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SAPX > SEC Filings for SAPX > Form 8-K on 5-Sep-2013All Recent SEC Filings

Show all filings for SEVEN ARTS ENTERTAINMENT INC. | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers, Financial Statements and

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 29, 2013, Vince Vellardita resigned as Chairman and a Director and employee of Seven Arts Entertainment Inc., and its affiliates (the "Company"). Mr. Vellardita will be issued $40,000 in newly issued common stock of SAE, with a restrictive legend under Rule 144. Mr Vellardita will appoint the Company as an agent to license of the television series "AJ Time Traveler" pursuant to a customary distribution agreement subject to good faith negotiation with standard industry parameters. The terms of the agency shall be two years with a commission of 25% to Mr Vellardita of actual collections, whenever such collections are made. Mr Vellardita shall have approval of any cost incurred by the Company above $5,000 in relation to the licensing of "AJ Time Traveler".

Item 9.01. Financial Statements and Exhibits.

Exhibit No. Description

10.1        Agreement between Vincent Vellardita and the Company, dated August
            28, 2013.

99.1        Press Release, dated September 4, 2013.

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