UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)
January 19,
2018
LEVEL BRANDS, INC.
|
(Exact name of registrant as specified in its charter)
|
North Carolina
|
001-38299
|
47-3414576
|
(State or other jurisdiction of incorporation or
organization)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
4521 Sharon Road, Suite 450, Charlotte, NC 28211
(Address of principal executive offices)(Zip Code)
Registrant's
telephone number, including area code: (704) 445-5800
not applicable
|
(Former name or former address, if changed since last
report)
|
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
☐
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
☐
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth
company as defined in in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this
chapter).
Emerging
growth company ☑
|
|
If an
emerging growth company, indicate by checkmark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange
Act. ☐
Item
5.02
Departure
of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On
January 19, 2018 the base compensation of Mr. Martin A. Sumichrast
and Mr. Mark S. Elliott, two of the executive officers of Level
Brands, Inc., was increased. Mr. Sumichrast serves as Chief
Executive Officer and President of our company and Mr. Elliott
serves as our Chief Financial Officer and Chief Operating Officer.
The Compensation Committee of the Board of Directors approved the
increases in each of their base compensation to $270,000 annually
for Mr. Sumichrast and $180,000 annually for Mr. Elliott,
retroactively effective for the pay period beginning January 1,
2018. In addition, the Compensation Committee awarded Mr.
Sumichrast and Mr. Elliott cash bonuses of $240,000 and $100,000,
respectively, for prior year accomplishments. The Compensation
Committee of the Board of Directors is presently negotiating the
terms of new employment agreements with each of Messrs. Sumichrast
and Elliott who continue to provide services to us under their
respective employment agreements which expired in January
2018.
-2-
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.
|
LEVEL
BRANDS, INC.
|
|
|
|
|
Date:
January 25, 2018
|
By:
|
/s/
Mark Elliott
|
|
|
Chief Financial Officer and Chief Operating Officer
|
-3-