Registration No. ______________
 
As filed with the Securities and Exchange Commission on March 26, 2018

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933

Sol-Gel Technologies Ltd.
(Exact name of registrant as specified in its charter)
 
State of Israel
Not Applicable
(State or other jurisdiction of
 (I.R.S. Employer Identification No.)
 incorporation or organization)
 
 
Sol-Gel Technologies Ltd.
7 Golda Meir St., Weizmann Science Park
Ness Ziona, 7403650, Israel
Tel: +972-8-931-3433
(Address of Principal Executive Offices) (Zip Code)

Sol-Gel Technologies Ltd. 2014 Share Incentive Plan
  (Full title of the plan)

Cogency Global Inc.
10 E. 40th Street, 10th floor
New York, NY 10016
(Name and address of agent for service)

+1 800 221-0102
(Telephone number, including area code, of agent for service)

Copies to:
 
Joshua G. Kiernan
Gene Kleinhendler
Nathan Ajiashvili
Perry Wildes
Latham & Watkins LLP 
Gross, Kleinhendler, Hodak, Halevy,
885 Third Avenue
Greenberg & Co.
New York, NY 10022
One Azrieli Center
 
Tel Aviv 67021, Israel
 
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. ☐

CALCULATION OF REGISTRATION FEE
Title of securities to
be registered
 
Amount to be
registered (1)
   
Proposed maximum
offering price
per share
   
Proposed maximum
aggregate offering
price
   
Amount of
registration
fee
 
Ordinary shares, par value NIS 0.1 per share
   
378,538
(2)  
 
$
11.09
(3)  
 
$
4,197,986.42
   
$
522.65
 
Ordinary shares, par value NIS 0.1 per share
   
971,462
(4)  
 
$
3.66
(5)  
 
$
3,555,550.92
   
$
442.67
 
Total
   
1,350,000
           
$
7,723,254.30
   
$
965.32
 

(1)            Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), this registration statement shall also cover any additional ordinary shares that become issuable under the Sol-Gel Technologies Ltd. 2014 Share Incentive Plan (the "Plan") by reason of any stock dividend, stock split, or other similar transaction.
(2)     Represents the number of additional ordinary shares reserved for future issuance under the Plan.
(3)    Estimated solely for purposes of calculating the registration fee pursuant to Rules 457(c) and 457(h) under the Securities Act, and based on the average of the high and low prices of the Company's ordinary shares as reported on The Nasdaq Global Market on March 23, 2018.
(4)            Represents ordinary shares issuable upon exercise of outstanding options with fixed exercise prices under the Plan, with a weighted average exercise price of $3.66 per share.
(5)    Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(h) under the Securities Act, and based on the weighted average price at which such options may be exercised.
2

PART I
 
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
 
ITEM 1.            PLAN INFORMATION.*
 
ITEM 2.            REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION. *
___________________
 
* Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this registration statement in accordance with Rule 428 under the Securities Act of 1933, as amended, or the Securities Act, and the Introductory Note to Part I of Form S-8.
 
 PART II
 
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
 
ITEM 3.            INCORPORATION OF DOCUMENTS BY REFERENCE
 
The following documents filed with or furnished to the Securities and Exchange Commission (the “ Commission ”) by Sol-Gel Technologies Ltd., a company organized under the laws of Israel (the “ Company ” or the “ Registrant ”), are incorporated herein by reference and made a part hereof:
 
(a)
the Company’s Annual Report for the year ended December 31, 2017 on Form 20-F filed with the Commission on March 26, 2018 ;
 
(b)
the Company's reports on Form 6-K furnished to the Commission on February 6, 2018, February 15, 2018, February 26, 2018 (two filings) and March 22, 2018; and
 
(c)
the description of the Company’s ordinary shares, par value NIS 0.1 per share, included in the registration statement on Form 8-A filed on January 26, 2018 (File No.  001-38367 ) under the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”), including any amendment or report filed for the purpose of updating such description .
 
All documents or reports subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act , and to the extent designated therein, certain reports on Form 6-K, furnished by the Company, after the date of this Registration Statement and 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 in this Registration Statement and to be part hereof from the date of filing of such documents or reports. Any statement in a document or report incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document or report which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
 
ITEM 4.            DESCRIPTION OF SECURITIES
 
Not applicable.
 
ITEM 5.            INTERESTS OF NAMED EXPERTS AND COUNSEL
 
Not applicable.
3
 
ITEM 6.            INDEMNIFICATION OF DIRECTORS AND OFFICERS
 
Under the Companies Law, a company may not exculpate an office holder from liability for a breach of a fiduciary duty. An Israeli company may exculpate an office holder in advance from liability to the company, in whole or in part, for damages caused to the company as a result of a breach of duty of care but only if a provision authorizing such exculpation is included in its articles of association. Our amended and restated articles of association include such a provision. The company may not exculpate in advance a director from liability arising due to the breach of his or her duty or care in the event of a prohibited dividend or distribution to shareholders.

Under the Companies Law and the Israeli Securities Law, 5728-1968, or the Securities Law, a company may indemnify an office holder in respect of the following liabilities, payments and expenses incurred for acts performed by him as an office holder, either in advance of an event or following an event, provided its articles of association include a provision authorizing such indemnification:

·
a monetary liability incurred by or imposed on the office holder in favor of another person pursuant to a court judgment, including pursuant to a settlement confirmed as judgment or arbitrator’s decision approved by a competent court. However, if an undertaking to indemnify an office holder with respect to such liability is provided in advance, then such an undertaking must be limited to events which, in the opinion of the board of directors, can be foreseen based on the company’s activities when the undertaking to indemnify is given, and to an amount or according to criteria determined by the board of directors as reasonable under the circumstances, and such undertaking shall detail the abovementioned foreseen events and amount or criteria;

·
reasonable litigation expenses, including reasonable attorneys’ fees, which were incurred by the office holder as a result of an investigation or proceeding filed against the office holder by an authority authorized to conduct such investigation or proceeding, provided that such investigation or proceeding was either (i) concluded without the filing of an indictment against such office holder and without the imposition on him of any monetary obligation in lieu of a criminal proceeding; (ii) concluded without the filing of an indictment against the office holder but with the imposition of a monetary obligation on the office holder in lieu of criminal proceedings for an offense that does not require proof of criminal intent; or (iii) in connection with a monetary sanction;

·
a monetary liability imposed on the office holder in favor of all the injured parties by the breach in an Administrative Procedure (as defined below) as set forth in Section 52(54)(a)(1)(a) to the Securities Law;

·
expenses expended by the office holder with respect to an Administrative Procedure under the Securities Law, including reasonable litigation expenses and reasonable attorneys’ fees; and

·
reasonable litigation expenses, including attorneys’ fees, incurred by the office holder or which were imposed on the office holder by a court (i) in a proceeding instituted against him or her by the company, on its behalf, or by a third party, (ii) in connection with criminal indictment of which the office holder was acquitted, or (iii) in a criminal indictment which the office holder was convicted of an offense that does not require proof of criminal intent.

·
Any other obligation or expense in respect of which it is permitted or will be permitted under applicable law to indemnify an office holder, including, without limitation, matters referenced in Section 56H(b)(1) of the Securities Law.
 
An “Administrative Procedure” is defined as a procedure pursuant to chapters H3 (Monetary Sanction by the Israeli Securities Authority), H4 (Administrative Enforcement Procedures of the Administrative Enforcement Committee) or I1 (Arrangement to prevent Procedures or Interruption of procedures subject to conditions) to the Securities Law.

Under the Companies Law and the Securities Law, a company may insure an office holder against the following liabilities incurred for acts performed by him or her as an office holder if and to the extent provided in the company’s articles of association:

·
a breach of the duty of loyalty to the company, provided that the office holder acted in good faith and had a reasonable basis to believe that the act would not harm the company;

4
·
a breach of duty of care to the company or to a third party, to the extent such a breach arises out of the negligent conduct of the office holder;

·
a monetary liability imposed on the office holder in favor of a third party;

·
a monetary liability imposed on the office holder in favor of an injured party at an Administrative Procedure pursuant to Section 52(54)(a)(1)(a) of the Securities Law; and

·
expenses incurred by an office holder in connection with an Administrative Procedure, including reasonable litigation expenses and reasonable attorneys’ fees.

Under the Companies Law, a company may not indemnify, exculpate or insure an office holder against any of the following:

·
a breach of the duty of loyalty, except for indemnification and insurance for a breach of the duty of loyalty to the company to the extent that the office holder acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;

·
a breach of duty of care committed intentionally or recklessly, excluding a breach arising out of the negligent conduct of the office holder;

·
an act or omission committed with intent to derive illegal personal benefit; or

·
a fine or forfeit levied against the office holder.

Under the Companies Law, exculpation, indemnification and insurance of office holders in a public company must be approved by the compensation committee and the board of directors and, with respect to directors or controlling shareholders, their relatives and third parties in which controlling shareholders have a personal interest, also by the shareholders.

Our amended and restated articles of association permit us to exculpate, indemnify and insure our office holders to the fullest extent permitted or to be permitted by law. Our office holders are currently covered by a directors’ and officers’ liability insurance policy. As of the date of this registration statement, no claims for directors’ and officers’ liability insurance have been filed under this policy and we are not aware of any pending or threatened litigation or proceeding involving any of our office holders, including our directors, in which indemnification is sought.

We have entered into agreements with each of our current office holders exculpating them from a breach of their duty of care to us to the fullest extent permitted by law, subject to limited exceptions, and undertaking to indemnify them to the fullest extent permitted by law, subject to limited exceptions, including, with respect to liabilities resulting from this offering, to the extent that these liabilities are not covered by insurance. This indemnification is limited, with respect to any monetary liability imposed in favor of a third party, to events determined as foreseeable by the board of directors based on our activities. The maximum aggregate amount of indemnification that we may pay to our office holders based on such indemnification agreement is the greater of (1) 25% of our shareholders’ equity pursuant to our audited financial statements for the year preceding the year in which the event in connection of which indemnification is sought occurred, and (2) $40 million (as may be increased from time to time by shareholders’ approval). Such indemnification amounts are in addition to any insurance amounts. Each office holder who agrees to receive this letter of indemnification also gives his approval to the termination of all previous letters of indemnification that we have provided to him or her in the past, if any. However, in the opinion of the SEC, indemnification of office holders for liabilities arising under the Securities Act is against public policy and therefore unenforceable.

ITEM 7.            EXEMPTION FROM REGISTRATION CLAIMED

Not applicable.
5

ITEM 8.            EXHIBITS.

See Exhibit Index following the signature page.

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 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; and
 
(iii)
to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;
 
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above 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 Exchange Act that are incorporated by reference in the 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 Section 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.
 
(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 Securities and Exchange 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.
 
6
 
SIGNATURES
 
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Ness Ziona, State of Israel, on this 26 day of March, 2018.
 
 
Sol-Gel Technologies Ltd.
 
      
By: /s/ Alon Seri-Levy
 
  Alon Seri-Levy  
  Chief Executive Officer  
 
POWER OF ATTORNEY
 
KNOW ALL BY THESE PRESENTS, that each individual whose signature appears below constitutes and appoints Alon Seri-Levy and Gilad Mamlok, and each of them, his true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign this registration statement and any and all future amendments (including post-effective amendments) to the registration statement, and to file the same with all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and each of them, 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 attorney-in-fact and agent or any of them, or their or his substitute, may lawfully do or cause to be done by virtue hereof.
 
Pursuant to the requirements of the Securities Act of 1933, as amended this registration statement has been signed by the following persons in the capacities and on the dates indicated:
 
Signatures
Title
Date
     
/s/ Alon Seri-Levy
Chief Executive Officer and Director
March 26, 2018
Alon Seri-Levy
   
     
/s/ Gilad Mamlok
Chief Financial Officer
March 26, 2018
Gilad Mamlok
   
     
/s/ Moshe Arkin
Chairman, Board of Directors
March 26, 2018
Moshe Arkin
   
     
/s/ Itai Arkin
Director
March 26, 2018
Itai Arkin
   
     
/s/ Shmuel Ben Zvi
Director
March 26, 2018
Shmuel Ben Zvi
   
     
/s / Hani Lerman
Director
March 26, 2018
Hani Lerman
   
     
/s/ Yaffa Krindel-Sieradzki
Director
March 26, 2018
Yaffa Krindel-Sieradzki
   
 
7
 
/s/ Ran Gottfried
Director
March 26, 2018
Ran Gottfried
   
     
/s/ Jerrold S. Gattegno
Director
March 26, 2018
Jerrold S. Gattegno
   
 
 
Cogency Global Inc.
 
  Authorized U.S. Representative  
       
 
By:
/s/ Colleen A. DeVries  
  Name: Colleen A. DeVries  
  Title: Senior Vice-President on behalf of Cogency Global Inc.  
       
 
March 26, 2018 
 

8
EXHIBIT INDEX
 
Exhibit
Number
Description
   
   
   
   
   
   
   
99.1*** Sol-Gel Technologies Ltd. 2014 Share Incentive Plan
 
* Incorporated herein by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form F-1 filed with the Securities and Exchange Commission on January 23, 2018.
 
** Incorporated herein by reference to Exhibit 99.1 to the Registrant's Form 6-K submitted to the Securities and Exchange Commission on February 6, 2018.
 
*** Incorporated by reference to Exhibit 10.1 of the Registration Statement on Form F-1/A filed with the Securities and Exchange Commission on September 20, 2017.
 
9
 

Exhibit 5.1

 
  Tel-Aviv, March 26, 2018 
Our ref: 13882/0
Sol-Gel Technologies Ltd.
7 Golda Meir St., Weizmann Science Park
Ness Ziona, 7403650, Israel

Re:  Registration on Form S-8
 
Ladies and Gentlemen:
 
We have acted as the Israeli counsel to Sol-Gel Technologies Ltd., a company organized under the laws of the State of Israel (the “ Company ”), in connection with its filing of a registration statement on Form S-8 on March 26, 2018 (the “ Registration Statement ”), under the Securities Act of 1933, as amended, relating to the registration of 1,350,000 of the Company’s ordinary shares, par value NIS 0.1 per share (the “ Plan Shares ”), reserved for future issuance under the Company’s 2014 Share Incentive Plan (the “ 2014 Plan ”).
 
In our capacity as counsel to the Company, we have examined originals or copies, satisfactory to us, of the Company’s (i) Amended and Restated Articles of Association of the Company, (ii) the 2014 Plan, and (iii) resolutions of the Company’s board of directors. In such examination, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals and the conformity with the original documents of all documents submitted to us as copies or facsimiles. As to any facts material to such opinion, to the extent that we did not independently establish relevant facts, we have relied on certificates of public officials and certificates of officers or other representatives of the Company. We are admitted to practice law in the State of Israel and the opinion expressed herein is expressly limited to the laws of the State of Israel.
 
On the basis of the foregoing, we are of the opinion that the 1,350,000 Plan Shares being registered pursuant to the Registration Statement, when issued and paid for in accordance with the 2014 Plan, pursuant to agreements with respect to the 2014 Plan, and, as the case may be, pursuant to the terms of the awards that may be granted under the 2014 Plan, will be validly issued, fully paid and non-assessable.
 
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement.
 
 
Very truly yours,
/s/ Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co.
 
 
 
Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co.
 
 

Exhibit 23.2
 
 
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated March 25, 2018 relating to the financial statements,  which appears in Sol-Gel Technologies Ltd.'s Annual Report on Form 20‑F for the year ended December 31, 2017.
 
Tel-Aviv, Israel
/s/ Kesselman & Kesselman
March 26, 2018
Certified Public Accountants (lsr.)
 
A member firm of PricewaterhouseCoopers International Limited
 
 
Kesselman & Kesselman, Trade Tower, 25 Hamered Street, Tel-Aviv 6812508, Israel,
P.O Box 50005 Tel-Aviv 6150001  Telephone: +972 -3- 7954555, Fax:+972 -3- 7954556, www.pwc.com/il