Stock Agreement between Liberated Syndication Inc. and Douglas Polinsky dated April 13, 2017
Liberated Syndication Inc. has agreed to issue 300,000 shares of its common stock to director Douglas Polinsky. The shares are subject to milestones: the company must reach market capitalizations of $25M, $50M, and $75M for five consecutive days each, and must up-list to NASDAQ, all within specified timeframes. For each milestone met, Polinsky retains 25% of the shares; if a milestone is not met within its deadline, the corresponding shares are forfeited. This agreement incentivizes 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 Douglas Polinsky (the Director) with respect to the matters set forth herein.
The Board of directors has awarded 300,000 shares of the Companys 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 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 director will retain 25% of the stock (75,000 shares). If not obtained within 12 months of the date of this agreement, 25% of the stock will be forfeited by the director.
2. $50 Million Market Cap
When the company obtains a $50Million average market cap for any 5 consecutive days, the director will retain 25% of the stock (75,000 shares). If not obtained within 18 months of the date of this agreement, 25% of the stock will be forfeited by the director.
3. $75 Million Market Cap
When the company obtains a $75Million average market cap for any 5 consecutive days, the director will retain 25% of the stock (75,000 shares). If not obtained within 24 months of the date of this agreement, 25% of the stock will be forfeited by the director.
4. Up-list to NASDAQ
The date the Company up-lists to NASDAQ, the director will retain 25% of the stock (75,000 shares). If not obtained within 24 months of the date of this agreement, 25% of the stock will be forfeited by the director.
ACCEPTED AND AGREED TO:
Douglas Polinsky
By:/s/ Douglas Polinsky
Name: Douglas Polinsky
Liberated Syndication Inc.
By: /s/ Christopher Spencer
Name: Christopher Spencer
Title: Board Chair and CEO