LIBERATED SYNDICATION INC. (OTCMKTS:LSYN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
On March 1, 2017, Liberated Syndication Inc, a Nevada corporation (the “Company”), entered into Employment Agreements with its Chief Executive Officer, Christopher J. Spencer, and its Chief Financial Officer, John Busshaus. Under the terms of the Employment Agreements, the Company agreed to employ Messrs. Spencer and Busshaus for a period of three years, beginning on March 1, 2017, and terminating on February 28, 2020, 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 initial three year 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 10.1 and 10.2, 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
10.1
Employment Agreement of Christopher J. Spencer dated March 1, 2017*
10.2
Employment Agreement of John Busshaus dated March 1, 2017*
* Indicates a management contract or compensatory plan or arrangement.
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.
