Document:

Exhibit 10.5

 

EMPLOYMENT AGREEMENT

 

AGREEMENT, made
as of this 15th day of November 2013 (the “Effective Date”), by and between Genius Brands International,
Inc., a company formed under the laws of the State of Nevada, with its principal place of business at 9401 Wilshire #608, Beverly
Hills, CA 90212 ("Company"), and ANDREW HEYWARD, residing at 1634 Blue Jay Way, Los Angeles, CA 90069 ("Executive").

 

 

W I T N E
S S E T H:

 

 

WHEREAS, the
Company desires to employ Executive and Executive desires to be employed by the Company;

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

 

1. Employment.
Subject to the terms and conditions set forth in this Agreement, the Company hereby offers and the Executive hereby accepts employment,
effective as of the Effective Date.

 

2. Term. Subject
to earlier termination as hereafter provided, the Executive shall be employed hereunder for a term commencing on the Effective
Date and ending Five (5) years thereafter, which term shall only be extended by written agreement of the parties; it being agreed,
however, that neither party is obligated to agree to an extension. The term of the Executive's employment under this Agreement,
including any mutually agreed upon extension, is hereafter referred to as "the term of this Agreement" or "the term
hereof." The date of termination of the Executive's employment hereunder is hereinafter referred to as the "Date of
Termination."

 

3. Duties and Rights.

 

			3.1. Executive shall be employed as Chief Executive Officer of the Company. In such capacity, Executive's
duties shall include overall management of the Company, subject to the control and direction of the Board of Directors ("Board")
of the Company to which Executive shall report. Executive shall also perform such other duties as, from time to time, are designated
by the Board of Directors of the Company, provided the same are always consistent with his status as Chief Executive Officer. During
the term of this Agreement, Executive shall devote all of his business time and efforts to the affairs of the Company and its Subsidiaries
provided that Executive shall be permitted to provide limited services in connection with those directorships or positions disclosed
on Exhibit A or as disclosed to and approved by the Board of Directors hereto only to the extent that such services do not interfere
with Executive's rendering of his services to the Company hereunder. Executive shall use his best efforts to perform all such services
diligently and to the best of his ability and will at all times use his best efforts to enhance the business of the Company.

 

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			3.2. Executive shall be entitled to no additional compensation for serving as a member of the Board.

 

			3.3. Executive shall have the right in his sole discretion to hire and terminate the employment
of all employees of the Company and its Subsidiaries other than other officers of the Company, which such hiring and termination
must be pre-approved by the Board.

 

4. Compensation
and Benefits. As compensation for all services performed by the Executive under this Agreement and subject to performance of
the Executive's duties and obligations to the Company and its Affiliates, pursuant to this Agreement:

 

			4.1. Base Salary. During the term hereof, the Company shall pay the Executive a base salary
at the rate of $200,000 per year, payable in accordance with the regular payroll practices of the Company for its executives generally
and subject to increase, but not decrease, from time to time by the Board in its sole discretion. Such base salary, as described
in the previous sentence, is hereafter referred to as the "Base Salary."

 

			4.2. Bonus Compensation. During the term hereof, the Executive shall be eligible to receive
a bonus (the "Discretionary Bonus") for each fiscal year, prorated for any period of service less than one year,
as provided herein. The amount and timing of the Discretionary Bonus, if any, shall be determined by the Compensation Committee
of the Board (or, in the absence of a Compensation Committee, the Board, in which case all references to the Compensation Committee
hereunder shall deemed to be a reference to the Board) , in its sole discretion, based on the Executive's performance and that
of the Company and its Affiliates and such other criteria as the Compensation Committee may consider in its sole discretion. The
Discretionary Bonus shall be paid by the Company to the Executive promptly after determination that the relevant targets (which
shall be issued and reviewed on an annual basis) have been met, it being understood that the attainment of any financial targets
associated with any bonus shall not be determined until following the completion of the Company’s annual audit and public
announcement of such results and shall be paid promptly following the Company’s announcement of earnings. The Compensation
Committee may review the Executive’s performance from time to time and may provide for lesser or greater bonus payments based
upon achievement of partial or additional criteria established or determined by the Compensation Committee from time to time. Whenever
any Discretionary Bonus payable to the Executive is stated in this Agreement to be prorated for any period of service less than
a full year, such Discretionary Bonus shall be prorated by multiplying (x) the amount of the Discretionary Bonus otherwise payable
for the applicable fiscal year in accordance with this Section 4.2 by (y) a fraction, the denominator of which shall be 365 and
the numerator of which shall be the number of days during the applicable fiscal year for which the Executive was employed by the
Company. Any compensation paid to the Executive as Discretionary Bonus shall be in addition to the Base Salary, as well as participation
in any other incentive, stock option, stock purchase, profit sharing, deferred compensation, bonus compensation or severance plan,
program or arrangement which the Company or any of its Affiliates may adopt or continue from time to time for which the Executive
is eligible, each as in accordance with any subscription agreement, stock option plan, and stock option agreement identified, from
time to time.

 

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			4.3. Expenses. It is recognized that Executive in the performance of his duties hereunder
may be required to expend reasonable sums for travel and for entertainment of various persons, including representatives of companies
with whom the Company has or might expect to have business relations. During the term hereof, the Company shall either advance
funds to Executive or reimburse Executive for reasonable business expenses incurred by him in connection with the performance of
his duties hereunder, provided Executive properly accounts therefor in accordance with the Company's policies and procedures.

 

			4.4. Benefits. Executive shall be entitled to receive from the Company during the term hereof
those benefits and perquisites made available to senior executives from time to time. The Company may also take out and maintain
during the term hereof life insurance on the life of Executive in the amount of $1,000,000 naming as beneficiary thereof either
the estate of Executive or any other beneficiary designated by Executive (the “Life Insurance Policy”).
	 	 	 
	 	 	4.5 Clawback Rights. All amounts paid to Executive by the Company (other than Executive’s Base Salary and reimbursement
of expenses pursuant to paragraph 4.3 hereof) during the term of this Agreement and any time thereafter and any and all stock based
compensation (such as options and equity awards,) granted during the term hereof and any time thereafter (collectively, the “Clawback
Benefits”) shall be subject to “Clawback Rights” as follows: during the period that the Executive is employed
by the Company and upon the termination or expiration of the Executive’s employment and for a period of three (3) years thereafter,
if any of the following events occurs, Executive agrees to repay or surrender to the Company the Clawback Benefits as set forth
below:

 

		(a)	if
the Company restates (a “Restatement”) any published financial statement that has been filed with the Securities
and Exchange Commission covering any period commencing after the Effective Date of this Agreement from which any Clawback Benefits
to Executive shall have been determined (such restatement resulting from material non-compliance of the Company with any financial
reporting requirement under the federal securities laws and shall not include a restatement of financial results resulting from
subsequent changes in accounting pronouncements or requirements which were not in effect on the date the financial statements were
originally prepared), then the Executive agrees to immediately repay or surrender upon demand by the Company any Clawback Benefits
which were determined by reference to any Company financial results reflected in financial statements which were later restated,
to the extent the Clawback Benefits amounts paid exceed the Clawback Benefits amounts that would have been paid, based on the Restatement
of the Company’s financial statements. All Clawback Benefits amounts resulting from such Restatements shall be retroactively
adjusted by the Compensation Committee to take into account the relevant restated financial information and if any excess portion
of the Clawback Benefits resulting from such restated information is not so repaid or surrendered by the Executive within ninety
(90) days of the revised calculation being provided to the Executive by the Company following a publicly announced Restatement,
the Company shall have the right to take any and all action to effectuate such adjustment.

 

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	 	(b)	if any material breach of any agreement by Executive relating to confidentiality, non-competition,
non-raid of employees, or non-solicitation of vendors or customers (including, without limitation, Sections 7 or 8 hereof) or if
any material breach of Company policy or procedures which causes material harm to the Company occurs, as determined by a final
judgment from a court of competent jurisdiction, then the Executive agrees to repay or surrender any Clawback Benefits upon demand
by the Company and if not so repaid or surrendered within ninety (90) days of such demand, the Company shall have the right to
take any and all action to effectuate such adjustment.

 

			The amount of Clawback Benefits to be repaid or surrendered to the Company shall be determined
by the Compensation Committee and applicable law, rules and regulations. All determinations by the Compensation Committee with
respect to the Clawback Rights shall be final and binding on the Company and Executive. The parties acknowledge it is their intention
that the foregoing Clawback Rights as relates to Restatements conform in all respects to the provisions of the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 (the “Dodd Frank Act”) and requires recovery of all “incentive-based”
compensation, pursuant to the provisions of the Dodd Frank Act and any and all rules and regulations promulgated thereunder from
time to time in effect. Accordingly, the terms and provisions of this Agreement shall be deemed automatically amended from time
to time to assure compliance with the Dodd Frank Act and such rules and regulation as hereafter may be adopted and in effect.

 

5. Termination of
Employment and Severance Benefits. Notwithstanding the provisions of Section 2 hereof, the Executive's employment hereunder
shall terminate prior to the expiration of the term of this Agreement under the following circumstances:

 

			5.1. Retirement or Death. In the event of the Executive's retirement or death during the
term hereof, the Executive's employment hereunder shall immediately and automatically terminate. In the event of the Executive's
retirement after the age of sixty-five or death during the term hereof, the Company shall pay to the Executive (or in the case
of death, the Executive's designated beneficiary or, if no beneficiary has been designated by the Executive, to his estate) (i)
any Base Salary and accrued vacation earned but unpaid through the date of such retirement or death, (ii) any Discretionary Bonus
for the fiscal year preceding that in which such retirement or death occurs that was granted but has not yet been paid, (iii) at
the times the Company pays its executives bonuses in accordance with its general payroll policies, an amount equal to that portion
of any Discretionary Bonus, if any, earned but unpaid during the fiscal year of such retirement or death (pro-rated in accordance
with Section 4.2), (iv) reimbursement for any reasonable expenses of the types specified in Section 4.3 incurred with respect to
periods prior to date of such retirement or death. In the event of the Executive's death during the term hereof, the Company shall
pay to the Executive's designated beneficiary or, if no beneficiary has been designated by the Executive, to his estate, (x) proceeds
from the Life Insurance Policy.

 

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5.2. Disability.

 

			5.2.1. The Company may terminate the Executive's employment hereunder, upon notice to the Executive,
in the event that the Executive becomes disabled during his employment hereunder through any illness, injury, accident or condition
of either a physical or psychological nature and, as a result, in the opinion of the Board of Directors based upon the advice of
a physician chosen by the Board, Executive is unable to perform substantially all of his duties and responsibilities hereunder
for one hundred twenty (120) consecutive days or an aggregate of one hundred eighty (180) days during any period of three hundred
and sixty-five (365) consecutive calendar days.

 

 

			5.2.2. The Board may designate another employee to act in the Executive's place during any period
of the Executive's disability. Notwithstanding any such designation, while he is employed by the Company and has not yet become
eligible for disability income benefits under any disability income plan maintained by the Company, the Executive shall continue
to receive the Base Salary in accordance with Section 4.1 and to receive benefits in accordance with Section 4.4, to the extent
permitted by the then-current terms of the applicable benefit plans. Upon becoming so eligible, and until the termination of his
employment because of disability, the Company shall pay to the Executive, at its regular pay periods, an amount equal to the excess,
if any, of the Executive's monthly base compensation in effect at the time of eligibility (i.e. 1/12th of the Base Salary) over
the amounts of disability income benefits that the Executive is otherwise eligible to receive. Upon termination of the Executive's
employment because of disability, the Company shall pay to the Executive (i) any Base Salary earned but unpaid through the Date
of Termination, (ii) any Discretionary Bonus for the fiscal year preceding the year of termination that was earned but unpaid,
(iii) at the time the Company pays its executives bonuses generally, the Company shall pay the Executive an amount equal to that
portion of any Discretionary Bonus, if any, earned but unpaid during the fiscal year of such termination (pro-rated in accordance
with Section 4.2) and (iv) reimbursement of any reasonable expenses incurred by him in the performance of his duties hereunder
in accordance with the customary policies of the Company. During the 6 month period (or the remaining months of the Term if less
than 6 months) following the termination of the Executive's employment because of disability, the Company shall pay the Executive,
at its regular pay periods, an amount equal to the excess, if any, of the Executive's monthly base compensation in effect at the
time of termination (i.e. 1/12th of the Base Salary) over the amounts of disability income benefits that the Executive is
otherwise eligible to receive pursuant to the above-referenced disability income plan in respect of such period ("Disability
Payments"), provided that the Executive signs an Employee Release as defined in Section 6.1 below.

 

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			5.2.3. Except as provided in Section 5.2.2, while the Executive is receiving Disability Payments,
the Executive shall not be entitled to receive any Base Salary under Section 4.1 or Discretionary Bonus payments under Section
4.2, but the Executive shall continue to participate in benefit plans of the Company in accordance with Section 4.4 and the terms
of such plans, until the termination of his employment. During the six month period from the date of eligibility for Disability
Payments or termination of employment under this Section 5.2, the Company shall continue to contribute to the cost of the Executive's
participation in one of the group medical plans of the Company, in the same percentage as the Company was contributing at the time
of termination of the Executive's employment, provided that the Executive is entitled to continue such participation under
applicable law and plan terms.

 

			5.2.4. If any question shall arise as to whether during any period the Executive is disabled through
any illness, injury, accident or condition of either a physical or psychological nature so as to be unable to perform substantially
all of his duties and responsibilities hereunder, the Executive may, and at the request of the Company shall, submit to a medical
examination by a physician selected by the Company to whom the Executive or his duly appointed guardian, if any, has no reasonable
objection to determine whether the Executive is so disabled and such determination shall for the purposes of this Agreement be
conclusive of the issue. If such question shall arise and the Executive shall fail to submit to such medical examination, the Board's
determination of the issue shall be binding on the Executive.

 

			5.3. By the Company for Cause. The Company may terminate the Executive’s employment
hereunder for Cause at any time upon notice to the Executive setting forth in reasonable detail the nature of such Cause. The following
events or conditions shall constitute "Cause" for termination: (i) the willful and continued failure of the Executive
to perform substantially his duties and responsibilities for the Company (other than any such failure resulting from Executive’s
death or Disability) after a written demand by the Board for substantial performance is delivered to the Executive by the Company,
which specifically identifies the manner in which the Board believes that the Executive has not substantially performed his duties
and responsibilities, which willful and continued failure is not cured by the Executive within thirty (30) days of his receipt
of such written demand; (ii) the material breach by the Executive of any material provision of this Agreement, if such breach results
in a material adverse effect on the Company or its Subsidiaries and if the breach is not cured by the Executive within thirty (30)
days of his receipt of such written demand therefore (for the avoidance of doubt, the violation of Section 8.1, 8.3 and 8.5 of
this Agreement shall be considered an immediate material breach of a material provision of this Agreement and not subject to the
foregoing notice or cure provisions); (iii) the commission of fraud, embezzlement or theft by the Executive; (iv) the conviction
of the Executive of, or plea by the Executive of nolo contendre to, any felony or any other crime involving dishonesty or moral
turpitude.

 

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			                    Upon the giving of notice of termination of the Executive's employment hereunder for Cause, the
Company shall have no further obligation or liability to the Executive hereunder, other than for payment of any Base Salary earned
but unpaid through the Date of Termination. Without limiting the generality of the foregoing, the Executive shall not be entitled
to receive any Discretionary Bonus amounts which have not been paid prior to the Date of Termination hereunder for Cause or following
a Material Adverse Event.

 

			5.4. Post-Agreement Employment. In the event the Executive remains in the employ of the
Company or any of its Affiliates following termination of this Agreement, by the expiration of the term hereof or otherwise, then
such employment shall be at will.

 

			

 

6. Effect of Termination.
The provisions of this Section 6 shall apply in the event of termination, whether such termination is due to the expiration of
the term hereof, is pursuant to Section 5, or otherwise.

 

			6.1. Payment in Full. Payment by the Company of any Base Salary, Discretionary Bonus or
other specified amounts which are due the Executive under the applicable termination provision of Section 5 shall constitute the
entire obligation hereunder of the Company and its Affiliates to the Executive. Any obligation of the Company to provide the Executive
Disability Payments, or Discretionary Bonus payments under this Agreement is expressly conditioned, however, upon the Executive
signing a release of claims provided by the Company (the "Employee Release") within twenty-one days of the date
on which he gives or receives, as applicable, notice of termination of employment and upon the Executive not revoking the Employee
Release thereafter. The obligations of the Company to the Executive under Sections 5.2 or 5.4 hereof are also expressly conditioned
upon the Executive's continued full performance of his obligations under Sections 7 and 8 hereof. The Executive agrees that if
he violates any term of Sections 7 and/or 8 at any time, he shall have no entitlement to Disability Payments under Sections 5.2,
and that he will promptly reimburse the Company on demand for all monies previously paid to him or on his behalf prior to the date
of such violation under Sections 5.2 or 5.4 of this Agreement. The Executive recognizes that, except as expressly provided in Section
5, no compensation is earned after termination of employment.

 

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			6.2. Termination of Benefits. Except for medical insurance coverage continued pursuant to
Sections 5.2 hereof, the continuation of any benefits pursuant to Section 5.4 hereof and any right of continuation of health coverage
at the Executive's cost to the extent provided by Sections 601 through 608 of ERISA, benefits shall terminate pursuant to the terms
of the applicable benefit plans based on the date of termination of the Executive's employment without regard to any continuation
of Base Salary or other payments to the Executive following termination of his employment.

 

			6.3. Survival of Certain Provisions. Provisions of this Agreement shall survive any termination
if so provided herein or if necessary or desirable to accomplish the purpose of other surviving provisions, including without limitation
the obligations of the Executive under Sections 7 and 8 hereof.

 

7. Confidential
Information; Intellectual Property.

 

			7.1. Confidentiality. The Executive acknowledges that the Company and its Affiliates continually
develop Confidential Information, that the Executive may develop Confidential Information for the Company or its Affiliates and
that the Executive may learn of Confidential Information during the course of employment. The Executive acknowledges the importance
to the Company and its Affiliates of protecting their Confidential Information and other legitimate interests, and agrees that
all Confidential Information which he creates or to which he has access as a result of employment with or service as a director
of the Company and its Affiliates is and shall remain the sole and exclusive property of the Company and its Affiliates. The Executive
will comply with the policies and procedures of the Company and its Affiliates for protecting Confidential Information and shall
never use or disclose to any Person (except as required by applicable law or for the proper performance of his duties and responsibilities
to the Company and its Affiliates) any Confidential Information obtained by the Executive incident to his employment with or service
as a director of the Company or any of its Affiliates. The Executive understands that this restriction shall continue to apply
after his employment terminates, regardless of the reason for such termination.

 

			7.2. Return of Documents. All documents, records, files, audio tapes, videotapes and any
other media, however stored, of whatever kind and description relating to the business, present or otherwise, of the Company or
its Affiliates and any copies, in whole or in part, thereof (the "Documents"), whether or not prepared by the
Executive, shall be the sole and exclusive property of the Company and its Affiliates. The Executive shall not copy any Documents
or remove any Documents from the premises of the Company or its Affiliates, except as required for the proper performance of regular
duties for the Company or as expressly authorized in writing by the Board or its designee. The Executive agrees to return to the
Company and its Affiliates at the time his employment terminates, and at such other times as may be specified by the Company or
its Affiliates, all Documents and other property of the Company and its Affiliates then in his possession or control. The Executive
agrees that, if a Document is on electronic media (e.g. a hard disk), upon the request of any duly authorized officer of
the Company or its Affiliates, he will disclose all passwords necessary or desirable to enable the Company to obtain access to
the Documents.

 

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			7.3. Materials. Executive agrees that all ideas, plans and materials prepared by Executive
in the course of his employment by the Company (collectively, the "Materials") during the term of this Agreement
will be considered works-made-for-hire and shall be the Company's sole and exclusive property. In the event that the Materials
are not copyrightable subject matter or for any reason are deemed not to be works-made-for-hire, then, and in such event, by this
Agreement, Executive hereby assigns all right, title and interest to said Materials to the Company and agrees to execute all documents
required to evidence such assignment. Without limiting the foregoing, it is specifically understood and agreed that Executive will
retain no ownership rights whatsoever in or to the Materials. Notwithstanding the forgoing, Executive shall be entitled to be designated
as composer on all music contained in the programming produced by the Company and to continue to receive composer's royalties from
applicable performing rights societies and he shall also be entitled to receive European author royalties from France. The restrictions
set forth in this Section 7 do not apply to talent guilds (such as Screen Actors Guild, Alliance of Canadian Cinema Television
and Radio Artists, etc.), music performance societies (such as America Society of Composers, Authors and Publishers, Broadcast
Music, Inc., etc.) (“Music Societies”) or author’s collecting societies (such as Société
des Auteurs et Compsiteurs Dramatiques, etc.) (such talent guilds, Music Societies and author’s collecting societies, collectively,
the “Societies”), and any and all fees, residuals, royalties and similar payments paid or to be paid to Executive
from any Society as a result of his individual creative work (such fees, residuals, royalties and similar payments, the “Executive
Payments”) shall be retained by Executive as his personal property and such Executive Payments fall outside the scope of
this Agreement, except as provided for in the last sentence of this Section 7.3. This Agreement shall have no effect on the rights
of Executive to the Executive Payments, and receipt of such Executive Payments shall not violate any of the terms of this Agreement.
Notwithstanding the foregoing, it is understood that during the term hereof only, any Executive Payments derived from the Music
Societies shall be assigned, and turned over to, the Company. Notwithstanding the foregoing, the Executive understands that the
provisions of this Section 7 requiring the assignment of Materials to the Company do not apply to any invention or Materials which
qualifies fully under the provisions of California Labor Code Section 2870. Executive will advise the Company promptly in writing
of any inventions or Materials that he believes meet the criteria in Labor Code Section 2870.

 

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8. Restricted Activities.

 

			8.1. Agreement not to Compete with the Company during the Term of this Agreement. The Executive
agrees that, during his employment, he will not, directly or indirectly, own, manage, operate, control, or participate in any manner
in the ownership, management, operation or control of, or be connected as an officer, employee, partner, director, principal, consultant,
agent or otherwise with, or have any financial interest in (except for a publicly traded company where he owns no more than 5%
of the outstanding stock of such company), or aid or assist anyone else in the conduct of, any business, venture or activity which
competes with the Business of the Company or its Subsidiaries (as defined below). Except as otherwise expressly set forth in this
Agreement, the Executive further agrees that, during his employment with the Company, he will not enter into any transaction, on
his own behalf or that of a third party with any of the Company's Affiliates, without full disclosure to, and receipt of prior
written consent from, a majority of the entire the Board.

 

			8.2. Agreement not to Unfairly Compete with the Company after the Term of this Agreement.
The Executive acknowledges that access to Confidential Information and to the Company's and its Affiliates' customers would give
the Executive an unfair competitive advantage, were the Executive to leave employment and use any of the Company’s Confidential
Information to unfairly compete with the Company or its Affiliates, and that he is therefore being granted access to Confidential
Information and the customers of the Company and its Affiliates in reliance on his agreement hereunder. The Executive therefore
agrees that for a period of twelve (12) months following the date his employment with the Company is terminated (the "Non-Competition
Period"), he will not utilize any of the Company’s Confidential Information to unfairly compete in any fashion with
the Company or its Subsidiaries with respect to the Business of the Company or its Subsidiaries. For purposes of this Section 8,
the "Business of the Company or its Subsidiaries" shall mean (a) production and/or distribution of animated or
live-action television programming (and/or any musical composition intended to be included therein), or any element thereof, within
or without the United States as currently being conducted or planned to be conducted by the Company, and (b) any business activity
that is conducted or is actively being planned to be conducted by the Company or by any of its Subsidiaries at or within the twelve
month period immediately preceding the Date of Termination, which business is expected to be material to the Company. The Executive
acknowledges that the restrictions contained in Section 8 are sufficiently limited so as not to restrain him from engaging in a
lawful profession, trade or business of any kind.

 

			8.3. Agreement Not to Solicit Customers during the Term of this Agreement. The Executive
agrees that during his employment hereunder, he will not, on behalf of any person or entity other than the Company and its Affiliates,
directly or indirectly, solicit or encourage any customer or vendor of the Company or its Subsidiaries to terminate or diminish
their relationships with any of them or violate any agreement with or duty to the Company or any of the Company's Subsidiaries.

 

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			8.4. Agreement Not to Solicit Customers after the Term of this Agreement. The Executive
acknowledges that access to Confidential Information and to the Company's and its Subsidiaries' customers would give the Executive
an unfair competitive advantage were the Executive to leave employment and begin competing with the Company or its Subsidiaries,
and he is therefore being granted access to Confidential Information and the customers of the Company and its Subsidiaries in reliance
on his agreement hereunder. The Executive agrees that for a period of twelve (12) months following the Date of Termination (the
"Non-Solicitation Period"), he will not, directly or indirectly, use or rely in any way upon any Confidential Information
of the Company or its Subsidiaries to recruit, solicit, or otherwise seek to induce any customer or vendor of the Company or its
Subsidiaries to terminate or diminish their relationship with or violate any agreement with or duty to the Company or its Subsidiaries.

 

 

			8.5. Agreement Not to Solicit Employees or Other Service Providers. The Executive agrees
that during his employment hereunder and for a period of twelve (12) months following the Date of Termination, he will not, directly
or indirectly, (a) recruit, solicit, or otherwise seek to induce any employees of the Company or its Subsidiaries to terminate
their employment or violate any agreement with or duty to the Company or its Subsidiaries, or (b) recruit, solicit, or otherwise
seek to induce any individual providing services to the Company or its Subsidiaries as an independent contractor, consultant, or
through any other relationship to terminate or diminish their relationships with the Company or its Subsidiaries.

 

9. Enforcement of
Covenants. The Executive acknowledges that he has carefully read and considered all the terms and conditions of this Agreement,
including without limitation the restraints imposed upon him pursuant to Sections 7 and 8 hereof. The Executive agrees that said
restraints are necessary for the reasonable and proper protection of the Company and its Affiliates and that each and every one
of the restraints is reasonable in respect to subject matter, length of time and geographic area. The Executive further acknowledges
that, were he to breach any of the covenants or agreements contained in Sections 7 or 8 hereof, the damage to the Company and its
Affiliates could be irreparable. The Executive therefore agrees that the Company shall be entitled to seek preliminary and permanent
injunctive relief against any breach or threatened breach by the Executive of any of said covenants or agreements. The Company’s
Affiliates shall also have the right to enforce all of the Employee’s obligations to such Affiliates hereunder, including
without limitation pursuant to Sections 7 and 8 hereof, and each of such Affiliates shall otherwise be a third party beneficiary
of this Agreement. The parties further agree that in the event that any provision of Section 7 or 8 hereof shall be determined
by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic
area or too great a range of activities, such provision shall be deemed to be modified to permit its enforcement to the maximum
extent permitted by law.

 

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10. Conflicting
Agreements. The Executive hereby represents and warrants that the execution of this Agreement and the performance of his obligations
hereunder will not breach or be in conflict with any other agreement to which or by which the Executive is a party or is bound
and that the Executive is not now subject to any covenants against competition or solicitation or similar covenants, a court order
or any other obligations that would affect the performance of his obligations hereunder. The Executive will not disclose to or
use on behalf of the Company or any of its Subsidiaries any proprietary information of a third party without such party's consent.

 

11. Definitions.
Words or phrases which are initially capitalized or are within quotation marks shall have the meanings provided in this Section
11 and as provided elsewhere herein. For purposes of this Agreement, the following definitions apply:

 

			11.1. "Affiliate" shall mean, with respect to any specified Person, (a) any other
Person which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control
with, such specified Person (for the purposes of this definition, "control" (including, with correlative meanings, the
terms "controlling," "controlled by" and "under common control with"), as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise) and (b) with respect to any natural
Person, any member of the immediate family of such natural Person.

 

			11.2 "Confidential Information" means any and all information of the Company and
its Affiliates that is not generally known by others with whom any of them compete or do business, or with whom any of them plan
to compete or do business, and any and all information the disclosure of which would otherwise be adverse to the interests of the
Company or any of its Affiliates. Confidential Information includes without limitation such information relating to (i) the products
and services sold or offered by the Company or any of its Affiliates, technical data, methods and processes of the Company, (ii)
the costs, sources of supply, financial performance and marketing activities and strategic plans of the Company and its Affiliates,
(iii) the identity and special needs of the customers of the Company and its Affiliates and (iv) the people and organizations with
whom the Company and its Affiliates have business relationships and those relationships. Confidential Information also includes
information that the Company or any of its Affiliates may receive or has received belonging to others with any understanding, express
or implied, that it would not be disclosed. Confidential Information shall not include any information that is, or becomes generally
available to the public, unless such availability occurs as a result of the Executive’s breach of any portion of this Agreement
or any other obligation the Executive owes to the Company.

 

			11.3. "ERISA" means the federal Employee Retirement Income Security Act of 1974
or any successor statute, and the rules and regulations thereunder, and, in the case of any referenced section thereof, any successor
section thereto, collectively and as from time to time amended and in effect.

 

    	12

    	 

    

 

			11.4. "Intellectual Property" means any invention, formula, pattern, compilation,
program, device, method, technique or process (whether or not patentable or registrable under copyright statutes) conceived, made,
or first actually reduced to practice by the Executive (whether alone or jointly with others) during the Executive's employment
by the Company; provided, however, that Intellectual Property does not include any invention (i) that is developed
on the Executive's own time, without using the equipment, supplies, facilities or trade secret information of the Company or any
of its Affiliates, unless such invention relates at the time of conception or reduction to practice of the invention (a) to the
business of the Company, (b) to the business of an Affiliate of the Company for whom the Executive has performed services, (c)
to the actual or demonstrably anticipated research or development of the Company or any of its Affiliates, provided that,
in the case of an Affiliate of the Company, the Executive has, or reasonably would be expected to have, knowledge of such research
or development as a result of his employment or (d) results from any work performed by the Executive for the Company or any of
the Affiliates; or (ii) that the Executive may otherwise not be required to assign to the Company under applicable California law.
	 	 	 
	 	 	 11.5. “Person" means an individual, a corporation, an association, a
                              partnership, a limited liability company, an estate, a trust and any other entity or organization, other than the Company or
                              any of its Affiliates.

 

			11.6. "Subsidiary" means any corporation, partnership, limited liability company
or other entity with respect to a specified Person (or a Subsidiary thereof) owns a majority of the common stock, partnership interests
or other equity interests or has the power to vote or direct the voting of sufficient securities to elect a majority of the directors.

 

12. Withholding.
All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the
Company under applicable law or withheld by the Company at the request of the Executive.

 

13. Section
409A.

 

The
provisions of this Agreement are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
and any final regulations and guidance promulgated thereunder (“Section 409A”) and shall be construed in a manner
consistent with the requirements for avoiding taxes or penalties under Section 409A. The Company and Executive agree to work together
in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or
desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.

 

To the
extent that Executive will be reimbursed for costs and expenses or in-kind benefits, except as otherwise permitted by Section 409A,
(a) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, (b) the amount
of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other taxable year; provided that the foregoing clause (b) shall
not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such
expenses are subject to a limit related to the period the arrangement is in effect and (c) such payments shall be made on or before
the last day of the taxable year following the taxable year in which you incurred the expense.

 

    	13

    	 

    

 

A termination
of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of
any amounts or benefits upon or following a termination of employment unless such termination constitutes a “Separation from
Service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement references to a “termination,”
“termination of employment” or like terms shall mean Separation from Service.

 

Each
installment payable hereunder shall constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b), including
Treasury Regulation Section 1.409A-2(b)(2)(iii). Each payment that is made within the terms of the “short-term deferral”
rule set forth in Treasury Regulation Section 1.409A-1(b)(4) is intended to meet the “short-term deferral” rule. Each
other payment is intended to be a payment upon an involuntary termination from service and payable pursuant to Treasury Regulation
Section 1.409A-1(b)(9)(iii), et. seq., to the maximum extent permitted by that regulation, with any amount that is not exempt from
Code Section 409A being subject to Code Section 409A.

 

Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A
at the time of Executive’s termination, then only that portion of the severance and benefits payable to Executive pursuant
to this Agreement, if any, and any other severance payments or separation benefits which may be considered deferred compensation
under Section 409A (together, the “Deferred Compensation Separation Benefits”), which (when considered together)
do not exceed the Section 409A Limit (as defined herein) may be made within the first six (6) months following Executive’s
termination of employment in accordance with the payment schedule applicable to each payment or benefit. Any portion of the Deferred
Compensation Separation Benefits in excess of the Section 409A Limit otherwise due to Executive on or within the six (6) month
period following Executive’s termination will accrue during such six (6) month period and will become payable in one lump
sum cash payment on the date six (6) months and one (1) day following the date of Executive’s termination of employment.
All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable
to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following termination but prior
to the six (6) month anniversary of Executive’s termination date, then any payments delayed in accordance with this paragraph
will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred
Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit.

 

For
purposes of this Agreement, “Section 409A Limit” will mean a sum equal (x) to the amounts payable prior to March
15 following the year in which Executive terminations plus (y) the lesser of two (2) times: (i) Executive’s annualized compensation
based upon the annual rate of pay paid to Executive during the Company’s taxable year preceding the Company’s taxable
year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any IRS
guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant
to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

 

    	14

    	 

    

 

If any payment
provided to Executive pursuant to this Agreement is subject to adverse tax consequences under Code Section 409A, then Company shall
make such additional payments to Executive (“409A Gross Up Payments”) as are necessary to provide Executive
with enough funds to pay the additional taxes, interest, and penalties imposed by Code section 409A (collectively, the “409A
Tax”), as well as any additional taxes, including but not limited to additional 409A Tax, attributable to or resulting
from the payment of the 409A Gross Up payments, with the end result that Executive shall be in the same position with respect to
his tax liability as he would have been in if no 409A Tax had ever been imposed; provided, however, that the Company’s obligation
to make payments under this Section 15 shall be limited to an amount equal to three times the 409A Tax (not including for this
purpose 409A Tax attributable to the payment of any portion of the 409A Gross Up Payment). The Company shall make any payments
required by this paragraph no later than the last day of Executive’s taxable year next following the Executive’s taxable
year in which the 409A Tax is remitted to the taxing authority.

 

14. Miscellaneous.

 

			14.1. Assignment. Neither the Company nor the Executive may make any assignment of this
Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided,
however, that the Company may assign its rights and obligations under this Agreement without the consent of the Executive
(a) in the event that the Company shall hereafter affect a reorganization, consolidate with, or merge into, one of its Affiliates
or any other Person or transfer all or substantially all of its properties or assets to one of its Affiliates or any other Person,
in which event such Affiliate or Person shall be deemed the "Company" for all purposes of this Agreement, or (b) to any
senior lender to the Company or any Subsidiary thereof as collateral security. This Agreement shall inure to the benefit of and
be binding upon the Company and the Executive, and their respective successors, executors, administrators, heirs and permitted
assigns.

 

			14.2. Severability. If any portion or provision of this Agreement shall to any extent be
declared illegal or unenforceable by a court of competent jurisdiction, then the application of such provision in such circumstances
shall be deemed modified to permit its enforcement to the maximum extent permitted by law, and both the application of such portion
or provision in circumstances other than those as to which it is so declared illegal or unenforceable and the remainder of this
Agreement shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law.

 

    	15

    	 

    

 

			14.3. Waiver; Amendment. No waiver of any provision hereof shall be effective unless made
in writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of
this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of
such term or obligation or be deemed a waiver of any subsequent breach. This Agreement may be amended or modified only by a written
instrument signed by the Executive and any expressly authorized representative of the Company.

 

			14.4. Notices. Any and all notices, requests, demands and other communications provided
for by this Agreement shall be in writing and shall be effective when delivered in person or deposited in the United States mail,
postage prepaid, registered or certified, and addressed (a) in the case of the Executive, to his last address on record with the
Company, or (b) in the case of the Company, at its principal place of business and to the attention of the Board; or to such other
address as either party may specify by notice to the other actually received.

 

			14.5. Entire Agreement. This Agreement constitutes the entire agreement between the parties
and supersedes all prior communications, agreements and understandings, written or oral, with the Company or any of its Affiliates,
with respect to the terms and conditions of the Executive's employment.

 

			14.6. Headings. The headings and captions in this Agreement are for convenience only and
in no way define or describe the scope or content of any provision of this Agreement.

 

			14.7. Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be an original and all of which together shall constitute one and the same instrument.

 

14.8.
Governing Law. This Agreement, with the exception of Section 8, shall be governed by and construed in accordance with the
domestic substantive laws of The State of California without giving effect to any choice or conflict of laws provision or rule
that would cause the application of the domestic substantive laws of any other jurisdiction.

 

    	16

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been executed by the Company, by its duly authorized representative, and by the Executive, as of the date first
above written.

 

 

THE COMPANY:

 

GENIUS BRAND INTERNATIONAL, INC.

 

 

 

By: /s/ Jeanene Morgan

       Name: Jeanene Morgan

       Title: Chief Financial Officer

 

 

 

THE EXECUTIVE:

 

 

/s/   Andrew
Heyward                                            

Andrew Heyward

 

 

 

    	17Exhibit 10.6

 

EMPLOYMENT AGREEMENT

 

AGREEMENT, made
as of this 15th day of November 2013 (the “Effective Date”), by and between Genius Brands International,
Inc., a company formed under the laws of the State of Nevada, with its principal place of business at 9401 Wilshire #608, Beverly
Hills, CA 90212 ("Company"), and AMY MOYNIHAN HEYWARD, residing at 1634 Blue Jay Way, Los Angeles, CA 90069 ("Executive").

 

 

W I T N E
S S E T H:

 

 

WHEREAS, the
Company desires to employ Executive and Executive desires to be employed by the Company;

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

 

1. Employment.
Subject to the terms and conditions set forth in this Agreement, the Company hereby offers and the Executive hereby accepts employment,
effective as of the Effective Date.

 

2. Term. Subject
to earlier termination as hereafter provided, the Executive shall be employed hereunder for a term commencing on the Effective
Date and ending Five (5) years thereafter, which term shall only be extended by written agreement of the parties; it being agreed,
however, that neither party is obligated to agree to an extension. The term of the Executive's employment under this Agreement,
including any mutually agreed upon extension, is hereafter referred to as "the term of this Agreement" or "the term
hereof." The date of termination of the Executive's employment hereunder is hereinafter referred to as the "Date of
Termination."

 

3. Duties and Rights.

 

			3.1. Executive shall be employed as President of the Company. In such capacity, Executive's duties
shall include overall management of the Company, subject to the control and direction of the Board of Directors ("Board")
of the Company to which Executive shall report. Executive shall also perform such other duties as, from time to time, are designated
by the Board of Directors of the Company, provided the same are always consistent with her status as President. During the term
of this Agreement, Executive shall devote all of her business time and efforts to the affairs of the Company and its Subsidiaries
provided that Executive shall be permitted to provide limited services in connection with those directorships or positions disclosed
on Exhibit A hereto or as disclosed to and approved by the Board of Directors only to the extent that such services do not interfere
with Executive's rendering of her services to the Company hereunder. Executive shall use her best efforts to perform all such services
diligently and to the best of her ability and will at all times use her best efforts to enhance the business of the Company.

 

    	1

    	 

    

 

			3.2. Executive shall be entitled to no additional compensation for serving as a member of the Board.

 

			3.3. Executive shall have the right in her sole discretion to hire and terminate the employment
of all employees of the Company and its Subsidiaries other than other officers of the Company, which hiring and termination must
be pre-approved by the Board.

 

4. Compensation
and Benefits. As compensation for all services performed by the Executive under this Agreement and subject to performance of
the Executive's duties and obligations to the Company and its Affiliates, pursuant to this Agreement:

 

			4.1. Base Salary. During the term hereof, the Company shall pay the Executive a base salary
at the rate of $180,000 per year, payable in accordance with the regular payroll practices of the Company for its executives generally
and subject to increase, but not decrease, from time to time by the Board in its sole discretion. Such base salary, as described
in the previous sentence, is hereafter referred to as the "Base Salary."

 

			4.2. Bonus Compensation. During the term hereof, the Executive shall be eligible to receive
a bonus (the "Discretionary Bonus") for each fiscal year, prorated for any period of service less than one year,
as provided herein. The amount and timing of the Discretionary Bonus, if any, shall be determined by the Compensation Committee
of the Board (or, in the absence of a Compensation Committee, the Board, in which case all references to the Compensation Committee
hereunder shall deemed to be a reference to the Board), in its sole discretion, based on the Executive's performance and that of
the Company and its Affiliates and such other criteria as the Compensation Committee may consider in its sole discretion. The Discretionary
Bonus shall be paid by the Company to the Executive promptly after determination that the relevant targets (which shall be issued
and reviewed on an annual basis) have been met, it being understood that the attainment of any financial targets associated with
any bonus shall not be determined until following the completion of the Company’s annual audit and public announcement of
such results and shall be paid promptly following the Company’s announcement of earnings. The Compensation Committee may
review the Executive’s performance from time to time and may provide for lesser or greater bonus payments based upon achievement
of partial or additional criteria established or determined by the Compensation Committee from time to time. Whenever any Discretionary
Bonus payable to the Executive is stated in this Agreement to be prorated for any period of service less than a full year, such
Discretionary Bonus shall be prorated by multiplying (x) the amount of the Discretionary Bonus otherwise payable for the applicable
fiscal year in accordance with this Section 4.2 by (y) a fraction, the denominator of which shall be 365 and the numerator of which
shall be the number of days during the applicable fiscal year for which the Executive was employed by the Company. Any compensation
paid to the Executive as Discretionary Bonus shall be in addition to the Base Salary, as well as participation in any other incentive,
stock option, stock purchase, profit sharing, deferred compensation, bonus compensation or severance plan, program or arrangement
which the Company or any of its Affiliates may adopt or continue from time to time, for which the Executive is eligible, each as
in accordance with any subscription agreement, stock option plan, and stock option agreement identified, from time to time.

 

    	2

    	 

    

 

			4.3. Expenses. It is recognized that Executive in the performance of her duties hereunder
may be required to expend reasonable sums for travel and for entertainment of various persons, including representatives of companies
with whom the Company has or might expect to have business relations. During the term hereof, the Company shall either advance
funds to Executive or reimburse Executive for reasonable business expenses incurred by him in connection with the performance of
her duties hereunder, provided Executive properly accounts therefor in accordance with the Company's policies and procedures.

 

			4.4. Benefits. Executive shall be entitled to receive from the Company during the term hereof
those benefits and perquisites set forth made available to senior executives from time to time. The Company may also take out and
maintain during the term hereof life insurance on the life of Executive in the amount of $1,000,000 naming as beneficiary thereof
either the estate of Executive or any other beneficiary designated by Executive (the “Life Insurance Policy”).

 

4.5
Clawback Rights. All amounts paid to Executive by the Company (other than Executive’s Base Salary and reimbursement
of expenses pursuant to paragraph 4.3 hereof) during the term of this Agreement and any time thereafter and any and all stock
based compensation (such as options and equity awards,) granted during the term hereof and any time thereafter (collectively,
the “Clawback Benefits”) shall be subject to “Clawback Rights” as follows: during the period that
the Executive is employed by the Company and upon the termination or expiration of the Executive’s employment and for a
period of three (3) years thereafter, if any of the following events occurs, Executive agrees to repay or surrender to the Company
the Clawback Benefits as set forth below:

 

		(a)	if
the Company restates (a “Restatement”) any published financial statement that has been filed with the Securities
and Exchange Commission covering any period commencing after the Effective Date of this Agreement from which any Clawback Benefits
to Executive shall have been determined (such restatement resulting from material non-compliance of the Company with any financial
reporting requirement under the federal securities laws and shall not include a restatement of financial results resulting from
subsequent changes in accounting pronouncements or requirements which were not in effect on the date the financial statements were
originally prepared), then the Executive agrees to immediately repay or surrender upon demand by the Company any Clawback Benefits
which were determined by reference to any Company financial results reflected in financial statements which were later restated,
to the extent the Clawback Benefits amounts paid exceed the Clawback Benefits amounts that would have been paid, based on the Restatement
of the Company’s financial statements. All Clawback Benefits amounts resulting from such Restatements shall be retroactively
adjusted by the Compensation Committee to take into account the relevant restated financial information and if any excess portion
of the Clawback Benefits resulting from such restated information is not so repaid or surrendered by the Executive within ninety
(90) days of the revised calculation being provided to the Executive by the Company following a publicly announced Restatement,
the Company shall have the right to take any and all action to effectuate such adjustment.

 

    	3

    	 

    

 

		(b)	if any material breach of any agreement by Executive relating to confidentiality, non-competition,
non-raid of employees, or non-solicitation of vendors or customers (including, without limitation, Sections 7 or 8 hereof) or if
any material breach of Company policy or procedures which causes material harm to the Company occurs, as determined by a final
judgment from a court of competent jurisdiction, then the Executive agrees to repay or surrender any Clawback Benefits upon demand
by the Company and if not so repaid or surrendered within ninety (90) days of such demand, the Company shall have the right to
take any and all action to effectuate such adjustment.

 

			The amount of Clawback Benefits to be repaid or surrendered to the Company shall be determined
by the Compensation Committee and applicable law, rules and regulations. All determinations by the Compensation Committee with
respect to the Clawback Rights shall be final and binding on the Company and Executive. The parties acknowledge it is their intention
that the foregoing Clawback Rights as relates to Restatements conform in all respects to the provisions of the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 (the “Dodd Frank Act”) and requires recovery of all “incentive-based”
compensation, pursuant to the provisions of the Dodd Frank Act and any and all rules and regulations promulgated thereunder from
time to time in effect. Accordingly, the terms and provisions of this Agreement shall be deemed automatically amended from time
to time to assure compliance with the Dodd Frank Act and such rules and regulation as hereafter may be adopted and in effect.

 

5. Termination of
Employment and Severance Benefits. Notwithstanding the provisions of Section 2 hereof, the Executive's employment hereunder
shall terminate prior to the expiration of the term of this Agreement under the following circumstances:

 

    	4

    	 

    

 

			5.1. Retirement or Death. In the event of the Executive's retirement or death during the
term hereof, the Executive's employment hereunder shall immediately and automatically terminate. In the event of the Executive's
retirement after the age of sixty-five or death during the term hereof, the Company shall pay to the Executive (or in the case
of death, the Executive's designated beneficiary or, if no beneficiary has been designated by the Executive, to her estate) (i)
any Base Salary and accrued vacation earned but unpaid through the date of such retirement or death, (ii) any Discretionary Bonus
for the fiscal year preceding that in which such retirement or death occurs that was granted but has not yet been paid, (iii) at
the times the Company pays its executives bonuses in accordance with its general payroll policies, an amount equal to that portion
of any Discretionary Bonus, if any, earned but unpaid during the fiscal year of such retirement or death (pro-rated in accordance
with Section 4.2), (iv) reimbursement for any reasonable expenses of the types specified in Section 4.3 incurred with respect to
periods prior to date of such retirement or death. In the event of the Executive's death during the term hereof, the Company shall
pay to the Executive's designated beneficiary or, if no beneficiary has been designated by the Executive, to her estate (x) proceeds
from the Life Insurance Policy.

 

5.2. Disability.

 

			5.2.1. The Company may terminate the Executive's employment hereunder, upon notice to the Executive,
in the event that the Executive becomes disabled during her employment hereunder through any illness, injury, accident or condition
of either a physical or psychological nature and, as a result, in the opinion of the Board of Directors based upon the advice of
a physician chosen by the Board, Executive is unable to perform substantially all of her duties and responsibilities hereunder
for one hundred twenty (120) consecutive days or an aggregate of one hundred eighty (180) days during any period of three hundred
and sixty-five (365) consecutive calendar days.

 

 

			5.2.2. The Board may designate another employee to act in the Executive's place during any period
of the Executive's disability. Notwithstanding any such designation, while she is employed by the Company and has not yet become
eligible for disability income benefits under any disability income plan maintained by the Company, the Executive shall continue
to receive the Base Salary in accordance with Section 4.1 and to receive benefits in accordance with Section 4.4, to the extent
permitted by the then-current terms of the applicable benefit plans. Upon becoming so eligible, and until the termination of her
employment because of disability, the Company shall pay to the Executive, at its regular pay periods, an amount equal to the excess,
if any, of the Executive's monthly base compensation in effect at the time of eligibility (i.e. 1/12th of the Base Salary) over
the amounts of disability income benefits that the Executive is otherwise eligible to receive. Upon termination of the Executive's
employment because of disability, the Company shall pay to the Executive (i) any Base Salary earned but unpaid through the Date
of Termination, (ii) any Discretionary Bonus for the fiscal year preceding the year of termination that was earned but unpaid,
(iii) at the time the Company pays its executives bonuses generally, the Company shall pay the Executive an amount equal to that
portion of any Discretionary Bonus, if any, earned but unpaid during the fiscal year of such termination (pro-rated in accordance
with Section 4.2) and (iv) reimbursement of any reasonable expenses incurred by her in the performance of her duties hereunder
in accordance with the customary policies of the Company. During the 6 month period (or the remaining months of the Term if less
than 6 months) following the termination of the Executive's employment because of disability, the Company shall pay the Executive,
at its regular pay periods, an amount equal to the excess, if any, of the Executive's monthly base compensation in effect at the
time of termination (i.e. 1/12th of the Base Salary) over the amounts of disability income benefits that the Executive is
otherwise eligible to receive pursuant to the above-referenced disability income plan in respect of such period ("Disability
Payments"), provided that the Executive signs an Employee Release as defined in Section 6.1 below.

 

    	5

    	 

    

 

			5.2.3. Except as provided in Section 5.2.2, while the Executive is receiving Disability Payments,
the Executive shall not be entitled to receive any Base Salary under Section 4.1 or Discretionary Bonus payments under Section
4.2, but the Executive shall continue to participate in benefit plans of the Company in accordance with Section 4.4 and the terms
of such plans, until the termination of her employment. During the six month period from the date of eligibility for Disability
Payments or termination of employment under this Section 5.2, the Company shall continue to contribute to the cost of the Executive's
participation in one of the group medical plans of the Company, in the same percentage as the Company was contributing at the time
of termination of the Executive's employment, provided that the Executive is entitled to continue such participation under
applicable law and plan terms.

 

			5.2.4. If any question shall arise as to whether during any period the Executive is disabled through
any illness, injury, accident or condition of either a physical or psychological nature so as to be unable to perform substantially
all of her duties and responsibilities hereunder, the Executive may, and at the request of the Company shall, submit to a medical
examination by a physician selected by the Company to whom the Executive or her duly appointed guardian, if any, has no reasonable
objection to determine whether the Executive is so disabled and such determination shall for the purposes of this Agreement be
conclusive of the issue. If such question shall arise and the Executive shall fail to submit to such medical examination, the Board's
determination of the issue shall be binding on the Executive.

 

			5.3. By the Company for Cause. The Company may terminate the Executive’s employment
hereunder for Cause at any time upon notice to the Executive setting forth in reasonable detail the nature of such Cause. The following
events or conditions shall constitute "Cause" for termination: (i) the willful and continued failure of the Executive
to perform substantially his duties and responsibilities for the Company (other than any such failure resulting from Executive’s
death or Disability) after a written demand by the Board for substantial performance is delivered to the Executive by the Company,
which specifically identifies the manner in which the Board believes that the Executive has not substantially performed his duties
and responsibilities, which willful and continued failure is not cured by the Executive within thirty (30) days of his receipt
of such written demand; (ii) the material breach by the Executive of any material provision of this Agreement, if such breach results
in a material adverse effect on the Company or its Subsidiaries and if the breach is not cured by the Executive within thirty (30)
days of his receipt of such written demand therefore (for the avoidance of doubt, the violation of Section 8.1, 8.3 and 8.5 of
this Agreement shall be considered an immediate material breach of a material provision of this Agreement and not subject to the
foregoing notice or cure provisions); (iii) the commission of fraud, embezzlement or theft by the Executive (iv) the conviction
of the Executive of, or plea by the Executive of nolo contendre to, any felony or any other crime involving dishonesty or moral
turpitude.

 

    	6

    	 

    

 

			Upon the giving of notice of termination of the Executive's employment hereunder for Cause, the
Company shall have no further obligation or liability to the Executive hereunder, other than for payment of any Base Salary earned
but unpaid through the Date of Termination. Without limiting the generality of the foregoing, the Executive shall not be entitled
to receive any Discretionary Bonus amounts which have not been paid prior to the Date of Termination hereunder for Cause or following
a Material Adverse Event.

 

			

 

			5.4. Post-Agreement Employment. In the event the Executive remains in the employ of the
Company or any of its Affiliates following termination of this Agreement, by the expiration of the term hereof or otherwise, then
such employment shall be at will.

 

6. Effect of Termination.
The provisions of this Section 6 shall apply in the event of termination, whether such termination is due to the expiration of
the term hereof, is pursuant to Section 5, or otherwise.

 

			6.1. Payment in Full. Payment by the Company of any Base Salary, Discretionary Bonus or
other specified amounts which are due the Executive under the applicable termination provision of Section 5 shall constitute the
entire obligation hereunder of the Company and its Affiliates to the Executive. Any obligation of the Company to provide the Executive
Disability Payments, or Discretionary Bonus payments under this Agreement is expressly conditioned, however, upon the Executive
signing a release of claims provided by the Company (the "Employee Release") within twenty-one days of the date
on which she gives or receives, as applicable, notice of termination of employment and upon the Executive not revoking the Employee
Release thereafter. The obligations of the Company to the Executive under Sections 5.2 or 5.4 hereof are also expressly conditioned
upon the Executive's continued full performance of her obligations under Sections 7 and 8 hereof. The Executive agrees that if
she violates any term of Sections 7 and/or 8 at any time, she shall have no entitlement to Disability Payments under Sections 5.2
or 5.4, and that she will promptly reimburse the Company on demand for all monies previously paid to him or on her behalf prior
to the date of such violation under Sections 5.2 or 5.4 of this Agreement. The Executive recognizes that, except as expressly provided
in Section 5, no compensation is earned after termination of employment.

 

    	7

    	 

    

 

			6.2. Termination of Benefits. Except for medical insurance coverage continued pursuant to
Sections 5.2 hereof, the continuation of any benefits pursuant to Section 5.4 hereof and any right of continuation of health coverage
at the Executive's cost to the extent provided by Sections 601 through 608 of ERISA, benefits shall terminate pursuant to the terms
of the applicable benefit plans based on the date of termination of the Executive's employment without regard to any continuation
of Base Salary or other payments to the Executive following termination of her employment.

 

			6.3. Survival of Certain Provisions. Provisions of this Agreement shall survive any termination
if so provided herein or if necessary or desirable to accomplish the purpose of other surviving provisions, including without limitation
the obligations of the Executive under Sections 7 and 8 hereof.

 

7. Confidential
Information; Intellectual Property.

 

			7.1. Confidentiality. The Executive acknowledges that the Company and its Affiliates continually
develop Confidential Information, that the Executive may develop Confidential Information for the Company or its Affiliates and
that the Executive may learn of Confidential Information during the course of employment. The Executive acknowledges the importance
to the Company and its Affiliates of protecting their Confidential Information and other legitimate interests, and agrees that
all Confidential Information which she creates or to which she has access as a result of employment with or service as a director
of the Company and its Affiliates is and shall remain the sole and exclusive property of the Company and its Affiliates. The Executive
will comply with the policies and procedures of the Company and its Affiliates for protecting Confidential Information and shall
never use or disclose to any Person (except as required by applicable law or for the proper performance of her duties and responsibilities
to the Company and its Affiliates) any Confidential Information obtained by the Executive incident to her employment with or service
as a director of the Company or any of its Affiliates. The Executive understands that this restriction shall continue to apply
for a period of five years after her employment terminates, regardless of the reason for such termination.

 

			7.2.
Return of Documents. All documents, records, files, audio tapes, videotapes and any other media, however stored, of whatever
kind and description relating to the business, present or otherwise, of the Company or its Affiliates and any copies, in whole
or in part, thereof (the "Documents"), whether or not prepared by the Executive, shall be the sole and exclusive
property of the Company and its Affiliates. The Executive shall not copy any Documents or remove any Documents from the premises
of the Company or its Affiliates, except as required for the proper performance of regular duties for the Company or as expressly
authorized in writing by the Board or its designee. The Executive agrees to return to the Company and its Affiliates at the time
her employment terminates, and at such other times as may be specified by the Company or its Affiliates, all Documents and other
property of the Company and its Affiliates then in her possession or control. The Executive agrees that, if a Document is on electronic
media (e.g. a hard disk), upon the request of any duly authorized officer of the Company or its Affiliates, she will disclose
all passwords necessary or desirable to enable the Company to obtain access to the Documents.

 

    	8

    	 

    

 

			7.3. Materials. Executive agrees that all ideas, plans and materials prepared by Executive
in the course of her employment by the Company (collectively, the "Materials") during the term of this Agreement will
be considered works-made-for-hire and shall be the Company's sole and exclusive property. In the event that the Materials are not
copyrightable subject matter or for any reason are deemed not to be works-made-for-hire, then, and in such event, by this Agreement,
Executive hereby assigns all right, title and interest to said Materials to the Company and agrees to execute all documents required
to evidence such assignment. Without limiting the foregoing, it is specifically understood and agreed that Executive will retain
no ownership rights whatsoever in or to the Materials. Notwithstanding the forgoing, Executive shall be entitled to be designated
as composer on all music contained in the programming produced by the Company and to continue to receive composer's royalties from
applicable performing rights societies and she shall also be entitled to receive European author royalties from France. The restrictions
set forth in this Section 7 do not apply to talent guilds (such as Screen Actors Guild, Alliance of Canadian Cinema Television
and Radio Artists, etc.), music performance societies (such as America Society of Composers, Authors and Publishers, Broadcast
Music, Inc., etc.) (“Music Societies”) or author’s collecting societies (such as Société des Auteurs
et Compsiteurs Dramatiques, etc.) (such talent guilds, Music Societies and author’s collecting societies, collectively, the
“Societies”), and any and all fees, residuals, royalties and similar payments paid or to be paid to Executive from
any Society as a result of her individual creative work (such fees, residuals, royalties and similar payments, the “Executive
Payments”) shall be retained by Executive as her sole personal property and such Executive Payments fall outside the scope
of this Agreement, except as provided for in the last sentence of this Section 7.3. This Agreement shall have no effect on the
rights of Executive to the Executive Payments, and receipt of such Executive Payments shall not violate any of the terms of this
Agreement. Notwithstanding the foregoing, it is understood that during the term hereof only, any Executive Payments derived from
the Music Societies shall be assigned, and turned over to, the Company. Notwithstanding the foregoing, the Executive understands
that the provisions of this Section 7 requiring the assignment of Materials to the Company do not apply to any invention or Materials
which qualifies fully under the provisions of California Labor Code Section 2870. Executive will advise the Company promptly in
writing of any inventions or Materials that he believes meet the criteria in Labor Code Section 2870.

 

    	9

    	 

    

 

8. Restricted Activities.

 

			8.1. Agreement not to Compete with the Company during the Term of this Agreement. The Executive
agrees that, during her employment, she will not, directly or indirectly, own, manage, operate, control, or participate in any
manner in the ownership, management, operation or control of, or be connected as an officer, employee, partner, director, principal,
consultant, agent or otherwise with, or have any financial interest in (except for a publicly traded company where she owns no
more than 5% of the outstanding stock of such company), or aid or assist anyone else in the conduct of, any business, venture or
activity which competes with the Business of the Company or its Subsidiaries (as defined below). Except as otherwise expressly
set forth in this Agreement, the Executive further agrees that, during her employment with the Company, she will not enter into
any transaction, on her own behalf or that of a third party, with any of the Company's Affiliates, without full disclosure to,
and receipt of prior written consent from, a majority of the entire the Board.

 

			8.2. Agreement Not to Unfairly Compete with the Company after the Term of this Agreement.
The Executive acknowledges that access to Confidential Information and to the Company's and its Affiliates' customers would give
the Executive an unfair competitive advantage, were the Executive to leave employment and use any of the Company’s Confidential
Information to unfairly compete with the Company or its Affiliates, and that she is therefore being granted access to Confidential
Information and the customers of the Company and its Affiliates in reliance on her agreement hereunder. The Executive therefore
agrees that for a period of twelve (12) months following the date her employment with the Company is terminated (the "Non-Competition
Period"), she will not utilize any of the Company’s Confidential Information to unfairly compete in any fashion
with the Company or its Subsidiaries with respect to the Business of the Company or its Subsidiaries. For purposes of this Section
8, the "Business of the Company or its Subsidiaries" shall mean (a) production and/or distribution of animated
or live-action television programming (and/or any musical composition intended to be included therein), or any element thereof,
within or without the United States as currently being conducted or planned to be conducted by the Company, and (b) any business
activity that is conducted or is actively being planned to be conducted by the Company or by any of its Subsidiaries at or within
the twelve month period immediately preceding the Date of Termination, which business is expected to be material to the Company.
The Executive acknowledges that the restrictions contained in Section 8 are sufficiently limited so as not to restrain her from
engaging in a lawful profession, trade or business of any kind.

			

 

    	10

    	 

    

 

			8.3. Agreement Not to Solicit Customers during the Term of this Agreement. The Executive
agrees that during her employment hereunder, she will not, on behalf of any person or entity other than the Company and its Affiliates,
directly or indirectly, solicit or encourage any customer or vendor of the Company or its Subsidiaries to terminate or diminish
their relationships with any of them or violate any agreement with or duty to the Company or any of the Company's Subsidiaries.

 

			8.4. Agreement Not to Solicit Customers after the Term of this Agreement. The Executive
acknowledges that access to Confidential Information and to the Company's and its Subsidiaries' customers would give the Executive
an unfair competitive advantage were the Executive to leave employment and begin competing with the Company or its Subsidiaries,
and she is therefore being granted access to Confidential Information and the customers of the Company and its Subsidiaries in
reliance on her agreement hereunder. The Executive agrees that for a period of twelve (12) months following the Date of Termination
(the "Non-Solicitation Period"), she will not, directly or indirectly, use or rely in any way upon any Confidential Information
of the Company or its Subsidiaries to recruit, solicit, or otherwise seek to induce any customer or vendor of the Company or its
Subsidiaries to terminate or diminish their relationship with or violate any agreement with or duty to the Company or its Subsidiaries.

 

			8.5. Agreement Not to Solicit Employees or Other Service Providers. The Executive agrees
that during her employment hereunder and for a period of twelve (12) months following the Date of Termination, she will not, directly
or indirectly, (a) recruit, solicit, or otherwise seek to induce any employees of the Company or its Subsidiaries to terminate
their employment or violate any agreement with or duty to the Company or its Subsidiaries, or (b) recruit, solicit, or otherwise
seek to induce any individual providing services to the Company or its Subsidiaries as an independent contractor, consultant, or
through any other relationship to terminate or diminish their relationships with the Company or its Subsidiaries.

 

9. Enforcement of
Covenants. The Executive acknowledges that she has carefully read and considered all the terms and conditions of this Agreement,
including without limitation the restraints imposed upon him pursuant to Sections 7 and 8 hereof. The Executive agrees that said
restraints are necessary for the reasonable and proper protection of the Company and its Affiliates and that each and every one
of the restraints is reasonable in respect to subject matter, length of time and geographic area. The Executive further acknowledges
that, were she to breach any of the covenants or agreements contained in Sections 7 or 8 hereof, the damage to the Company and
its Affiliates could be irreparable. The Executive therefore agrees that the Company shall be entitled to seek preliminary and
permanent injunctive relief against any breach or threatened breach by the Executive of any of said covenants or agreements. The
Company’s Affiliates shall also have the right to enforce all of the Employee’s obligations to such Affiliates hereunder,
including without limitation pursuant to Sections 7 and 8 hereof, and each of such Affiliates shall otherwise be a third party
beneficiary of this Agreement. The parties further agree that in the event that any provision of Section 7 or 8 hereof shall be
determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too
large a geographic area or too great a range of activities, such provision shall be deemed to be modified to permit its enforcement
to the maximum extent permitted by law.

 

    	11

    	 

    

 

10. Conflicting
Agreements. The Executive hereby represents and warrants that the execution of this Agreement and the performance of her obligations
hereunder will not breach or be in conflict with any other agreement to which or by which the Executive is a party or is bound
and that the Executive is not now subject to any covenants against competition or solicitation or similar covenants, a court order
or any other obligations that would affect the performance of her obligations hereunder. The Executive will not disclose to or
use on behalf of the Company or any of its Subsidiaries any proprietary information of a third party without such party's consent.

 

11. Definitions.
Words or phrases which are initially capitalized or are within quotation marks shall have the meanings provided in this Section
11 and as provided elsewhere herein. For purposes of this Agreement, the following definitions apply:

 

			11.1. "Affiliate" shall mean, with respect to any specified Person, (a) any other
Person which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control
with, such specified Person (for the purposes of this definition, "control" (including, with correlative meanings, the
terms "controlling," "controlled by" and "under common control with"), as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise) and (b) with respect to any natural
Person, any member of the immediate family of such natural Person.

 

			11.2 "Confidential Information" means any and all information of the Company and
its Affiliates that is not generally known by others with whom any of them compete or do business, or with whom any of them plan
to compete or do business, and any and all information the disclosure of which would otherwise be adverse to the interests of the
Company or any of its Affiliates. Confidential Information includes without limitation such information relating to (i) the products
and services sold or offered by the Company or any of its Affiliates, technical data, methods and processes of the Company, (ii)
the costs, sources of supply, financial performance and marketing activities and strategic plans of the Company and its Affiliates,
(iii) the identity and special needs of the customers of the Company and its Affiliates and (iv) the people and organizations with
whom the Company and its Affiliates have business relationships and those relationships. Confidential Information also includes
information that the Company or any of its Affiliates may receive or has received belonging to others with any understanding, express
or implied, that it would not be disclosed. Confidential Information shall not include any information that is, or becomes generally
available to the public, unless such availability occurs as a result of the Executive’s breach of any portion of this Agreement
or any other obligation the Executive owes to the Company.

 

			11.3. "ERISA" means the federal Employee Retirement Income Security Act of 1974
or any successor statute, and the rules and regulations thereunder, and, in the case of any referenced section thereof, any successor
section thereto, collectively and as from time to time amended and in effect.

 

    	12

    	 

    

 

			11.4. "Intellectual Property" means any invention, formula, pattern, compilation,
program, device, method, technique or process (whether or not patentable or registrable under copyright statutes) conceived, made,
or first actually reduced to practice by the Executive (whether alone or jointly with others) during the Executive's employment
by the Company; provided, however, that Intellectual Property does not include any invention (i) that is developed
on the Executive's own time, without using the equipment, supplies, facilities or trade secret information of the Company or any
of its Affiliates, unless such invention relates at the time of conception or reduction to practice of the invention (a) to the
business of the Company, (b) to the business of an Affiliate of the Company for whom the Executive has performed services, (c)
to the actual or demonstrably anticipated research or development of the Company or any of its Affiliates, provided that,
in the case of an Affiliate of the Company, the Executive has, or reasonably would be expected to have, knowledge of such research
or development as a result of her employment or (d) results from any work performed by the Executive for the Company or any of
the Affiliates; or (ii) that the Executive may otherwise not be required to assign to the Company under applicable California law.

 

			11.5. "Person" means an individual, a corporation, an association, a partnership,
a limited liability company, an estate, a trust and any other entity or organization, other than the Company or any of its Affiliates.

 

			11.6. "Subsidiary" means any corporation, partnership, limited liability company
or other entity with respect to a specified Person (or a Subsidiary thereof) owns a majority of the common stock, partnership interests
or other equity interests or has the power to vote or direct the voting of sufficient securities to elect a majority of the directors.

 

12. Withholding.
All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the
Company under applicable law or withheld by the Company at the request of the Executive.

 

13. Section
409A.

 

The
provisions of this Agreement are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
and any final regulations and guidance promulgated thereunder (“Section 409A”) and shall be construed in a manner
consistent with the requirements for avoiding taxes or penalties under Section 409A. The Company and Executive agree to work together
in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or
desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.

 

    	13

    	 

    

 

To the
extent that Executive will be reimbursed for costs and expenses or in-kind benefits, except as otherwise permitted by Section 409A,
(a) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, (b) the amount
of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other taxable year; provided that the foregoing clause (b) shall
not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such
expenses are subject to a limit related to the period the arrangement is in effect and (c) such payments shall be made on or before
the last day of the taxable year following the taxable year in which you incurred the expense.

 

A termination
of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of
any amounts or benefits upon or following a termination of employment unless such termination constitutes a “Separation from
Service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement references to a “termination,”
“termination of employment” or like terms shall mean Separation from Service.

 

Each
installment payable hereunder shall constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b), including
Treasury Regulation Section 1.409A-2(b)(2)(iii). Each payment that is made within the terms of the “short-term deferral”
rule set forth in Treasury Regulation Section 1.409A-1(b)(4) is intended to meet the “short-term deferral” rule. Each
other payment is intended to be a payment upon an involuntary termination from service and payable pursuant to Treasury Regulation
Section 1.409A-1(b)(9)(iii), et. seq., to the maximum extent permitted by that regulation, with any amount that is not exempt from
Code Section 409A being subject to Code Section 409A.

 

Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A
at the time of Executive’s termination, then only that portion of the severance and benefits payable to Executive pursuant
to this Agreement, if any, and any other severance payments or separation benefits which may be considered deferred compensation
under Section 409A (together, the “Deferred Compensation Separation Benefits”), which (when considered together)
do not exceed the Section 409A Limit (as defined herein) may be made within the first six (6) months following Executive’s
termination of employment in accordance with the payment schedule applicable to each payment or benefit. Any portion of the Deferred
Compensation Separation Benefits in excess of the Section 409A Limit otherwise due to Executive on or within the six (6) month
period following Executive’s termination will accrue during such six (6) month period and will become payable in one lump
sum cash payment on the date six (6) months and one (1) day following the date of Executive’s termination of employment.
All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable
to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following termination but prior
to the six (6) month anniversary of Executive’s termination date, then any payments delayed in accordance with this paragraph
will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred
Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit.

 

    	14

    	 

    

 

For
purposes of this Agreement, “Section 409A Limit” will mean a sum equal (x) to the amounts payable prior to March
15 following the year in which Executive terminations plus (y) the lesser of two (2) times: (i) Executive’s annualized compensation
based upon the annual rate of pay paid to Executive during the Company’s taxable year preceding the Company’s taxable
year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any IRS
guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant
to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

 

If any payment
provided to Executive pursuant to this Agreement is subject to adverse tax consequences under Code Section 409A, then Company shall
make such additional payments to Executive (“409A Gross Up Payments”) as are necessary to provide Executive
with enough funds to pay the additional taxes, interest, and penalties imposed by Code section 409A (collectively, the “409A
Tax”), as well as any additional taxes, including but not limited to additional 409A Tax, attributable to or resulting
from the payment of the 409A Gross Up payments, with the end result that Executive shall be in the same position with respect to
her tax liability as he would have been in if no 409A Tax had ever been imposed; provided, however, that the Company’s obligation
to make payments under this Section 15 shall be limited to an amount equal to three times the 409A Tax (not including for this
purpose 409A Tax attributable to the payment of any portion of the 409A Gross Up Payment). The Company shall make any payments
required by this paragraph no later than the last day of Executive’s taxable year next following the Executive’s taxable
year in which the 409A Tax is remitted to the taxing authority.

 

 

14. Miscellaneous.

 

			14.1. Assignment. Neither the Company nor the Executive may make any assignment of this
Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided,
however, that the Company may assign its rights and obligations under this Agreement without the consent of the Executive
(a) in the event that the Company shall hereafter affect a reorganization, consolidate with, or merge into, one of its Affiliates
or any other Person or transfer all or substantially all of its properties or assets to one of its Affiliates or any other Person,
in which event such Affiliate or Person shall be deemed the "Company" for all purposes of this Agreement, or (b) to any
senior lender to the Company or any Subsidiary thereof as collateral security. This Agreement shall inure to the benefit of and
be binding upon the Company and the Executive, and their respective successors, executors, administrators, heirs and permitted
assigns.

 

			14.2. Severability. If any portion or provision of this Agreement shall to any extent be
declared illegal or unenforceable by a court of competent jurisdiction, then the application of such provision in such circumstances
shall be deemed modified to permit its enforcement to the maximum extent permitted by law, and both the application of such portion
or provision in circumstances other than those as to which it is so declared illegal or unenforceable and the remainder of this
Agreement shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law.

 

    	15

    	 

    

 

			14.3. Waiver; Amendment. No waiver of any provision hereof shall be effective unless made
in writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of
this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of
such term or obligation or be deemed a waiver of any subsequent breach. This Agreement may be amended or modified only by a written
instrument signed by the Executive and any expressly authorized representative of the Company.

 

 

			14.4. Notices. Any and all notices, requests, demands and other communications provided
for by this Agreement shall be in writing and shall be effective when delivered in person or deposited in the United States mail,
postage prepaid, registered or certified, and addressed (a) in the case of the Executive, to her last address on record with the
Company, or (b) in the case of the Company, at its principal place of business and to the attention of the Board of Directors;
or to such other address as either party may specify by notice to the other actually received.

 

			14.5. Entire Agreement. This Agreement constitutes the entire agreement between the parties
and supersedes all prior communications, agreements and understandings, written or oral, with the Company or any of its Affiliates,
with respect to the terms and conditions of the Executive's employment.

 

			14.6. Headings. The headings and captions in this Agreement are for convenience only and
in no way define or describe the scope or content of any provision of this Agreement.

 

			14.7. Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be an original and all of which together shall constitute one and the same instrument.

 

14.8.
Governing Law. This Agreement, with the exception of Section 8, shall be governed by and construed in accordance with the
domestic substantive laws of The State of California without giving effect to any choice or conflict of laws provision or rule
that would cause the application of the domestic substantive laws of any other jurisdiction.

 

    	16

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been executed by the Company, by its duly authorized representative, and by the Executive, as of the date first
above written.

 

 

 

THE COMPANY:

 

GENIUS BRAND INTERNATIONAL, INC.

 

 

 

By: /s/ Jeanene Morgan

       Name: Jeanene Morgan

       Title: Chief Financial Officer

 

 

 

THE EXECUTIVE:

 

 

/s/ Amy Moynihan Heyward                                

Amy Moynihan Heyward

 

 

    	17

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