Texas New York |
Bracewell & Giuliani LLP
713.223.2300 Office
bgllp.com |
October 2, 2014
BY HAND AND BY EDGAR
Michael Clampitt
Senior Counsel
Division of Corporation Finance
Securities and Exchange Commission 100 F Street N.E.
Washington, D.C. 20549
RE: |
Veritex Holdings, Inc. |
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Registration Statement on Form S-1 |
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Amendment No. 2 |
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Filed September 29, 2014 |
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File No. 333-198484 |
Dear Mr. Clampitt:
Our client, Veritex Holdings, Inc., a Texas corporation (the Company), has requested that we respond to the comments of the staff (the Staff) of the Division of Corporation Finance of the Securities and Exchange Commission (the Commission) contained in the Staffs letter dated October 1, 2014 (the Comment Letter). We enclose for filing with the Commission Amendment No. 3 to the above-referenced Registration Statement on Form S-1 of the Company (Revised Registration Statement), together with exhibits thereto. On behalf of the Company we wish to thank you and the other members of the Staff for your review and response to the above referenced Registration Statement on Form S-1.
We are separately providing the Staff hard copies of this letter and marked copies of the Revised Registration Statement.
Set forth below are the Companys responses to the comments in the Comment Letter. For the convenience of the Staff, we have restated in this letter each of the comments in the Comment Letter and numbered each of the responses to correspond to the numbers of the comments. All references to page numbers and captions (other than those in the Staffs comments) correspond to the page numbers and captions in the Revised Registration Statement.
Prospectus Summary
The Offering, page 9
1. In the third bullet point, revise to disclose the number of shares of restricted stock to be granted under the 2014 Omnibus Incentive Plan at the completion of the offering.
Response
The Company has revised the disclosure under the sections captioned The Offering on page 9 and Executive Compensation 2014 Omnibus Incentive Plan on page 123 of the Revised Registration Statement to disclose the estimated number of restricted stock units to be granted under the 2014 Omnibus Incentive Plan at the completion of the offering.
Shares Eligible For Future Sale
Lock-up Agreements, page 134
2. We note that 48% of Company shares are held by insiders and 5% holders and that you disclose that 66% of shares are locked-up. Supplementally tell us how you locked-up an amount exceeding that disclosed in the beneficial ownership table. If the lock-up is documented, file the agreement as an exhibit. Also, revise to disclose the referenced exceptions.
Response
The Company understands that it is customary in initial public offerings to request lock-up agreements from many, if not all, existing shareholders, including persons that are not named as 5% holders in the prospectus. Accordingly, after the Company publicly filed the Registration Statement, the Companys Chief Executive Officer and Vice Chairman called certain of the Companys shareholders and requested that they execute a lock-up agreement.
The Company respectfully advises the Staff that a copy of the form of lock-up agreement was filed as Exhibit A to the form of Underwriting Agreement filed as Exhibit 1.1 to Amendment No. 1 to the Registration Statement on Form S-1 of the Company filed with the Commission on September 22, 2014.
The Company has revised the disclosure under the section captioned Underwriting Lock-up Agreements on page 141 of the Revised Registration Statement to disclose the exceptions to the lock-up agreement.
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If any member of the Staff has any questions regarding the foregoing, or desires further information or clarification in connection therewith, please do not hesitate to contact the undersigned at (713) 221-1122. Thank you for your consideration.
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Very truly yours, |
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/s/ William S. Anderson |
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William S. Anderson |
cc: |
William Schroeder |
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John Nolan |
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Jessica Livingston |
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Securities and Exchange Commission |
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C. Malcolm Holland III |
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Veritex Holdings, Inc. |
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8214 Westchester Drive, Suite 400 |
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Dallas, Texas 75225 |
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Chet A. Fenimore |
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Fenimore, Kay Harrison & Ford, LLP |
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812 San Antonio Street, Suite 600 |
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Austin, Texas 78701 |