EMPLOYMENT AGREEMENT
Exhibit 10.5
THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is entered into on July 14, 2022, by and between SILICONIX INCORPORATED (“Vishay Siliconix”), VISHAY INTERTECHNOLOGY, INC. (“Vishay”), and XXX XXXXXXXX (“Executive”).
W I T N E S S E T H:
WHEREAS, Executive is presently employment by Vishay and Vishay Siliconix;
WHEREAS, effective upon January 1, 2023 (the “Effective Date”), Vishay and Vishay Siliconix intend to promote Executive into a new role; and
WHEREAS, the parties intend for this Agreement to document the terms and conditions of their employment
relationship following the Effective Date.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1. Definitions.
1.1. “Accrued Compensation” means (a) earned but unpaid Base Salary (as defined below) and (b)
unpaid expense reimbursements.
1.2. “Board of Directors” means the Board of Directors of Vishay.
1.3. “Cause” means any of the following:
(a) Executive’s conviction of a felony or any other crime involving moral turpitude (whether or not involving Vishay and/or its subsidiaries);
(b) any act or failure to act by Executive involving dishonesty, fraud, misrepresentation, theft or embezzlement of assets from Vishay and/or its subsidiaries; or
(c) Executive’s (i) willful and repeated failure to substantially perform his duties under this Agreement (other than as a result of total or partial
incapacity due to physical or mental illness or injury) or (ii) willful and repeated failure to substantially comply with any policy of Vishay and/or its subsidiaries applicable to Executive; provided, however, that a termination pursuant to this clause (c) will not become effective unless Executive
fails to cure such failure to perform or comply within twenty (20) days after written notice thereof from Vishay Siliconix.
For avoidance of doubt, a termination due to Disability will not constitute a termination without Cause.
1.4. “Change in Control” has the meaning defined in the Stock Incentive Program.
1.5. “Compensation Committee” means the Compensation Committee of the Board of Directors.
1.6. “Competing Business” means any business or venture located anywhere in the world that is
engaged in any business activities to the extent Vishay or any subsidiary or affiliate of Vishay is engaged in such activities or has significant plans to enter into such activities on the Date of Termination.
1.7. “Date of Termination” means (a) the effective date on which Executive’s employment by
Vishay Siliconix terminates within the meaning of a “separation from service” under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
or (b) if Executive’s employment by Vishay Siliconix terminates by reason of death, the date of Executive’s death.
1.8. “Disability” means a disability entitling Executive to
long-term disability benefits under a plan of Vishay (or a subsidiary or affiliate of Vishay).
1.9. “Good Reason” means, without Executive’s express written consent, the occurrence of any of
the following events:
(a) any material and adverse change in Executive’s titles, offices, duties, or responsibilities (including reporting responsibilities) with respect to Vishay or any subsidiary or
affiliate of Vishay from those set forth in this Agreement;
(b) a material reduction in Executive’s annual Base Salary (as the same may be increased from time to time after the Effective Date);
(c) relocation of Executive’s principal place of performance by more than 50 miles from [Santa Clara, California] (excluding for this purpose reasonable travel from time to time); or
(d) a material breach of this Agreement by Vishay Siliconix;
provided however, that none of the foregoing events or conditions will constitute Good Reason unless Executive provides Vishay
Siliconix with written objection to the event or condition within 30 days following the initial occurrence thereof, Vishay Siliconix does not reverse or otherwise cure the event or condition within 30 days of receiving that written objection, and
Executive resigns his employment within 90 days following the expiration of that cure period.
1.10. “Non-Competition Period” means the period commencing upon the Effective Date and ending on
the first anniversary of the Date of Termination.
1.11. “Non-Solicitation Period” means the period commencing upon the Effective Date and ending
on the first anniversary of the Date of Termination.
1.12. “Stock Incentive Program” means the Vishay Intertechnology 2007 Stock Incentive Program.
2. Term. The “Term” of Executive’s employment hereunder shall commence on the Effective Date and continue until terminated in accordance with the provisions of this Agreement. If Executive’s employment ceases for
any reason prior to the Effective Date, this Agreement will be void ab initio and the effects of such cessation will be determined without regard
to this Agreement.
3. Duties.
3.1. Position. During the Term, Executive shall serve as the
Executive Vice President – Chief Technology Officer of Vishay, or any other position which will be agreed by the parties, reporting directly to the Chief Executive Officer of Vishay or such other individual as may be designated by the Chief
Executive Officer of Vishay from time to time.
3.2. Authority and Responsibility. Executive shall have authority and responsibility
customarily applicable to the positions described in Section 3.1, and shall perform such other duties as may be assigned by Vishay from time to time.
3.3. Activities. Excluding any periods of vacation, personal, sick leave and other permitted
absences to which Executive is entitled according to this Agreement and applicable law, Executive shall devote his full professional attention and best efforts during the Term to the business and affairs of Vishay and its subsidiaries and
affiliates. It shall not be considered a violation of the foregoing for Executive to (a) provide services to Vishay or any of its subsidiaries or affiliates, (b) serve on corporate, industry, civic or charitable boards or committees, or (c) manage
personal investments, so long as such activities would be permitted under Section 7 and do not interfere with the performance of Executive’s
responsibilities as an employee of Vishay Siliconix in accordance with this Agreement.
4.1. Base Salary. Vishay Siliconix shall pay Executive a base salary of not less than $465,000
per year (as adjusted from time to time, the “Base Salary”). Such Base Salary will be reviewed annually by the Compensation Committee and will be paid in
accordance with Vishay Siliconix’s standard salary policies as they exist from time to time, subject to such deductions, if any, as are required by law or elected by Executive (for example, with respect to 401(k) plan contributions).
4.2. Bonus. For each fiscal year ending both during the Term and prior to the time that notice
of termination is given by either party, Executive shall be eligible to earn an annual performance bonus (“Bonus”) payable in cash, with a target opportunity
equal to 100% of his Base Salary. The actual amount of Bonus payable to Executive shall be determined by the Compensation Committee, and shall be based upon the achievement of certain corporate and/or individual performance goals to be established
by the Compensation Committee in its sole discretion.
4.3. Housing Allowance. During the Term, Executive shall receive a housing allowance of $5,068
per month.
(a) On or about each January 1st occurring both during the Term and prior to the time that notice of termination is given by either party, Executive will be eligible to receive an
annual equity award under the Stock Incentive Program (or any successor plan or arrangement thereof).
(i) With respect to the 2023 calendar year: (A) the stated value of Executive’s annual equity award will be at least $780,000 (provided Executive then
remains in service and notice of termination has not been given by either party), and (B) the 2023 equity award will be comprised of an equal number of restricted stock units (RSUs) and performance-based restricted stock units (PRSUs); and (C)
except as otherwise specified herein, all other terms of the 2023 equity award will be determined by the Compensation Committee, in its discretion. The stated value of the 2023 equity award will be converted into an aggregate number of units by
dividing such value by the closing price of Vishay common stock on the New York Stock Exchange on the trading date immediately preceding the grant date. The resulting aggregate number of units will then be divided evenly between RSUs and PRSUs.
(ii) With respect to calendar years after 2023, the size of Executive’s annual equity award and, except as otherwise specified herein, all other terms of each year’s equity award, will
be determined by the Compensation Committee in its discretion.
(b) With respect to any annual equity awards granted to Executive by Vishay prior to the Effective Date, if Executive’s service ceases due to (i) termination by Vishay Siliconix
without Cause, (ii) resignation by Executive with Good Reason (or for any reason after Executive attains age 62, unless Cause then exists), or (iii) his death or Disability, then subject in each case (other than death) to Executive’s execution of a
release of claims in favor of Vishay and its subsidiaries and affiliates in accordance with Section 6.2(c), any service-based vesting criteria
applicable to such equity awards will be deemed satisfied and any performance-based vesting criteria applicable to such equity awards will remain in effect.
(c) With respect to any annual equity awards granted to Executive by Vishay or its successor on or after the Effective Date, if Executive’s service ceases due to (i) resignation by
Executive for any reason after Executive attains age 62 (unless Cause then exists), (ii) Executive’s death or Disability, (iii) termination by Vishay Siliconix without Cause upon or within one year following a Change in Control, or (iv) resignation
by Executive with Good Reason upon or within one year following a Change in Control, then subject in each case (other than death) to Executive’s execution of a release of claims in favor of Vishay and its subsidiaries and affiliates in accordance
with Section 6.2(c), any service-based vesting criteria applicable to such equity awards will be deemed satisfied and any performance-based vesting
criteria applicable to such equity awards will remain in effect.
(d) Upon a Change in Control, to the extent Executive’s then outstanding equity awards granted pursuant to this Section 4.4 are not assumed or continued by the surviving company, such awards will then vest (with any performance-based vesting criteria deemed satisfied at the target level or, if greater, at the
level of actual performance achieved through the date of such Change in Control).
5. Additional Rights.
5.1. Participation in Benefit Plans and Programs. During the Term, Executive, together with
his spouse and dependent children up to age 26, shall be entitled to participate in any and all medical insurance, group health insurance, disability insurance, life insurance and retirement plans which are generally made available by Vishay
Siliconix to its senior executives, subject to the eligibility requirements and other provisions of such plans and programs.
5.2. Reimbursement of Expenses. In accordance with Vishay Siliconix’s standard reimbursement
policies as they exist from time to time, Vishay Siliconix shall reimburse Executive for all reasonable and documented travel, business entertainment and other business expenses incurred by Executive in connection with the performance of his duties
under this Agreement.
5.3. Vacation, Personal and Sick Days. Executive shall be entitled to paid vacation, holidays,
personal and sick days in accordance with and subject to Vishay Siliconix’s policies, as in effect from time to time.
5.4. Indemnification. Vishay shall indemnify Executive to the extent provided in Vishay’s
certificate of incorporation and/or bylaws, as in effect from time to time.
6.1. Termination. Executive’s employment with Vishay Siliconix may be terminated by Executive
or by Vishay Siliconix for any or no reason.
(a) Termination by Vishay Siliconix Without Cause; Termination by Executive With Good Reason. In the event Executive's employment with Vishay Siliconix is terminated by Vishay Siliconix without Cause or by Executive
with Good Reason, Executive shall be entitled to the following:
(i) A lump sum cash payment equal to all Accrued Compensation, such payment to be made within 15 days after the Date of Termination.
(ii) Payment of any otherwise earned but unpaid Bonus for any fiscal year ending prior to the Date of Termination, payable in the same manner and at the
same time as such Bonus would have been paid in the absence of such termination.
(iii) Payment of a pro-rata Bonus for the fiscal year in which the Date of Termination occurs, determined and paid in the same
manner and at the same time as such Bonus would have been determined and paid in the absence of such termination. The pro-ration of such Bonus will be determined based on the number of days of the applicable fiscal year that have transpired prior
to the Date of Termination relative to the total number of days contained in that fiscal year.
(iv) Continued payment of Executive's then current Base Salary from the Date of Termination until the third anniversary of the Date of Termination, to be
paid in equal installments in accordance with Vishay Siliconix’s standard payroll practices, as in effect from time to time, but no less frequently than monthly, and which shall commence in accordance with Section 6.2(c); provided, however, that if such termination without Cause or resignation for Good Reason occurs within 16 months following a Change in Control that also constitutes a “change in control event” described in Treas. Reg. §
1.409A-3(i)(5)(i), the amounts otherwise payable under this clause (iv) will instead be paid in a single lump sum at the time specified in Section 6.2(c).
(v) All rights Executive is entitled to under the terms of Vishay Siliconix’s benefit plans or arrangements (other than severance benefit plans).
(b) Termination For Any Other Reason. In the event Executive’s employment with Vishay
Siliconix is terminated for any reason other than as specified in Section 6.2(a), Executive shall be entitled to (i) a lump sum cash payment equal to
all Accrued Compensation, such payment to be made within 15 days after the Date of Termination; (ii) all rights Executive is entitled to under the terms of Vishay Siliconix benefit plans or arrangements; and (iii) in
the case of a cessation of employment due to Executive’s death or Disability, the Bonus payments described above in Sections 6.2(a)(ii) and (iii); provided, in the case of a cessation due to Disability, such Bonus payments will be conditioned on Executive’s execution of a release of claims
in favor of Vishay and its subsidiaries and affiliates in accordance with Section 6.2(c).
(c) Release. Notwithstanding any other provision of this
Agreement, (i) Executive shall not be entitled to receive any payments pursuant to Sections 6.2(a)(ii), (iii) and (iv) unless Executive has executed and delivered to Vishay Siliconix and Vishay a release of all
claims in the form prescribed by Vishay Siliconix (“Release”), and such Release becomes irrevocable within 60 days following the Date of Termination, and (ii)
Executive shall be entitled to receive such payments only so long as Executive has not breached the provisions of Section 7 hereof. The severance
benefits described in Sections 6.2(a)(ii), (iii) and (iv) will be paid or begin to be paid, as applicable, within 65 days following the Date of Termination (or, in the case of the payments described in Sections 6.2(a)(ii) and (iii), at such later time as such Bonuses would
have otherwise been payable in the absence of such termination); provided, that if the 60-day period described in the previous sentence begins in one taxable
year and ends in the next succeeding taxable year, such payments shall not be paid or begin to be paid, as applicable, until the succeeding taxable year.
6.3. Section 409A.
(a) Notwithstanding any other provision of this Agreement to the contrary or otherwise, to the extent any expense, reimbursement or in-kind benefit provided to
Executive constitutes a “deferral of compensation” within the meaning of section 409A of the Code, and its implementing regulations and guidance (collectively, “Section 409A”); (i) the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar year will not affect the amount of expenses eligible
for reimbursement or in-kind benefits provided to Executive in any other calendar year; (ii) the reimbursements for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day of the
calendar year following the calendar year in which the applicable expense is incurred; and (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged
for any other benefit.
(b) For purposes of Section 409A, each payment in a series of payments provided to Executive pursuant to this Agreement will be deemed a separate payment.
(c) Notwithstanding any other provision of this Agreement to the contrary or otherwise, any payment or benefit described in Section 6 that represents a “deferral of compensation” within the meaning of Section 409A shall only be paid or provided to Executive upon his “separation from service” within the
meaning of Treas. Reg. §1.409A-1(h) (or any successor regulation). To the extent compliance with the requirements of Treas. Reg. §1.409A-3(i)(2) (or any successor provision) is necessary to avoid the application of an additional tax under Section
409A to payments due to Executive upon or following his “separation from service,” then notwithstanding any other provision of this Agreement (or any otherwise applicable plan, policy, agreement or arrangement), any such payments that are otherwise
due within six months following Executive’s “separation from service” will be deferred (without interest) and paid to Executive in a lump sum immediately following that six month period. In the event Executive dies during that six month period,
the amounts deferred on account of Treas. Reg. §1.409A-3(i)(2) (or any successor provision) shall be paid to the personal representatives of the Executive’s estate within
sixty (60) days following Executive’s death. To the extent permitted by Treas. Reg. § 1.409A-1(b)(9)(or any successor provision), this provision shall not be construed as preventing payments to Executive pursuant to Section 6 in the first six months following Executive’s “separation from service” equal to an amount up to two (2) times the lesser of: (i) Executive’s
annualized compensation for the year prior to the “separation from service;” and (ii) the maximum amount that may be taken into account under a qualified plan pursuant to section 401(a)(17) of the
Code.
(d) Notwithstanding any other provision of this Agreement to the contrary or otherwise, all benefits or payments provided to Executive are intended to comply with or be exempt from
Section 409A. Notwithstanding any other provision of this Agreement to the contrary or otherwise, payments may only be made under this Agreement upon an event and in a manner permitted by Section 409A or an applicable
exemption.
7.1. Non-Competition. During the Non-Competition Period, Executive shall not, without the
prior written consent of Vishay expressly authorized by the Board of Directors, directly or indirectly, own, manage, operate, join, control, participate in, invest in or otherwise be connected or associated with, in any manner, including as an
officer, director, employee, independent contractor, subcontractor, stockholder, member, manager, partner, principal, consultant, advisor, agent, proprietor, trustee or investor, any Competing Business; provided, however, that nothing in this Agreement shall prevent Executive from (a) owning five percent (5%) or
less of the stock or other securities of a publicly held corporation, so long as Executive does not in fact have the power to control, or direct the management of, and is not otherwise associated with, such corporation, or (b) performing services
for an investment bank, investment advisor or investment fund that may, directly or indirectly, own, manage, operate, join, control, participate in, invest in or otherwise be connected or associated with, in any manner, any Competing Business,
provided that Executive shall not, directly or indirectly, have any responsibility whatsoever for, provide any services whatsoever to, or otherwise be connected or associated with such Competing Business. Notwithstanding the foregoing, if a
company has separate divisions or subsidiaries, some of which conduct a Competing Business and some of which conduct other businesses which are not Competing Businesses, then the restrictions imposed hereunder with respect to Competing Businesses
shall apply only to the divisions or subsidiaries of such company that conduct the Competing Businesses, provided that (x) Executive shall not, directly or indirectly, have any responsibility whatsoever for, provide any services whatsoever to, or
otherwise be connected or associated with any Competing Business of the same company, and (y) Executive obtains the prior written consent of Vishay expressly authorized by the Board of Directors, which consent shall not be unreasonably withheld.
7.2. Non-Solicitation. During the Non-Solicitation Period, Executive shall not, directly or
indirectly:
(a) solicit any customer of Vishay or any of its subsidiaries or affiliates;
(b) hire, solicit for employment, or recruit any person who at the relevant time is or, within the preceding three (3) months, was, an officer, director, employee, independent
contractor, subcontractor, manager, partner, principal, consultant, or agent of Vishay or any of its subsidiaries or affiliates, or induce or encourage any of the foregoing to terminate their employment, contractual or other relationship (as
appropriate) with Vishay or any of its subsidiaries or affiliates, or attempt to do any of the foregoing either on Executive’s own behalf or for the benefit of any third person or entity;
(c) persuade or seek to persuade any customer of Vishay or any of its subsidiaries or affiliates to cease to do business or to reduce the amount of business which the customer has
customarily done or contemplates doing with Vishay or such subsidiary or affiliate, whether or not the relationship with such customer was originally established in whole or in part through Executive’s efforts; or
(d) interfere in any manner in the relationship of Vishay or any of its subsidiaries or affiliates with any of their respective customers, suppliers, or independent contractors,
whether or not the relationship with such customer, supplier or independent contractor was originally established in whole or in part through Executive’s efforts.
7.3. Confidential Information. Executive agrees that he shall not, directly or indirectly,
use, make available, sell, disclose or otherwise communicate to any person, other than in the course of Executive’s assigned duties hereunder and for the benefit of Vishay and/or its subsidiaries or affiliates, either during the Term or at any time
thereafter, any nonpublic, proprietary or confidential information, knowledge or data in any form or media, whether documentary, written, oral or computer generated, relating to Vishay, any of its subsidiaries, affiliated companies or businesses,
which shall have been obtained by Executive during Executive’s employment by Vishay and/or its subsidiaries or affiliates. The foregoing shall not apply to information that (a) was known to the public prior to its disclosure to Executive; (b)
becomes known to the public subsequent to disclosure to Executive through no wrongful act of Executive or any representative of Executive; or (c) Executive is required to disclose by applicable law, regulation or legal process (provided that
Executive provides Vishay with prior notice of the contemplated disclosure and reasonably cooperates with Vishay at its expense in seeking a protective order or other appropriate protection of such information). Notwithstanding clauses (a) and (b)
of the preceding sentence, Executive’s obligation to maintain such disclosed information in confidence shall not terminate where only portions of the information are in the public domain. Notwithstanding any other provision of this Agreement, (x)
Executive may be entitled to immunity and protection from retaliation under the Defend Trade Secrets Act of 2016 for disclosing a trade secret under certain limited circumstances, as set forth in Vishay’s trade secret policy, as the same may be
amended from time to time; and (y) this Agreement shall not be construed to impede Executive from making any communications or disclosures contemplated by Rule 12F-17 of the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act or any successor
legislation or to require notification or prior approval by Vishay and/or its subsidiaries or affiliates of any such report; provided that, Executive is not authorized to disclose communications with counsel that were
made for the purpose of receiving legal advice or that contain legal advice or that are protected by the attorney work product or similar privilege.
7.4. Non-Disparagement. Executive agrees not to make any public
statements that disparage Vishay, Vishay Siliconix or their respective subsidiaries, affiliates, employees, officers, directors, products or services. Notwithstanding the foregoing, statements made in the course of sworn testimony in
administrative, judicial or arbitral proceedings (including, without limitation, depositions in connection with such proceedings) shall not be subject to this Section 7.4.
(a) Executive has carefully read and considered the provisions of this Section 7 and,
having done so, agrees that:
(i) the restrictive covenants contained in this Section 7, including, without
limitation, the scope and time period of such restrictions, are reasonable, fair and equitable in light of Executive’s duties and responsibilities under this Agreement and the benefits to be provided to him under this Agreement; and
(ii) such restrictive covenants are reasonably necessary to protect the legitimate business interests of Vishay, Vishay Siliconix and their subsidiaries and affiliates.
(b) The parties acknowledge that it is impossible to measure in money the damages that will accrue to one party in the event that the other party breaches
any of the restrictive covenants contained in this Section 7 and that any such damages, in any event, would be inadequate and insufficient.
Therefore, if Executive breaches any restrictive covenant contained in this Section 7, Vishay Siliconix shall be entitled to an injunction restraining
the breaching party from violating such restrictive covenant. If Vishay shall institute any action or proceeding to enforce a restrictive covenant contained in this Section
7, Executive hereby waives, and agrees not to assert in any such action or proceeding, the claim or defense that Vishay Siliconix has an adequate remedy at law.
(c) In the event of a breach of any of the restrictive covenants contained in this Section 7,
the parties agree that Vishay and Vishay Siliconix, in addition to any injunctive relief as described in Section 7.5(b), shall be entitled to any
other appropriate legal or equitable remedy.
(d) If any of the restrictive covenants contained in this Section 7
are deemed by a court of competent jurisdiction to be unenforceable by reason of their extent, duration or geographical scope or otherwise, the parties contemplate that the court shall revise such extent, duration, geographical scope or other
provision but only to the extent required in order to render such restrictions enforceable, and enforce any such restriction in its revised form for all purposes in the manner contemplated hereby.
7.6. Consideration. Executive hereby acknowledges that Vishay Siliconix’s obligation to make
payments to Executive pursuant to Section 4 and Section 6
of this Agreement is in consideration of Executive’s agreement to be bound by and comply with the provisions of this Section 7.
8. Miscellaneous.
8.1. Notices. Any notice, consent, request or other communication made or given in accordance
with this Agreement, shall be in writing and shall be sent either by (a) personal delivery to the party entitled thereto, (b) registered or certified mail, return receipt requested, or (c) Federal Express or similar courier service. The notice,
consent request or other communication shall be deemed to have been received upon personal delivery, upon confirmation of receipt of courier service, or, if mailed, three (3) days after mailing. Notice under this Agreement to Executive from Vishay
shall be deemed effective as notice from Vishay Siliconix. Any notice, consent, request or other communication made or given in accordance with this Agreement shall be made to those listed below at their following respective addresses or at such
other address as each may specify by notice to the other:
| To Vishay Siliconix: |
Siliconix Incorporated
0000 Xxxxxxxx Xxxxxx
Xxx Xxxx, Xxxxxxxxxx 00000
|
with a copy to Vishay
| To Vishay: |
Vishay Intertechnology, Inc.
00 Xxxxxxxxx Xxxxxx
Xxxxxxx, Xxxxxxxxxxxx 00000-0000
Attention: General Counsel
|
| To Executive: |
At Executive's address of record in the personnel files of Vishay Siliconix. |
8.2. Successors.
(a) This Agreement is personal to Executive and, without the prior written consent of Vishay Siliconix, shall not be assignable by Executive otherwise than by will or the laws of
descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s heirs and legal representatives.
(b) This Agreement shall inure to the benefit of and be binding upon Vishay Siliconix and its successors and assigns.
8.3. Complete Understanding; Amendment: Waiver. This Agreement constitutes the complete
understanding between the parties with respect to the employment of Executive and supersedes all other prior agreements and understandings, both written and oral, between the Executive, Vishay, and Vishay Siliconix (and/or any Vishay subsidiary or
affiliate) with respect to the subject matter hereof (including, without limitation, that certain transfer letter from Vishay Siliconix accepted by Executive on November 15, 2007 and that certain bonus memo from Vishay dated January 19, 2016). No
statement, representation, warranty or covenant has been made by either party with respect these matters except as expressly set forth herein. This Agreement shall not be altered, modified, amended or terminated except by a written instrument
signed by each of the parties hereto. Any waiver of any term or provision hereof, or of the application of any such term or provision to any circumstances, shall be in writing signed by the party charged with giving such waiver. Waiver by either
party hereto of any breach hereunder by the other party shall not operate as a waiver of any other breach, whether similar to or different from the breach waived. No delay on the part of Vishay, Vishay Siliconix, or Executive in the exercise of
any of their respective rights or remedies shall operate as a waiver thereof and no single or partial exercise by Vishay, Vishay Siliconix, or Executive of any such right or remedy shall preclude other or further exercise thereof.
8.4. Withholding Taxes. Vishay Siliconix and its affiliates may withhold from all payments due
to Executive (or his beneficiary or estate) under this Agreement all taxes which, by applicable federal, state, local or other law, Vishay Siliconix or any such affiliate is required to withhold therefrom.
8.5. Severability. The invalidity or unenforceability of any provision of this Agreement shall
not affect the validity or enforceability of any other provision of this Agreement. If any provision of this Agreement shall be held invalid or unenforceable in part, the remaining portion of such provision, together with all other provisions of
this Agreement, shall remain valid and enforceable and continue in full force and effect to the fullest extent consistent with law.
8.6. Other Conditions of Service. Executive will also be subject
to all policies of Vishay and Vishay Siliconix in effect from time to time with respect to its executives generally, including (without limitation) any policies regarding clawbacks, securities trading or hedging or pledging of securities.
8.7. Governing Law. This Agreement shall be governed and construed in accordance with the laws
of the Commonwealth of Pennsylvania, without regard to the principles of conflicts of law.
8.8. Arbitration. Except as provided in Section 7.5 hereof, any dispute or controversy under this Agreement shall be settled exclusively by arbitration in Philadelphia, Pennsylvania, in accordance with the rules of the American Arbitration
Association then in effect. Judgment may be entered on the arbitration award in any court having jurisdiction. The arbitrator may award legal fees but shall not be obligated to do so.
8.9. Titles and Captions. All Section titles or captions in this Agreement are for convenience
only and in no way define, limit, extend or describe the scope or intent of any provision hereof.
8.10. Counterparts.
This Agreement may be signed in one or more counterparts, each of which shall be deemed an original, and all such counterparts shall constitute but one and the same instrument. Any counterpart may be executed and delivered electronically (including via docusign, portable document format or similar method) and a receiving party may rely on the receipt of a document so executed and delivered as if the
original had been received.
IN WITNESS WHEREOF, Executive has executed this Agreement and Vishay Siliconix and Vishay have each caused this
Agreement to be executed in its name and on its behalf, on the date(s) indicated below.
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July 14, 2022
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By:
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SILICONIX INCORPORATED
/s/ Xxxxxxx X. X'Xxxxxxxx
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Date
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Name: Xxxxxxx X. X'Xxxxxxxx
Title: Sr. Vice President
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July 14, 2022
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By:
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VISHAY INTERTECHNOLOGY, INC.
/s/ Xxxxxxx X. X'Xxxxxxxx
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Date
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Name: Xxxxxxx X. X'Xxxxxxxx
Title: Sr. Vice President and Corporate General Counsel
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July 14, 2022
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EXECUTIVE
/s/ Xxx Xxxxxxxx
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Date
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XXX XXXXXXXX
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