SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE
SECURITIES EXCHANGE ACT OF
1934
Date of
Report (Date of earliest event reported) October 7, 2009
Lateral Media, Inc.
(Exact name of registrant as specified
in its charter)
Delaware
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333-136806
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98-0539032
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(State or Other
Jurisdiction
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(Commission File
Number)
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(I.R.S.
Employer
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of
Incorporation)
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Identification
No.)
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2121 Avenue of the Stars, Suite
2550
Los Angeles, CA
90067
(Address of principal
executive
offices including zip
code)
(310) 601-2500
(Registrant’s telephone
number,
including area code)
(Former name or former address, if
changed since last report)
o
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Written communications pursuant to
Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM
1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT.
On October 7, 2009, Jeffrey Schwartz,
Chairman and Chief Executive Officer of Lateral Media, Inc. (the “Company”),
terminated that certain employment agreement with the Company, dated as of
December 2, 2008 (the “Employment Agreement”), in connection with his
resignation as Chief Executive Officer, as described below under Item 5.02 of
this Current Report on Form 8-K. Pursuant to the Employment
Agreement, Mr. Schwartz became Chief Executive Officer of the Company for a term
of three years, at a base salary of $250,000 per year. The foregoing description
of the Employment Agreement does not purport to be complete and is qualified in
its entirety by reference to the Employment Agreement, a copy of which was
attached as Exhibit 10.3 to that Current Report on Form 8-K filed with the
Securities and Exchange Commission on December 8, 2008 and incorporated by
reference herein. No penalties were incurred in connection with the
termination of the Employment Agreement.
ITEM
5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
On October 7, 2009, Jeffrey Schwartz
resigned as Chief Executive Officer of the Company, effective immediately, in
order for Mr. Schwartz to pursue other opportunities. Mr. Schwartz will continue
to serve as Chairman of the Company’s board of directors.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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LATERAL
MEDIA, INC.
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Date:
October 14, 2009
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By:
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/s/ Charles
Bentz |
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Name:
Charles Bentz |
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Title:
Chief Financial Officer |
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