Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Executive Separation Agreement
On April 22, 2022, Grom Social Enterprises, Inc. (the "Company"), Grom Social,
Inc. and Melvin Leiner entered into an Executive Separation Agreement (the
"Separation Agreement"), pursuant to which Mr. Leiner retired from his positions
as the Company's Executive Vice President and Chief Operating Officer. Pursuant
to the Separation Agreement, Mr. Leiner's employment with the Company ended on
April 22, 2022 and Mr. Leiner is to receive separation payments over a nine (9)
month period equal to his base salary, as well as certain limited health
benefits.
In accordance with the Separation Agreement, the Company will pay to Mr. Leiner
the sum of $236,250 in biweekly installments over the nine (9) month period
beginning on the first regular Company pay period after April 22, 2022 and
ending on January 13, 2022. The Separation Agreement also contains
non-disparagement covenants and a mutual release of claims by the parties
thereto.
The foregoing is a summary only and does not purport to be a complete
description of all of the terms, provisions, covenants and agreements contained
in the Separation Agreement and is subject to and qualified in its entirety by
reference to the complete text of the Separation Agreement, a copy of which is
filed herewith as Exhibit 10.1.
Departure of Director
On April 22, 2022, Mr. Leiner resigned from the Company's Board of Directors
(the "Board"), effective immediately. Mr. Leiner did not serve on any Board
committees at the time of his resignation. Mr. Leiner did not resign as a result
of any disagreement with the Company on any matter relating to the Company's
operations, policies or practices.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Exhibit
Exhibit 10.1 Executive Separation Agreement, dated April 22, 2022, by and among
Grom Social Enterprises, Inc.,Grom Social, Inc. and Melvin Leiner*
Exhibit 104 Cover Page Interactive Data File (formatted in IXBRL, and included
in exhibit 101).
* Portions of this exhibit have been omitted as being both (i) not material, and
(ii) would likely cause competitive harm if publicly disclosed
2
© Edgar Online, source Glimpses