. EICHER | Director | |
| Carol S. Eicher | ||
| /s/ MARIA C. GREEN | Director | |
| Maria C. Green | ||
| /s/ ANDREW P. HIDER | Director | |
| Andrew P. Hider | ||
| /s/ TIMOTHY R. MORSE | Director | |
| Timothy R. Morse | ||
| /s/ DONAL L. MULLIGAN | Director | |
| Donal L. Mulligan | ||
| /s/ DAVID WINDLEY | Director | |
| David Windley |
Exhibit 107
CALCULATION OF FILING FEE TABLE
Form S-8
(Form Type)
Tennant Company
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered Securities
| Security Type |
Security Class Title |
Fee Calculation Rule |
Amount Registered(1) |
Proposed Maximum Offering Price Per Unit |
Maximum Aggregate Offering Price |
Fee Rate | Amount of Registration Fee |
| Equity | Common Stock, par value $0.375 per share | 457(c) and 457(h) | 1,100,000 (2) | $115.46(3) | $127,006,000 | 0.00014760 | $18,746.09 |
| Total Offering Amounts | $127,006,000 | $18,746.09 | |||||
| Total Fee Offsets | $0 | ||||||
| Net Fee Due | $18,746.09 | ||||||
| (1) | Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement shall also cover any additional shares of common stock that become issuable under the Tennant Company Amended and Restated 2020 Stock Incentive Plan (the “Amended and Restated Plan”) by reason of any stock split, stock dividend or other similar transaction effected without the receipt of consideration which results in an increase in the number of shares of outstanding common stock. |
| (2) | Represents shares of common stock registered pursuant to the Amended and Restated Plan. |
| (3) | Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) and Rule 457(h) of the Securities Act. The proposed maximum offering price per share is calculated on the basis of $115.46, the average of the high and low price of the Company’s common stock on May 2, 2024, as reported on the New York Stock Exchange, which is within five business days prior to filing this Registration Statement. |