Stock Agreement
Exhibit
10.3
This
Stock Agreement (the “Agreement”), dated as of February
18, 2020, confirms our understanding with respect to the issuance
of Common Stock of Liberated Syndication Inc. (the
“Company”) to [NAME], member of Liberated
Syndication’s Board of Directors (the “Director”)
with respect to the matters set forth herein.
The
Compensation Committee has awarded 25,000 shares of the
Company’s common stock (the “Stock”), subject to
vesting and forfeiture clauses, to the Director. The stock grant
creates meaningful incentive for value creation initiatives. The
Compensation Committee has set forth the following vesting and
forfeiture clauses for these shares of stock.
1.
Stock will vest on a quarterly basis for a period of one
year.
The
Director will retain 25% of the stock (6,250 shares) at the end of
each quarter of 2020.
2.
Forfeiture
If the
Director resigns, all unvested stock will be forfeited by the
Director.
3.
Change of Control
In the
event of a Change of Control, all outstanding shares shall
immediately vest upon the date of the change of control. Change of
Control shall be defined as outlined in the Liberated Syndication
Inc. 2018 Omnibus Equity Incentive plan.
ACCEPTED
AND AGREED TO:
By:
_______________________________
Name:
By:
________________________
Name:
Title:
