Document:

parametric_8k-ex1003.htm

 EXHIBIT 10.3

SYZYGY LICENSING LLC – PARAMETRIC SOUND CORPORATION

ASSIGNMENT AGREEMENT

THIS ASSIGNMENT AGREEMENT (“Agreement”) is made as of the day and year last written below (the “Effective Date”) by and between Syzygy Licensing, LLC, a Nevada limited liability company having an address of 8617 Canyon View Drive, Las Vegas, Nevada 89117 (“Assignor”), and Parametric Sound Corporation, a Nevada corporation having a business address of 1941 Ramrod Avenue, Suite 100, Henderson, Nevada 89014 (“Assignee”).  Assignor and Assignee are sometimes collectively referred to herein as “the Parties.”

RECITALS

WHEREAS, Assignor has developed or owns certain technology relating to improved systems and methods of processing media input to create parametric sound output (the ”Technology”), and is the owner of certain intellectual property in connection with this technology;

WHEREAS, Assignee has previously licensed and now desires to acquire, and Assignor desires to grant and sell, Assignor’s entire right, title and interest in the Technology.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

1. DEFINITIONS

1.1: “Intellectual Property” shall include the pending patent applications or issued patents listed in Exhibit A hereto and all inventions, developments, improvements, specifications, trade secrets, practices and procedures, and know-how owned or developed by Assignor that relate(s) to or cover(s) the Technology as well as any improvements thereto.

2.  ASSIGNMENT

2.1: Assignor agrees to assign, and hereby does assign, the Intellectual Property including, without limitation, the patent applications listed in Exhibit A.  The parties agree that a separate writing or writings may be recorded in any appropriate patent office to effectuate this assignment.  The parties agree to cooperate with one another in executing any documentation necessary to codify this assignment in any country.

2.2: Any trademarks or trade dress used by Assignor in connection with the Intellectual Property is hereby assigned to Assignee.  All good will associated with any trademark or trade dress is also hereby assigned by Assignor to Assignee.

3.  REVOCATION OF PREVIOUS LICENSE AND TERMS THEREUNDER

3.1:  Termination of Previous License: as of the Effective Date, the License Agreement entered into by Assignor and Assignee on September 27, 2010 (entitled “SYZYGY LICENSING LLC – PARAMETRIC SOUND CORPORATION LICENSE AND ROYALTY AGREEMENT”) is terminated in full.  The parties agree that no further writing shall be necessary to effectuate this License termination, and that no further royalties under the License Agreement shall be due as of the Effective Date.

  

  

  

4. CONSIDERATION

4.1:  In consideration for the rights conveyed by this Agreement, Assignee shall pay to Assignor the following:

4.1.1:  One million five hundred thousand (1,500,000) shares of common stock of Parametric Sound, having a par value of $0.001 (“Shares”); and $250,000 USD.

4.1.2:  The parties agree that the issuance and delivery of stock shall be due upon execution of this agreement.  The parties further agree that payment of the $250,000 shall be due in full on or before June 30, 2012. Assignor acknowledges that the shares are restricted securities and subject to substantial restrictions on resale.

5. INDEMNIFICATION

5.1:  Assignee agrees to release, indemnify and hold harmless Assignor, its managers, its officers, employees, and agents against any and all losses, expenses, claims, actions, lawsuits, judgments and damages (including attorney’s fees through the appellate level) which may be brought against either party, its managers, its officers, employees, and agents as a result of or arising out of any claim of infringement with respect to the use, manufacture, sale, distribution, or importation or exportation by Assignee of products covered by the Intellectual Property.  This section shall continue after the termination of this Agreement.

5.2:  Assignee agrees to release, indemnify and hold harmless Assignor, its managers, its officers, employees, and agents against any and all losses, expenses, claims, actions, lawsuits, judgments and damages (including attorney’s fees through the appellate level) which may be brought against either party, its managers its officers, employees, and agents as a result of or arising out of any product liability claim with respect to the use, manufacture, sale, distribution, or importation or exportation by Assignee of the products covered by the Intellectual Property.  This section shall continue after the termination of this Agreement.

6. REPRESENTATIONS AND WARRANTIES OF ASSIGNOR:

6.1:  Assignor makes no representations or warranties to Assignee relating to patentability of the Technology, or potential infringement of any third-party intellectual property that may occur by practicing the Technology.

7. GOVERNING LAW

7.1:  This Agreement, and all matters relating hereto, including any matter or dispute arising out of the Agreement, shall be interpreted, governed, and enforced according to the laws of the United States of America and the State of Nevada, where applicable, and the parties hereto consent to the jurisdiction of any appropriate federal or state court in and for the State of Nevada to resolve such disputes.

8. ATTORNEYS’ FEES

8.1:  In the event that any party hereto shall be in default or breach of this Agreement, said party shall be liable to pay all reasonable attorneys’ fees, court costs, and other related collection costs and expenses incurred by the non-defaulting or non-breaching party in prosecuting its rights hereunder.

9. BINDING EFFECT

9.1:  This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective heirs, legatees, agents, representatives, officers, directors, successors and assigns.

  

  

  

10. CAPTIONS

10.1:  The captions and paragraph headings of this Agreement are solely for the convenience of reference and shall not affect its interpretation.

11. SEVERABILITY

11.1:  The parties agree that if any part, term, or provision of this Agreement shall be found illegal or in conflict with any valid controlling law, the validity of the remaining provisions shall not be affected thereby. In the event of the legality of any provision of this Agreement is brought into question because of a decision by a court of competent jurisdiction, the parties agree that either the parties (by written amendment) or the court may narrow the provision in question or delete it entirely so as to comply with the decision of said court.

12. ENTIRE AGREEMENT

12.1:  This Agreement expresses and contains the entire agreement between the parties with respect to the subject matter hereof and supersedes and replaces any prior agreements between the parties with respect thereto.  Except as expressly provided in this Agreement, there are no agreements, understanding, inducements or arrangements between the parties relating to the subject matter of this Agreement.  No subsequent alteration, amendment, change or addition to this agreement shall be binding upon either party unless reduced in writing and signed by them.

13. PREPARATION OF AGREEMENT

13.1:  The parties acknowledge and agree that they have both participated in the preparation of this Agreement and, in the event that any question arises regarding its interpretation, no presumption shall be drawn in favor of or against any party hereto with respect to the drafting hereof.

IN WITNESS WHEREOF, the parties have executed this Agreement and have made it effective as of the day and year first written below:

	
Syzygy Licensing, LLC

	
Parametric Sound Corporation

	
Assignor:

	
Assignee:

	  	  
	
By:/s/ JAMES A. BARNES

	
By: /s/ ROBERT M. KAPLAN

	
(signature)

	
(signature)

	  	  
	
Title: Manager

	
Title: Director

	
Printed Name: James A. Barnes

	
Printed Name: Robert M. Kaplan

	
Date: December 29, 2011

	
Date: December 29, 2011

 

 

 

 

 

 

 

 

 

 

 

  

  

  

Exhibit A (Intellectual Property):

	
Title

	
TNW Docket Number

	
Parametric Transducer and Signal Processing Systems and Methods

	
01184-001.PROV

	
Parametric Signal Processing Systems and Methods

	
01184-006.NP1

	
Parametric Transducers and Related Methods

	
01184-006.NP2

	
Parametric Transducer Systems and Related Methods

	
01184-006.NP3

	
Improved Parametric Signal Processing and Emitter Systems and Related Methods

	
01184-006.PCT

	
Parametric Transducer System and Related Methods

	
01184-006.PROVversant_8k-ex1001.htm

Exhibit 10.1

 

FORM OF

RESTRICTED STOCK AGREEMENT

 

Dated: ________

 

THIS RESTRICTED STOCK AGREEMENT (the “Agreement”) is made and entered into by and between SHANG HIDE CONSULTANTS, LTD, a Nevada corporation (the “Company”), and __________ (“Grantee”), effective as of the date hereof, under the following circumstances.

 

WHEREAS, Grantee serves the Company in the positions of Director, President and Chief Operating Officer;

 

WHEREAS, the Board of Directors of the Company previously approved a grant of ___________ shares of the Company’s common stock to Grantee;

 

NOW, THEREFORE, intending to be legally bound, in consideration of in consideration of Grantee’s services rendered to the Company in the positions of Director, President and Chief Operating Officer, and to provide Grantee with an incentive for on-going superior performance (which has a value exceeding the par value of the common stock awarded pursuant hereto), and the mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

Section 1.     Grant.

 

On the effective date hereof the Company hereby grants to Grantee ________________ (________) shares of the Company’s Common Stock, par value $0.001 per share (the “Restricted Stock”).  The Restricted Stock is subject to the following provisions of this Agreement.

 

Section 2.     Vesting. The Restricted Stock will vest as follows: 100% of the Restricted Stock shares shall vest upon the issuance of the Restricted Stock.

 

Section 3.     Purchase Price. There shall be no purchase price paid for the shares, other than consideration of Grantee’s services to the Company; provided that the shares are issued using a price per share of $0.001. The Restricted Stock will be issued in uncertificated form. The Restricted Stock will be recorded in the name of the Grantee in the electronic books and records of the Company as kept by the Company’s transfer agent. Upon request by the Grantee, a certificate for the Restricted Stock will be issued.

 

Section 4.     Transferability. The transferee of any Restricted Stock will be subject to all restrictions, terms, and conditions applicable to the Restricted Stock.

 

Section 5.     Shareholder Rights and Restrictions. Except with regard to the disposition or encumbrance of Restricted Stock, the Grantee will generally have all rights of a shareholder with respect to the Restricted Stock from the date of grant, including, without limitation, the right to receive dividends with respect to such Restricted Stock and the right to vote such Restricted Stock, subject to any restrictions contained herein.

 

Section 6.     Taxes.

 

(a)                 The Grantee hereby agrees to pay to the Company any federal, state, or local taxes of any kind required by law to be withheld and remitted by the Company with respect to the Restricted Stock (including any taxes arising under Section 409A of the Internal Revenue Code (the “Code”)). The Grantee may satisfy such tax obligation, in whole or in part, by delivering to the Company other shares of common stock of the Company with a fair market value equal to the amount of such taxes. The election, if any, must be made on or before the date that the amount of tax to be withheld is
determined. If the Grantee does not make such payment to the Company, the Company shall have the right to withhold from any payment of any kind otherwise due to the Grantee from the Company, any federal, state or local taxes of any kind required by law to be withheld with respect to the award or vesting of the Restricted Stock. The Grantee is solely responsible and liable for the satisfaction of all taxes that may arise in connection with this award of Restricted Stock.

 

  

 

  

 

(b)                 The Board of Directors of the Company shall have the discretion to unilaterally modify this award of Restricted Stock in a manner necessary to (i) conform with the requirements of Section 409A of the Code, (ii) that voids any election of the Grantee to the extent it would violate Section 409A of the Code, and (iii) for any distribution election that would violate Section 409A of the Code, to make distributions pursuant to the Award at the earliest to occur of a distribution event that is allowable under Section 409A of the Code or any distribution event that is both allowable under Section
409A of the Code and is elected by the Grantee, subject to any valid second election to defer, provided that the Board permits second elections to defer in accordance with Section 409A. The Board shall have the sole discretion to interpret the requirements of the Code, including Section 409A, for purposes of this award of Restricted Stock.

 

(c)                 Section 83(b) Election Notice.  If Grantee makes an election under Section 83(b) of the Code, as amended, with respect to the shares underlying the Restricted Stock (a “Section 83(b) election”), Grantee agrees to provide a copy of such election to the Company within ten (10) days after filing such election with the Internal Revenue Service.

 

Section 7.     Securities Law Compliance.

 

(a)  The Grantee agrees that certificates representing the Restricted Stock may bear such legends and statements as the Company shall deem appropriate or advisable to assure, among other things, compliance with applicable securities laws, rules, and regulations.

 

(b)  The Grantee agrees that any Restricted Stock which the Grantee may acquire by virtue of this Agreement may not be transferred, sold, assigned, pledged, hypothecated or otherwise disposed of by the Grantee unless (i) a registration statement or post-effective amendment to a registration statement under the Securities Act of 1933, as amended, with respect to such Restricted Stock has become effective so as to permit the sale or other disposition of such Restricted Stock by the Grantee, or (ii) there is presented to the Company an opinion of counsel satisfactory to the Company to the effect that the sale or other proposed disposition of such Restricted Stock by the Grantee may
lawfully be made otherwise than pursuant to an effective registration statement or post-effective amendment to a registration statement relating to such Restricted Stock under the Securities Act of 1933, as amended.

 

Section 8.     Long-term Agreements.   The Grantee recognizes and agrees that part of the Company’s consideration in granting the Restricted Stock was and is securing the continued long-term commitment of the Grantee to serve the Company in a manner so as to advance and promote the business interests and objectives of the Company.  Accordingly, the Grantee agrees that this award of Restricted Stock (the “Award”) shall be subject to the terms and conditions of the Shareholder Agreement, as well as to the following
terms and conditions as material and indivisible consideration for this Award:

 

  

2

  

 

(a)  Fiduciary Duty.  During his or her employment with the Company the Grantee shall devote his or her full energies, abilities, attention and business time to the performance of his or her job responsibilities and shall not engage in any activity which conflicts or interferes with, or in any way compromises, his or her performance of such responsibilities.

 

(b) Proprietary Information and Confidentiality.  Both before and during the term of Grantee’s employment, Grantee will have access to and become acquainted with Company confidential and proprietary information (together “Proprietary Information”), including but not limited to information or plans concerning the Company’s customer relationships; personnel; sales, marketing and financial operations and methods; trade secrets, formulae, devices; secret inventions; processes; and other compilations of information, records, and specifications.  Grantee will not disclose any of the Proprietary Information directly or indirectly, or use it in any way,
either during his employment or at any time thereafter, except as reasonably required or specifically requested in the course of his employment with the Company or as authorized in writing by the Company.  Notwithstanding the foregoing, Proprietary Information does not include information that is otherwise publicly known or available, provided it has not become public as a result of a breach of this Agreement or any other agreement Grantee has to keep information confidential.  It is not a breach of this Agreement for Grantee to disclose Proprietary Information pursuant to an order of a court or other governmental or legal body.

 

Grantee hereby agrees to disclose promptly to the Company (or any persons designated by it) all developments, designs, creations, improvements, original works of authorship, formulas, processes, know-how, techniques and/or inventions (collectively, the “Inventions”) (A) which are made or conceived or reduced to practice by Grantee, either alone or jointly with others, in performing his duties during the period of Grantee’s employment by the Company, that relate to or are useful in the business of the Company; or (B) which result from tasks assigned to Grantee by the Company, or from Grantee’s use of the premises or other resources owned, leased or contracted by the
Company.

 

Section 9.     Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, except to the extent otherwise governed by Federal law.

 

Section 10.    Modifications.  This Agreement may not be modified or amended at any time, without the consent of both parties hereto.

 

Section 11.    Severability. Every provision of this Agreement is intended to be severable. If any term hereof is illegal or invalid for any reason, such illegality or invalidity shall not affect the validity or legality of the remaining terms of this Agreement.

 

Section 12.    Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

 

 

[Signature page follows]

 

  

3

  

 

IN WITNESS WHEREOF, the parties have subscribed their names hereto.

 

 

	
COMPANY:

 

SHANG HIDE CONSULTANTS, LTD.

 

 

By: 

 

Its:

	  	
GRANTEE:

 

DATE OF GRANT:

 

  

4

  

 

ACCEPTANCE OF AGREEMENT

 

 

The Grantee hereby:

 

(a) Acknowledges that he has received a copy of the Company’s most recent Annual Report and other communications routinely distributed to the Company’s shareholders;

 

(b) Accepts this Agreement and the Restricted Stock granted to him under this Agreement subject to all provisions of this Agreement;

 

(c) Represents and warrants to the Company that he is acquiring the Restricted Stock for his own account, for investment, and not with a view to or any present intention of selling or distributing the Restricted Stock either now or at any specific or determinable future time or period or upon the occurrence or nonoccurrence of any predetermined or reasonably foreseeable event; and

 

(d) Agrees that no transfer of the Restricted Stock will be made unless the Restricted Stock have been duly registered under all applicable Federal and state securities laws pursuant to a then effective registration which contemplates the proposed transfer or unless the Company has received the written opinion of, or satisfactory to, its legal counsel that the proposed transfer is exempt from such registration.

 

Grantee’s Signature:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

5

  

EXHIBIT A

 

Consent of Spouse

 

The undersigned, who is the spouse of __________________________, hereby consents to her spouse’s execution of the foregoing Agreement, agrees to be bound by the terms of this Agreement and hereby irrevocably appoints her respective spouse as her agent for purposes of performing any actions directly or indirectly relating to the foregoing Agreement, including, but not limited to, sales of shares of the Company under the Agreement, without further signature, consent or notice to the undersigned.

 

 

	
DATED:

	
December __, 2011

 

_____________________________

 

Printed Name:

 

 

 

 

 

 

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