Stock Agreement between Liberated Syndication Inc. and John G. Smith dated April 13, 2017

Contract Categories: Business Finance › Stock Agreements
Summary

Liberated Syndication Inc. has agreed to issue 300,000 shares of its common stock to director John G. Smith, subject to specific performance milestones. Smith will retain 25% of the shares for each milestone met, including reaching certain market capitalizations and up-listing to NASDAQ, within set timeframes. Shares tied to unmet milestones will be forfeited. This agreement aims to incentivize Smith's performance as a director.

Read More Arrow
EX-10.5 6 stockagreement_gregsmithfina.htm STOCK AGREEMENT OF JOHN G. SMITH DATED APRIL 13, 2017 Confidential





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 G. Smith (the “Director”) with respect to the matters set forth herein.


The Board of directors has awarded 300,000 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 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:


John G. Smith


By:/s/ John G. Smith

Name: John G. Smith




Liberated Syndication Inc.


By:  /s/ Christopher Spencer

Name:  Christopher Spencer

Title:  Board Chair and CEO