Document:

10Q.Exhibit 10b 09.30.2011.Q1

Exhibit 10(b)
KIMBALL INTERNATIONAL, INC.

LONG TERM PERFORMANCE SHARE AWARD

This Long Term Performance Share Award ("LTPSA") dated the 22nd day of August 2006 is awarded by Kimball International, Inc., an Indiana corporation ("Company") to ______________ ("Recipient") pursuant to the terms of the Company's 2003 Stock Option and Incentive Plan ("Plan").

WHEREAS the Compensation Committee of the Company ("Committee") believes it to be in the best interests of the Company and its shareowners, for its employees to obtain or increase their shareowner interests in the Company in order that they will have a greater incentive to work for and manage the Company's affairs in such a way that its shares may become more valuable, thereby aligning the personal interests of employees to the Company shareowners; and 

WHEREAS the Recipient is employed by the Company or one of its subsidiaries;

Now therefore, in consideration of these premises and of services to be performed by the Recipient, the Company hereby makes this LTPSA to the Recipient on the following terms and conditions hereafter expressed and subject to the terms of the Plan.

AWARD

The Company hereby awards to the Recipient a total of ____ (________________) shares of Class __ Common Stock ("Common Stock") of the Company, to be awarded in equal installments over the succeeding five (5) fiscal years of the Company ("Annual Installment") based upon the following schedule:

____ shares for the fiscal year ending June 30, 2007

____ shares for the fiscal year ending June 30, 2008

____ shares for the fiscal year ending June 30, 2009

____ shares for the fiscal year ending June 30, 2010

____ shares for the fiscal year ending June 30, 2011

EXPIRATION OF AWARD

The LTPSA expires upon the final grant of shares or forfeiture of award, as the case may be, pursuant to the terms of this Agreement.

SHARES OF AWARD

Shares of the Annual Installment to be granted will be determined by the Worldwide Category 1 bonus computed (stated as a percent of eligible earnings) under the Company's 2005 Profit Sharing Incentive Bonus Plan ("Bonus Plan") for the applicable fiscal year ended June 30 ("Bonus Percent"). Shares granted are determined by computing a percentage based upon a ratio, the numerator of which will be the Bonus Percent, divided by a denominator of 40% ("Grant Percentage"). The Grant Percentage may not exceed 100%. The Grant Percentage is then multiplied by the Annual Installment to determine the shares to be granted. In computing the shares received, the shares will be rounded down to a full share excluding any fractional shares.

FORFEITURE OF AWARD

To be granted shares under the terms of this LTPSA, the Recipient must be a fulltime and eligible employee of the Company at the time shares are granted, except for 

		
	•
	Death 

		
	•
	Permanent Disability 

		
	•
	Retirement after attaining the country-specific retirement age (62 in the U.S.) 

		
	•
	Determination of Ineligibility by the Company 

If during any fiscal year, a Recipient's employment is terminated because of Death, Permanent Disability, or Retirement, or Ineligibility is Determined the Recipient's shares are determined by multiplying the Annual Installment shares computed for the applicable fiscal year by a fraction determined by:

		
	•
	Numerator = number of months in the current fiscal year that the Recipient was a fulltime and eligible employee, including the month which the termination of employment or eligibility ends, which shall be considered a full month. 

		
	•
	Denominator = 12 months. 

In such cases, the Recipient's (or beneficiary, in the event of Recipient's death) shares will be granted within 2 1/2 months after the end of the Company's fiscal year. Any Annual Installments for future fiscal years are forfeited.

TAXES

The taxable value of the shares granted will be the number of shares received multiplied by the share price (determined under the applicable tax regulations) as of the date of the issuance.

Taxes due will be satisfied by having shares withheld equal in value to the minimum amount of federal, state and local taxes required by the taxing authorities.

The value of the shares withheld will be determined by using the appropriate method under applicable tax regulations. 

RESTRICTIONS ON GRANTED SHARES

There will be no restrictions on the shares of Common Stock granted under the LTPSA.

NON-TRANSFERABILITY - DEATH

This LTPSA is not transferable by the Recipient otherwise than by will or the laws of descent and distribution.

SHARE CHANGES

If the Company shall at any time change the number of shares of its Common Stock without new consideration to the Company (such as by stock dividend or stock split), the total number of shares subject to the LTPSA hereunder shall be changed in proportion to the change in issued shares. If during the term of this LTPSA the Common Stock of the Company shall be changed into another kind of securities of the Company or into cash, securities or evidences of indebtedness of another corporation, other property or any combination thereof, whether as a result of reorganization, sale, merger, consolidation, or other similar transaction, the Company shall cause adequate provision to be made whereby the Recipient shall thereafter be entitled to receive upon expiration of the LTPSA, the cash, securities, evidences of indebtedness, other property or any combination thereof, the Recipient would have been entitled to receive for Common Stock acquired through this LTPSA immediately prior to the effective date of such transaction. If appropriate, the number of shares of this LTPSA following such reorganization, sale, merger, consolidation or other similar transaction may be adjusted, in each case in such equitable manner as the Committee may select.

AMENDMENT

In the event any new modifications or changes are made to existing laws that render any or all of this Agreement illegal or unenforceable, this Agreement may be amended to the extent necessary in order to carry out the intention of the Award to the Recipient.

PLAN CONTROLLING

The LTPSA is subject to all of the terms and conditions of the Plan except to the extent that those terms and conditions are supplemented or modified by this Agreement, as authorized by the Plan. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings assigned to them in the Plan. All determinations and interpretations of the Committee shall be binding and conclusive upon the Recipient and his or her legal representatives.

QUALIFICATION OF RIGHTS

Neither this Agreement nor the existence of the LTPSA shall be construed as giving the Recipient any right (a) to be retained as an employee of the Company; or (b) as a shareholder with respect to the shares of Common Stock underlying the LTPSA until the certificates for the Common Stock have been issued and delivered to the Recipient.

GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana.

SUCCESSORS AND ASSIGNS

This agreement shall be binding upon and inure to the benefit of the successors, assigns and heirs of the respective parties, subject to the other provisions hereof.

WAIVER

The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver thereof or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

TITLES

Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of the Agreement. 

IN WITNESS WHEREOF, the Company and the Recipient have agreed to the terms and conditions of this Grant all as of the day and date first above written.

	
			
	By: _________________________
	 
	By: _________________________

	The Company
	 
	Recipient

	John H. Kahle
	 
	(Name)

	Executive Vice President,
	 
	 

	General Counsel, Secretary
	 
	 

	Kimball International, Inc.exhibit10-2.htm

Exhibit 10.2

 

Amendment to Employment Agreement of Marc Zandman

           Amendment to Employment Agreement (this “Amendment”), made as of August 30, 2011 by and between Vishay Israel Ltd., a corporation organized under the laws of the State of Israel (“Vishay Israel”) and a wholly-owned subsidiary of Vishay Intertechnology, Inc., a Delaware corporation (“Vishay”), and MARC ZANDMAN (“Executive”) (collectively the “Parties”).

           WHEREAS, Executive has been employed by Vishay Israel pursuant to an Employment Agreement, made between the Parties as of January 1, 2004 and amended as of August 8, 2010 (the “Employment Agreement”);

           WHEREAS, Section 8.5 of the Employment Agreement provides that Vishay Israel and Executive may amend the Employment Agreement by mutual agreement in writing; and

            WHEREAS, the Company and Executive desire to amend the Employment Agreement as set forth.

           NOW THEREFORE, in consideration of the premises and the mutual benefits to be derived herefrom and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

           1. Section 4.1 of the Employment Agreement is hereby amended to read as follows:

    4.1     Base Salary.  Vishay Israel shall pay Executive a base salary of not less than NIS 2,989,907 per year (the “Base Salary”), which shall be reviewed annually by the Compensation Committee of the Board of Directors.

                    

Such base salary shall be paid in accordance with Vishay Israel’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.

           2. Section 4.2 of the Employment Agreement is hereby amended to read as follows:

                      “4.2 Bonus. Executive shall be entitled to an annual performance bonus to be paid by Vishay Israel and to be calculated and paid pursuant to the Vishay Intertechnology Section 162(m) Cash Bonus Plan (the “Cash Bonus Plan”) or any successor plan. Such bonus shall be payable in cash, equal to the lesser of (i) 1.0% of Vishay’s adjusted net income, as determined under the terms of the Cash Bonus Plan, and (ii) three times Executive’s base salary for the year in which the bonus is earned. Although the Board of Directors intends that the Cash Bonus Plan be the primary vehicle for the Executive’s bonus, the Board of Directors retains the authority to grant additional bonuses in excess of the limits under the Cash Bonus Plan.

                      “For 2011, Executive’s annual bonus will be calculated as the sum of: (i) one-half of one percent (0.5%) of the Company’s adjusted net income for 2011, as determined under the terms of the Cash Bonus Plan, plus (ii) one-half of Executive’s annual bonus entitlement as calculated for 2011 under the annual bonus program in effect for Executive before this amendment to the Employment Agreement, provided that such bonus shall not exceed three times Executive’s base salary for 2011.”

           3. The Employment Agreement is hereby amended to add the following new Sections 4.5 and 4.6 after Section 4.4 of the Employment Agreement:

                      “4.5 Annual Equity Grant. On August 17,  2011, Vishay granted Executive 3,480 time-vested restricted stock units (“RSUs”) and 10,440 performance-based restricted stock units (“PBRSUs”), under the Vishay Intertechnology 2007 Stock Incentive Program (the “Stock Incentive Program”).  The RSUs will vest on January 1, 2014, subject to the satisfaction of the applicable service condition, and the PBRSUs will vest on January 1, 2014, subject to the satisfaction of the applicable service and performance conditions.  Vishay Israel warrants that commencing on January 1, 2012 and on each January 1 thereafter during the Term, Vishay shall grant Executive an annual equity award under the Stock Incentive Program (or any successor plan or arrangement thereof) having a value approximately equal to 125% of Executive’s Base Salary on such date. Twenty-five percent of each such grant shall be in the form of RSUs, and 75% shall be in the form of PBRSUs. The fair market value of Common Stock as of January 1 of a year for purposes of determining the number of RSUs and PBRSUs to be granted shall be equal to the closing price of such stock on the New York Stock Exchange on the trading day immediately preceding such January 1. Subject to Executive’s continued employment with Vishay Israel, the RSUs and PBRSUs shall vest on January 1 of the third year following their grant, provided that, in the case of the PBRSUs, only to the extent the performance criteria applicable to the PBRSUs are realized. In the event of the termination of Executive’s employment with Vishay Israel by Vishay Israel without Cause, by Executive for Good Reason, for any reason other than Cause after Executive attains age 62, or as a result of his death or disability, the outstanding RSUs granted pursuant to this Section 4.5 shall immediately vest and the outstanding PBRSUs granted pursuant to this Section 4.5 shall vest on their normal vesting date to the extent the applicable performance criteria are realized. In the event of a Change in Control (as defined in the Stock Incentive Program), all of such outstanding RSUs and PBRSUs shall immediately vest.”

           4.           The amendments to the Employment Agreement made by paragraphs 1 and 2 hereof shall be effective as of July 1, 2011.

           5.           Except as set forth in this Amendment, all other terms and conditions of the Employment Agreement shall remain unchanged and in full force and effect.

  

  

  

           6.           This Amendment may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original and all of which shall constitute the same instrument.

 

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed on its behalf as of the date first above written.

VISHAY ISRAEL LTD.

By: /s/ Ita Goldberg

Name: Ita Goldberg

Title: Vice President Human Resources

By: /s/ Gil Weisler

Name:  Gil Weisler

Title:  Vice President, Regional Controller

 

/s/ Marc Zandman

Marc Zandman

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