Stock Agreement
This Stock Agreement (the “Agreement”), dated as of December 15, 2017, confirms our understanding with respect to the issuance of Common Stock of Liberated Syndication Inc. (the “Company”) to Xxxx Xxxxx (the “Director”) with respect to the matters set forth herein.
The Board of Directors has awarded 200,000 shares of the Company’s common stock (the “Stock”), subject to certain milestones and forfeiture clauses, to the Director. In an effort to incentivize the Directors, the Board of Directors has set forth the following milestones and forfeiture clauses for these shares of stock.
1. $5.00 per share
When the Company obtains an average of $5.00 per share closing price (adjusted for stock splits) for any 10 consecutive trading days, the Director will retain 50% of the stock (100,000 shares), if obtained within 30 months.
2. $7.00 per share
When the Company obtains an average of $7.00 per share closing price (adjusted for stock splits) for any 10 consecutive trading days, the Director will retain 50% of the stock (100,000 shares), if obtained within 36 months.
The effect of this grant on the market cap of the Company will NOT be taken into consideration in attaining the milestone goals for the stock agreement dated April 13, 2017 between Xxxx Xxxxx and Liberated Syndication Inc.
ACCEPTED AND AGREED TO:
Xxxx Xxxxx
By:___________________________________________________
Name: Xxxx Xxxxx
By:_____________________________________________________
Name: Xxxxx Xxxxxxx
Title: Chairman of the Board of Directors
