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 23, 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 5.02 DEPARTURE OF DIRECTORS OR
CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS;
COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On October 23, 2009, Lateral Media,
Inc. (the “Company”) provided notice to Michael Rose, the Company’s Executive
Vice President, Operations, that the Company currently does not have sufficient
work in the near term to justify continuing his employment, and as such, that it
is necessary to furlough him from his active employment status, effective
immediately. Mr. Rose’s employment agreement with the Company is
attached as Exhibit 10.1 to that Current Report on Form 8-K filed with the
Securities and Exchange Commission on April 17, 2009, and incorporated herein by
reference.
Pursuant to the terms of the notice,
Mr. Rose is on unpaid furlough as of Monday, October 26, 2009 through Friday,
January 29, 2010. In accordance with California law, the Company paid
Mr. Rose for his final wages, including salary and accrued commissions, as well
as accrued but unused annual vacation leave. Mr. Rose will continue to hold the
stock options awarded to him, the first third of which are scheduled to vest on
the one year anniversary of the first date of his employment. In the
event the Company is unable to recall Mr. Rose on or before February 1, 2010,
the Company will convert the furlough into a termination of his employment, and
will commence severance payments to him equal to six months of his base salary,
and any unvested stock options held by Mr. Rose will be forfeited, all in
accordance with the terms of Mr. Rose’s employment agreement. The
foregoing description of the notice does not purport to be complete and is
qualified in its entirety by reference to the notice, a copy of which is
attached hereto as Exhibit 10.1 and incorporated herein by
reference.
ITEM
9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d)
Exhibits
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Exhibit No.
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Exhibit
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10.1
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Notice,
issued by Lateral Media, Inc. to Michael Rose on October 23,
2009.
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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 29, 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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