EXHIBIT 10.21
AMENDMENT NO. 1 TO
SEPARATION AGREEMENT AND MUTUAL RELEASE
This Amendment No. 1 to Separation Agreement and Mutual Release is
entered into as of March 19, 1998 by and among Siliconix incorporated, a
Delaware corporation (the "Company"), Vishay Intertechnology, Inc., a
Delaware corporation ("Vishay"), and Xxxxxxx X. Xxxxx ("Executive").
RECITALS
A. The Company, Vishay and Executive are parties to a Separation
Agreement and Mutual Release dated March 11, 1998 (the "Agreement").
B. The parties to the Agreement desire to amend the same, as
hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual promises made herein, the
parties hereto hereby agree as follows:
1. WAIVER OF BENEFITS. Executive hereby agrees to waive all of his
rights under Section 2(d) of the Agreement; provided, however, that the
Company shall continue to make the lease and automobile insurance payments
covering Executive's company-provided automobile for as long as Executive
maintains possession of said automobile. Executive understands that by
executing this Amendment No. 1, he is waiving all of his rights to receive
benefits under any Employee Welfare Benefit Plan, as that term is defined in
the Agreement, except as specifically provided in this Section 1. The
parties acknowledge and agree, however, that Executive's rights (i) under the
Siliconix Retirement Plan and (ii) to continue medical insurance under COBRA
at his expense subsequent to March 11, 1998 shall not be affected by this
Amendment No. 1.
2. LUMP SUM PAYMENT. In consideration of the waiver given by
Executive in Section 1 hereof, the Company hereby agrees to pay, within seven
days after this Amendment shall have been fully executed by the parties
hereto, a net, I.E., grossed up, lump sum payment of $95,000. This is
comprised of the following:
Medical and life insurance $93,151.28
Automobile gas and cleaning 1,200.00
Automobile maintenance 648.72
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Total: $95,000.00
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For the derivation of the amount allocated to medical and life insurance, see
Exhibit A attached hereto and made a part hereof.
3. EFFECT OF AMENDMENT ON AGREEMENT. Except as amended hereby, the
Agreement shall remain in full force and effect, in accordance with its terms.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment No.
1 on the respective dates set forth below.
SILICONIX INCORPORATED
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Dated: March 19, 1998 By: /s/Xxxxx Xxxxxxxxxxxxx
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Xxxxx Xxxxxxxxxxxxx, Secretary
VISHAY INTERTECHNOLOGY, INC.
Dated: March 20, 1998 By: /s/Xxxxxxx Xxxxxx
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Xxxxxxx Xxxxxx, Vice President
Dated: March 19, 1998 /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
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