s8-109021_ssfn.htm
As filed
with the Securities and Exchange Commission on June 8, 2010
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
________________________
FORM
S-8
REGISTRATION
STATEMENT
Under
THE
SECURITIES ACT OF 1933
________________________
STEWARDSHIP
FINANCIAL CORPORATION
(Exact
name of registrant as specified in its charter)
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New
Jersey
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22-3351447
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(State
or other jurisdiction
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(I.R.S.
employer
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of
incorporation or organization)
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identification
number)
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630
Godwin Avenue, Midland Park, New Jersey 07432
(Address
of principal executive offices; zip code)
________________________
Stewardship
Financial Corporation
2010
Stock Incentive Plan
(Full
title of the plan)
Paul
Van Ostenbridge
President and Chief Executive
Officer
Stewardship
Financial Corporation
630
Godwin Avenue, Midland Park, New Jersey 07432
(201)
444-7100
(Name,
address and telephone number,
including
area code, of agent for service)
Copy
to:
Michele
F. Vaillant, Esq.
McCarter
& English, LLP
Four
Gateway Center
100
Mulberry Street
Newark,
New Jersey 07102
(973)
622-4444
________________________
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 definition of “large accelerated filer,” “accelerated
filer” and “smaller reporting company” in Rule 12b-2 of the Exchange
Act.
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Large
accelerated filer ( )
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Accelerated
filer ( )
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Non-accelerated
filer ( ) (Do not check if a smaller reporting
company)
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Smaller
reporting company (
X )
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Calculation
of Registration Fee
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Title of Securities
to be Registered
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Amount to be
Registered
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Proposed
Maximum Offering
Price per Share (2)
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Proposed
Maximum Aggregate
Offering Price (2)
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Amount of
Registration Fee
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Common
Stock, no par value (1)
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200,000 shares
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(1)
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$
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8.87
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$
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1,744,000
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$
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127
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(1)
This Registration Statement also relates to such additional indeterminate number
of shares of Common Stock of the Registrant as may be issuable from time to time
as a result of stock splits, stock dividends or similar transactions as
described in the 2010 Stock Incentive Plan.
(2
Pursuant to Rule 457 of the Securities Act of 1933, the proposed maximum
offering price per share is estimated solely for the purpose of computing the
registration fee and is based on the average of the high and low sale prices of
the Common Stock as reported on the NASDAQ Capital Market on June 3,
2010.
INTRODUCTION
This Registration Statement on Form S-8
is filed with the Securities and Exchange Commission (the “Commission”) by
Stewardship Financial Corporation, a New Jersey corporation (the “Registrant”),
relating to the registration of 200,000 shares (the “Shares”) of Registrant’s
Common Stock, no par value per share (the “Common Stock”), to be offered under
the Stewardship Financial Corporation 2010 Stock Incentive Plan (the
“Plan”).
PART
I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
The document(s) containing the
information specified in this Part I will be sent or given to employees as
specified by Rule 428(b)(1) promulgated under the Securities Act of 1934, as
amended (the “Securities Act”). Such documents need not be filed with
the Commission either as part of this Registration Statement or as prospectuses
or prospectus supplements pursuant to Rule 424 under the Securities
Act.
PART
II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item
3. Incorporation of Documents by Reference
The Commission allows us to
“incorporate by reference” information into this Registration
Statement. This means that we can disclose important information to
you by referring you to another document filed by us with the
Commission. The information we incorporate by reference is considered
to be part of this Registration Statement and will automatically be updated and
superseded by information that we later file with the Commission. Any
such information so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this Registration
Statement. We hereby incorporate by reference all future documents
that we file with the Commission under Sections 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934, as amended, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold. In
addition, we also incorporate by reference the documents listed below, except to
the extent information in those documents is different from the information
contained in this Registration Statement:
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(a)
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the
Registrant’s Annual Report on Form 10-K for the fiscal year ended December
31, 2009; and
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(b)
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the
Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2010 and the Registrant’s Current Reports on Form 8-K filed with
the Commission on each of May 4 and May 19, 2010;
and
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(c)
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the
“Description of Registrant’s Securities to be Registered” contained in the
Registrant’s Registration Statement on Form 8-B, as filed with the
Commission on December 10, 1996.
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Item
4. Description of Securities.
Not applicable.
Item
5. Interests of Named Experts and Counsel.
Not applicable.
Item
6. Indemnification of Directors and Officers.
Subsection (2) of Section 3-5, Title
14A of the New Jersey Business Corporation Act (the “NJBCA”) empowers a
corporation 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, arbitrative 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 corporate agent (i.e., a director, officer, employee or
agent of the corporation or a person serving at the request of the corporation
as a director, officer, trustee, employee or agent of another corporation or
enterprise), against reasonable costs (including attorneys’ fees), judgments,
fines, penalties and amounts paid in settlement incurred by him in connection
with such action, suit or proceeding if he acted in good faith and 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 proceeding, had no reasonable
cause to believe his conduct was unlawful.
Subsection (3) of Section 3-5 of the
NJBCA empowers a corporation to indemnify a corporate agent against reasonable
costs (including attorneys’ fees) incurred by him in connection with any
proceeding by or in the right of the corporation to procure a judgment in its
favor which involves such corporate agent by reason of the fact that he is or
was a corporate agent if he acted in good faith and in a manner reasonably
believed to be in or not opposed to the best interests of the corporation,
except that no indemnification may be made in respect of any claim, issue or
matter as to which such person shall have been adjudged to be liable to the
corporation unless and only to the extent that the Superior Court of New Jersey
or the court in which such action or suit was brought shall determine that
despite the adjudication of liability, such person is fairly and reasonably
entitled to indemnity for such expenses which the court shall deem
proper.
Subsection (4) of Section 3-5 of the
NJBCA provides that to the extent that a corporate agent has been successful in
the defense of any action, suit or proceeding referred to in subsections (2) and
(3) or in the defense of any claim, issue or matter therein, he shall be
indemnified against expenses (including attorneys’ fees) incurred by him in
connection therewith.
Subsection (5) of Section 3-5 of the
NJBCA provides that a corporation may indemnify a corporate agent in a specific
case if it is determined that indemnification is proper because the corporate
agent met the applicable standard of conduct, and such determination is made by
any of the following: (a) the board of directors or a committee thereof, acting
by a majority vote of a quorum consisting of disinterested directors; (b)
independent legal counsel, if there is no quorum of disinterested directors or
if the disinterested directors empowers counsel to make the determination; or
(c) the shareholders.
Subsection (8) of Section 3-5 of the
NJBCA provides that the indemnification provisions in the law shall not exclude
any other rights to indemnification that a director or officer may be entitled
to under a provision of the certificate of incorporation, a by-law, an
agreement, a vote of shareholders, or otherwise. That subsection explicitly
permits indemnification for liabilities and expenses incurred in proceedings
brought by or in the right of the corporation (derivative proceedings). The only
limitation on indemnification of directors and officers imposed by that
subsection is that a corporation may not indemnify a director or officer if a
judgment has established that the director’s or officer’s acts or omissions were
a breach of his or her duty of loyalty, not in good faith, involved a knowing
violation of the law, or resulted in receipt of an improper personal
benefit.
Subsection (9) of Section 3-5 of the
NJBCA provides that a corporation is empowered to purchase and maintain
insurance on behalf of a director or officer against any expenses or liabilities
incurred in any proceeding by reason of that person being or having been a
director or officer, whether or not the corporation would have the power to
indemnify that person against expenses and liabilities under other provisions of
the law.
Article VII of the Registrant’s
Restated Certificate of Incorporation provides that a director or officer of the
Registrant shall not be personally liable to the Registrant or its shareholders
for damages for breach of any duty owed to the Registrant or its shareholders
provided that the a director or officer shall not be relieved from liability for
any breach of duty based upon an act or omission (i) in breach of such person’s
duty of loyalty to the Registrant or its shareholders, (ii) not in good faith or
involving a knowing violation of law, or (iii) resulting in receipt by such
person of an improper personal benefit. Article VII further provides
that, if the NJBCA is amended to authorize corporate action further eliminating
or limiting the personal liability of directors or officers, then the liability
of a director or officer or both of the Registrant shall be eliminated or
limited to the fullest extent permitted under the NJBCA as so
amended.
Article VII of the Registrant’s
Restated Certificate of Incorporation requires the Registrant to indemnify its
officers, directors, employees and agents and former officers, directors,
employees and agents, and any other persons serving at the request of the
Registrant as an officer, director, employee or agent of another corporation,
association, partnership, joint venture, trust, or other enterprise, against
expenses (including attorneys' fees, judgments, fines and amounts paid in
settlement) incurred in connection with any pending or threatened action, suit,
or proceeding, whether civil, criminal, administrative or investigative, with
respect to which such officer, director, employee, agent or other person is a
party, or is threatened to be made a party, to the full extent permitted by the
NJBCA.
The Registrant’s Restated Certificate
of Incorporation also provides that the Registrant may purchase and maintain
insurance on behalf of any person or persons enumerated in Article VII thereof
against any liability asserted against or incurred by such person or persons
arising out of their status as corporate directors, officers, employees, or
agents whether or not the Registrant would have the power to indemnify them
against such liability under the provisions of such article.
With respect to possible
indemnification of officers, directors, employees and agents of the Registrant
for liabilities arising under the Securities Act, the Registrant has been
informed that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore,
unenforceable.
Item
7. Exemption from Registration Claimed.
Not Applicable.
Item
8. Exhibits.
The following exhibits are filed with
this Registration Statement:
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Exhibit
Number
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Description of
Exhibit
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4.1
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Provisions
of the Certificate of Incorporation of the Registrant, that define the
rights of the security holders of the Registrant (incorporated by
reference to Exhibit 3(i) to Registration Statement No. 000-21855 on Form
8-B).
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4.2
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2010
Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to
Registrant’s Current Report on Form 8-K filed on May 19,
2010).
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5.1
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Opinion
of McCarter & English, LLP as to the legality of the securities to be
issued.
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23.1
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Consent
of McCarter & English, LLP (included in the opinion filed as Exhibit
5.1).
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23.2
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Consent
of Independent Registered Public Accounting Firm.
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24.1
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Power
of Attorney (included on the Signature Page of this Registration
Statement).
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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 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;
(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 reports filed with or furnished to the 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 this 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.
(h) 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.
SIGNATURES
Pursuant to the requirements of the
Securities Act of 1933, the Registrant certified 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 Midland Park, New Jersey, on June 8,
2010.
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STEWARDSHIP
FINANCIAL CORPORATION
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By:
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/s/ Paul Van Ostenbridge
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Paul
Van Ostenbridge,
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President
and Chief Executive Officer
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(Principal
Executive Officer)
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KNOW BY THESE PRESENTS, that each
person whose signature appears below constitutes and appoints Paul Van
Ostenbridge and Claire M. Chadwick, and each of them, his or her true and lawful
attorneys-in-fact and agents, 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 any and all amendments (including post-effective
amendments) to this registration statement, and to file the same, with all
exhibits thereto, and all other documents in connection therewith, with the
Securities and Exchange Commission, granting unto each said attorney-in-fact and
agents full power and authority to do and perform each and every act in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents or
either of them or their or his or her substitute or substitutes lawfully do or
cause to be done by virtue hereof.
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.
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Name
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Title
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Date
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/s/ Paul Van
Ostenbridge
Paul
Van Ostenbridge
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President,
Chief Executive
Officer
and Director (Principal
Executive
Officer)
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June
8, 2010
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/s/ Claire M.
Chadwick
Claire
M. Chadwick
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Chief
Financial Officer (Principal
Financial
Officer and Principal
Accounting
Officer)
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June
8, 2010
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/s/ Richard W.
Culp
Richard
W. Culp
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Director
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June
8, 2010
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/s/ Harold
Dyer
Harold
Dyer
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Director
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June
8, 2010
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/s/ William C.
Hanse
William
C. Hanse
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Director
and Chairman of the
Board
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June
8, 2010
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/s/ Margo
Lane
Margo
Lane
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Director
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June
8, 2010
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/s/ Arie
Leegwater
Arie
Leegwater
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Director
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June
8, 2010
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/s/ John L.
Steen
John
L. Steen
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Director
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June
8, 2010
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/s/ Robert J.
Turner
Robert
J. Turner
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Secretary
and Director
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June
8, 2010
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/s/ William J. Vander
Eems
William
J. Vander Eems
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Director
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June
8, 2010
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/s/ Michael
Westra
Michael
Westra
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Director
and Vice Chairman of
the
Board
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June
8, 2010
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/s/ Howard
Yeaton
Howard
Yeaton
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Director
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June
8, 2010
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EXHIBIT
INDEX
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Exhibit
Number
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Description of
Exhibit
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4.1
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Provisions
of the Certificate of Incorporation of the Registrant, that define the
rights of the security holders of the Registrant (incorporated by
reference to Exhibit 3(i) to Registration Statement No. 000-21855 on Form
8-B).
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4.2
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2010
Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to
Registrant’s Current Report on Form 8-K filed on May 19,
2010).
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5.1
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Opinion
of McCarter & English, LLP as to the legality of the securities to be
issued.
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23.1
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Consent
of McCarter & English, LLP (included in the opinion filed as Exhibit
5.1)
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23.2
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Consent
of Independent Registered Public Accounting Firm.
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24.1
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Power
of Attorney (included on the Signature Page of this Registration
Statement).
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