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GNUS > SEC Filings for GNUS > Form 8-K on 31-Oct-2013All Recent SEC Filings

Show all filings for GENIUS BRANDS INTERNATIONAL, INC.

Form 8-K for GENIUS BRANDS INTERNATIONAL, INC.


31-Oct-2013

Change in Directors or Principal Officers, Financial Statements


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

On October 29, 2013, Genius Brands International, Inc., a Nevada corporation (the "Company") entered into new employment agreements, effective as of October 1, 2013, with each of Klaus Moeller, its Chief Executive Officer and Chairman and Jeanene Morgan, its Chief Financial Officer.

Pursuant to Mr. Moeller's employment agreement (the "Moeller Employment Agreement"), Mr. Moeller shall serve as the Company's Chief Executive Officer for a period of two years in consideration for (i) an annual salary of $20,800 (except that if the Company generates cash flow from operations of at least $300,000 on an annual basis, Mr. Moeller's annual salary shall be $100,000 plus an additional payment of $75,000 per annum, payable in cash or shares of the Company's common stock, in quarterly installments of $18,750 each, and (ii) the acceleration of vesting of all previously issued option grants to Mr. Moeller under the Company's 2008 Stock Option Plan as well as participation in other Company benefit plans and the ability to receive a year-end performance bonus, at the discretion of the Company's Board of Directors. In the event Mr. Moeller's employment is terminated by the Company without "Cause" (as defined in the Moeller Employment Agreement), Mr. Moeller shall be entitled to severance payments for twelve months, based on the annual salary rate of $100,000.

Pursuant to Ms. Morgan's employment agreement (the "Morgan Employment Agreement"), Ms. Morgan shall serve as the Company's Chief Financial Officer for a period of two years in consideration for (i) an annual salary of $175,000 and
(ii) the acceleration of vesting of all previously issued option grants to Ms. Morgan under the Company's 2008 Stock Option Plan as well as participation in other Company benefit plans and the ability to receive a year-end performance bonus, at the discretion of the Company's Board of Directors. In the event Ms. Morgan's employment is terminated by the Company without "Cause" (as defined in the Morgan Employment Agreement), Ms. Morgan shall be entitled to severance payments for twelve months.

The foregoing descriptions of the Moeller Employment Agreement and the Morgan Employment Agreement do not purport to be complete and are qualified in their entirety by the full text of such agreements, filed as Exhibits 10.1 and 10.2, respectively hereto and which are incorporated by reference herein.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

The exhibit listed in the following Exhibit Index is furnished as part of this Current Report on Form 8-K.

Exhibit No. Description

10.1         Employment Agreement between Genius Brands International, Inc. and
             Klaus Moeller dated October 29, 2013
10.2         Employment Agreement between Genius Brands International, Inc. and
             Jeanene Morgan dated October 29, 2013

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