Document:

Exhibit

        

Exhibit 10.52

DTS, Inc.

EXECUTIVE INCENTIVE COMPENSATION PROGRAM SUMMARY 

For the Fiscal Year Ending December 31, 2016

PROGRAM PROVISIONS

		
	I.
	PURPOSE

The purpose of the DTS, Inc. (the “Company”) 2016 Executive Incentive Compensation Program (the “Program”) is to motivate our executive officers to drive the execution of the company’s strategic plan through the delivery of overall financial results and the execution of specific initiatives critical to the business. 

		
	II.
	PLAN YEAR

The Program Year begins on January 1, 2016 and ends on December 31, 2016.  This Program is adopted as a Cash-Bash Award under the Company’s 2012 Equity Incentive Plan.

		
	III.
	PARTICIPANTS

The Company’s executive officers are eligible to participate in the Plan, as determined by the Compensation Committee. Participation by an employee for the fiscal year ending December 31, 2016 does not mean that such employee will necessarily participate in future years, nor does it mean an Incentive Compensation Program will be authorized in future years.  The Company also retains the right to remove a participant or discontinue the entire Program at its discretion, provided, however, that a participant’s bonus for the fiscal year ending December 31, 2016 shall be treated as specified below.

Funding for the Program is contingent upon the achievement of one or more pre-established Company financial and strategic performance measures. Based on performance, a maximum bonus award is calculated for each executive. The Compensation Committee of the Board of Directors of the Company (the “Committee”) may then exercise its discretion to adjust actual bonus awards based on discretionary factors such as the performance of the Company, the performance of each executive’s functional or territory divisions (if applicable), and the executive’s individual performance.

		
	IV.
	PROGRAM STRUCTURE

In order to motivate executives to drive the execution of the company’s strategic plan while achieving specific annual organizational and financial results, the compensation committee has a “pay for performance” philosophy and uses performance-based compensation to reward individual performance and the accomplishment of corporate goals.  Corporate goals are generally structured to challenge and motivate executives, so that reasonable “stretch” performances would yield a payout at or about 100% of target.

The pay for performance short-term incentive program is structured into two components: 1) overall company financial targets, 2) key strategic initiatives.    The purpose of having the two components is to ensure a balance and focus on the attainment of specific annual financial metrics as well as the execution of critical goals that are imperative for the future success of the business.  

Incentive targets and payouts are expressed as a percentage of base salary.  The base salary and bonus targets to be utilized will be the participant’s annualized base and target pay as determined by the Committee.  

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Under the Program, 65% of the target opportunity is based on overall company financial performance and the other 35% is based on achieving objectives that are critical to the overall strategy.   These performance goals are to be reviewed and approved by the Committee.   

Lastly, following the funding of the Program based on the achievement of the financial targets and key strategic goals, an individual performance multiplier rating will be applied to recognize the specific performance for each executive.   The performance ratings will range from 0 to 1.5.  

The formula is outlined below: 

		
	V. 
	PERFORMANCE TARGETS

Company Performance = weighted 65% of target executive bonus pool
Strategic Performance = weighted 35% of target executive bonus pool

Company Performance

The Company corporate performance formula measures non-GAAP revenue and operating income independently and they are weighted equally.  Performance between these metrics shall be interpolated to derive an appropriate funding factor. 

Strategic Performance

The Company strategic goals formula measures accomplishment and quality completion tied to initiatives critical to the future success of our business.   The performance factors will range between 0% and 100%.

		
	VI.
	INTERPRETATION OF THIS PROGRAM, FUNDING & PAYMENT 

Interpretation and/or application of this Program shall be made by the Committee after consultation with the Chief Executive Officer of the Company and such decisions shall be final and binding.    

In order to receive an incentive payout under this Program, the participant must work through the end of the Program Year and be employed on the day the bonus is paid.  Should the participant leave due to retirement after the Program Year but before the bonus is paid, the participant will remain eligible for the payout.  Accordingly, except in the case of retirement, if a participant leaves any time during the Program Year and prior to the bonus payout, he/she shall receive no bonus payment.

VII.      “AT WILL” EMPLOYMENT RELATIONSHIP
 

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This Program is not intended to create, and should not be construed as creating, any kind of contract of employment between the Company and the participant.  In the absence of a written agreement to the contrary, the participant’s employment with the Company at all times will remain at will.
 
This means that the participant is free to terminate his/her service with the Company at any time without cause and without written notice and, similarly, the Company is free to terminate the participant’s service at any time without cause and without written notice.

3Exhibit

Exhibit 10.2

AMENDMENT TO 
THIRD AMENDED AND RESTATED LIMITED LIABILITY LIMITED PARTNERSHIP AGREEMENT OF LADDER CAPITAL FINANCE HOLDINGS LLLP
This AMENDMENT (this “Amendment”) to the Third Amended and Restated Limited Liability Limited Partnership Agreement of Ladder Capital Finance Holdings LLLP, dated as of December 31, 2014 (the “Partnership Agreement”), is made and effective as of November 30, 2015, by and among the LP Majority Series Holders of both Series REIT and Series TRS, the General Partner of Series REIT, the General Partner of Series TRS, and the General Partner of the Partnership.  Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms in the Partnership Agreement.
RECITALS
WHEREAS, the undersigned wish to amend the provisions of Partnership Agreement applicable to issuances and redemptions of Series REIT LP Units and Series TRS LP Units;
WHEREAS, pursuant to Section 13.5 of the Partnership Agreement, provisions of the Partnership Agreement may be amended only upon the written approval of the LP Majority Series Holders of Series REIT, the LP Majority Series Holders of Series TRS, the General Partner of Series REIT, the General Partner of Series TRS, and the General Partner of the Partnership.
NOW, THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged and accepted, the parties, intending to be legally bound, hereby agree as follows:
1.Section 5.5(b) of the Partnership Agreement shall be amended and restated to read in its entirety as set forth below.
Repurchase or Redemption of Ladder Class A Shares.  If, at any time, any Ladder Class A Shares are repurchased or redeemed (whether by exercise of a put or call, pursuant to an open market purchase, automatically or by means of another arrangement) by LCC Corporation for cash and subsequently cancelled, then Series REIT shall, immediately prior to such repurchase or redemption of Ladder Class A Shares, repurchase or redeem an equal number of Series REIT LP Units held by LCC Corporation, at an aggregate purchase price or redemption price, as applicable, for the Series REIT LP Units as is determined by the Series Board of Series REIT (which aggregate purchase price or redemption price shall in no event be greater than the aggregate purchase price or redemption price, as applicable, of the Ladder Class A Shares being repurchased or redeemed by LCC Corporation (plus any expenses related thereto)), and upon such other terms as are the same for the Ladder Class A Shares being repurchased or redeemed by LCC Corporation.

2.    Section 5.5(d) of the Partnership Agreement shall be amended and restated to read in its entirety as set forth below.
Corresponding Issuances and Redemptions of Series TRS LP Units.  If at any time Series REIT issues any Series REIT LP Units to LCC Corporation pursuant to Section 5.5(a), then Series TRS shall issue a corresponding number of Series TRS LP Units to TRS I LLC, which in turn shall issue to Series REIT a number of TRS I LLC Shares equal to the number of Series REIT LP Units so issued pursuant to Section 5.5(a).  If, at any time, any Series REIT LP Units are repurchased or redeemed for cash pursuant to Section 5.5(b) in connection with a repurchase or redemption of Ladder Class A Shares by LCC Corporation, then Series TRS shall, simultaneously with such repurchase or redemption of Series REIT LP Units, repurchase or redeem an equal number of Series TRS LP Units held by TRS I LLC at an aggregate purchase price or redemption price, as applicable, which, when added to the aggregate purchase price or redemption price of Series REIT LP Units paid pursuant to Section 5.5(b), equals the aggregate purchase or redemption price of the Ladder Class A Shares being repurchased or redeemed by LCC Corporation (plus any expenses related thereto), and upon such other terms as are the same for the Series REIT LP Units being repurchased or redeemed pursuant to Section 5.5(b) (and an equal number of TRS I LLC Shares shall be repurchased or redeemed by TRS I LLC pursuant to the limited liability company agreement of TRS I LLC).
3.    Except as specifically amended hereby, the terms and provisions of the Partnership Agreement shall continue and remain in full force and effect and shall continue and remain valid and binding obligations of the parties thereto in accordance with their terms.  All references in the Partnership Agreement (and in any other agreements, documents and instruments entered into in connection therewith) to the “Agreement” shall be deemed for all purposes to refer to the Partnership Agreement, as amended, including by this Amendment.
4.    This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to conflicts of law principles.
5.    This Amendment may be executed and delivered (including by facsimile or other electronic transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement.

[SIGNATURE PAGE FOLLOWS.]

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IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed and delivered as of the date first written above.

LP MAJORITY HOLDERS OF SERIES REIT OF LADDER FINANCE HOLDINGS LLLP AND OF SERIES TRS OF LADDER FINANCE HOLDINGS LLLP

	
				
	 
	 
	TI II LADDER HOLDINGS, LLC

	 
	 
	 

	 
	 
	 

	 
	 
	 

	November 30, 2015
	 
	By:
	/s/ GLENN F. MILLER

	Date
	 
	Name:
	Glenn F. Miller

	 
	 
	Title:
	Vice President

	
				
	 
	 
	TI II LADDER HOLDINGS, LLC

	 
	 
	 

	 
	 
	By:
	GI Partners Fund III L.P., its sole member

	 
	 
	By:
	GI GP III L.P., its General Partner

	 
	 
	By:
	GI GP III LLC, its General Partner

	 
	 
	 

	November 30, 2015
	 
	By:
	/s/ HOWARD PARK

	Date
	 
	Name:
	Howard Park

	 
	 
	Title:
	Managing Director

	
				
	 
	 
	 

	November 30, 2015
	 
	By:
	/s/ BRIAN HARRIS

	Date
	 
	Name:
	Brian Harris

	 
	 
	 
	 

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GENERAL PARTNER OF 
SERIES REIT OF LADDER FINANCE HOLDINGS LLLP 

	
				
	 
	 
	LADDER CAPITAL CORP

	 
	 
	 

	 
	 
	 

	 
	 
	 

	November 30, 2015
	 
	By:
	/s/ KELLY PORCELLA

	Date
	 
	Name:
	Kelly Porcella

	 
	 
	Title:
	Associate General Counsel

GENERAL PARTNER OF 
LADDER FINANCE HOLDINGS LLLP 

	
				
	 
	 
	LADDER CAPITAL CORP

	 
	 
	 

	 
	 
	 

	 
	 
	 

	November 30, 2015
	 
	By:
	/s/ KELLY PORCELLA

	Date
	 
	Name:
	Kelly Porcella

	 
	 
	Title:
	Associate General Counsel

GENERAL PARTNER OF 
SERIES TRS OF LADDER FINANCE HOLDINGS LLLP

	
				
	 
	 
	LC TRS I LLC

	 
	 
	 

	 
	 
	 

	 
	 
	 

	November 30, 2015
	 
	By:
	/s/ KELLY PORCELLA

	Date
	 
	Name:
	Kelly Porcella

	 
	 
	Title:
	Associate General Counsel

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