JAKKS PACIFIC INC - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by JAKKS Pacific, Inc. on February 19, 2014, reporting events occurring on February 18, 2014. The filing addresses executive compensation and employment terms.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive employment agreements.
Material Changes
The primary material change reported is the amendment to the employment agreement of Joel M. Bennett, the Company's Chief Financial Officer. The agreement was renewed and extended with the following specific modifications:
- Term Extension: The agreement is extended through December 31, 2015.
- Salary Increase: The annual base salary was increased to $460,000, effective January 1, 2014.
- Future Adjustments: No automatic salary increases are provided; future increases require Compensation Committee approval.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on operations, or discussion of risks and contingencies. The document is limited to the disclosure of the executive compensation arrangement.
Key Facts for Investor Verification
- Joel M. Bennett's employment term is now secured through the end of 2015.
- The CFO's base salary increased to $460,000 annually starting in 2014.
- Future salary adjustments are no longer automatic and require specific committee approval.
- Review the attached Exhibit 10.1 for the complete legal terms of the amendment.