Stock Agreement between Liberated Syndication Inc. and John Busshaus dated April 13, 2017
Liberated Syndication Inc. has agreed to issue 1,250,000 shares of its common stock to employee John Busshaus. The shares are subject to specific milestones: the company must reach certain market capitalizations ($25M, $50M, $75M) within set timeframes, and up-list to NASDAQ within 24 months. For each milestone met, John retains 25% of the shares; if a milestone is not met within the deadline, the corresponding shares are forfeited. This agreement is designed to incentivize performance and company growth.
STOCK AGREEMENT
This Stock Agreement (the “Agreement”), dated as of April 13, 2017, confirms our understanding with respect to the issuance of Common Stock of Liberated Syndication Inc. (the “Company”) to John Busshaus (the “employee”) with respect to the matters set forth herein.
The Board of directors has awarded 1,250,000 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 follow milestones and forfeiture clauses for these shares of stock.
1. $25 Million Market Cap
When the company obtains a $25Million average market cap for any 5 consecutive days, the employee will retain 25% of the stock (312,500 shares). If not obtained within 12 months of the date of this agreement, 25% of the stock will be forfeited by the employee.
2. $50 Million Market Cap
When the company obtains a $50Million average market cap for any 5 consecutive days, the employee will retain 25% of the stock (312,500 shares). If not obtained within 18 months of the date of this agreement, 25% of the stock will be forfeited by the employee.
3. $75 Million Market Cap
When the company obtains a $75Million average market cap for any 5 consecutive days, the employee will retain 25% of the stock (312,500 shares). If not obtained within 24 months of the date of this agreement, 25% of the stock will be forfeited by the employee.
4. Up-list to NASDAQ
The date the Company up-lists to NASDAQ, the employee will retain 25% of the stock (312,500 shares). If not obtained within 24 months of the date of this agreement, 25% of the stock will be forfeited by the employee.
ACCEPTED AND AGREED TO:
John Busshaus
By: /s/ John Busshaus
Name:
John Busshaus
Liberated Syndication Inc.
By: /s/ Christopher Spencer
Name: Christopher Spencer
Title: CEO
