UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 17, 2006
DTS, Inc.
(Exact name of registrant as specified in its charter)
000-50335
(Commission File Number)
Delaware |
| 77-0467655 |
(State or other jurisdiction of |
| (I.R.S. Employer Identification No.) |
incorporation) |
|
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5171 Clareton Drive
Agoura Hills, California 91301
(Address of principal executive offices, with zip code)
(818) 706-3525
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement
Changes to Compensation
On May 17, 2006, the Compensation Committee of the Board of Directors of DTS, Inc. (the “Company”) approved changes to the base salary amounts for Melvin L. Flanigan, Executive Vice President, Finance and Chief Financial Officer, and Blake A. Welcher, Executive Vice President, Legal and General Counsel. The base salary amounts listed in the table below shall apply retroactively starting with the first pay period in April, 2006.
Name |
| Title |
| Revised Base Salary |
| |
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Melvin L. Flanigan |
| Executive Vice President, Finance and Chief Financial Officer |
| $ | 255,000 |
|
Blake A. Welcher |
| Executive Vice President, Legal and General Counsel |
| $ | 245,000 |
|
Amendment to Employment Agreement for Daniel E. Slusser
On May 17, 2006 the Compensation Committee of the Company’s Board of Directors approved an amendment to the Company’s employment agreement with Daniel E. Slusser, Chariman of the Company, executed February 3, 2006 and effective January 2, 2006.
Pursuant to the Amendment, upon Mr. Slusser’s retirement all future stock options granted to him by the Company will continue to vest as if Mr. Slusser were still employed by the Company. All stock options currently held by Mr. Slusser contain this provision and this amendment will not result in a change in the accounting treatment with regard to Mr. Slusser’s existing stock options.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DTS, INC. | |||
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Date: May 17, 2006 | By: |
| /s/ Melvin Flanigan |
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| Melvin Flanigan | ||
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| Executive Vice President, Finance and | ||
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| Chief Financial Officer | ||
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