Document:

Exhibit

Exhibit 10.2

14000 Technology Drive
Eden Prairie, MN  55344
952-937-4000
May 20, 2020

Mr. Randy Martinez 
[Address Omitted]

Dear Randy,

Congratulations!  On behalf of MTS Systems Corporation (“MTS”), I am pleased to confirm our verbal offer to you for the temporary full-time exempt position of Interim President and CEO.  This position will report the MTS Board of Directors with primary work direction from David Anderson and will be based in Eden Prairie, MN. 

Employment Date: May 23, 2020
Compensation:  Your starting salary will be $720,000 annually, less applicable withholding, and paid bi-weekly in accordance with MTS' payroll procedures. You have voluntarily agreed to reduce your base pay by 20% beginning on your start date through the end of the fiscal year or if extended as previously agreed to by the Board of Directors.  This reflects a temporary salary of $576,000 annually.  
Equity Compensation:  You will receive an equity grant equal in value of $450,000.  The date of grant will be the 15th of the month after your month of hire.  It will be provided in the form of 100% Restricted Stock Units.  You will also receive monthly grants of Restricted Stock Units in the amount of $150,000 per month commencing on September 15, 2020, and continuing until the appointment of a full-time, permanent President and CEO.  All Restricted Stock Units will vest at the earlier of the first anniversary of your appointment as Interim President and CEO or upon the appointment of a full-time, permanent President and Chief Executive Officer. 
Health & Welfare Benefits:  On your first day of employment, you will be eligible to enroll in many insurance programs including Medical, Preventive Vision, Dental, Life Insurance, and Short and Long-Term Disability as well as tax-advantaged savings plans to include (FSA)  Flexible Spending and (HSA) Health Savings Accounts.   A comprehensive description of these benefits will be provided to you when your employment commences.
Click here  to access the MTS benefits app to learn more about MTS benefits. 
Employee Notice: 
		
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	Employment Status:  Exempt

		
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	x Executive   ☐ Professional   ☐ Administrative   ☐ Other: ____________________

		
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	Paid by:  Salary

		
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	Number of days in the pay period: 14

		
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	Regular Scheduled Pay Day: Every Other Thursday

		
	◦
	Date Employee Will Receive First Payment of Wages: June 11, 2020

		
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	Allowances for Meals or Lodging: As agreed by Board of Directors  

		
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	Paid Time Off: None

Deductions that may be made from employee’s pay: employment taxes and withholdings; insurance premiums,; uniform costs; garnishments/attachments; and any other amount the company is permitted by law to withhold from your wages (including Minn. Stat. § 181.79).

Executive Plan:  Since you will be classified as a temporary employee you will not be considered eligible as a participant under the Executive Change in Control Severance Plan and Executive Severance Plan.    
IMPORTANT:  This offer is contingent upon your ability to provide documentary proof of your identity and eligibility to work in the United States.   By accepting this offer, you confirm that you are able to accept this job and carry out the work that it would 

involve without breaching any legal restrictions on your activities, such as restrictions imposed by any applicable law or current or former employer.  You also confirm that you will inform MTS about any such restrictions and provide MTS with as much information about them as possible, including any agreements between you and your current or former employer describing such restrictions on your activities.  You further confirm that you will not remove or take any documents or proprietary data or materials of any kind, electronic or otherwise, with you from your current or former employer to MTS without written authorization from your current or former employer.  If you have any questions about the ownership of particular documents or other information, discuss such questions with your former employer before removing or copying the documents or information. You also confirm that you will not remove or take any documents or proprietary data or materials of any kind, electronic or otherwise, with you from MTS to another employer. 
While I have every expectation that you will have a successful career with us, I must remind you that your employment with MTS is on an "at will" basis, which means that either of us may choose to terminate your employment at any time, with or without notice and without compensation except for time worked.  Accordingly, nothing in this offer letter should be construed as creating a contract of employment, or employment for a specified term. Also, of course, all compensation, benefits and other terms of employment are subject to change from time to time, as MTS determines.
If you find this offer to be acceptable, then please sign this letter below and return it with the enclosed forms to the undersigned.  
Sincerely,

Amanda Daniel
SVP and Chief Human Resources Officer
[Phone Number Omitted]

The undersigned accepts the above employment offer and agrees that it contains the terms of employment with MTS, that the employment offered is "at will" as described above, that this offer supersedes any and all prior understandings, offers or agreements, whether oral or written, and that there are no other terms expressed, or implied.  The undersigned also understands that no representation, whether oral or written, by any manager, supervisor, or representative of MTS, at any time, can constitute a contract of employment or employment for any specific duration, other than a document signed by an authorized company representative.

	
			
	Accepted:
	/s/ RANDY J. MARTINEZ
	 

	 
	Randy J. Martinez
	 

	Date:
	May 21, 2020Exhibit 10.1

    

     

    

    
      EXECUTION VERSION

      

      

      THIRD AMENDMENT TO AMENDED AND RESTATED MASTER REPURCHASE

      

      

      This Third Amendment to Amended and Restated Master Repurchase Agreement (this “Amendment”), dated as of May 22, 2020, is by and among KREF LENDING III LLC, a Delaware limited liability
        company (“QRS Seller”), KREF LENDING III TRS LLC, a Delaware limited liability company (“TRS Seller”; together with QRS Seller, the “Sellers” and each a “Seller”), GOLDMAN SACHS BANK USA, a New York chartered bank (“Buyer”),
        and solely for purposes of Section 3 hereof, KREF HOLDINGS III LLC (“Pledgor”) and KKR REAL ESTATE FINANCE HOLDINGS L.P. (“Guarantor”).  Capitalized terms used but not otherwise defined herein shall have the meanings given to
        them in the Repurchase Agreement (as defined below).

      

      

      W I T N E S S E T H:

       

      WHEREAS, the Sellers and Buyer have entered into (i) that certain Amended and Restated Master Repurchase Agreement, dated as of November 1, 2017 (as amended
        by that certain First Amendment to Amended and Restated Master Repurchase Agreement, dated as of July 31, 2018, that certain Second Amendment, to Amended and Restated Master Repurchase Agreement, dated as of October 31, 2018 and as may be further
        amended, modified and/or restated from time to time, the “Repurchase Agreement”) and (ii) that certain Amended and Restated Fee Letter, dated as of November 1, 2017 (as may be amended, modified and/or restated from time to time, the “Fee
          Letter”);

       

      WHEREAS, the Sellers and Buyer wish to modify certain terms and provisions of the Repurchase Agreement; and

       

      WHEREAS, contemporaneously with the execution and delivery of this Amendment, the Sellers and Buyer wish to modify certain terms and provisions of the Fee
        Letter pursuant to a First Amendment to Amended and Restated Fee Letter, dated as of the date hereof (the “Fee Letter Amendment”), among the Sellers and Buyer

       

      NOW, THEREFORE, the parties hereto agree as follows:

       

      1.  Amendments to Repurchase Agreement.  The Repurchase Agreement is hereby amended as follows:

       

      (a)     Each of the following definitions in Article 2 of the Repurchase Agreement are hereby deleted and replaced as follows:

       

      “Term Amortization Period End Date” means October 31, 2023.

      

      

      “Term Facility Amount” means, at all times on and prior to October 30, 2020, $400,000,000, and, at all times after October 30, 2020, $240,000,000.

      

      

      “Term Availability Period End Date” means the earliest to occur of: (a) (i) if each of the Term Availability Period End Date Extension Conditions has not been
        satisfied or otherwise waived by Buyer on or prior to October 30, 2020, then October 30, 2020, and (ii) if each of the Term Availability Period End Date Extension Conditions has been satisfied or otherwise waived by Buyer on or prior to October 30,
        2020, then October 30, 2021; (b) if Buyer has delivered a Safe Harbor Notice following the occurrence of a Safe Harbor Event, the date set forth in such Safe Harbor Notice as the revised “Term Availability Period End Date”; or (c) the date

       

      

      
        
          

      

      
      that Buyer may declare as the “Term Availability Period End Date” pursuant to Section 14(b)(i) following the occurrence of an Event of Default.

      

      

      (b)    The following definition is hereby added to Article 2 of the Repurchase Agreement in the correct alphabetical order:

       

      “Term Availability Period End Date Extension Conditions” means

      

      

      	

            	(i)	
              no (A) Default or Event of Default shall have occurred and be continuing, (B) Margin Deficit Amount that is due and payable shall be outstanding, (C) Concentration Limit Amount shall be outstanding, and (D) other payment obligation shall
                remain outstanding;

            

       

      	

            	(ii)	
              the representations and warranties made by the Sellers, Pledgor and Guarantor in each of the Transaction Documents to which they are a party shall be true, correct and complete in all material respects as of the date thereof with the
                same force and effect as if made on the date thereof, and Sellers, Pledgor and Guarantor shall each be in compliance with their respective covenant obligations under each of the Transaction Documents;

            

       

      	

            	(iii)	
              Sellers shall have paid the Extension Fee due by October 30, 2020; and

            

       

      	

            	(iv)	
              no Safe Harbor Event shall have occurred, and no event shall have occurred and be continuing which would be reasonably likely to result in a Material Adverse Effect.

            

       

      2.  Effectiveness.  The effectiveness of this Amendment is subject to, as applicable, receipt by Buyer of the following items listed in clauses (a) through (e) below.

       

      (a)    Amendments.  (i) This Amendment duly executed and delivered by each Seller, Pledgor, Guarantor and Buyer and (ii) the Fee Letter Amendment duly executed and delivered by each Seller
        and Buyer.

       

      (b)    Responsible Officer Certificate.   A signed certificate from a Responsible Officer of each Seller relating to each Seller’s execution and delivery of this Amendment and the other
        Transaction Documents to be executed and delivered in connection with this Amendment, in substantially the form of the “Officer’s Certificate” dated October 31, 2018 in connection with the aforementioned Second Amendment to Amended and Restated
        Master Repurchase Agreement.

       

      (c)    Opinion.  A legal opinion of counsel to the Sellers as to authority, enforceability and non-contravention of organizational documents and law with respect to this Amendment.

       

      (d)    Good Standing.  Certificates of existence and good standing and/or qualification to engage in business for each Seller.

       

      (e)    Fees.  Payment by Sellers of (i) the Extension Fee due on the date hereof to Buyer and (ii) the actual costs and expenses, including, without limitation, the reasonable fees and
        expenses of

       

      
        2

        
          

      

      counsel to Buyer, incurred by Buyer in connection with this Amendment and the transactions contemplated hereby.

       

      3.  Continuing Effect; Reaffirmation of Pledge Agreement and Guarantee.  Each of QRS Seller, TRS Seller, Pledgor and Guarantor acknowledge and agree that all terms, covenants and provisions
        of the Repurchase Agreement, as amended by this Amendment, and the Fee Letter, as amended by the Fee Letter Amendment, are ratified and confirmed and shall remain in full force and effect and in addition, any and all guaranties, pledges and
        indemnities for the benefit of Buyer (including, without limitation, the Pledge Agreement and the Guarantee) and agreements subordinating rights and liens to the rights and liens of Buyer, are hereby ratified and confirmed and shall not be
        released, diminished, impaired, reduced or adversely affected by this Amendment or the Fee Letter Amendment, and each party indemnifying Buyer, and each party subordinating any right or lien to the rights and liens of Buyer, hereby consents,
        acknowledges and agrees to the modifications set forth in this Amendment and the Fee Letter Amendment and waives any common law, equitable, statutory or other rights which such party might otherwise have as a result of or in connection with this
        Amendment and the Fee Letter Amendment.  Each of QRS Seller, TRS Seller, Pledgor and Guarantor certifies that (x) the representations and warranties contained in the Transaction Documents to which it is a party remain true, correct and complete in
        all material respects as of the date hereof with the same force and effect as if made on the date hereof and (y) it has no offsets, counterclaims or defenses to any of its obligations under the Transaction Documents to which it is a party.

       

      4.  Binding Effect; No Partnership; Counterparts.  The provisions of the Repurchase Agreement, as amended hereby, shall be binding upon and inure to the benefit of the parties hereto and
        their respective successors and permitted assigns.  Nothing herein contained shall be deemed or construed to create a partnership or joint venture between any of the parties hereto.  For the purpose of facilitating the execution of this Amendment
        as herein provided, this Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an original, and such counterparts when taken together shall constitute but one and the same instrument.

       

      5.  Further Agreements.   Each Seller agrees to execute and deliver such additional documents, instruments or agreements as may be reasonably requested by Buyer and as may be necessary or
        appropriate from time to time to effectuate the purposes of this Amendment.

       

      6.  Governing Law.  The provisions of Section 20 of the Repurchase Agreement are incorporated herein by reference.

       

      7.  Headings.  The headings of the sections and subsections of this Amendment are for convenience of reference only and shall not be considered a part hereof nor shall they be deemed to
        limit or otherwise affect any of the terms or provisions hereof.

       

      8.  References to Transaction Documents.  All references to the Repurchase Agreement in any Transaction Document, or in any other document executed or delivered in connection therewith
        shall, from and after the execution and delivery of this Amendment, be deemed a reference to the Repurchase Agreement as amended hereby, unless the context expressly requires otherwise.

       

      [NO FURTHER TEXT ON THIS PAGE]

       

      

      
        3

        
          

      

      IN WITNESS WHEREOF, the parties have executed this Amendment as of the day first written above.

       

      	

            	
              BUYER:

            
	

            	

            
	

            	
              GOLDMAN SACHS BANK USA, a New York state-chartered bank

            
	

            	

            
	

            	
              By:

            	
              /s/ Jeffrey Dawkins

            
	

            	

            	
              Name: Jeffrey Dawkins

            
	

            	

            	
              Title: Authorized Signatory

            

      

      

      [Signature Page to Third Amendment to A&R MRA]

       

      

      
        
          

      

      	

            	
              SELLERS:

            
	

            	

            
	

            	
              KREF LENDING III LLC,

            
	

            	
              a Delaware limited liability company

            
	

            	

            
	

            	
              By:

            	
              /s/ Patrick Mattson

            
	

            	

            	
              Name: Patrick Mattson

            
	

            	

            	
              Title:  Authorized Signatory

            
	

            	

            
	

            	
              KREF LENDING III TRS LLC,

            
	

            	
              a Delaware limited liability company

            
	

            	

            
	

            	
              By:

            	
              /s/ Patrick Mattson

            
	

            	

            	
              Name: Patrick Mattson

            
	

            	

            	
              Title: Authorized Signatory

            

      

      

      [Signature Page to Third Amendment to A&R MRA]

       

      

      
        
          

      

      	

            	
              AGREED AND ACKNOWLEDGED:

            
	

            	

            
	

            	
              PLEDGOR:

            
	

            	

            
	

            	
              KREF HOLDINGS III LLC,

            
	

            	
              a Delaware limited liability company

            
	

            	

            
	

            	
              By:

            	
              /s/Patrick_Mattson

            
	

            	

            	
              Name: Patrick Mattson

            
	

            	

            	
              Title: Authorized Signatory

            
	

            	

            
	

            	
              GUARANTOR:

            
	

            	

            
	

            	
              KKR REAL ESTATE FINANCE HOLDINGS L.P.

            
	

            	
              a Delaware limited partnership

            
	

            	

            
	

            	
              By: KKR REAL ESTATE FINANCE TRUST INC., its general partner

            
	

            	

            
	

            	
              By:

            	
              /s/ Patrick Mattson

            
	

            	

            	
              Name: Patrick Mattson

            
	

            	

            	
              Title: Authorized Signatory

            

      

      

      [Signature Page to Third Amendment to A&R MRA]

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