sc13d
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
TUT SYSTEMS, INC.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
901103101
(CUSIP Number)
Michelle M. Warner
Motorola, Inc.
1303 East Algonquin Road, Schaumburg, IL 60196
(847) 576-3000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 20, 2006
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition
which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3)
or (4), check the following box o
Note: Schedules filed in paper format shall include a signed original and five copies of the
schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting persons initial filing on
this form with respect to the subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be filed for
the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to
the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
(Page 1 of 9 Pages)
(Continued on following pages)
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CUSIP No. 65332V103
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13D
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Page 2 of 9 Pages |
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1 |
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NAMES OF REPORTING PERSONS:
Motorola, Inc. |
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I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
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(a) o |
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(b) þ |
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3 |
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SEC USE ONLY: |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS): |
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Not Applicable |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION: |
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Delaware
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7 |
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SOLE VOTING POWER: |
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NUMBER OF |
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0 |
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SHARES |
8 |
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SHARED VOTING POWER: |
BENEFICIALLY |
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OWNED BY |
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12,719,979 |
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EACH |
9 |
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SOLE DISPOSITIVE POWER: |
REPORTING |
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PERSON |
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0 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER: |
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0 |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: |
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12,719,979 |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): |
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37.2% |
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14 |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): |
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CO |
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CUSIP No. 65332V103
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13D
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Page 3 of 9 Pages |
ITEM 1. SECURITY AND ISSUER.
This statement on Schedule 13D relates to shares of common stock, par value $0.001 per share
(the Common Stock), of Tut Systems, Inc., a Delaware corporation (the Corporation). The
principal executive offices of the Corporation are located at 6000 SW Meadows Rd, Suite #200, Lake
Oswego, Oregon 97035.
ITEM 2. IDENTITY AND BACKGROUND.
(a) (c), (f) This statement is filed by Motorola, Inc., a Delaware corporation (Motorola).
Motorolas principal executive offices are located at 1303 East Algonquin Road, Schaumburg,
Illinois 60196. Motorola is a global communications leader that provides seamless mobility
products and solutions across broadband, embedded systems and wireless networks.
Motorola has the following three operating business groups:
Mobile Devices. Motorola designs, manufactures, sells and services wireless handsets with
integrated software and accessory products, and licenses intellectual property.
Networks. Motorola designs, manufactures, sells, installs and services: (i) analog and
digital two-way radio, voice and data communications products and systems, as well as
wireless broadband systems, to a wide range of public safety, government, utility,
transportation and other worldwide enterprise markets, and (ii) cellular infrastructure
systems and wireless broadband systems to public carriers and other wireless service
providers.
Connected Home Solutions. Motorola designs, manufactures and sells a wide variety of
broadband products, including: (i) set-top boxes for cable television, Internet Protocol
(IP) video and broadcast networks and digital systems, (ii) high speed data products,
including cable modems and cable modem termination systems, and IP-based telephony products,
(iii) hybrid fiber coaxial network transmission systems used by cable television operators,
(iv) digital satellite program distribution systems, (v) direct-to-home satellite networks
and private networks for business communications, (vi) advanced video communications
products, and (vii) fiber-to-the-premise and fiber-to-the-node transmission systems
supporting high-speed data, video and voice.
The names, business addresses and present principal occupations of the directors and executive
officers of Motorola are set forth in the attached Appendix 1, which is incorporated herein by
reference. To the best of Motorolas knowledge, all directors and executive officers of Motorola
are citizens of the United States unless otherwise noted.
(d) (e) Neither Motorola, nor to the best of Motorolas knowledge, any of the directors or
officers listed on Annex 1 hereto, has been, during the last five years, (i) convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order enjoining future violations
of, or prohibiting or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
On December 20, 2006, Motorola, Motorola GTG Subsidiary V Corp., a wholly-owned subsidiary of
Motorola (Merger Sub) and the Corporation entered into an Agreement and Plan of Merger (the
Merger Agreement) which provides that, subject to certain conditions, Merger Sub will be merged
with and into the Corporation (the Merger), with the Corporation continuing as the surviving
corporation (the Surviving Corporation) and wholly-owned subsidiary of Motorola. In connection
with the Merger Agreement, as a condition
to the willingness of Motorola and Merger Sub to enter into the Merger Agreement, and as an
inducement and in consideration therefor, Motorola entered into a separate Voting Agreement and
Irrevocable Proxy, dated as of December 20, 2006 (the Voting Agreement), with Kopp Investment
Advisors, LLC, a Minnesota limited liability
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CUSIP No. 65332V103
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13D
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Page 4 of 9 Pages |
company, Kopp Holding Company, a Minnesota
corporation, Kopp Funds, Inc. a Minnesota corporation, and Leroy C. Kopp, an individual (each, a
Stockholder and collectively, the Stockholders), whereby each of the Stockholders agreed to
vote, and irrevocably granted a proxy to Motorola with respect to, and appointed Motorola as such
Stockholders proxy and attorney-in-fact to vote or cause to be voted, its or his shares of the
Corporation subject to the Voting Agreement (the Covered Shares) in favor of the adoption of the
Merger Agreement and in accordance with the voting requirements set forth in the Voting Agreement.
No separate or additional consideration was paid by Motorola to the Stockholders in connection with
the Voting Agreement.
ITEM 4. PURPOSE OF TRANSACTION.
Merger Agreement
Under the Merger Agreement, at the effective time of the Merger (the Effective Time) and as
a result of the Merger, each share of Common Stock of the Corporation issued and outstanding
immediately prior to the Effective Time (other than shares owned by the Corporation as treasury
stock, shares owned by Motorola or Merger Sub, shares owned by any direct or indirect wholly-owned
subsidiary of the Corporation and any Dissenting Shares, as defined in Section 4.7(a) of the Merger
Agreement) shall be automatically converted into the right to receive one dollar and fifteen cents
($1.15) in cash, without interest (the Merger Consideration). As of the Effective Time, all such
shares shall no longer be outstanding and shall automatically be canceled and shall cease to exist,
and subject to the rights of the Dissenting Shares under the Merger Agreement, each holder of a
certificate representing any such shares shall cease to have any rights with respect thereto except
the right to receive the Merger Consideration upon the surrender of such certificate in accordance
with the Merger Agreement, without interest. At the Effective Time, the Merger Sub will be merged
with and into the Corporation, the separate corporate existence of the Merger Sub will cease and
the Corporation will continue as the Surviving Corporation and as a wholly-owned subsidiary of
Motorola. From and after the Effective Time, the officers and directors of the Merger Sub shall be
directors and officers of the Surviving Corporation until their successors have been duly elected
or appointed and qualified or until their earlier death, resignation or removal. Completion of the
Merger is subject to the satisfaction of a number of conditions, including the receipt of
regulatory approvals and approval and adoption of the Merger Agreement by a vote of the holders of
not less than a majority of the outstanding shares of Common Stock of the Corporation, in each case
as more particularly set forth and described in full in the Merger Agreement which is filed as
Exhibit 1 to this Form 13D and is incorporated herein by reference.
Voting Agreement
Pursuant to the Voting Agreement, among other things, Motorola and the Stockholders agreed to
the terms pursuant to which, prior to the expiration of the Voting Agreement (i) each Stockholder
shall not, directly or indirectly (a) transfer any right, title or interest in or to the Covered
Shares (including, without limitation, any right or power to vote to which the holder thereof may
be entitled, whether such right or power is granted by proxy or otherwise), provided however, (1)
during the period from date hereof until the earlier of (A) the date following the record date for
any meeting of the stockholders of the Corporation regarding the adoption of the Merger Agreement
and (B) February 14, 2007, the Stockholders, collectively, may transfer up to 1,271,998 shares of
Company Common Stock and (2) from and after the earlier of (X) two days after the record date for
any meeting of the stockholders of the Corporation regarding the adoption of the Merger Agreement
and (Y) February 15, 2007, the Stockholders, collectively, may transfer, together with all shares
transferred pursuant to the foregoing clause (1), up to 3,179,995 shares of Company Common Stock,
in accordance with the terms and conditions of the Voting Agreement or (b) deposit any of the
Covered Shares into a voting trust or enter into a voting agreement or arrangement with respect to
such shares or grant any proxy or power of attorney with respect thereto which is inconsistent with
the terms of the Voting Agreement and (ii) each Stockholder shall (a) vote the Covered Shares
(including any shares of Company Common Stock transferred after the record date for any meeting of
the stockholders of the Corporation regarding the adoption of the Merger Agreement) in favor of (1)
adoption of the Merger Agreement, including all actions and transactions contemplated by the Merger
Agreement and (2) the adjournment or postponement of the meeting of stockholders of the Corporation
to approve the Merger Agreement and all actions and transactions contemplated by the Merger
Agreement, if necessary or appropriate, to solicit
additional proxies if there are insufficient votes at the time of the special meeting to adopt
the Merger Agreement and (b) vote, or cause to be voted, all of the Covered Shares (including any
shares of Company Common Stock transferred after the record date for any meeting of the
stockholders of the Corporation regarding the adoption of the
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CUSIP No. 65332V103
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13D
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Page 5 of 9 Pages |
Merger Agreement), against (1)
approval of any proposal made in opposition to, or in competition with, the Merger Agreement or
consummation of the Merger and the other transactions contemplated by the Merger Agreement, (2) any
action or agreement that would result in a breach of any representation, warranty, covenant,
agreement or other obligation of the Corporation in the Merger Agreement, (3) any merger agreement
or merger (other than the Merger Agreement and the Merger), takeover proposal, consolidation,
business combination, reorganization, recapitalization, dissolution, liquidation or winding up of
the Corporation or any subsidiary of the Corporation (4) any sale, lease, license or transfer of
any significant part of the assets of the Corporation or any subsidiary of the Corporation, or (5)
any other action that is intended, or could reasonably be expected, to, in any manner, impede,
frustrate, prevent, nullify, interfere with, delay, postpone, discourage or otherwise adversely
affect the Merger Agreement, the Merger or any of the other transactions contemplated by the Merger
Agreement. Pursuant to the Voting Agreement, each Stockholder also irrevocably granted and
appointed Motorola as such Stockholders proxy and attorney-in-fact to vote or cause to be voted
the Covered Shares in favor of the adoption of the Merger Agreement and in accordance with the
voting requirements set forth in the Voting Agreement, in each case as more particularly set forth
and described in full in the Voting Agreement which is filed as Exhibit 2 to this Form 13D and is
incorporated herein by reference. The Voting Agreement expires upon the earlier of (i) the
Effective Time and (ii) such date and time as the Merger Agreement is validly terminated in
accordance with the terms of the Merger Agreement.
The summaries of the agreements set forth above are qualified in their entirety by reference
to the full texts of the Merger Agreement and Voting Agreement included as Exhibits 1 and 2 hereto,
which exhibits are incorporated herein by reference.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) (b) Pursuant to the Voting Agreement, Motorola has acquired the right to vote in favor
of the Merger (as described in Item 4 above) and, for the purposes of Rule 13d-3 promulgated under
the Securities Exchange Act of 1934, as amended, Motorola may be deemed to have shared beneficial
ownership of 12,719,979 shares of Common Stock, representing approximately 37.2% of the
Corporations Common Stock. Motorola and the other persons named in Item 2 disclaim beneficial
ownership of such Common Stock.
(c) Neither Motorola, nor to the best of Motorolas knowledge, any individual listed on
Appendix 1 to this Schedule 13D has effected any transactions in Common Stock during the past 60
days.
(d) Not Applicable.
(e) Not Applicable.
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ITEM 6. |
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CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE
ISSUER. |
Other than the Merger Agreement and the Voting Agreement referenced in the foregoing items of
this Schedule 13D, neither Motorola, nor to the best of Motorolas knowledge, any individual listed
on Appendix 1 to this Schedule 13D is party to any contracts, arrangements, understandings or
relationships (legal or otherwise) with respect to any securities of the Issuer including, but not
limited to, transfer or voting of any of the securities, finders fees, joint ventures, loan or
option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the
giving or withholding of proxies.
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
The following documents are filed as exhibits:
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CUSIP No. 65332V103
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13D
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Page 6 of 9 Pages |
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1. |
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Agreement and Plan of Merger dated December 20, 2006 among Motorola,
Inc., Motorola GTG Subsidiary V Corp and Tut Systems, Inc. (incorporated by
reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Tut Systems,
Inc. on December 21, 2006). |
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2. |
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Voting Agreement and Irrevocable Proxy dated December 20, 2006, by and
among Motorola, Inc., Kopp Investment Advisors, LLC, Kopp Holding Company, Kopp
Funds, Inc. and Leroy C. Kopp. (incorporated by reference to Exhibit A of Exhibit
2.1 to the Current Report on Form 8-K filed by Tut Systems, Inc. on December 21,
2006). |
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CUSIP No. 65332V103
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13D
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Page 7 of 9 Pages |
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the
information set forth in this statement is true, complete and correct.
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Dated: December 29, 2006 |
MOTOROLA, INC.
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By: |
/s/ Carol Forsyte
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Name: |
Carol Forsyte |
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Title: |
Corporate Vice
President |
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CUSIP No. 65332V103
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13D
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Page 8 of 9 Pages |
APPENDIX 1
INFORMATION CONCERNING
THE EXECUTIVE OFFICERS AND DIRECTORS OF MOTOROLA
The following table sets forth the name, business address, and principal occupation or
employment at the present time for each director and executive officer of Motorola. Unless
otherwise noted, each such person is a citizen of the United States. In addition, unless otherwise
noted, each such persons business address is 1303 East Algonquin Road, Schaumburg, Illinois 60196.
DIRECTORS OF MOTOROLA
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Edward J. Zander
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Chairman of the Board and Chief Executive Officer, Motorola, Inc. |
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David W. Dorman
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Retired; Former Chairman and Chief Executive Officer, AT&T. His
business address is: Two Buckhead Plaza, Room 476, 3050
Peachtree Road, NW, Atlanta, GA 30305. |
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H. Laurance Fuller
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Retired; formerly Co-Chairman of the Board of Directors, BP
Amoco, p.l.c. His business address is: Primacy Business Center,
1111 E. Warrenville Road, Suite 257, Naperville, IL 60563. |
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Judy C. Lewent
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Executive Vice President and Chief Financial Officer and
President, Human Health Asia, Merck & Co., Inc. Her business
address is: Merck & Co., Inc., One Merck Drive, Whitehouse
Station, NJ 08889. |
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Thomas J. Meredith
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General Partner of Meritage Capital, L.P. and Chief Executive
Officer of MFI Capital. His business address is: MFI Capital,
248 Addie Roy Road C200, Austin, TX 78746. |
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Nicholas Negroponte
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Co-Founder and Chairman Emeritus of the Massachusetts Institute
of Technology Media Laboratory. His business address is:
Massachusetts Institute of Technology Media Lab, 20 Ames St.
E15-210, Cambridge, MA 02139. |
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Indra K. Nooyi
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President and Chief Executive Officer, PepsiCo, Inc. Her
business address is: 700 Anderson Hill Road, Purchase, NY 10577. |
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Samuel C. Scott, III
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Chairman, President and Chief Executive Officer, Corn Products
International. His business address is: Corn Products
International, 5 Westbrook Corporate Center, Westchester, IL
60154. |
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Ron Sommer
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Former Chief Executive Officer of Deutsche Telekom AG. His
business address is: Deutsche Telekom AG, Griedrich-Ebert-Allee
140, 53113 Bonn, Germany. Citizenship: German. |
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James R. Stengel
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Global Marketing Officer of The Procter & Gamble Company. His
business address is: The Procter & Gamble Company, One Procter &
Gamble Plaza, Cincinnati, OH 45202. |
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Douglas A.
Warner, III
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Retired; formerly Chairman of the Board, J.P. Morgan Chase & Co.
His business address is: J.P. Morgan Chase & Co., 345 Park
Avenue, 11th Floor, New York, NY 10154. |
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John A. White
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Chancellor, University of Arkansas. His business address is:
University of Arkansas, 425 Administration Building,
Fayetteville, AR 72701. |
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Miles D. White
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Chairman and Chief Executive Officer, Abbott Laboratories. His
business address is: Abbott Laboratories, 100 Abbott Park Road,
Dept. 392, AP6D-2, Abbott Park, IL 60064-6020. |
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CUSIP No. 65332V103
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13D
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Page 9 of 9 Pages |
EXECUTIVE OFFICERS OF MOTOROLA, INC.
(WHO ARE NOT ALSO DIRECTORS OF MOTOROLA)
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Gregory Q. Brown
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Executive Vice President, President, Networks and Enterprise. |
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David W. Devonshire
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Executive Vice President, Chief Financial Officer. |
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Ruth A. Fattori
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Executive Vice President, Human Resources. |
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Ronald Garriques
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Executive Vice President, President, Mobile Devices Business. |
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Kenneth C. Keller,
Jr.
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Executive Vice President and Chief Marketing Officer. |
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A. Peter Lawson
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Executive Vice President, General Counsel and Secretary. |
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Daniel M. Moloney
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Executive Vice President, President, Connected Home Solutions. |
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Richard N.
Nottenburg
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Executive Vice President, Chief Strategy Officer. |
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Stuart C. Reed
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Executive Vice President, Integrated Supply Chain. |
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Padmasree Warrior
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Executive Vice President, Chief Technology Officer. |