As filed with the Securities and Exchange Commission on March 31, 1998
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE
SECURITIES ACT OF 1933
V.F. CORPORATION
(Exact Name of Registrant as Specified in Charter)
PENNSYLVANIA 23-1180120
(State or Other Jurisdiction (I.R.S. Employer Identification Number)
of Incorporation or Organization)
1047 NORTH PARK ROAD
WYOMISSING, PENNSYLVANIA 19610
(Address of Registrant's Principal Executive Offices)
V.F. CORPORATION TAX-ADVANTAGED
SAVINGS PLAN FOR HOURLY EMPLOYEES
(Full Title of the Plan)
CANDACE S. CUMMINGS, ESQ.
VICE PRESIDENT - ADMINISTRATION, GENERAL COUNSEL AND SECRETARY
V.F. CORPORATION
P.O. BOX 1022
READING, PENNSYLVANIA 19603
(Name and address of agent for service)
(610) 378-1151
(Telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
PROPOSED PROPOSED
MAXIMUM MAXIMUM
TITLE OF SHARES TO BE AMOUNT TO BE OFFERING PRICE AGGREGATE OFFERING AMOUNT OF
REGISTERED REGISTERED (1) PER SHARE (2) PRICE (2) REGISTRATION FEE
Common Stock 100,000 $51.96875 $5,196,875.00 $1,533.08
(no par value; stated capital
$1.00 per share)
(1) In addition, pursuant to Rule 416 under the Securities Act of 1933, this
registration statement also covers an indeterminate amount of: (a)
interests to be offered or sold pursuant to the employee benefit plan
described herein, and (b) additional shares which may be necessary to
adjust the number of shares reserved for issuance pursuant to the
Tax-Advantaged Savings Plan for Hourly Employees for any future stock
split, stock dividend or similar adjustment of the outstanding Common Stock
of the registrant.
(2) Estimated pursuant to Rule 457(c) solely for the purpose of calculating the
registration fee.
-2-
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents which have been filed by V.F. Corporation
("registrant" or the "Company") with the Securities and Exchange Commission (the
"Commission") are incorporated by reference into this Registration Statement:
(a) the Company's Annual Report on Form 10-K for the year ended January
3, 1998;
(b) the description of the Common Stock, no par value per share (the
"Common Stock"), of the Company contained in the Company's Registration
Statement on Form 8-A dated April 27, 1965 filed pursuant to section 12(g)
of the Securities Exchange Act of 1934, as amended (the "1934 Act") and the
Company's Registration Statements on Form 8-A dated May 8, 1987 and January
23, 1998 filed pursuant to section 12(b) of the 1934 Act, which contain
descriptions of the Common Stock of the Company and certain rights relating
to the Common Stock, and any amendment or reports filed for the purpose of
updating such descriptions.
All documents filed by the Company or the Company's Tax-Advantaged
Savings Plan for Hourly Employees (the "Plan") pursuant to sections 13(a),
13(c), 14 and 15(d) of the 1934 Act after the date hereof and prior to the
filing of a post-effective amendment which indicates that all securities offered
pursuant to this Registration Statement have been sold or which deregisters all
securities then remaining unsold, shall be deemed to be incorporated by
reference herein and to be a part hereof from the date of filing of such
documents.
ITEM 4. DESCRIPTION OF SECURITIES.
Not applicable.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
Legal matters with respect to the Common Stock being offered hereby
have been passed upon for the Company by Pepper Hamilton LLP, Philadelphia,
Pennsylvania. M. Rust Sharp, of counsel to Pepper Hamilton LLP, is a director of
the Company. Mr. Sharp owns beneficially 22,923,288 shares of Common Stock as a
co-trustee under certain Deeds of Trust dated August 21, 1951 and under the Will
of John E. Barbey, deceased. Mr. Sharp has no pecuniary interest in the shares
owned by the trusts. Additionally, Mr. Sharp owns 2,000 shares of Common Stock
and options to purchase 28,200 shares of Common Stock.
-3-
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Section 1741 of the Pennsylvania Business Corporation Law, as amended
(the "BCL"), provides that a business corporation shall have the power to
indemnify any person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative (other than an action by or in
the right of the corporation) by reason of the fact that he is or was a
director, officer, employee or agent of the corporation, or is or was serving at
the request of the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise,
against expenses (including attorneys' fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred by him in connection with such
action, suit, or proceeding if he acted in good faith in a manner he reasonably
believed to be in, or not opposed to, the best interests of the corporation,
and, with respect to any criminal action or proceeding, had no reasonable cause
to believe his conduct was unlawful. Section 1742 of the BCL provides that in
the case of actions by or in the right of the corporation, a corporation may
indemnify any such persons only against expenses (including attorneys' fees)
actually and reasonably incurred in connection with the defense or settlement of
such action and only if such person acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the
corporation, provided that no such indemnification is permitted in respect to
any claim, issue or matter as to which such person is adjudged liable for
negligence or misconduct in the performance of his duty to the corporation,
except to the extent that a court determines that indemnification is proper
under the circumstances. The BCL further provides under Section 1743 that to the
extent that such person has been successful on the merits or otherwise in
defending any action (even one on behalf of the corporation), he is entitled to
indemnification for expenses (including attorneys' fees) actually and reasonably
incurred in connection with such action. The By-Laws of the Company provide for
indemnification of the officers or directors of the Company to the fullest
extent permissible under the BCL.
The indemnification provided for under the BCL is not exclusive of any
other rights of indemnification. Under Section 1746 of the BCL a corporation may
maintain insurance on behalf of any of the persons referred to above against
liability asserted against any of them and incurred in or arising out of any
capacity referred to above, whether or not the corporation would have the power
to indemnify against such liabilities under the BCL. Section 518 of the
Pennsylvania Associations Code ("Section 518") provides that a Pennsylvania
corporation shall have the power, by action of the shareholders, directors or
otherwise, to indemnify a person as to action in his official capacity and as to
action in another capacity while holding that office for any action taken or any
failure to take any action, whether or not the corporation would have the power
to indemnify the person under any other provision of law (including Section 1741
and 1742 of the BCL), except as provided in Section 518, and whether or not the
indemnified liability arises or arose from any threatened, pending or completed
action by or in the right of the corporation. Indemnification is not authorized
pursuant to Section 518 in any case where the act or failure to act giving rise
to the claim for indemnification is determined by a court to have constituted
willful misconduct or recklessness. In addition to the power to advance expenses
under the BCL, Section 518 provides that expenses incurred by an officer,
director, employee or agent in defending a civil or criminal action, suit or
-4-
proceeding may be paid by the corporation in advance of the final disposition of
such action, suit or proceeding upon receipt of an undertaking by or on behalf
of such person to repay such amount if it shall ultimately be determined that he
is not entitled to be indemnified by the corporation. Section 518 permits a
business corporation to create a fund, under the control of a trustee or
otherwise, to secure or insure in any manner its indemnification obligations
whether arising under or pursuant to Section 518 or otherwise. The Company's
By-Laws provide that any person made a party to any lawsuit by reason of being a
director or officer of the Company may be indemnified by the Company, to the
fullest extent permitted by Pennsylvania law, against the reasonable expenses,
including attorneys' fees, incurred by the director or officer in connection
with the defense of such lawsuit. The By-Laws further provide that a director of
the Company shall not be personally liable for monetary damages arising from any
action taken or any failure to act by the director unless (a) the director has
breached or failed to perform the duties of a director under Section 512 of the
Pennsylvania Associations Code or as such law may be amended from time to time
and (b) the breach of duty constituted self-dealing, willful misconduct or
recklessness. The limitation on a director's personal liability for monetary
damages does not apply to a director's criminal liability or liability for
taxes.
The Company maintains directors' and officers' liability insurance for
expenses for which indemnification is permitted by Pennsylvania Business
Corporation Law and Section 518. These insurance policies insure the Company
against amounts which it may become obligated to pay as indemnification to
directors and officers and insures its directors and officers against losses
(except fines, penalties and other matters uninsurable under law) arising from
any claim made against them on account of any alleged "wrongful act" in their
official capacity. A wrongful act is defined as "any breach of any duty,
neglect, error, misstatement, misleading statement, omission or other act done
or wrongfully attempted by the directors and officers or . . . so alleged by any
claimant on any matter claimed against them solely by reason of their being such
directors or officers," subject to certain exclusions. Directors and officers
are also insured against losses (except fines, penalties and other matters
uninsurable under law) arising out of the insured's breach of fiduciary duty,
subject to certain exclusions.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
ITEM 8. EXHIBITS.
Exhibit No. Description
----------- -----------
4 V.F. Corporation Tax-Advantaged Savings Plan for Hourly
Employees
23.1 Consent of Coopers & Lybrand L.L.P.
23.2 Consent of Coopers & Lybrand L.L.P.
-5-
24 Power of Attorney
In accordance with Item 8 of Form S-8, this registration statement does
not include Exhibit 5 -- Opinion regarding Legality, as:
1. The Company undertakes to submit the Plan and any amendment thereto
to the Internal Revenue Service in a timely manner and will make all changes
required by the Internal Revenue Service in order to qualify the Plan under
Section 401(a) and 401(k) of the Internal Revenue Code.
2. The Plan provides that shares of the Company's Common Stock issued
under the Plan will be purchased by the Trustee of the Plan on the open market.
The Plan does not provide for such shares to be issued by the Company out of its
authorized and unissued shares of Common Stock.
ITEM 9. UNDERTAKINGS
The undersigned registrant hereby undertakes as follows:
(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 this registration statement (or the most recent
post-effective amendment thereof) which, individually or in 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 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 (1)(i) and (1)(ii) above 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 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement.
-6-
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of
the offering.
The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 and each filing of the annual report of the Plan 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.
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.
-7-
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 Borough of Wyomissing, Commonwealth of Pennsylvania on the
30th day of March, 1998.
V.F. CORPORATION
By:/s/ Mackey J. McDonald
Mackey J. McDonald
President and
Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities and on the
dates indicated.
SIGNATURE TITLE DATE
--------- ----- ----
/s/ Mackey J. McDonald President and March 30, 1998
----------------------
Mackey J. McDonald Chief Executive Officer
/s/ Gerard G. Johnson Vice President - Finance March 30, 1998
---------------------- and Chief Financial Officer
Gerard G. Johnson
/s/ Robert K. Shearer Vice President - Controller March 30, 1998
--------------------------
Robert K. Shearer
DIRECTORS
---------
Robert D. Buzzell* George Fellows* William E. Pike*
Edward E. Crutchfield* Leon C. Holt, Jr.* Lawrence R. Pugh*
Ursula F. Fairbairn* Robert J. Hurst* M. Rust Sharp*
Barbara S. Feigin* Mackey J. McDonald* L. Dudley Walker*
* By: /s/ Candace S. Cummings
---------------------------------
Candace S. Cummings, Attorney-In-Fact
Date: March 30, 1998
-8-
EXHIBIT INDEX
4 V.F. Corporation Tax-Advantaged Savings Plan For Hourly Employees
23.1 Consent of Coopers & Lybrand L.L.P.
23.2 Consent of Coopers & Lybrand L.L.P.
24 Power of Attorney
-9-