S-8

As filed with the Securities and Exchange Commission on May 2, 2024

Registration No. 333-   

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form S-8

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

 

 

SABRE CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware     20 - 8647322
(State or other jurisdiction of
incorporation or organization)
    (I.R.S. Employer
Identification No.)

 

 

3150 Sabre Drive

Southlake, TX 76092

Telephone: (682) 605 - 1000

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

 

 

SABRE CORPORATION 2024 OMNIBUS INCENTIVE COMPENSATION PLAN

SABRE CORPORATION 2024 DIRECTOR EQUITY COMPENSATION PLAN

(Full Title of the Plan)

Ann J. Bruder

Executive Vice President and Chief Legal Officer

Sabre Corporation

3150 Sabre Drive

Southlake, TX 76092

Telephone: (682) 605-1000

(Name, address, including zip code, and telephone number, including area code, of agent for service)

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer      Accelerated filer  
Non-accelerated filer      Smaller reporting company  
     Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

 

 

 


EXPLANATORY NOTE

This Registration Statement on Form S-8 is being filed for the purpose of registering (A) with respect to the Sabre Corporation 2024 Omnibus Incentive Compensation Plan (the “2024 Omnibus Plan”), (i) 23,500,000 shares of Common Stock of the Registrant, ; (ii) 9,048,998 shares of Common Stock of the Registrant remaining available for issuance under the Sabre Corporation 2023 Omnibus Incentive Compensation Plan (the “2023 Omnibus Plan”) that are not the subject of outstanding awards as of the effective date of the 2024 Omnibus Plan and will become available for issuance pursuant to the 2024 Omnibus Plan, and (iii) such indeterminate number of shares as may become available under the 2024 Omnibus Plan as a result of the adjustment provisions thereof and (B) with respect to the Sabre Corporation 2024 Director Equity Compensation Plan (the “2024 Director Plan”), (i) 1,500,000 shares of Common Stock of the Registrant , (ii) 447,740 shares of Common Stock of the Registrant remaining available for issuance under the Sabre Corporation 2022 Director Equity Compensation Plan (the “2022 Director Plan”) that are not the subject of outstanding awards as of the effective date of the 2024 Director Plan and will become available for issuance under the 2024 Director Plan, and (iii) such indeterminate number of shares as may become available under the 2024 Director Plan as a result of the adjustment provisions thereof.

PART I

INFORMATION REQUIRED IN SECTION 10(a) PROSPECTUS

The information specified in Items 1 and 2 of Part I of the Form S-8 is omitted from this filing in accordance with the provisions of Rule 428 under the Securities Act and the introductory note to Part I of the Form S-8. The document(s) containing the information specified in Part I of Form S-8 will be sent or given to the recipients of the applicable grants, as required by Rule 428 under the Securities Act. Such documents are not being filed with the Securities and Exchange Commission (the “Commission”) either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

PART II

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference.

The following documents, which previously have been filed by the Registrant with the Commission, are incorporated herein by reference and made a part hereof:

 

  1.

Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Commission on February 15, 2024;

 

  2.

Definitive Proxy Statement on Schedule 14A filed with the SEC on March  15, 2024 (solely to the extent specifically incorporated by reference into our Annual Report on Form 10-K for the fiscal year ended December 31, 2023);

 

  3.

Current Reports on Form 8-K filed with the SEC on February  8, 2024, March  4, 2024, March  5, 2024, March  8, 2024, March  19, 2024, April  3, 2024 (except Item 7.01 and Item 9.01), and April 26, 2024;

 

  4.

Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the Commission on May 2, 2024;

 

  5.

The description of the Common Stock contained in the Registrant’s Registration Statement on Form  8-A, filed with the SEC on April 17, 2014 and any amendment or report filed with the SEC for the purpose of updating such description; and

 

  6.

All other reports and other documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) 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, shall be deemed to be incorporated by reference herein and to be a part of this Registration Statement from the date of the filing of such reports and documents.

For purposes of this Registration Statement, any document or any statement contained in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded to the extent that a subsequently filed document or a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated herein by reference modifies or supersedes such document or such statement in such document. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

 

1


Item 4. Description of Securities.

Not applicable.

Item 5. Interests of Named Experts and Counsel.

The legality of the shares of Common Stock registered hereunder will be passed upon by Steve Milton, the Registrant’s Corporate Secretary. Mr. Milton has participated in the Sabre Corporation 2014 Omnibus Incentive Compensation Plan, the Sabre Corporation 2016 Omnibus Incentive Compensation Plan, the Sabre Corporation 2019 Omnibus Incentive Compensation Plan, the Sabre Corporation 2021 Omnibus Incentive Compensation Plan, and the 2023 Omnibus Plan, and is eligible to participate in the 2024 Omnibus Plan.

Item 6. Indemnification of Directors and Officers.

Section 102 of the Delaware General Corporation Law, as amended (“DGCL”) allows a corporation to eliminate or limit the personal liability of directors or officers to a corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except where the director or officer breached his duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase or redemption in violation of Delaware corporate law or engaged in a transaction from which the director obtained an improper personal benefit or, with respect to any officer, in any action by or in the right of the corporation.

Section 145 of the DGCL provides, among other things, that a corporation may 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 (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the corporation’s request 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 the person in connection with the action, suit or proceeding. The power to indemnify applies if (i) such person acted in good faith and in a manner he or she 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 or, (ii) to the extent that such person is a present or former director or officer of a corporation, such person is successful on the merits or otherwise in defense of any action, suit or proceeding. The power to indemnify applies to actions brought by or in the right of the corporation as well, but only to the extent of defense expenses (including attorneys’ fees but excluding amounts paid in settlement) actually and reasonably incurred and not to any satisfaction of judgment or settlement of the claim itself, and with the further limitation that in such actions no indemnification shall be made in the event such person is adjusted to be liable to the corporation, unless a court determines that in light of all the circumstances indemnification should apply.

Section 174 of the DGCL provides, among other things, that a director who willfully and negligently approves of an unlawful payment of dividends or an unlawful stock purchase or redemption may be held liable for such actions to the full amount of the dividend unlawfully paid or the purchase or redemption of the corporation’s stock, with interest from the time such liability accrued. A director who was either absent when the unlawful actions were approved or dissented at the time may avoid liability by causing his or her dissent to such actions to be entered on the books containing the minutes of the meetings of the board of directors at the time the action occurred or immediately after the absent director receives notice of the unlawful acts.

The Registrant’s certificate of incorporation provides that no director or officer shall be personally liable to the Registrant or any of its stockholders for monetary damages for breach of fiduciary duty as a director or officer, respectively, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL.

The Registrant’s bylaws provide that it will indemnify, to the fullest extent permitted by the DGCL, any person made or threatened to be made a party to any action by reason of the fact that the person is or was our director or officer, or our director or officer who, while a director or officer, is or was serving at the request of the Registrant as a director, officer, employee, agent or manager of another corporation, partnership, limited liability company, joint venture, trust or other enterprise or non-profit entity, including service with respect to an employee benefit plan. Expenses incurred by a director or officer in defending against such legal proceedings are payable before the final disposition of the action, provided that the director or officer undertakes to repay the Registrant if it is later determined that he or she is not entitled to indemnification. Our amended and restated bylaws also provide that, subject to applicable law, the Registrant may, by action of its board of directors, grant rights to indemnification and advancement of expenses to persons other than its directors and officers with such scope and effect as the board of directors may then determine.

 

2


The Registrant has entered into customary indemnification agreements with its directors that provide them, in general, with customary indemnification in connection with their service to us or on our behalf.

The Registrant maintains standard policies of insurance under which coverage is provided (a) to its directors and officers against loss rising from claims made by reason of breach of duty or other wrongful act, and (b) to the Registrant with respect to payments which it may make to such officers and directors pursuant to the above indemnification provision or otherwise as a matter of law.

Item 7. Exemption from Registration Claimed.

Not applicable.

 

3


Item 8. Exhibits.

 

EXHIBIT
NUMBER
  

DESCRIPTION

  4.1    Fourth Amended and Restated Certificate of Incorporation of Sabre Corporation (incorporated by reference to Exhibit 3.1 of Sabre Corporation’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 24, 2019).
  4.2    Certificate of Amendment to Certificate of Incorporation of Sabre Corporation (incorporated by reference to Exhibit 3.1 of Sabre Corporation’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 26, 2024).
  4.3    Seventh Amended and Restated Bylaws of Sabre Corporation (incorporated by reference to Exhibit 3.1 of Sabre Corporation’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 6, 2022).
  4.4    Sabre Corporation 2024 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 of Sabre’s Corporation Current Report on Form 8-K filed with the Securities and Exchange Commission on April 26, 2024).
  4.5    Sabre Corporation 2024 Director Equity Compensation Plan (incorporated by reference to Exhibit 10.2 of Sabre’s Corporation Current Report on Form 8-K filed with the Securities and Exchange Commission on April 26, 2024).
  5.1*    Opinion of Steve Milton.
 23.1*    Consent of Steve Milton (included in Exhibit 5.1).
 23.2*    Consent of Ernst & Young LLP.
 24.1*    Powers of Attorney (included on the signature page of this Registration Statement).
107.1*    Filing Fee Table.

 

*

Filed herewith.

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 the registration statement or any material change to such information in the registration statement;

provided, however, 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 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 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 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.

 

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(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 SEC 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 Securities Act and will be governed by the final adjudication of such issue.

 

5


SIGNATURES

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all 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 Southlake, State of Texas, on the 2nd day of May, 2024.

 

  SABRE CORPORATION
By:   /s/ Kurt Ekert
  Kurt Ekert
  Chief Executive Officer and President

KNOW ALL BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints Kurt Ekert, Michael Randolfi and Steve Milton, and each of them acting individually, as his or her true and lawful attorney-in-fact, each 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 (unless revoked in writing), to sign any and all amendments (including post-effective amendments thereto) to this registration statement on Form S-8, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting to such attorney-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as full to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that such attorney-in-fact and agents, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated. This document may be executed in counterparts that when so executed shall constitute one registration statement, notwithstanding that all of the undersigned are not signatories to the original of the same counterpart.

 

Signatures

  

Title

 

Date

/s/ Kurt Ekert

Kurt Ekert

  

Chief Executive Officer, President

and Director

(Principal Executive Officer)

  May 2, 2024

/s/ Michael Randolfi

Michael Randolfi

  

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

  May 2, 2024

/s/ Jami Kindle

Jami Kindle

  

Senior Vice President and Chief Accounting Officer

(Principal Accounting Officer)

  May 2, 2024

/s/ George Bravante, Jr.

George Bravante, Jr.

   Director   May 2, 2024

/s/ Hervé Couturier

Hervé Couturier

   Director   May 2, 2024

/s/ Gail Mandel

Gail Mandel

   Chair of the Board and Director   May 2, 2024

/s/ Phyllis Newhouse

Phyllis Newhouse

   Director   May 2, 2024

/s/ Elaine Paul

Elaine Paul

   Director   May 2, 2024

/s/ Karl Peterson

Karl Peterson

   Director   May 2, 2024

/s/ Gregg Saretsky

Gregg Saretsky

   Director   May 2, 2024

 

6


Signatures

  

Title

 

Date

/s/ John Scott

John Scott

   Director   May 2, 2024

/s/ Wendi Sturgis

Wendi Sturgis

   Director   May 2, 2024

 

7

EX-5.1

Exhibit 5.1

[Opinion of Steve Milton]

May 2, 2024

Sabre Corporation

3150 Sabre Drive

Southlake, TX 76092

Re: Sabre Corporation Registration Statement on Form S-8

Ladies and Gentlemen:

I am Senior Vice President and Corporate Secretary of Sabre Corporation, a Delaware corporation (the “Company”). This opinion is rendered in connection with the preparation and filing with the Securities and Exchange Commission (the “Commission”) of a registration statement on Form S-8 (the “Registration Statement”) relating to the registration under the Securities Act of 1933, as amended (the “Securities Act”), of (i) 23,500,000 shares of Common Stock of the Registrant that may be issued under the Sabre Corporation 2024 Omnibus Incentive Compensation Plan (the “2024 Omnibus Plan”); (ii) 9,048,998 shares of Common Stock of the Registrant remaining available for issuance under the Sabre Corporation 2023 Omnibus Incentive Compensation Plan (the “2023 Omnibus Plan”) that are not the subject of outstanding awards as of the effective date of the 2024 Omnibus Plan; (iii) 1,500,000 shares of Common Stock of the Registrant that may be issued under the Sabre Corporation 2024 Director Equity Compensation Plan (the “2024 Director Plan”); (iv) 447,740 shares of Common Stock of the Registrant remaining available for issuance under the Sabre Corporation 2022 Director Equity Compensation Plan (the “2022 Director Plan” and, together with the 2023 Omnibus Plan, the “Plans”) that are not the subject of outstanding awards as of the effective date of the 2024 Director Plan; and (v) such indeterminate number of shares as may become available under the 2024 Omnibus Plan and the 2024 Director Plan as a result of the adjustment provisions thereof (collectively, the “Shares”).

I, or a member of my staff upon whom I have relied, have examined the Plans and such corporate and other documents and records, and certificates of public officials, officers and representatives of the Company and such other persons, and I have made such investigations of law as I have deemed appropriate as a basis for the opinion expressed below.

In rendering the opinion expressed below, I have assumed the authenticity of all documents submitted to me as originals and the conformity to the originals of all documents submitted to me as copies. In addition, I have assumed and have not verified the accuracy as to factual matters of each document I have reviewed.

Based on the foregoing, and subject to the further assumptions and qualifications set forth below, it is my opinion that the Shares have been duly authorized by all necessary corporate action of the Company and, when issued and delivered by the Company in the manner and on the terms as described in the Plans, will be validly issued, fully paid and nonassessable.

The foregoing opinion is limited to the General Corporation Law of the State of Delaware (including the applicable provisions of the Delaware Constitution and the reported judicial decisions interpreting the General Corporation Law of the State of Delaware).

I consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, I do not thereby admit that I am an “expert” within the meaning of the Securities Act or the rules and regulations of the Commission issued thereunder with respect to any part of the Registration Statement, including this exhibit.

 

Very truly yours,
/s/ Steve Milton
EX-23.2

Exhibit 23.2

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement (Form S-8 dated May 2, 2024) pertaining to both the Sabre Corporation 2024 Omnibus Incentive Compensation Plan and the Sabre Corporation 2024 Director Equity Compensation Plan of our reports dated February 15, 2024, with respect to the consolidated financial statements and related schedule of Sabre Corporation and the effectiveness of internal control over financial reporting of Sabre Corporation included in its Annual Report (Form 10-K) for the year ended December 31, 2023, filed with the Securities and Exchange Commission.

 

/s/ Ernst & Young LLP
Dallas, Texas
May 2, 2024
EX-FILING FEES

Exhibit 107.1

CALCULATION OF FILING FEE TABLE

FORM S-8

(Form type)

SABRE CORPORATION

(Exact Name of Registrant as specified in its charter)

Table I: Newly Registered Securities

 

               
Security Type   Security
Class
Title
  Fee
Calculation
Rule
  Amount
Registered(1)(2)
  Proposed
Maximum
Offering
Price Per
Share
  Maximum
Offering
Price
(3)
  Fee
Rate
  Amount of
Registration
Fee
               
Equity   Common Stock, $0.01 par value per share   457(c)   34,496,738   $2.86   $98,660,671   $147.60 per $1,000,000   $14,562
         
 Total Offering Amounts     $98,660,671     $14,562
         
 Total Fee Offsets         — 
         
 Net Fee Due               $14,562

 

(1)

Represents (i) 23,500,000 shares of common stock, par value $0.01 per share (the “Common Stock”) of Sabre Corporation (the “Registrant”) issuable in connection with equity awards under the Sabre Corporation 2024 Omnibus Incentive Compensation Plan (the “2024 Omnibus Plan”); (ii) 9,048,998 shares of Common Stock of the Registrant remaining available for issuance under the Sabre Corporation 2023 Omnibus Incentive Compensation Plan (the “2023 Omnibus Plan”) that are not the subject of outstanding awards as of the effective date of the 2024 Omnibus Plan and which will now be issuable under the 2024 Omnibus Plan; (iii) 1,500,000 shares of Common Stock of the Registrant issuable in connection with equity awards under the Sabre Corporation 2024 Director Equity Compensation Plan (the “2024 Director Plan”); (iv) 447,740 shares of Common Stock of the Registrant remaining available for issuance under the Sabre Corporation 2022 Director Equity Compensation Plan (the “2022 Director Plan”) that are not the subject of outstanding awards as of the effective date of the 2024 Director Plan and which will now be issuable under the 2024 Director Plan.

(2)

Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement shall also cover any additional shares of Common Stock that become issuable under the applicable plan by reason of any stock dividend, stock split, recapitalization or other similar transaction affected without the receipt of consideration that increases the number of the Registrant’s outstanding shares of Common Stock.

(3)

Estimated solely for the purposes of calculating the registration fee pursuant to Rule 457(c) under the Securities Act, based on the average of the $2.93 (high) and $2.79 (low) prices of the Common Stock of the Registrant as reported on NASDAQ on April 29, 2024.