Amendment No. 2 to Parametric Sound Corporation 2012 Stock Option Plan
Parametric Sound Corporation amended its 2012 Stock Option Plan on February 21, 2013. The amendment, approved by the Board of Directors, updates the rules regarding the exercise price of non-qualified stock options (NQSOs), requiring that the exercise price be at least the fair market value of the stock on the grant date, unless otherwise specified. This change ensures compliance with applicable laws and regulations. The amendment is signed by the company's Chief Financial Officer, Treasurer, and Secretary.
Exhibit 10.1
AMENDMENT NO. 2
TO THE
PARAMETRIC SOUND CORPORATION 2012 STOCK OPTION PLAN
On February 21, 2013, in accordance with Section 11 of the Parametric Sound Corporation 2012 Stock Option Plan (the “Plan”), the Board of Directors of Parametric Sound Corporation (the “Company”) amended and restated Section 6(b)(i)(1) of the Plan to read in its entirety as follows:
“To the extent required by applicable laws, rules and regulations and except as set forth in Section 6(b)(i)(2), the exercise price of an NQSO shall be not less than the fair market value (determined in accordance with Section 6(a)(x)) of the stock subject to the Option on the date of grant).”
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The Company has caused this Amendment No. 2 to be signed on the date indicated below, to be effective as indicated above.
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Dated: February 21, 2013 | PARAMETRIC SOUND CORPORATION
By: /s/ JAMES A. BARNES James A. Barnes Chief Financial Officer, Treasurer and Secretary |
