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The following is an excerpt from a 10KSB SEC Filing, filed by TWIN FACES EAST ENTERTAINMENT CORP on 2/23/2005.
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TWIN FACES EAST ENTERTAINMENT CORP - 10KSB - 20050223 - DIRECTORS_AND_OFFICERS

ITEM 9     DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.

 

        The following table sets forth the names and positions of the executive officers and directors of the Company. Directors will be elected at our annual meeting of stockholders and serve for one year or until their successors are elected and qualify. Officers are elected by the Board and their terms of office are, except to the extent governed by employment contract, at the discretion of the Board.

 

Name

Age

Positions and Offices held

Michael Smolanoff, Ph.D.

62

CEO, President, and Director

Stanley L. Teeple

56

COO, CFO, Secretary/Treasurer and Director

Bruce N. Taffet

57

Director

Johnny King

36

Director of Film Development

 

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Duties, Responsibilities and Experience

 

        Michael Smolanoff , age 62 , is Chief Executive Officer, President and Director of the Company since its inception. From 1993 to present, Dr. Smolanoff has been self employed selling scripts, articles, and music. Dr. Michael Smolanoff has over 30 years of experience in creative development fields. He is a Juilliard graduate and past professor at Rutgers University and Philadelphia Music Academy. He has written and produced a plethora of music albums, concerts, children's programs, and works for the theatre. He is listed in the International Who's Who of music, Who's Who in America, Men of Achievement, Outstanding Young Men of America, and the Dictionary of Distinguished Americans. He is the creator and developer of the "Pages of a Rabbit Journal" and responsible for contract development to place this animated series with the Fox Kids Network as well as distribution agreements for placement into retail video stores nationwide. He is a member of the National Academy of Television Arts and Sciences, and the American Society of Composers, Authors and Publishers.

 

        Stanley L. Teeple , age 56, is COO, CFO, Secretary, Treasurer and Director of the Company from March, 1997 to present. From 1979 until present, Mr. Teeple has been President and Chief Executive Officer of Stan Teeple, Inc., a consulting firm specializing in business turnarounds. Stan had joined Dr. Smolanoff for development of the various assets and interests in the marketplace. Stan attended Business School at the University of Colorado and has a strong national brands corporate background. In Stan's 20 plus year career as a management consultant, sales and marketing consultant, and turnaround specialist and counts among his business specialties, entertainment, intellectual property licensing, food manufacturing, the travel industry and retailing of everything from apparel to fast food. His recent client list includes, United Artists Theatre Circuit, General Mills, Inc., United Airlines, Inc., Kellogg's USA, Warner Lambert and Premiere Innovations, Inc.

 

        Bruce Taffet , age 57 , is a Director of the Company since April 1998. From 1979 until present Mr. Taffet had worked as an executive within the Entertainment Industry. From 1995 until 2004, Bruce has been Executive Vice President of United Artists Theatre Circuit Regal Entertainment Group. Mr. Taffet has approximately 30 years experience in the entertainment industry. Beginning the theatre business in 1969, Bruce was the owner/operator of the Orkin Taffet Theatres in Jackson, Mississippi. Mr. Taffet has served as an officer or director with the National Association of Theatre Operators, National Association of Concessionaires, Variety Club of America, The 2% Club, and MPP Pioneers. Mr. Taffet is presently CEO of Bruce Taffet LLC, an entertainment consulting company.

 

        Johnnie King , age 36, is Director of Film Development of the Company since 1999. Mr. King is a creative talented filmmaker who has collaborated with many of the great artists of this day. His mentor, Jamal Joseph is likened to such prominent filmmakers as Spike Lee, Mattie Rich, John Singleton and Furman Lee. Since High School he has been a prolific writer, producer, and director of films. He has worked with "City Kids" under the direction of Jamal where he produced and directed short films and videos.

 

17


 

Election of Directors and Officers.

 

        Directors are elected to serve until the next annual meeting of stockholders and until their successors have been elected and qualified. Officers are appointed to serve until the meeting of the Board of Directors following the next annual meeting of stockholders and until their successors have been elected and qualified.

 

        No Executive Officer or Director of the Corporation has been the subject of any Order, Judgment, or Decree of any Court of competent jurisdiction, or any regulatory agency permanently or temporarily enjoining, barring suspending or otherwise limiting him from acting as an investment advisor, underwriter, broker or dealer in the securities industry, or as an affiliated person, director or employee of an investment company, bank, savings and loan association, or insurance company or from engaging in or continuing any conduct or practice in connection with any such activity or in connection with the purchase or sale of any securities.

 

        No Executive Officer or Director of the Corporation has been convicted in any criminal proceeding (excluding traffic violations) or is the subject of a criminal proceeding which is currently pending.

 

        No Executive Officer or Director of the Corporation is the subject of any pending legal proceedings.

 

Section 16(a) Beneficial Ownership Reporting Compliance

 

        Section 16(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), requires our executive officers and directors, and persons who beneficially own more than ten percent of our common stock, to file initial reports of ownership and reports of changes in ownership with the SEC. Executive officers, directors and greater than ten percent beneficial owners are required by SEC regulations to furnish us with copies of all Section 16(a) forms they file. Based upon a review of the copies of such forms furnished to us and written representations from our executive officers and directors, we believe that during the year ended 2004, Michael Smolanoff, Ph.D., Stan Teeple, and Bruce Taffet filed all forms 3, forms 4 and forms 5 on a timely basis.

 

Audit Committee and Financial Expert

 

        We do not have an Audit Committee, our board of directors during 2004, performed some of the same functions of an Audit Committee, such as: recommending a firm of independent certified public accountants to audit the annual financial statements; reviewing the independent auditors independence, the financial statements and their audit report; and reviewing management's administration of the system of internal accounting controls. The Company does not currently have a written audit committee charter or similar document.

 

        We have no financial expert. We believe the cost related to retaining a financial expert at this time is prohibitive. Further, because of our start-up operations, we believe the services of a financial expert are not warranted.

 

18


 

Code of Ethics

 

    A code of ethics relates to written standards that are reasonably designed to deter wrongdoing and to promote:

  1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

  2. Full, fair, accurate, timely and understandable disclosure in reports and documents that are filed with, or submitted to, the Commission and in other public communications made by an issuer;

  3. Compliance with applicable governmental laws, rules and regulations;

  4. The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

  5. Accountability for adherence to the code.

        We have not adopted a corporate code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

 

        Our decision to not adopt such a code of ethics results from our having only three officers and three directors operating as the management for the Company in 2004. We believe that as a result of the limited interaction which occurs having such a small management structure for the Company eliminates the current need for such a code, in that violations of such a code would be reported to the party generating the violation.

 

Nominating Committee

 

        We do not have a Nominating Committee or Nominating Committee Charter. Our board of directors in 2004, performed some of the functions associated with a Nominating Committee. We have elected not to have a Nominating Committee in that we are a development stage company with limited operations and resources.

 

Limitation of Liability of Directors

 

        Pursuant to the Nevada General Corporation Law, our Articles of Incorporation exclude personal liability for our Directors for monetary damages based upon any violation of their fiduciary duties as Directors, except as to liability for any breach of the duty of loyalty, acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, or any transaction from which a Director receives an improper personal benefit. This exclusion of liability does not limit any right which a Director may have to be indemnified and does not affect any Director's liability under federal or applicable state securities laws. We have agreed to indemnify our directors against expenses, judgments, and amounts paid in settlement in connection with any claim against a Director if he acted in good faith and in a manner he believed to be in our best interest.

 

19


 

Board of Directors Committees and Compensation

 

Compensation Committee Interlocks and Insider Participation

 

         On September 20, 2002, the Board of Directors appointed a Compensation Committee consisting of the Board's outside Director Bruce Taffet, and R.H. Casto, a large investor and stockholder of the Company. The Committee has the obligation to make recommendations to the Board regarding all compensation issues involving officers of the Company and that those officers be bound by the recommendations of the Committee. Before the appointment of the Compensation Committee, Michael Smolanoff, President, oversaw the compensation of our executive officers.

 

Compensation Committee's Report on Executive Compensation

 

        General . As noted above, the Compensation Committee of the Board of Directors consists of the Boards outside director Bruce Taffet, and R.H. Casto. The Compensation Committee is responsible for setting and administering the policies governing compensation of our executive officers including cash compensation and stock ownership programs. The goals of our compensation policy are to attract and retain executive officers who contribute to the overall success of the Company, by offering compensation which is competitive in the entertainment and film industry for companies of our size, to motivate executives to achieve the Company's business objectives and to reward them for their achievements.

 

        Overall Policy; Significant Factors . The compensation decisions made by the Compensation Committee in respect of our executive officers were influenced by two major factors. First, our start-up nature brings with it all of the normal capital requirements to sustain growth, therefore certain stock compensation was granted in lieu of and in satisfaction of accrued salaries, commissions and for services rendered. This practice may be extended into the future on a case-by-case basis and accordingly filed with the Securities and Exchange Commission. Finally, as we continue to mature, certain additions to the executive staff will be required. As we are required to seek talent in the outside market, we will be required to provide a competitive compensation package.

 

        As overall policy, however, the Compensation Committee continues to believe that long-term compensation tied to the creation of stockholder value should constitute a significant component of the compensation to be earned by our executive officers. In this respect, it will be the Compensation Committee's policy to attempt to restrain base cash compensation (subject to competitive pressures), while providing the incentive for Management to increase stockholder value by providing such officers with significant numbers of market-priced stock that will not confer value upon the officers unless and until the Company's share price rises. The Compensation Committee expects that stock options will constitute a significant component of the compensation package provided to executive officers.

 

        The Compensation Committee believes that cash bonuses are, at times, appropriate based upon the performance of the Company's business compared to our internal expectations and general business conditions.

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