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 Xxxxxxxxxxx Xxxxxxx (the “Employee”) with respect to the matters set forth herein.
The Board of Directors has awarded 1,100,000 shares of the Company’s common stock (the “Stock”), subject to certain milestones and forfeiture clauses, to the Employee. In an effort to incentivize the employee, 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 Employee will retain 50% of the stock (550,000 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 Employee will retain 50% of the stock (550,000 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 Xxxxxxxxxxx Xxxxxxx and Liberated Syndication Inc.
ACCEPTED AND AGREED TO:
Xxxxxxxxxxx Xxxxxxx
By:___________________________________________________
Name: Xxxxxxxxxxx Xxxxxxx
By:_____________________________________________________
Name: Xxxx Xxxxx
Title: Chair of Compensation Committee
