GENIUS BRANDS INTERNATIONAL, INC. (NASDAQ:GNUS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On August 27, 2020, at a special meeting of stockholders (the “Special Meeting”) of Genius Brands International, Inc. (the “Company”), the stockholders of the Company approved the adoption of the 2020 Incentive Plan (the “Plan”). The Plan replaced the Company’s 2015 Amended Incentive Plan for all future equity-based awards and increased the maximum number of shares available for issuance as equity-based awards to an aggregate of 32,167,667 shares of the Company’s Common Stock, par value $0.001 per share.
A complete copy of the Plan was filed with the Securities and Exchange Commission as Appendix C to the Company’s Definitive Proxy Statement on Schedule 14A (DEF 14A) for the Special Meeting on August 10, 2020 and is incorporated herein by this reference.
ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The following proposals were submitted to the Company’s stockholders at the Special Meeting:
Proposal 1: To approve a proposed amendment to the Company’s Articles of Incorporation, as amended, to increase the authorized number of shares of the Company’s common stock from 233,333,334 to 400,000,000 in order to enable the Company to efficiently take advantage of accretive opportunities, largely targeting acquisitions, which may arise and provide enriched stockholder value as the media industry undergoes a period of consolidation. This proposal was approved by the stockholders, based on the following votes: