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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Gaiam, Inc.
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(Name of Company)
Class A Common Stock, par value $0.0001 per share
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(Title of Class of Securities)
3268Q103
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(CUSIP Number of Class of Securities)
Michael Weiss Eleazer Klein
Prentice Capital Management, LP Schulte Roth & Zabel LLP
623 Fifth Avenue, 32nd Floor 919 Third Avenue
New York, NY 10022 New York, NY 10022
(212) 756-8040 (212) 756-2376
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 22, 2005
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(Date of Event which Requires
Filing of this Schedule)
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).
SCHEDULE 13D
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CUSIP NO. 3268Q103 PAGE 2 OF 7 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Prentice Capital Management, LP
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC (See Item 3)
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
0
NUMBER OF -----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 3,326,814
EACH -----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
0
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10 SHARED DISPOSITIVE POWER
3,326,814
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
3,326,814
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
21.9%
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14 TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D
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CUSIP NO. 3268Q103 PAGE 3 OF 7 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael Zimmerman
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC (See Item 3)
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
8,705
NUMBER OF -----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 3,329,814
EACH -----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
8,705
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10 SHARED DISPOSITIVE POWER
3,329,814
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
3,338,519
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
21.9%
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14 TYPE OF REPORTING PERSON*
IN
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CUSIP No. 3268Q103 SCHEDULE 13D Page 4 of 7 Pages
Reference is made to the Statement on Schedule 13D filed on July 8, 2005
(the "Schedule 13D"), on behalf of Prentice Capital Management, LP ("PRENTICE
CAPITAL MANAGEMENT") and Michael Zimmerman ("MR. ZIMMERMAN" and, together with
Prentice Capital Management, the "REPORTING PERSONS"), relating to the Class A
Common Stock, par value $0.0001 per share, of Gaiam, Inc., a Colorado
corporation (the "COMPANY"). Unless the context otherwise requires, references
herein to the "Shares" are to the Class A Common Stock of the Company.
The Reporting Persons are making this single, joint filing because they
may be deemed to constitute a "group" within the meaning of Section 13(d)(3) of
the Act.
Prentice Capital Management serves as investment manager to investment
funds (including Prentice Capital Partners, LP, Prentice Capital Partners QP, LP
and Prentice Capital Offshore, Ltd.) and manages investments for certain
entities in managed accounts with respect to which it has voting and dispositive
authority over Shares reported in this Schedule 13D. Mr. Zimmerman is the
Managing Member of (a) Prentice Management GP, LLC, the general partner of
Prentice Capital Management and (b) Prentice Capital GP, LLC, the general
partner of certain investment funds. As such, he may be deemed to control
Prentice Capital Management and certain of the investment funds and therefore
may be deemed to be the beneficial owner of the Shares reported in this Schedule
13D.
Prentice Capital Management disclaims beneficial ownership of all of the
Shares reported in this Schedule 13D. Mr. Zimmerman disclaims beneficial
ownership of all of the Shares reported in this Schedule 13D not personally
owned by him.
All capitalized terms used but not defined herein shall have the
definitions assigned to them in the Schedule 13D. This Amendment No. 1 to the
Schedule 13D amends the Schedule 13D as follows.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Schedule 13D is amended and restated as follows.
3,326,814 of the Shares reported in this Schedule 13D were acquired by
private investment funds and managed accounts for which Prentice Capital
Management and Mr. Zimmerman control the investing and trading in securities.
Prentice Capital Management does not directly own any Shares. Mr. Zimmerman
personally owns 8,705 Shares and has voting and dispositive authority over 3,000
Shares held by The Michael & Holly Zimmerman Family Foundation Inc. The source
of funds for the purchase the Shares reported in this Schedule 13D was (a) with
respect to the private investment funds and managed accounts, the working
capital of such investment funds, (b) with respect to one of the managed
accounts, pursuant to margin accounts in the regular course of business, (c)
with respect to Mr. Zimmerman's shares, personal funds and (d) with respect to
the shares held by The Michael & Holly Zimmerman Family Foundation Inc., the
working capital of the foundation.
CUSIP No. 3268Q103 SCHEDULE 13D Page 5 of 7 Pages
ITEM 5. INTEREST IN SECURITIES OF THE COMPANY.
(a) Prentice Management may be deemed to beneficially own, in the aggregate,
3,326,814 Shares, representing approximately 21.9% of the Company's outstanding
Class A Common Stock (based upon the 15,020,078 Shares stated to be outstanding
by the Company as of March 6, 2006, in the Company's Form 10-K for the fiscal
year ending on December 31, 2005, filed with the Securities and Exchange
Commission on March 16, 2006 and the 200,000 Shares issued pursuant to the
exercise of options in connection with the transactions occurring on April 28,
2006 disclosed on Exhibit A hereto). Mr. Zimmerman may be deemed to beneficially
own, in the aggregate, 3,338,519 Shares representing approximately 21.9% of the
Company's outstanding Class A Common Stock.
(b) Prentice Capital Management and Michael Zimmerman have shared voting
power with respect to 3,326,814 Shares. Mr. Zimmerman also has shared voting
power with respect to the 3,000 Shares held by The Michael & Holly Zimmerman
Family Foundation Inc. and has sole voting power with respect to 8,705 Shares
that he personally owns.
(c) See Exhibit A attached hereto. The transactions set forth on Exhibit A
were effected by private investment funds and managed accounts for which
Prentice Capital Management and Mr. Zimmerman control the investing and trading
in securities. The Shares were acquired or sold in privately negotiated
transactions.
(d) The limited partners or shareholders of the private investment funds
and the entities for which Prentice Capital Management and Mr. Zimmerman manages
investments in managed accounts have the right to participate indirectly in the
receipt of dividends from, or proceeds from the sale of, the Shares in
accordance with their respective ownership interests in their respective funds.
(e) Not applicable.
CUSIP No. 3268Q103 SCHEDULE 13D Page 6 of 7 Pages
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: May 1, 2006
PRENTICE CAPITAL MANAGEMENT, LP
By: /s/ Michael Weiss
---------------------------------
Name: Michael Weiss
Title: Chief Financial Officer
MICHAEL ZIMMERMAN
/s/ Michael Zimmerman
------------------------------------
Michael Zimmerman
CUSIP No. 3268Q103 SCHEDULE 13D Page 7 of 7 Pages
EXHIBIT A
LIST OF TRANSACTIONS
Name Date Number of Shares Price Per Share
Purchased/ (Sold)
Prentice Capital Offshore, Ltd. 11/22/05 (92,521) $13.65
Prentice Capital Partners QP, LP 11/22/05 (27,564) $13.65
Prentice Capital Partners, LP 11/22/05 (5,641) $13.65
Managed Accounts 11/22/05 (27,023) $13.65
Managed Accounts 11/22/05 (97,251) $13.65
Prentice Capital Offshore, Ltd. 04/28/06 37,160 $14.00
Prentice Capital Partners QP, LP 04/28/06 144,200 $14.00
Prentice Capital Partners, LP 04/28/06 18,640 $14.00