LIBERATED SYNDICATION INC. (OTCMKTS:LSYN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On March 15, 2019, the compensation committee of the board of directors of Liberated Syndication Inc, a Nevada corporation (the “Company”) approved the modification and extension of the existing stock agreements each dated April 13, 2017, with its Chief Executive Officer, Christopher J. Spencer, and its Chief Financial Officer, John Busshaus by entering into two new Stock Agreements (the “Stock Agreements”), each dated March 15, 2019 (the “Agreement Date”). Two milestones for the stock awards have been modified as follows or the stock will be forfeited: 1) Up-list to NASDAQ or NYSE within 18 months of the Agreement Date ; 2) Market cap of $80 Million for 5 consecutive days within 18 months of the Agreement Date. These extensions and modifications will not involve the issuance of additional shares of common stock, nor the recording of additional expense.
The Stock Agreements of Messrs. Spencer and Busshaus are filed herewith as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference. The foregoing descriptions of the Stock Agreements do not purport to be complete and are qualified in their entirety by reference to such exhibits.
On the same date, the compensation committee of the board of director of the Company also approved the entry into new employment agreements with its Chief Executive Officer, Christopher J. Spencer, and its Chief Financial Officer, John Busshaus to extend their employment to February 28, 2023 (the “Employment Agreements”). Under the terms of the Employment Agreements, the Company agreed to employ Messrs. Spencer and Busshaus for a period of an additional three years, beginning on March 1, 2020, and terminating on February 28, 2023, at annual salaries of $400,000 and $350,000, respectively. Each Employment Agreement will automatically be extended for an additional one year period on each renewal date, unless the Company gives the employee at least 90 days’ written notice that it does not wish to extend such Employment Agreement. At the end of the term of each employee’s respective Employment Agreement, he will receive a bonus equal to twice his annual salary.
Each Employment Agreement contains standard non-disclosure covenants, as well as standard non-competition and non-solicitation restrictions for a period of six months after termination of employment.
The Employment Agreements of Messrs. Spencer and Busshaus are filed herewith as Exhibits 10.3 and 10.4, respectively, and are incorporated herein by reference. The foregoing descriptions of the Employment Agreements do not purport to be complete and are qualified in their entirety by reference to such exhibits.
Item 9.01 Financial Statements and Exhibits
(a) Exhibits
|
Description |
|
|
Stock Agreement of Christopher J. Spencer dated March 15, 2019* |
|
|
10.2 |
Stock Agreement of John Busshaus dated March 15, 2019* |
|
Employment Agreement of Christopher J. Spencer dated March 15, 2019* |
|
|
10.4 |
Employment Agreement of John Busshaus dated March 15, 2019* |
* Indicates a management contract or compensatory plan or arrangement.
Liberated Syndication Inc. Exhibit
EX-10.1 2 lsyn_ex101.htm STOCK AGREEMENT OF CHRISTOPHER J. SPENCER DATED MARCH 15,…
To view the full exhibit click here
About LIBERATED SYNDICATION INC. (OTCMKTS:LSYN)
Liberated Syndication Inc. is a podcast service provider offering hosting and distribution tools. The Company offers basic plans, as well as advanced plans that include storage, advanced statistics and podcast applications. Its hosting plans include unlimited downloads, media hosting-audio and video, own Webpage for the show, an iTunes compatible rich site summary (RSS) feed for the podcast, HTML5 video and audio player, single click multiple destination publishing with OnPublish and Network Application Listing. Its advanced hosting plans also include custom mobile application offering, advanced statistics package and MyLibsyn subscription management service. Its LibsynPRO service is an enterprise solution for professional media producers and corporate customers. The Libsyn4 product offering is a podcast hosting and distribution service, which includes storage, bandwidth, RSS creation, distribution and statistics tracking.