STOCK AGREEMENT
Exhibit
10.2
WHEREAS, [NAME] is
employed by the Company (“Employee”) and has performed
duties of his employment in a capable and efficient manner,
resulting in substantial benefit to the Company; and
WHEREAS, the
Company desires to modify and extend the Stock Agreement dated
December 28, 2017 (Original Agreement), of the Employee, and
Employee is desirous of committing himself to continued service to
the Company on the terms herein provided. The terms herein
supersede and replace the terms of the Original
Agreement.
WHEREAS, The Board
of Directors has previously awarded [NUMBER] shares of the
Company’s common stock (the “stock”), subject to
certain milestones and forfeiture clauses to the
Employee.
The
Board of Directors acknowledges that the Original Agreement
Milestone 1 and Milestone 2 were successfully achieved, and in an
effort to incentivize the Employee, has modified and extended
Milestone 3 and 4 as set forth below to the following
terms:
3. Up-List to The Nasdaq or NYSE
The
date the Company up-lists to The Nasdaq or NYSE, the Employee will
retain 25% of the stock ([NUMBER] shares). The milestone expiration
date is hereby extended to December 28, 2020. If not obtained
within the 12 month extension, 25% of the stock ([NUMBER] shares)
will be forfeited by the Employee.
4. $5.50 per share
When
the Company obtains an average closing price of $5.50 per share
(adjusted for stock splits) for any 10 consecutive trading days,
the Employee will retain 25% of the stock ([NUMBER] shares). The
milestone expiration date is hereby extended to December 28, 2020.
If not obtained within the 12 month extension, 25% of the stock
([NUMBER] shares) will be forfeited by the Employee.
Termination of Service
Except to the extent inconsistent with the terms of this agreement
and notwithstanding any other agreement between the Employee and
the Company, the following terms and conditions shall apply with
respect to the Employee’s Termination of Service with the
Company within the 12 month extension:
The Employee’s then outstanding shares of stock shall expire
and be forfeited:
a.
Immediately, if
such termination is a for the reason of Resignation by the Employee
or a Termination of Service for Cause by the Company;
b.
Thirty (30) days
from the date of Service Termination, if such termination is for a
reason other than the Resignation by the Employee or a Termination
of Service for Cause by the Company.
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:
