Stock Agreement between Liberated Syndication Inc. and John Busshaus (December 15, 2017)
Liberated Syndication Inc. has agreed to issue 900,000 shares of its common stock to employee John Busshaus. The shares are subject to milestones: Busshaus will keep 450,000 shares if the company's stock averages $5.00 per share for 10 consecutive trading days within 30 months, and another 450,000 shares if it averages $7.00 per share for 10 consecutive trading days within 36 months. If these milestones are not met within the specified timeframes, the shares are forfeited. The agreement is signed by both parties.
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 John Busshaus (the “Employee”) with respect to the matters set forth herein.
The Board of Directors has awarded 900,000 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 (450,000 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 (450,000 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 John Busshaus and Liberated Syndication Inc.
ACCEPTED AND AGREED TO:
John Busshaus
By:___________________________________________________
Name: John Busshaus
Liberated Syndication Inc.
By:_____________________________________________________
Name: Chris Spencer
Title: Chief Executive Officer
