As filed with the Securities and Exchange Commission on February 25, 2022
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
THE SECURITIES ACT OF 1933
(Exact name of registrant as specified in its charter)
|British Columbia, Canada||98-1398788|
114 East 4th Avenue, Suite 800
Vancouver, British Columbia, Canada V5T 1G4
(Address of Registrants Principal Executive Offices)
Inducement Stock Option and Equity Compensation Plan
(Full Title of Plan)
The Corporation Trust Company
Corporation Trust Center
1209 Orange Street
Wilmington, DE 19801
(Name, Address and Telephone Number of Agent for Service)
Bryan D. King
Wilson Sonsini Goodrich & Rosati, P.C.
650 Page Mill Road
Palo Alto, California 94304
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||☒||Accelerated filer||☐|
|Non-accelerated filer||☐ (Do not check if a smaller reporting company)||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. ☐
This Registration Statement on Form S-8 (this Registration Statement) is being filed by Zymeworks Inc. (the Registrant) for the purpose of registering 750,000 common shares, no par value per share, of the Registrant (the Common Shares) reserved for issuance under the Inducement Stock Option and Equity Compensation Plan.
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement on Form S-8 (the Registration Statement) in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the Securities Act), and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the equity benefit plans covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act.
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
|Item 3.|| |
Incorporation of Documents by Reference.
The following documents, or excerpts thereof as indicated, filed by Zymeworks Inc. (the Registrant) with the Securities and Exchange Commission (the Commission) are incorporated by reference into this Registration Statement:
the Registrants Annual Report on Form 10-K (File No. 001-38068) for the fiscal year ended December 31, 2021 filed with the Commission on February 24, 2022;
all other reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (Exchange Act), since the end of the fiscal year covered by the Annual Report incorporated by reference herein pursuant to (a) above; and
the description of the Registrants Common Shares contained in the Registrants Registration Statement on Form 8-A (File No. 001-38068) filed with the Commission on April 24, 2017 under Section 12(b) of the Exchange Act, including any amendments or reports filed for the purpose of updating such description.
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 offered hereby then remaining unsold, shall be deemed to be incorporated by reference herein and shall be deemed to be a part hereof from the date of the filing of such documents; provided, however, that documents or information deemed to have been furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement. 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 in any subsequently filed document which also 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 superseded, to constitute a part of this Registration Statement.
Under no circumstances will any information furnished under items 2.02 or 7.01 of Form 8-K be deemed incorporated herein by reference unless such Form 8-K expressly provides to the contrary.
|Item 4.|| |
Description of Securities
|Item 5.|| |
Interests of Named Experts and Counsel
|Item 6.|| |
Indemnification of Directors and Officers
Under the Business Corporations Act (British Columbia) (the BCBCA), the Registrant may indemnify an individual who:
a) is or was the Registrants director or officer;
b) is or was a director or officer of another corporation (y) at the Registrants request, or (z) at the time when such corporation is or was an affiliate of the Registrant; or
c) at the Registrants request, is or was, or holds or held a position equivalent to that of a director or officer of a partnership, trust, joint venture or other unincorporated entity,
against a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, any legal proceeding or investigative action, whether current, threatened, pending or completed, in which such eligible party is involved because of that association with the Registrant or other entity.
However, indemnification is prohibited under the BCBCA if:
a) such eligible party did not act honestly and in good faith with a view to the Registrants best interests (or the other entity, as the case may be);
b) in the case of a proceeding other than a civil proceeding, such eligible party did not have reasonable grounds for believing that such persons conduct was lawful;
c) the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses was made, the Registrant was prohibited from giving the indemnity or paying the expenses by its articles; or
d) the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, the Registrant was prohibited from giving the indemnity or paying the expenses by its articles.
The Registrant may not indemnify or pay the expenses of an eligible party in respect of an action brought against an eligible party by or on behalf of it.
The BCBCA allows the Registrant to pay, as they are incurred in advance of a final disposition of a proceeding, the expenses actually and reasonably incurred by the eligible party, provided that we receive from such eligible party an undertaking to repay the amounts advanced if it is ultimately determined that such payment is prohibited. Following the final disposition of an eligible proceeding, the BCBCA requires the Registrant to pay the expenses actually and reasonably incurred by the eligible party in respect of that proceeding if the eligible party has not been reimbursed for those expenses and is wholly successful, on the merits or otherwise, in the outcome of the proceeding, or is substantially successful on the merits in the outcome of the proceeding.
Despite the foregoing, on application by the Registrant or an eligible party, a court may:
a) order the Registrant to indemnify an eligible party in respect of an eligible proceeding;
b) order the Registrant to pay some or all of the expenses incurred by an eligible party in an eligible proceeding;
c) order enforcement of or any payment under an indemnification agreement;
d) order the Registrant to pay some or all of the expenses actually and reasonably incurred by a person in obtaining the order of the court; and
e) make any other order the court considers appropriate.
The BCBCA provides that the Registrant may purchase and maintain insurance for the benefit of an eligible party (or their heirs and personal or other legal representatives of the eligible party) against any liability that may be incurred by reason of the eligible party being or having been a director or officer, or in an equivalent position of the Registrant or that of an associated corporation.
The Registrants articles provide that, subject to the BCBCA, it must indemnify its directors, former directors or alternate directors and his or her heirs and legal personal representatives against all judgments, penalties or fines awarded or imposed in, or an amount paid in settlement of, all legal proceedings, investigative actions or other eligible proceedings (whether current, threatened, pending or completed) to which such person is or may be liable, and we must, after the final disposition of a legal proceeding, investigative action or other eligible proceeding, pay the expenses (which includes costs, charges and expenses, including legal and other fees but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding) actually and reasonably incurred by such person in respect of that proceeding.
The Registrant has entered into indemnity agreements with its directors and certain officers which provide, among other things, that the Registrant will indemnify him or her to the fullest extent permitted by law from and against all liabilities, costs, charges and expenses incurred as a result of his or her actions in the exercise of his or her duties as a director or officer.
Reference is made to Item 9 for the undertakings of the Registrant with respect to indemnification of liabilities arising under the Securities Act.
|Item 7.|| |
Exemption From Registration Claimed.
|Item 8.|| |
|Description||Form||Incorporated by Reference||Filing Date|
|4.1||Specimen Common Share certificate.||10-K||001-38068||4.1||February 24, 2022|
|4.2||Notice of Articles of the Registrant.||10-K||001-38068||3.1||February 24, 2022|
|4.3||Articles of the Registrant.||F-1/A||333-217100||3.2||April 17, 2017|
|4.4||Inducement Stock Option and Equity Compensation Plan.||8-K||001-38068||10.4||January 5, 2022|
|5.1||Opinion of Blake, Cassels & Graydon LLP.|
|23.1||Consent of Blake, Cassels & Graydon LLP (included in Exhibit 5.1 to this Registration Statement).|
|23.2||Consent of KPMG LLP.|
|24.1||Power of Attorney (included on page II-5 of this Registration Statement).|
|107||Filing Fee Table.|
|Item 9.|| |
(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 the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 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 periodic 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, 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; and
(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 Registrants annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plans annual report pursuant to Section 15(d) of the Exchange Act) 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 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 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 Vancouver, British Columbia on February 25, 2022.
|By:||/s/ Kenneth Galbraith|
|Title:||Chair, Chief Executive Officer and President|
POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints each of Kenneth Galbraith, Christopher Astle and Neil Klompas as his or her true and lawful attorney-in-fact and agent, each acting alone, 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 or all amendments (including post-effective amendments) to this Registration Statement on Form S-8, 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 and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, each action alone, 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, this Registration Statement has been signed by the following persons in the capacities indicated on February 25, 2022.
|/s/ Kenneth Galbraith||Chair, Chief Executive Officer and President|
|Kenneth Galbraith||(Principal Executive Officer)|
|/s/ Christopher Astle||Senior Vice President and Chief Financial Officer|
|Christopher Astle||(Principal Financial Officer and Principal Accounting Officer)|
|/s/ Lota Zoth||Director|
|/s/ Troy M. Cox||Director|
|Troy M. Cox|
|/s/ Kenneth Hillan||Director|
|/s/ Susan Mahony||Director|
|/s/ Kelvin Neu||Director|
|/s/ Hollings C. Renton||Director|
|Hollings C. Renton|
|/s/ Natalie Sacks||Director|
Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned certifies that it is the duly authorized United States representative of the Registrant and has duly caused this Registration Statement on Form S-8 to be signed by the undersigned, thereunto duly authorized, in the City of Vancouver, British Columbia, on February 25, 2022.
(Authorized Representative in the United
|By:||/s/ Kenneth Galbraith|
|Title:||Chair, Chief Executive Officer and President|
Blake, Cassels & Graydon LLP
Barristers & Solicitors
Patent & Trad-mark Agents
595 Burrard Street, P.O. Box 49314
Suite 2600, Three Bentall Centre
Vancouver BC V7X 1L3 Canada
Tel: 604-631-3300 Fax: 604-631-3309
|February 25, 2022|
114 East 4th Avenue - Suite 800
Vancouver, BC, Canada
RE: Zymeworks Inc. Registration Statement on Form S-8
We have acted as Canadian counsel to Zymeworks Inc., a company continued under the Business Corporations Act (British Columbia) (the Company), in connection with the filing by the Company with the Securities and Exchange Commission (the Commission) of a registration statement on Form S-8 (such registration statement, as it may be amended from time to time, is referred to herein as the Registration Statement) relating to the registration pursuant to the United States Securities Act of 1933, as amended, of 750,000 common shares (the Shares) in the capital of the Company which are reserved for issuance pursuant to the exercise of share options which may be granted under the Companys inducement stock option and equity compensation plan (the Inducement Plan).
For the purposes of this opinion we have reviewed such corporate records of the Company and other documents as we have deemed necessary or desirable to give the opinion expressed below.
We have assumed the genuineness of all signatures, the legal capacity of all individuals and the authenticity of all documents submitted to us as originals, the conformity to authentic original documents of all documents submitted to us as certified, conformed or photostatic copies or facsimiles thereof, and the completeness and accuracy of the corporate records in our possession as of the date hereof.
Based and relying upon and subject to the foregoing, we are of the opinion at the date hereof that the Shares have been duly authorized for issuance and, when issued and paid for in accordance with the terms of the Inducement Plan, will be validly issued, fully paid and non-assessable.
This opinion is rendered solely in connection with the Registration Statement.
The opinion expressed in this letter is subject to the following exceptions and qualifications:
we do not express any opinion with respect to the laws of any jurisdiction other than British Columbia and the federal laws of Canada specifically applicable therein; and
our opinion is based on legislation and regulations in effect on the date hereof.
Blake, Cassels & Graydon LLP | blakes.com
We acknowledge that we are referred to in the Registration Statement and we hereby consent to the filing of this opinion as an exhibit to the Registration Statement. By the giving of such consent, we do not admit that we are experts with respect to any part of the Registration Statement, or otherwise, within the meaning of the Rules and Regulations of the Commission.
/s/ Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP | blakes.com
Consent of Independent Registered Public Accounting Firm
We consent to the use of our reports dated February 24, 2022, with respect to the consolidated financial statements of Zymeworks Inc. and the effectiveness of internal control over financial reporting, incorporated herein by reference.
|/s/ KPMG LLP|
|Chartered Professional Accountants|
|February 25, 2022|
Calculation of Filing Fee Tables
(Exact name of registrant as specified in its charter)
Table 1 Newly Registered Securities
|Security Class Title||Fee
|Fee Rate||Amount of
|Equity||Common Shares, no par value per share, reserved for issuance under the Inducement Stock Option and Equity Compensation Plan||
|Equity||Common Shares, no par value per share, reserved for issuance pursuant to outstanding option awards under the Inducement Stock Option and Equity Compensation Plan||457(h)||500,000||$14.97(3)||$7,485,000.00||
|Total Offering Amounts||
|Total Fee Offsets||
|Net Fee Due||
Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the Securities Act), this Registration Statement shall also cover any additional Common Shares of the Registrant that become issuable under the Inducement Stock Option and Equity Compensation Plan (the Inducement Plan) by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without receipt of consideration that increases the number of the Registrants outstanding Common Shares.
Estimated in accordance with Rules 457(c) and 457(h) of the Securities Act solely for purposes of calculating the registration fee on the basis of $7.13, the average of the high and low prices of the Common Shares, as reported on the New York Stock Exchange (the NYSE) on February 22, 2022.
Estimated in accordance with Rule 457(h) of the Securities Act solely for purposes of calculating the registration fee on the basis of the price of $14.97 per share. The price of $14.97 per share represents the exercise price per share.
Table 2 – Fee Offset Claims and Sources