October 4, 2019, Liberated Syndication Inc, and the current members of its Board of Directors entered into a settlement agreement with Camac Fund, L.P. and Eric Shahinian. As required by the Settlement Agreement, on October 4, 2019 the Board of Liberated Syndication Inc. appointed Messrs. Shahinian and Tirpak (and appointed them to the specified committees of the Board) to the Board and accepted Christopher Spencer’s resignation as Chairman, but not as a director. Mr. Shahinian, age 31, is the managing member of Camac Partners LLC, which he founded in 2011. Prior to founding Camac, he was an analyst at Kingstown Capital Management L.P., an investment firm, from 2009 to 2011. Mr. Shahinian was a director of Khan Resources Inc. from 2015 to 2017, during which time the company reached a settlement with the government of Mongolia in regards to an arbitration award entered in the company’s favor and paid out a large return of capital. Mr. Tirpak has been a managing director at Palm Active Partners LLC since 2016. From 2009 to 2016, Mr. Tirpak was founder and Chief Executive Officer of Locke Partners and managed various investment partnerships that focused on engaging public companies to improve corporate governance and improve stockholder returns. Mr. Tirpak is the Chairman of the Board of Full House Resorts Inc., a casino developer and operator, and has been a director since December 2014, was a director of Flowgroup plc, an independent energy supplier in the UK, from July 2017 until October 2018, and was a director of Birner Dental Management Services Inc., a manager of dental practices in Colorado, Arizona and New Mexico, from December 2017 to January 2019. From April 2015 to February 2017, he was a director of Applied Minerals Inc., a leading producer of halloysite clay and advanced natural iron oxide solutions, and from January 2010 to February 2012, he was a director of USA Technologies Inc., a payments company focused on the vending industry. Messrs. Shahinian and Tirpak will participate in the non-employee director compensation program at the Company. Other than the Settlement Agreement, there are no arrangements or understandings between Messrs. Shahinian and Tirpak and any other person pursuant to which either was named a director of the Company. Neither of Messrs. Shahinian and Tirpak has a family relationship with the Company’s directors or executive officers or any persons nominated or chosen by the Company to be a director or executive officer. Messrs. Shahinian and Tirpak have not entered into any other material plan, contract, arrangement or amendment in connection with their appointment to the Board.