Friday, August 10, 2012:
Parametric Sound Corporation (NASDAQ: PAMT), a leading innovator of directed audio products and solutions, today announced that it has appointed Bob Kulakowski as Vice President, Engineering. Kulakowski brings 32 years of experience in TV broadcast engineering, security, networking, computer design and technology management. Mr. Kulakowski will be responsible for managing engineering, product development and technology transfer to licensees.
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"Bob brings a multitude of talents and past experience to Parametric," said Kenneth F. Potashner, executive chairman of Parametric Sound. "We have a strong and talented team of engineers and scientists focused on our patented, directed audio technology and we are excited to welcome Bob to our team."
Mr. Kulakowski had served as chief technology officer of Channel Islands and was co-founder and chief technology officer of Verimatrix. During his time at Verimatrix the company grew to over 300 satellite, cable, and IPTV operator customers that serviced over 15 million subscribers using the Verimatrix system. Products developed by Bob or under his direction have been sold or licensed to Intel, IBM, AT&T, NCR, Western Digital, TDK, Silicon Systems, Yamaha, and others.
In connection with such appointment, Mr. Kulakowski received an option to purchase 64,000 shares of Parametric common stock at an exercise price of $10.55 per share, the closing price of Parametric common stock on August 2, 2012, and which is exercisable for five years from the grant date. The vesting schedule for the option grant is quarterly over three years commencing on September 30, 2012 with the option becoming fully vested on June 30, 2015, subject to continued service and other conditions. This grant is outside Parametric's existing shareholder approved equity plan and was approved by the Company's independent directors as an inducement material to Mr. Kulakowski entering into employment with Parametric in reliance on NASDAQ Listing Rule 5635(c)(4), which requires this public announcement.
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