Item 8.01 Other Events.

In its Annual Report on Form 10-K for the year ended December 31, 2019 ("2019 Form 10-K"), Liberated Syndication Inc. (the "Company") disclosed that it had a profit-sharing plan (the "Plan") for the benefit of the employees of the Company, in which "profit sharing contributions" were made at the discretion of the Company's Board of Directors (the "Board"). The Company has since determined that such Plan involved a practice operated by the Company's management, in which contributions were made to the 401(k) plans of certain Company employees without prior Board approval. For the years ended December 31, 2020, 2019 and 2018, the Company made contributions to the Plan of $121,566, $111,431 and $100,000, respectively.

For the years ended December 31, 2020, 2019 and 2018, (i) Mr. Christopher Spencer, the Company's former Chief Executive Officer, received contributions made by the Plan to his 401(k) plan of $21,000, $24,750 and $19,513, respectively; and (ii) Mr. John Busshaus, the Company's former Chief Financial Officer, received contributions made by the Plan to his 401(k) plan of $0, $24,750 and $19,513, respectively. Ms. Laurie Sims, the Company's current President and Chief Operating Officer, received contributions made by the Plan to her 401(k) plan including a payment of $21,000 for the year ended December 31, 2020. The amounts for Mr. Spencer and Mr. Busshaus were inadvertently omitted from the executive compensation reported for Mr. Spencer and Mr. Busshaus in the Company's proxy statement filed with the Securities and Exchange Commission on October 15, 2020 as well as in the 2019 Form 10-K and the Annual Report on Form 10-K for the year ended December 31, 2018. Ms. Sims was not a named executive officer (as defined in Item 402 of Regulation S-K) of the Company for the years ended December 31, 2019 and 2018. Going forward, the Company intends to adopt a written version of the Plan and obtain Board approval for any future awards made under the Plan.

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