As filed with the United States Securities and Exchange Commission on February 28, 2022
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
OCUGEN, INC.
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 04-3522315 | |||
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
263 Great Valley Parkway
Malvern, Pennsylvania 19355
(484)
328-4701
(Address, including zip code, of principal executive offices)
Ocugen, Inc. Inducement Stock Option and Restricted Stock Unit Awards (June 2021 – February 2022)
(Full title of the plans)
Shankar
Musunuri
Chairman of the Board and Chief Executive Officer
Ocugen, Inc.
263 Great Valley Parkway
Malvern, Pennsylvania 19355
(484) 328-4701
(Name, address and telephone number, including area code, of agent for service)
Copies to:
Rachael M. Bushey, Esq.
Jennifer L. Porter, Esq.
Troutman Pepper Hamilton Sanders LLP
3000 Two Logan Square
Philadelphia, Pennsylvania 19103
(215) 981-4331
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (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. ¨
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information.
Ocugen, Inc. (the “Registrant”) shall deliver or cause to be delivered documents containing information specified by Part I of this Registration Statement on Form S-8 (the “Registration Statement”) to recipients of the new hire inducement stock option and restricted stock unit awards covered by this Registration Statement, as specified in Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”).
Item 2. Registrant Information.
The Registrant will furnish without charge to each person to whom the prospectus is delivered, upon the written or oral request of such person, a copy of any and all of the documents incorporated by reference, other than exhibits to such documents (unless such exhibits are specifically incorporated by reference to the information that is incorporated). Requests should be directed Ocugen, Inc., 263 Great Valley Parkway, Malvern, Pennsylvania 19355, Attention: Shankar Musunuri, Chief Executive Officer, telephone number (484) 328-4701.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents of the Registrant, filed or to be filed with the Commission, are incorporated by reference in this Registration Statement as of their respective dates:
| (a) | the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Commission on February 28, 2022, which contains the Registrant’s audited financial statements for the latest fiscal year for which such statements have been filed (the “2021 Form 10-K”); |
| (b) | the Registrant’s Current Reports on Form 8-K (other than portions thereof furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits accompanying such reports related to such items) filed with the Commission on January 6, 2022, January 10, 2022, January 12, 2022, January 28, 2022, February 2, 2022, February 14, 2022, February 22, 2022 (both filings) and February 25, 2022; and |
| (c) | the description of the Registrant’s Common Stock contained in its registration statement on Form 8-A filed with the Commission on November 18, 2014 (File No. 001-36751), together with any amendments or reports filed for the purposes of updating this description, including Exhibit 4.1 to the Registrant’s 2021 Form 10-K. |
All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing of such documents; provided, however, that documents or information deemed to have been furnished and not filed in accordance with Commission rules shall not be deemed incorporated by reference into this Registration Statement. Any statement contained herein or in a document, all or a portion of which is 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 amended, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
The Registrant is governed by the Delaware General Corporation Law (“DGCL”). Section 145 of the DGCL provides that a corporation may indemnify any person, including an officer or director, who was or is, or is threatened to be made, a party to any threatened, pending or completed legal action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person was or is an officer, director, employee or agent of such corporation or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided such officer, director, employee or agent acted in good faith and in a manner such person reasonably believed to be in, or not opposed to, the corporation's best interest and, for criminal proceedings, had no reasonable cause to believe that such person's conduct was unlawful. A Delaware corporation may indemnify any person, including an officer or director, who was or is, or is threatened to be made, a party to any threatened, pending or contemplated action or suit by or in the right of such corporation, under the same conditions, except that such indemnification is limited to expenses (including attorneys' fees) actually and reasonably incurred by such person, and except that no indemnification is permitted without judicial approval if such person is adjudged to be liable to such corporation. Where an officer or director of a corporation is successful, on the merits or otherwise, in the defense of any action, suit or proceeding referred to above, or any claim, issue or matter therein, the corporation must indemnify that person against the expenses (including attorneys' fees) which such officer or director actually and reasonably incurred in connection therewith.
The Registrant’s sixth amended and restated certificate of incorporation, as amended, includes provisions that limit the liability of the Registrant’s directors for monetary damages for breach of their fiduciary duty as directors, except for liability that cannot be eliminated under the DGCL. Accordingly, the Registrant’s directors will not be personally liable for monetary damages for breach of their fiduciary duty as directors, except for liabilities:
| · | for any breach of the director's duty of loyalty to the Registrant or its stockholders; |
| · | for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; |
| · | for unlawful payments of dividends or unlawful stock repurchases or redemptions, as provided under Section 174 of the DGCL; or |
| · | for any transaction from which the director derived an improper personal benefit. |
Any amendment or repeal of these provisions will require the approval of the holders of shares representing at least two-thirds of the shares entitled to vote in the election of directors, voting as one class. The Registrant’s sixth amended and certificate of incorporation, as amended, and amended and restated bylaws also provides that the Registrant will indemnify its directors and officers to the fullest extent permitted by Delaware law. The Registrant’s sixth amended and certificate of incorporation, as amended, and amended and restated bylaws also permit the Registrant to purchase insurance on behalf of any officer, director, employee or other agent for any liability arising out of his or her actions as its officer, director, employee or agent, regardless of whether Delaware law would permit indemnification. The Registrant has entered into separate indemnification agreements with its directors and executive officers that require the Registrant, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors and to advance their expenses incurred as a result of any proceeding against them as to which they could be indemnified. The Registrant believes that the limitation of liability provision in its sixth amended and certificate of incorporation, as amended, and the indemnification agreements facilitate its ability to continue to attract and retain qualified individuals to serve as directors and officers. The limitation of liability and indemnification provisions in the Registration’s sixth amended and restated certificate of incorporation, as amended, and amended and restated bylaws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against directors and officers, even though an action, if successful, might benefit the Registrant and its stockholders. A stockholder's investment may be harmed to the extent the Registrant pays the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
The following documents are filed as exhibits to this Registration Statement:
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;
(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and
(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) shall not apply if the registration statement is on Form S-8, and the information required to be included on a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
Pursuant to the requirements of the Securities Act, 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 Borough of Malvern, Commonwealth of Pennsylvania, on this 28th day of February, 2022.
| OCUGEN, INC. | ||
| By: | /s/ Shankar Musunuri | |
| Shankar Musunuri | ||
| Chairman of the Board and Chief Executive Officer | ||
POWER OF ATTORNEY
We, the undersigned officers and directors of Ocugen, Inc., hereby severally constitute and appoint Shankar Musunuri and Sanjay Subramanian, our true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution in her or him for her or him and in her or his name, place and stead, and in any and all capacities, to sign any and 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 attorney-in-fact and agent 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 full to all intents and purposes as she or he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated on February 28, 2022.
| Signature | Title | |
|
/s/ Shankar Musunuri |
Chairman, Chief Executive Officer and Director | |
| Shankar Musunuri | (Principal Executive Officer) | |
|
/s/ Sanjay Subramanian |
Chief Financial Officer and Head of Corporate Development | |
| Sanjay Subramanian | (Principal Financial and Principal Accounting Officer) | |
| /s/ Kirsten Castillo | Director | |
| Kirsten Castillo | ||
| /s/ Prabhavathi Fernandes | Director | |
| Prabhavathi Fernandes | ||
|
/s/ Uday B. Kompella |
Director | |
| Uday B. Kompella | ||
|
/s/ Ramesh Kumar |
Director | |
| Ramesh Kumar | ||
|
/s/ Manish Potti |
Director | |
| Manish Potti | ||
|
/s/ Junge Zhang |
Director | |
| Junge Zhang |
Exhibit 5.1
| Troutman Pepper Hamilton Sanders LLP 3000 Two Logan Square, Eighteenth and Arch Streets Philadelphia, PA 19103-2799 |
 |
troutman.com
February 28, 2022
Board of Directors
Ocugen, Inc.
263 Great Valley Parkway
Malvern, Pennsylvania 19355
Ladies and Gentlemen:
Reference is made to the registration statement on Form S-8 (the “Registration Statement”) of Ocugen, Inc., a Delaware corporation (the “Company”), filed on the date hereof with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”). The Registration Statement covers an aggregate of 1,796,549 shares (the “Shares”) of the Company’s Common Stock, par value $0.01 per share (the “Common Stock”), issuable pursuant to non-statutory stock option grant agreements or restricted stock unit grant agreements providing for employee inducement grants between the Company and various employees, which were entered into in connection with the commencement of such employees’ employment with the Company pursuant to Nasdaq Stock Market Rule 5635(c)(4) (the “Inducement Award Agreements”). You have requested that we render the opinion set forth in this letter and we are furnishing this opinion to you pursuant to the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act, in connection with the filing of the Registration Statement. No opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or the related prospectuses, other than as expressly stated herein with respect to the issuance of the Shares.
For purposes of this opinion letter, we have examined the Registration Statement, including the exhibits thereto, the originals or copies, certified or otherwise identified to our satisfaction, of the Sixth Amended and Restated Articles of Incorporation, as amended, the Amended and Restated Bylaws of the Company, the Inducement Award Agreements and instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including telecopies). We have also assumed that the Shares, when issued, will not exceed the maximum authorized number of shares of Common Stock under the Company’s Sixth Amended and Restated Certificate of Incorporation, as amended from time to time, minus that number of shares of Common Stock that may have been issued and are outstanding, or are reserved for issuance for other purposes, at such time. As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on.
| |
Ocugen, Inc.
February 28, 2022
Page 2
Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the Shares shall have been duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the purchasers and have been issued and sold by the Company in the circumstances contemplated by the Inducement Award Agreements, assuming in each case that the individual issuances, grants or awards pursuant to the Inducement Award Agreements are duly authorized by all necessary corporate action and duly issued, granted or awarded and exercised in accordance with the requirements of law and the Inducement Award Agreements, the Shares will be legally and validly issued, fully paid and nonassessable.
We are opining herein as to the General Corporation Law of the State of Delaware, and we express no opinion with respect to the applicability thereto, or the effect thereon, of the laws of any other jurisdiction or any other laws, or as to any matters of municipal law or the laws of any local agencies within any state, and the federal laws of the United States of America.
This opinion letter is given as of the date hereof, and we assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any facts or circumstances that may change the opinions expressed herein after the date hereof. This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Securities Act.
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In rendering this opinion and giving this consent, we do not admit that we are an “expert” within the meaning of the Securities Act or the rules and regulations of the Commission thereunder.
Very truly yours,
/s/ TROUTMAN PEPPER HAMILTON SANDERS LLP
TROUTMAN PEPPER HAMILTON SANDERS LLP
-2-
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the Ocugen, Inc. Inducement Stock Option and Restricted Stock Unit Awards (June 2021 – February 2022) of our reports dated February 28, 2022, with respect to the consolidated financial statements of Ocugen, Inc., and the effectiveness of internal control over financial reporting of Ocugen, Inc., included in its Annual Report (Form 10-K) for the year ended December 31, 2021, filed with the Securities and Exchange Commission.
/s/ Ernst & Young LLP
Philadelphia, Pennsylvania
February 28, 2022
Exhibit 107
Calculation of Filing Fee Tables
Form S-8
(Form Type)
Ocugen, Inc.
(Exact Name of Registrant as Specified in its Charter)
| Security Type | Security Class Title | Fee Calculation Rule | Amount Registered(1) | Proposed Maximum Offering Price Per Share | Maximum Aggregate Offering Price | Fee Rate | Amount of Registration Fee | ||||||||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 157,450 | (2) | $ | 6.26 | (3) | $ | 985,637.00 | (3) | 0.0000927 | $ | 91.37 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 150,750 | (2) | $ | 6.66 | (3) | $ | 1,003,995.00 | (3) | 0.0000927 | $ | 93.07 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 84,000 | (2) | $ | 7.06 | (3) | $ | 593,040.00 | (3) | 0.0000927 | $ | 54.97 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 137,250 | (2) | $ | 7.54 | (3) | $ | 1,034,865.00 | (3) | 0.0000927 | $ | 95.93 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 48,800 | (2) | $ | 8.66 | (3) | $ | 422,608.00 | (3) | 0.0000927 | $ | 39.18 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 93,000 | (2) | $ | 8.13 | (3) | $ | 756,090.00 | (3) | 0.0000927 | $ | 70.09 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 6,750 | (2) | $ | 5.02 | (3) | $ | 33,885.00 | (3) | 0.0000927 | $ | 3.14 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 687,872 | (2) | $ | 4.32 | (3) | $ | 2,971,607.04 | (3) | 0.0000927 | $ | 275.47 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 99,396 | (2) | $ | 4.25 | (3) | $ | 422,433.00 | (3) | 0.0000927 | $ | 39.16 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 26,300 | (4) | $ | 4.13 | (5) | $ | 108,619.00 | (5) | 0.0000927 | $ | 10.07 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 25,250 | (4) | $ | 4.13 | (5) | $ | 104,282.50 | (5) | 0.0000927 | $ | 9.67 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 14,100 | (4) | $ | 4.13 | (5) | $ | 58,233.00 | (5) | 0.0000927 | $ | 5.40 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 23,000 | (4) | $ | 4.13 | (5) | $ | 94,990.00 | (5) | 0.0000927 | $ | 8.81 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 8,200 | (4) | $ | 4.13 | (5) | $ | 33,866.00 | (5) | 0.0000927 | $ | 3.14 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 15,600 | (4) | $ | 4.13 | (5) | $ | 64,428.00 | (5) | 0.0000927 | $ | 5.97 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 1,150 | (4) | $ | 4.13 | (5) | $ | 4,749.50 | (5) | 0.0000927 | $ | 0.44 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 190,198 | (4) | $ | 4.13 | (5) | $ | 785,517.74 | (5) | 0.0000927 | $ | 72.82 | ||||||||||||
| Equity | Common stock, par value $0.01 per share | 457(h) | 27,483 | (4) | $ | 4.13 | (5) | $ | 113,504.79 | (5) | 0.0000927 | $ | 10.52 | ||||||||||||
| Total Offering Amounts | $ | 9,592,350.57 | $ | 889.22 | |||||||||||||||||||||
| Total Fee Offsets | 0 | ||||||||||||||||||||||||
| Net Fee Due | $ | 889.22 | |||||||||||||||||||||||
| (1) Pursuant to Rule 416 of the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement on Form S-8 shall also cover any additional shares of common stock, par value $0.01 per share (“Common Stock”), of Ocugen, Inc. (the “Company”), as may hereinafter be offered or issued to prevent dilution resulting from stock splits, stock dividends, recapitalizations or certain other capital adjustments, effected without the receipt of consideration by the Company, which results in an increase in the number of the outstanding shares of Common Stock. |
| (2) Consists of shares issuable pursuant to new hire inducement stock option awards granted between June 1, 2021 and February 28, 2022 to certain employees in accordance with Nasdaq Listing Rule 5635(c)(4), as an inducement material to their entering into employment with the Company. |
| (3) Estimated pursuant to Rule 457(c) and Rule 457(h) of the Securities Act solely for the purpose of calculating the registration fee. The proposed maximum offering price per share and proposed maximum aggregate offering price are calculated on the basis of the exercise price of the applicable inducement stock option award. |
| (4) Consists of shares issuable pursuant to new hire inducement restricted stock units granted between June 1, 2021 and February 28, 2022 to certain employees in accordance with Nasdaq Listing Rule 5635(c)(4), as an inducement material to their entering into employment with the Company. |
| (5) Estimated pursuant to Rule 457(c) and Rule 457(h) of the Securities Act solely for the purpose of calculating the registration fee. The proposed maximum offering price per share and proposed maximum aggregate offering price are based on the average of the high and low prices of Company’s Common Stock as reported on The Nasdaq Stock Market LLC on February 22, 2022. |