Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers
(b) On December 31, 2009, Norman Grossfeld, President of 4Kids Productions, Inc., advised the Company that he would
be resigning from his position. Under the terms of Mr. Grossfelds employment agreement which expired on December
31, 2009, Mr. Grossfeld will be eligible to receive three weeks salary for each year of service to the Company.
(c) On December 31, 2009, Alfred R. Kahn, Chairman and Chief Executive Officer of 4Kids Entertainment, Inc. (the Company) entered into
an amendment to his employment agreement with 4Kids Entertainment Licensing, Inc. (4KEL) providing for a 15% reduction in his salary for the remainder
of his employment term. Commencing on January1, 2010, Mr. Kahns salary will be $765,000.
On December 31, 2009, the Company and 4KEL entered into amendments to their Severance Agreements
with Bruce Foster, Executive Vice President and Chief Financial Officer of the Company and Samuel
Newborn, Executive Vice President and General Counsel of the Company. Under the terms of the amendments to the
Severance Agreements, if a change of control occurs prior to
December 31, 2010, each of Messrs. Foster and Newborn would have the right to voluntarily terminate his employment by 4KEL within
three months of the transaction and receive a payment equal to 2 times his average compensation (including
bonuses) during the last 3 years.
In addition, under the amendments if no change of control has occurred by December 31, 2010, each of Messrs. Foster and
Newborn will have the right to resign as of December 31, 2010 and receive a severance payment equal to $242,207.69 and $403,846.15, respectively, corresponding to the
severance benefit that would have been payable
to Messrs. Foster and Newborn, under the terms of their respective employment agreements which expired on December 31, 2009,
had Messrs. Foster and Newborn resigned effective December 31, 2009.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits
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