-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KNewHkeuPh+/ejkesI0mtP5VW0WpjsOLB3ox2uT0a0BSdEozax7hq1uX+g2EXeQS 9edHUNf1pY7qolvV934Wcg== 0001047469-04-005940.txt : 20040227 0001047469-04-005940.hdr.sgml : 20040227 20040227162355 ACCESSION NUMBER: 0001047469-04-005940 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20040227 GROUP MEMBERS: ASSOCIATED MADISON COMPANIES, INC. GROUP MEMBERS: CITIGROUP ALTERNATIVE INVESTMENTS LLC GROUP MEMBERS: CITIGROUP INSURANCE HOLDING CORPORATION GROUP MEMBERS: CITIGROUP INVESTMENTS INC. GROUP MEMBERS: THE TRAVELERS INDEMNITY COMPANY GROUP MEMBERS: THE TRAVELERS INSURANCE COMPANY GROUP MEMBERS: TRAVELERS INSURANCE GROUP HOLDINGS, INC. GROUP MEMBERS: TRAVELERS PROPERTY CASUALTY CORP. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ON2 TECHNOLOGIES INC CENTRAL INDEX KEY: 0001045280 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 841280679 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-56347 FILM NUMBER: 04635613 BUSINESS ADDRESS: STREET 1: 145 HUDSON STREET CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: 9172370500 MAIL ADDRESS: STREET 1: 645 FIFTH AVE STREET 2: C/O STEVEN SISKIND CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: ON2COM INC DATE OF NAME CHANGE: 19990622 FORMER COMPANY: FORMER CONFORMED NAME: APPLIED CAPITAL FUNDING INC DATE OF NAME CHANGE: 19971002 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CITIGROUP INC CENTRAL INDEX KEY: 0000831001 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 521568099 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 399 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10043 BUSINESS PHONE: 2125591000 MAIL ADDRESS: STREET 1: 399 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10043 FORMER COMPANY: FORMER CONFORMED NAME: TRAVELERS GROUP INC DATE OF NAME CHANGE: 19950519 FORMER COMPANY: FORMER CONFORMED NAME: TRAVELERS INC DATE OF NAME CHANGE: 19940103 FORMER COMPANY: FORMER CONFORMED NAME: PRIMERICA CORP /NEW/ DATE OF NAME CHANGE: 19920703 SC 13D/A 1 a2129563zsc13da.txt SC 13D/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 10)* On2 Technologies, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.01 - -------------------------------------------------------------------------------- (Title of Class of Securities) 68338A-10-7 - -------------------------------------------------------------------------------- (CUSIP Number) - -------------------------------------------------------------------------------- Joseph B. Wollard, Esq. Citigroup Inc. 425 Park Avenue New York, NY 10043 (212) 559-1000 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) January 12, 2004 - -------------------------------------------------------------------------------- (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 that is the subject of this Schedule 13D, and is filing this schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See ss.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 person's 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). - ---------------------------- ------------------------- CUSIP No. 68338A-10-7 SCHEDULE 13D Page 1 of 15 pages - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) The Travelers Insurance Company - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) X (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Connecticut - -------------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ----------------------------------------------------- BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 6,961,899** ----------------------------------------------------- EACH REPORTING PERSON 9 SOLE DISPOSITIVE POWER 0 ----------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 6,961,899** - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,961,899** - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.6%** - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IC - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! ** Represents (1) 400,000 shares of common stock issuable upon the conversion of On2 Technologies, Inc., a Delaware corporation ("On2" or the "Company") Series A preferred shares, (2) 820,911 shares of common stock issuable upon the conversion of On2 Series C-VI preferred shares, (3) 5,357,143 shares of common stock issuable upon the exercise of On2 Series C-VI Warrants, (4) 30,000 shares of common stock issuable upon the exercise of certain options, and (5) 353,845 shares of common stock. - ------------------------------- ------------------------- CUSIP No. 68338A-10-7 SCHEDULE 13D Page 2 of 15 pages - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Citigroup Insurance Holding Corporation ("CIHC") - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) X (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Georgia - -------------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ----------------------------------------------------- BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 6,961,899** ----------------------------------------------------- EACH REPORTING PERSON 9 SOLE DISPOSITIVE POWER 0 ----------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 6,961,899** - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,961,899** - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.6%** - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* HC - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! ** Represents shares directly beneficially owned by The Travelers Insurance Company. CIHC disclaims beneficial ownership of any On2 common stock. - --------------------------- ------------------------- CUSIP No. 68338A-10-7 SCHEDULE 13D Page 3 of 15 pages - ------------- ------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Associated Madison Companies, Inc. ("Associated Madison") - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) X (b) |_| - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ----------------------------------------------------- BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 6,961,899** ----------------------------------------------------- EACH REPORTING PERSON 9 SOLE DISPOSITIVE POWER 0 ----------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 6,961,899** - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,961,899** - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.6%** - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* HC - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! ** Represents shares directly beneficially owned by The Travelers Insurance Company. Associated Madison disclaims beneficial ownership of any On2 common stock. - ----------------------------- ------------------------------ CUSIP No. 68338A-10-7 SCHEDULE 13D Page 4 of 15 pages - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) The Travelers Indemnity Company - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) X (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Connecticut - -------------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ----------------------------------------------------- BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 6,096,785** ----------------------------------------------------- EACH REPORTING PERSON 9 SOLE DISPOSITIVE POWER 0 ----------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 6,096,785** - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,096,785** - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.6%** - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IC - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! ** Represents (1) 2,792,257 shares of common stock issuable upon the conversion of On2 Series C-IV preferred shares, (2) 2,993,273 shares of common stock issuable upon the conversion of On2 Series C-V preferred shares, and (3) 311,255 shares of common stock. - ----------------------------- ---------------------------- CUSIP No. 68338A-10-7 SCHEDULE 13D Page 5 of 15 pages - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Travelers Insurance Group Holdings, Inc. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) X (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ----------------------------------------------------- BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 6,096,785** ----------------------------------------------------- EACH REPORTING PERSON 9 SOLE DISPOSITIVE POWER 0 ----------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 6,096,785** - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,096,785** - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.6%** - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* HC - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! ** Represents shares directly beneficially owned by The Travelers Indemnity Company. - ------------------------------ ---------------------------- CUSIP No. 68338A-10-7 SCHEDULE 13D Page 6 of 15 pages - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Travelers Property Casualty Corp. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) X (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Connecticut - -------------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ----------------------------------------------------- BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 6,096,785** ----------------------------------------------------- EACH REPORTING PERSON 9 SOLE DISPOSITIVE POWER 0 ----------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 6,096,785** - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,096,785** - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.6%** - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* HC - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! ** Represents shares directly beneficially owned by The Travelers Indemnity Company. - ------------------------------ ---------------------------- CUSIP No. 68338A-10-7 SCHEDULE 13D Page 7 of 15 pages - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Citigroup Alternative Investments LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) X (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ----------------------------------------------------- BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 6,096,785** ----------------------------------------------------- EACH REPORTING PERSON 9 SOLE DISPOSITIVE POWER 0 ----------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 6,096,785** - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,096,785** - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.6%** - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! ** Represents shares directly beneficially owned by The Travelers Indemnity Company that Citigroup Alternative Investments LLC manages on behalf of The Travelers Indemnity Company. - ------------------------------ ---------------------------- CUSIP No. 68338A-10-7 SCHEDULE 13D Page 8 of 15 pages - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Citigroup Investments Inc. ("CII") - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) X (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ----------------------------------------------------- BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 6,096,785** ----------------------------------------------------- EACH REPORTING PERSON 9 SOLE DISPOSITIVE POWER 0 ----------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 6,096,785** - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,096,785** - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.6%** - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* HC - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! ** Represents shares directly beneficially owned by The Travelers Indemnity Company that Citigroup Alternative Investments LLC manages on behalf of The Travelers Indemnity Company. - -------------------------- ------------------------------ CUSIP No. 68338A-10-7 SCHEDULE 13D Page 9 of 15 pages - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Citigroup Inc. ("Citigroup") - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) X (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER 0 ----------------------------------------------------- BENEFICIALLY OWNED BY 8 SHARED VOTING POWER 13,069,094** ----------------------------------------------------- EACH REPORTING PERSON 9 SOLE DISPOSITIVE POWER 0 ----------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 13,069,094** - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 13,069,094** - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.1%** - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* HC - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! ** Represents (i) 6,961,899 shares directly beneficially owned by The Travelers Insurance Company, (ii) 6,096,785 shares directly beneficially owned by The Travelers Indemnity Company that are managed on behalf of that company by Citigroup Alternative Investments LLC, and (iii) 10,410 shares directly beneficially owned by other subsidiaries of Citigroup Inc. Citigroup Inc. disclaims beneficial ownership of any shares of On2 common stock. SCHEDULE 13D This Amendment No. 10 to Schedule 13D amends the Schedule 13D filed on May 17, 2000, as amended by Amendment No. 1 filed on June 16, 2000, as amended by Amendment No. 2 filed on July 23, 2001, as amended by Amendment No. 3 filed on August 17, 2001, as amended by Amendment No. 4 filed on April 12, 2002, as amended by Amendment No. 5 filed on May 29, 2002, as amended by Amendment No. 6 filed on June 3, 2002, as amended by Amendment No. 7 filed on August 30, 2002, as amended by Amendment No. 8 filed on August 29, 2003, as amended by Amendment No. 9 filed on December 16, 2003, relating to the common stock, par value $0.01 per share (the "Common Stock") of On2 Technologies, Inc., a Delaware corporation ("On2" or the "Company"). Except as otherwise described herein, the information contained in the Schedule 13D, as amended, remains in effect and all capitalized terms shall have the meaning previously ascribed to them. Information given in response to each item in this Schedule 13D shall be deemed incorporated by reference in all other items. ITEM 2. INDENTITY AND BACKGROUND The response to Item 2 of the Schedule 13D is hereby amended as follows. (a) - (c) Please see Schedule A attached hereto. ITEM 5. INTEREST IN SECURITIES OF THE COMPANY. The response to Item 5 of the Schedule 13D is hereby amended and supplemented as follows: The ownership calculations in Item 5 of this Schedule 13D are based upon the Reporting Persons holdings as of the date of this Schedule 13D and the 74,398,560 shares of Common Stock outstanding, as reported in the Company's Preliminary Proxy Statement filed on February 19, 2004. (a) TIC. TIC beneficially owns 6,961,899 shares, or 8.6%, of the Company's Common Stock. This includes (i) 400,000 shares of Common Stock issuable upon the conversion of On2 Series A preferred shares, which subject to certain conditions, may be converted at any time; (ii) 820,911 shares of Common Stock issuable upon the conversion of On2 Series C-VI preferred shares, which subject to certain conditions, may be converted at any time; (iii) 5,357,143 shares of Common Stock issuable upon the exercise of On2 Series C-VI Warrants, which subject to certain conditions, may be exercised at any time at a price of $0.56 per share; (iv) 30,000 shares of Common Stock issuable upon the exercise of certain options assigned to TIC by Jack L. Rivkin (a member of the Company's Board of Directors), which had been granted to Mr. Rivkin at a time when he was an employee of a Citigroup subsidiary, and (v) 353,845 shares of Common Stock. TIC disclaims beneficial ownership of the 6,096,785 shares of Common Stock beneficially owned by Travelers Indemnity and the 10,410 shares of Common Stock beneficially owned by other Citigroup subsidiaries. CIHC and ASSOCIATED MADISON. CIHC owns all of the outstanding common stock of TIC; Associated Madison owns all of the outstanding common stock of CIHC. As a result, each of CIHC and Associated Madison may be deemed to beneficially own the 6,961,899 shares, or 8.6%, of the Company's Common Stock that is beneficially owned by TIC. CIHC and Associated Madison each disclaim beneficial ownership of the 6,096,785 shares of Common Stock beneficially owned by Travelers Indemnity and the 10,410 shares of Common Stock held by other Citigroup subsidiaries. TRAVELERS INDEMNITY. Travelers Indemnity beneficially owns 6,096,785 shares, or 7.6%, of the Company's Common Stock. This includes: (i) 2,792,257 shares of Common Stock issuable upon the conversion of On2 Series C-IV preferred shares, which, subject to certain conditions, may be converted at any time, (ii) 2,993,273 shares of Common Stock issuable upon the conversion of On2 Series C-V preferred shares, which, subject to certain conditions, may be converted at any time, and (iii) 311,255 shares of Common Stock. Travelers Indemnity disclaims beneficial ownership of the 6,961,899 shares of Common Stock beneficially owned by TIC and the 10,410 shares of Common Stock beneficially owned by other Citigroup subsidiaries. TIGHI and TAP. TIGHI owns all of the outstanding common stock of Travelers Indemnity; TAP owns all of the outstanding common stock of TIGHI. As a result, each of TIGHI and TAP may be deemed to beneficially own 6,096,785 shares, or 7.6%, of the Company's Common Stock that is directly beneficially owned by Travelers Indemnity. Each of TIGHI and TAP disclaims beneficial ownership of the 6,961,899 shares of Common Stock beneficially owned by TIC and the 10,410 shares of Common Stock beneficially owned by other Citigroup subsidiaries. CAI and CII. CAI manages the beneficial ownership interest in shares of the Company's Common Stock that is held by Travelers Indemnity. As a result, CAI beneficially owns 6,096,785 shares, or 7.6% of the Company's Common Stock that is directly beneficially owned by Travelers Indemnity. CII owns all of the outstanding common stock of CAI. As a result, CII may be deemed to indirectly beneficially own the 6,096,785 shares, or 7.6%, of the Company's Common Stock that CAI beneficially owns. Each of CAI and CII disclaims beneficial ownership of the 6,961,899 shares of Common Stock beneficially owned by TIC and the 10,410 shares of Common Stock beneficially owned by other Citigroup subsidiaries. CITIGROUP. Citigroup owns all of the outstanding common stock of CII and Associated Madison. As a result of its holding company structure, Citigroup may be deemed to beneficially own 13,069,094 shares, or 15.1%, of the Company's Common Stock. This includes (i) 6,961,899 shares of Common Stock beneficially owned by TIC, (ii) 6,096,785 shares of Common Stock beneficially owned by Travelers Indemnity that are managed on behalf of that company by CAI, and (iii) 10,410 shares of Common Stock beneficially owned by other Citigroup subsidiaries. Citigroup disclaims beneficial ownership of any shares of the Company's Common Stock. (b) TIC, CIHC, Associated Madison and Citigroup may be deemed to share the voting and dispositive power of 6,961,899 shares of Common Stock beneficially owned by TIC. Travelers Indemnity, TIGHI, TAP, CAI, CII and Citigroup may be deemed to share the voting and dispositive power of 6,096,785 shares of Common Stock beneficially owned by Travelers Indemnity. Citigroup maybe deemed to share the voting and dispositive power of 10,410 shares of Common Stock beneficially owned by other subsidiaries of Citigroup. (c) To the best knowledge of the Reporting Persons, during the period since the filing of Amendment 9 to this Schedule 13D on December 16, 2003, the Reporting Persons have engaged in the following transactions: On each of the following dates, TIC sold shares of Common Stock in open market transactions in the amount and at the average price described below:
DATE SHARES SOLD AVERAGE PRICE ---- ----------- ------------- January 6, 2004 111,480 $1.42 January 7, 2004 26,760 $1.44 January 8, 2004 53,205 $1.45 January 12, 2004 340,605 $1.54 January 13, 2004 106,410 $1.52 January 14, 2004 26,600 $1.54 January 15, 2004 26,600 $1.52 January 21, 2004 16,972 $1.40 January 27, 2004 26,600 $1.45 January 28, 2004 133,000 $1.27 January 29, 2004 40,750 $1.27 January 30, 2004 32,000 $1.26 February 2, 2004 51,300 $1.18 February 3, 2004 51,400 $1.16 February 4, 2004 63,600 $1.05 February 5, 2004 50,550 $1.12 February 6, 2004 26,600 $1.11 February 9, 2004 21,575 $1.14 February 10, 2004 37,230 $1.16 February 11, 2004 15,960 $1.14 February 12, 2004 21,280 $1.13 February 13, 2004 23,945 $1.11 February 17, 2004 39,900 $1.06 February 18, 2004 37,250 $1.11 February 19, 2004 21,280 $1.10 February 20, 2004 27,250 $1.06 February 23, 2004 22,825 $1.06
On each of the following dates, Travelers Indemnity sold shares of Common Stock in open market transactions in the amount and at the average price described below:
DATE SHARES SOLD AVERAGE PRICE ---- ----------- ------------- January 6, 2004 98,020 $1.42 January 7, 2004 23,240 $1.44 January 8, 2004 46,795 $1.45 January 12, 2004 299,895 $1.54 January 13, 2004 93,590 $1.52 January 14, 2004 23,400 $1.54 January 15, 2004 23,400 $1.52 January 21, 2004 14,928 $1.40 January 27, 2004 23,400 $1.45 January 28, 2004 117,000 $1.27 January 29, 2004 35,850 $1.27 January 30, 2004 28,100 $1.26 February 2, 2004 45,200 $1.18 February 3, 2004 45,200 $1.16 February 4, 2004 56,400 $1.05 February 5, 2004 44,450 $1.12 February 6, 2004 23,400 $1.11 February 9, 2004 18,425 $1.14 February 10, 2004 32,770 $1.16 February 11, 2004 14,040 $1.14 February 12, 2004 18,720 $1.13 February 13, 2004 21,055 $1.11 February 17, 2004 35,100 $1.06 February 18, 2004 32,750 $1.11 February 19, 2004 18,720 $1.10 February 20, 2004 23,950 $1.06 February 23, 2004 20,075 $1.06
On February 20, 2004, TIC exercised its right to convert 373,288 shares of Series C-VI Preferred Stock into 400,000 shares of Common Stock. Other than the foregoing transactions, neither the Reporting Persons nor, to the best knowledge of each Reporting Person, any of the persons named in Schedule A to the Statement on Schedule 13D, has effected a transaction in shares of Common Stock during the period since the filing of Amendment 9 to this Schedule 13D on December 16, 2003 (excluding transactions that may have been effected by certain subsidiaries of Citigroup for managed accounts with funds provided by third party customers). ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. EXHIBIT DESCRIPTION - ------- ----------- 1 Joint Filing Agreement among the Reporting Persons SIGNATURE 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. Dated: February 25, 2004 THE TRAVELERS INDEMNITY COMPANY By: /s/ Daniel W. Jackson --------------------------- Name: Daniel W. Jackson Title: Assistant Secretary TRAVELERS INSURANCE GROUP HOLDINGS INC. By: /s/ Daniel W. Jackson --------------------------- Name: Daniel W. Jackson Title: Assistant Secretary TRAVELERS PROPERTY CASUALTY CORP. By: /s/ Daniel W. Jackson --------------------------- Name: Daniel W. Jackson Title: Assistant Secretary CITIGROUP ALTERNATIVE INVESTMENTS LLC By: /s/ Millie Kim --------------------------- Name: Millie Kim Title: Secretary CITIGROUP INVESTMENTS INC. By: /s/ Millie Kim --------------------------- Name: Millie Kim Title: Secretary THE TRAVELERS INSURANCE COMPANY By: /s/ Joseph B. Wollard --------------------------- Name: Joseph B. Wollard Title: Assistant Secretary CITIGROUP INSURANCE HOLDING CORPORATION By: /s/ Joseph B. Wollard --------------------------- Name: Joseph B. Wollard Title: Assistant Secretary ASSOCIATED MADISON COMPANIES, INC. By: /s/ Joseph B. Wollard --------------------------- Name: Joseph B. Wollard Title: Assistant Secretary CITIGROUP INC. By: /s/ Joseph B. Wollard --------------------------- Name: Joseph B. Wollard Title: Assistant Secretary EXHIBIT LIST EXHIBIT DESCRIPTION - ------- ----------- 1 Joint Filing Agreement among the Reporting Persons SCHEDULE A ---------- THE TRAVELERS INDEMNITY COMPANY Name Title - ---- ----- Jay S. Benet Director and Executive Officer Charles J. Clarke Director and Executive Officer Douglas G. Elliot Director and Executive Officer Joseph P. Lacher, Jr. Director and Executive Officer Brian W. MacLean Director and Executive Officer James M. Michener Director and Executive Officer Peter N. Higgins Executive Officer Doreen Spadorcia Executive Officer Stewart R. Morrison Executive Officer William A. Bloom Executive Officer Diane D. Bengston Executive Officer Pauline C. Panik Executive Officer Douglas K. Russell Executive Officer George A. Ryan Executive Officer Susan Stonehill Claflin Executive Officer TRAVELERS INSURANCE COMPANY Name Title - ---- ----- George C. Kokulis Director and Executive Officer Glenn D. Lammey Director and Executive Officer Marla B. Lewitus Director and Executive Officer Kathleen L. Preston Director and Executive Officer Edward W. Cassidy Executive Officer Brendan M. Lynch Executive Officer David A. Tyson Executive Officer Winifred E. Grimaldi Executive Officer SCHEDULE A ---------- CITIGROUP ALTERNATIVE INVESTMENTS LLC Name Title - ---- ----- Ahmed Fahour Director and Executive Officer Bruce Zimmerman Director and Executive Officer Millie Kim Executive Officer James Zelter Executive Officer CITIGROUP INC. Name Title - ---- ----- C. Michael Armstrong Director Alain J. P. Belda Director (Brazil) George David Director Kenneth T. Derr Director John M. Deutch Director The Honorable Gerald R. Ford Honorary Director Roberto Hernandez Ramirez Director (Mexico) Ann Dibble Jordan Director Dudley C. Mecum Director Richard D. Parsons Director Andrall E. Pearson Director Charles Prince Director and Executive Officer Robert E. Rubin Director and Executive Officer Franklin A. Thomas Director Sanford I. Weill Director and Executive Officer Robert B. Willumstad Director and Executive Officer Arthur Zankel Director Winfred F. W. Bischoff Executive Officer (United Kingdom and Germany) David C. Bushnell Executive Officer Michael A. Carpenter Executive Officer Robert Druskin Executive Officer Stanley Fischer Executive Officer William P. Hannon Executive Officer Michael S. Helfer Executive Officer Thomas W. Jones Executive Officer Sallie L. Krawcheck Executive Officer Marjorie Magner Executive Officer Deryck C. Maughan Executive Officer (United Kingdom) Victor J. Menezes Executive Officer William R. Rhodes Executive Officer Todd S. Thomson Executive Officer EX-99.1 3 a2129563zex-99_1.txt EXHIBIT 99.1 EXHIBIT 99.1 AGREEMENT AS TO JOINT FILING OF SCHEDULE 13D The undersigned hereby agree that: (i) each of them is individually eligible to use the Schedule 13D attached hereto; (ii) the attached Schedule 13D is filed on behalf of each of them; and (iii) each of them is responsible for the timely filing of such Schedule 13D and any amendments thereto, and for the completeness and accuracy of the information therein concerning him or itself; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless he or it knows or has reason to believe that such information is inaccurate. Dated: February 25, 2004 THE TRAVELERS INDEMNITY COMPANY By: /s/ Daniel W. Jackson ----------------------------- Name: Daniel W. Jackson Title: Assistant Secretary TRAVELERS PROPERTY CASUALTY CORP. By: /s/ Daniel W. Jackson ----------------------------- Name: Daniel W. Jackson Title: Assistant Secretary TRAVELERS INSURANCE GROUP HOLDINGS INC. By: /s/ Daniel W. Jackson ----------------------------- Name: Daniel W. Jackson Title: Assistant Secretary CITIGROUP ALTERNATIVE INVESTMENTS LLC By: /s/ Millie Kim - ----------------------------- Name: Millie Kim Title: Assistant Secretary CITIGROUP INVESTMENTS INC. By: /s/ Millie Kim - ----------------------------- Name: Millie Kim Title: Assistant Secretary THE TRAVELERS INSURANCE COMPANY By: /s/ Joseph B. Wollard ----------------------------- Name: Joseph B. Wollard Title: Assistant Secretary CIITGROUP INSURANCE HOLDING CORPORATION By: /s/ Joseph B. Wollard ----------------------------- Name: Joseph B. Wollard Title: Assistant Secretary ASSOCIATED MADISON COMPANIES, INC. By: /s/ Joseph B. Wollard ----------------------------- Name: Joseph B. Wollard Title: Assistant Secretary CITIGROUP INC. By: /s/ Joseph B. Wollard ----------------------------- Name: Joseph B. Wollard Title: Assistant Secretary -----END PRIVACY-ENHANCED MESSAGE-----