Document:

Exhibit 10.48

  

   

    

  

    Vishay Intertechnology, Inc.

    Restricted Stock Unit Agreement

    THIS AGREEMENT, made as of the Grant Date, between Vishay Intertechnology, Inc. (the “Company”) and the
      Participant.

    RECITALS

    The Company has adopted and maintains the Vishay Intertechnology, Inc. 2007 Stock Incentive Program, as amended and
      restated, (the “Program”) to enhance the long-term performance of the Company and to provide selected individuals with an incentive to improve the growth and profitability of the Company by acquiring a proprietary interest in the success of the
      Company.

    The Program provides that, with respect to Awards to members of the Board of Directors (the “Board”) who are not
      Employees of the Company, the Board shall administer the Program, including the authority to determine the persons to whom awards will be granted and the amount and type of such awards.

    The Board has determined that the purposes of the Program would be furthered by granting the Participant Restricted
      Stock Units as set forth in this Agreement.

    The parties therefore agree as follows:

    1. Grant Schedule.  Certain terms of the grant of Restricted Stock Units are set forth on
        the Grant Schedule that is attached to, and is a part of, this Agreement.

    2. Grant of Restricted Stock Units.  Pursuant to, and subject to, the terms and
        conditions set forth herein and in the Program, the Board hereby grants to the Participant the number of Restricted Stock Units set forth on the Grant Schedule.

    3. Grant Date.  The Grant Date of the Restricted Stock Units is set forth on the Grant
        Schedule.

    4. Incorporation of Program.  All terms, conditions and restrictions of the Program are
        incorporated herein and made part hereof as if stated herein.  If there is any conflict between the terms and conditions of the Program and this Agreement, the terms and conditions of this Agreement will govern.  Except as otherwise provided
        herein, including the Grant Schedule, all capitalized terms used herein will have the meaning given to such terms in the Program.

    5. Vesting.  Subject to the further provisions of this Agreement, the Restricted Stock
        Units will vest on the Vesting Date set forth on the Grant Schedule (the “Vesting Date”) or if sooner, upon the occurrence of a Change in Control, provided in either case that the Participant remains in continuous service with the Company through
        that time.  For avoidance of doubt, accelerated vesting upon a Change in Control will not change the time that shares are issued in settlement of the Restricted Stock Units (which time is stated in Section 9 below).

    6. Transferability.  The Restricted Stock Units are not transferable or assignable
        otherwise than by will or by the laws of descent and distribution.  Any attempt to transfer Restricted Stock Units, whether by transfer, pledge, hypothecation or otherwise and whether voluntary or involuntary, by operation of law or otherwise, will
        not vest the transferee with any interest or right in or with respect to such Restricted Stock Units.

    7. Termination of Membership on the Board.   If:

    (a) the membership of the Participant on the Board is terminated prior to the Vesting Date and such termination of membership is a “separation from
        service” (within the meaning of Treas. Reg. § 1.409A-1(h) or any successor provision); and

    (b) the Participant is not removed from membership on the Board for Cause;

    the Restricted Stock Units will vest upon such termination, provided that (i) the number of Restricted Stock Units that vest will be
      reduced pro-rata to the extent of the vesting period not served by the Participant on the Board, and (ii) to the extent compliance with the requirements of Treasury Regulation § 1.409A-3(i)(2) (or any successor provision) is necessary to avoid the
      application of an additional tax under Section 409A of the Code to the issuance of Shares to the Participant, then notwithstanding any contrary provision hereof, any issuance of Shares to the Participant that would otherwise be made during the
      six-month period beginning on the date of the Participant’s termination of membership on the Board will be deferred and delivered to the Participant immediately following the lapse of such six-month period.

    Except as set forth in this Section 7, all unvested Restricted Stock Units shall be forfeited as of termination.

    
      
        

    

    8. Designation of Beneficiary.  The Participant has the right to designate in writing
        from time to time a beneficiary or beneficiaries for any Award by filing a written notice of such designation with the Board.  If the Participant’s beneficiary predeceases the Participant and no successor beneficiary is designated, or if no valid
        designation has been made, the Participant's beneficiary will be the Participant’s estate.  In such an event, no payment will be made unless the Board will have been furnished with such evidence as the Board may deem necessary to establish the
        validity of the payment.

    9. Issuance of Shares.

    (a) On the earlier of the Vesting Date or the Participant’s “separation from service” (within the meaning of Treas. Reg. § 1.409A-1(h) or any successor
        provision), the Company shall issue to the Participant, whether by means of stock certificates or book entry registration, a number of shares of common stock of the Company (“Common Stock”) equal to the number of Restricted Stock Units granted
        hereunder that have vested as of such date.

    (b) To the extent required by law, this Award will be subject to tax withholding in accordance with Section 18 of the Program (and for this purpose, share
        withholding is authorized in the manner therein described).

    (c) The Participant will not be deemed for any purpose to be, or have rights as, a stockholder of the Company by virtue of the grant of Restricted Stock
        Units, until shares of Common Stock are issued in settlement of such Restricted Stock Units pursuant to Section 9(a) hereof.  Upon the issuance of a stock certificate or the making of an appropriate book entry on the books of the transfer agent,
        the Participant will have all of the rights of a stockholder.

    10. Company Policies.  In consideration of the grant of
        Restricted Stock Units, the Participant agrees to be subject to any policies of the Company and its affiliates regarding clawbacks, securities trading and hedging or pledging of securities that may be in effect from time to time, to the extent such
        policies are or become applicable to the Participant.

    11. Securities Matters.  The Company shall be under no
        obligation to effect the registration pursuant to the Securities Act of 1933, as amended (the “1933 Act”) of any interests in the Program or any shares of Common Stock to be issued thereunder or to effect similar compliance under any state
        laws.  The Company shall not be obligated to cause to be issued any shares, whether by means of stock certificates or appropriate book entries, unless and until the Company is advised by its counsel that the issuance of such shares is in compliance
        with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Common Stock are traded.  The Board may require, as a condition of the issuance of shares of Common Stock pursuant to
        the terms hereof, that the recipient of such shares make such covenants, agreements and representations, and that any certificates bear such legends and any book entries be subject to such electronic coding or stop order, as the Board, in its sole
        discretion, deems necessary or desirable.  The Participant specifically understands and agrees that the shares of Common Stock, if and when issued, may be “restricted securities,” as that term is defined in Rule 144 under the 1933 Act and,
        accordingly, the Participant may be required to hold the shares indefinitely unless they are registered under such Act or an exemption from such registration is available.

    12. Delays or Omissions.  No delay or omission to exercise any
        right, power or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, will impair any such right, power or remedy of such party, nor will it be construed to be a waiver of any such breach or default, or
        an acquiescence therein, or of or in any similar breach or default thereafter occurring, nor will any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  Any waiver, permit,
        consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party or any provisions or conditions of this Agreement, must be in a writing signed by such party
        and will be effective only to the extent specifically set forth in such writing.

    13. Right of Discharge Preserved.  Nothing in this Agreement
        confers upon the Participant the right to continue in the employ or other service of the Company, or affect any right which the Company may have to terminate such employment or service.

    14. Integration.  The Program and this Agreement, including the
        Grant Schedule, contains the entire understanding of the parties with respect to its subject matter.  There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof
        other than those expressly set forth herein.  This Agreement, including, without limitation, the Program, supersedes all prior agreements and understandings between the parties with respect to its subject matter.

    15. Counterparts.  This Agreement may be executed in two or
        more counterparts, each of which is deemed an original, but all of which constitute one and the same instrument.

    16. Governing Law.  This Agreement is governed by and construed
        and enforced in accordance with the laws of the State of Delaware, without regard to the provisions governing conflict of laws.

    17. Participant Acknowledgment.  The Participant hereby
        acknowledges receipt of a copy of the Program and has carefully read and understands this Agreement and the Program.  The Participant hereby acknowledges that all decisions, determinations and interpretations of the Compensation Committee in
        respect of the Program, and the Board with respect to this Agreement and the Restricted Stock Units, are final and conclusive.

    
      
        

    

    The parties are signing this Agreement on the date stated in the introductory paragraph.

    

    

    

    

    VISHAY INTERTECHNOLOGY, INC.

    

    

    

    

    By:          __________________________

    Name:

    Title:

     

    

     

    

     

    

     
      	
               Participant

            	
               

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
               

            

    

    

    

    

    

    
      
        

    

    Grant Schedule

     

        

    
      	
               Participant’s name:

            	
               

            	
               

            
	
               Grant Date:

            	
               

            	
               

            
	
               Number of Restricted Stock Units granted:

            	
               

            	
               

            
	
               Vesting Date:

            	
               

            	
               

            

    

    

    
      Notwithstanding any contrary provision of this Agreement: No shares will be delivered in respect of Restricted Stock Units subject to this Agreement unless
        and until the Participant has complied with all applicable provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) with respect to the delivery of those shares.  If the delivery of shares pursuant to this
        Agreement is delayed pursuant to the preceding sentence, the delivery shall occur on the first day that the Participant has complied with all applicable provisions of the HSR Act; provided that if the Participant has not complied with all
        applicable provisions of the HSR Act by the last day of the calendar year in which such shares are otherwise deliverable, such shares and all rights of the Participant under this Agreement will then be forfeited.

       

      

      
        	
                 

              	
                 VISHAY INTERTECHNOLOGY, INC.

                

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                By: 

                

              	
                 

              	
                 

              
	 Name:	 	 
	
                 Title:

              	
                 

              	
                 

              

      

       

      

       

      

       

      

      
        	 	
                 ParticipantExhibit 10.50

  

   

    

  
    Vishay Intertechnology, Inc.

    Executive Officer Phantom Stock Unit Agreement

    THIS AGREEMENT, made as of the Grant Date, between Vishay Intertechnology, Inc. (the “Company”) and the Participant.

    RECITALS

    The Company has adopted and maintains the Vishay Intertechnology, Inc. 2007 Stock Incentive Program, as amended and
      restated, (the “Program”) to enhance the long-term performance of the Company and to provide selected individuals with an incentive to improve the growth and profitability of the Company by acquiring a proprietary interest in the success of the
      Company.

    The Program provides that the Compensation Committee (the “Committee”) of the Company’s Board of Directors shall
      administer the Program, including the authority to determine the persons to whom awards will be granted and the amount and type of such awards.

    The Committee has determined that the purposes of the Program would be furthered by granting the Participant Phantom
      Stock Units as set forth in this Agreement.

    The parties therefore agree as follows:

    1. Grant Schedule.  Certain terms of the grant of Phantom Stock Units are set forth on
        the Grant Schedule that is attached to, and is a part of, this Agreement.

    2. Grant of Phantom Stock Units.  Pursuant to, and subject to, the terms and conditions
        set forth herein and in the Program, the Committee hereby grants to the Participant the number of Phantom Stock Units set forth on the Grant Schedule. These Phantom Stock Units include an entitlement to dividend equivalent units in accordance with
        Section 12(c) of the Program.

    3. Grant Date.  The Grant Date of the Phantom Stock Units is set forth on the Grant
        Schedule.

    4. Incorporation of Program.  All terms, conditions and restrictions of the Program are
        incorporated herein and made part hereof as if stated herein.   If there is any conflict between the terms and conditions of the Program and this Agreement or any applicable employment agreement, the terms and conditions of the employment agreement
        will govern over those of the Program or this Agreement, and the terms and conditions of this Agreement will govern over those of the Program.  Except as otherwise provided herein, including the Grant Schedule, all capitalized terms used herein
        will have the meaning given to such terms in the Program.

    5. Transferability.  The Phantom Stock Units are not transferable or assignable otherwise
        than by will or by the laws of descent and distribution.  Any attempt to transfer Phantom Stock Units, whether by transfer, pledge, hypothecation or otherwise and whether voluntary or involuntary, by operation of law or otherwise, will not vest the
        transferee with any interest or right in or with respect to such Phantom Stock Units.

    6. Termination of Employment.  In the event of the Participant’s Termination of
        Employment that is a “separation from service” as described in Section 2(hh)(ii)(B) of the Program, Shares in respect of all Phantom Stock Units will be issued to the Participant within 30 days of such separation from service.  However, to the
        extent compliance with the requirements of Treasury Regulation § 1.409A-3(i)(2) (or any successor provision) is necessary to avoid the application of an additional tax under section 409A of the Code to the issuance of Shares to the Participant,
        then any issuance of Shares to the Participant that would otherwise be made pursuant to this paragraph during the six-month period beginning on the date of such Termination of Employment will be deferred and delivered to the Participant immediately
        following the lapse of such six-month period.

    7. Designation of Beneficiary.  The Participant has the right to designate in writing
        from time to time a beneficiary or beneficiaries for any Award by filing a written notice of such designation with the Committee.  If the Participant’s beneficiary predeceases the Participant and no successor beneficiary is designated, or if no
        valid designation has been made, the Participant's beneficiary will be the Participant’s estate.  In such an event, no payment will be made unless the Committee will have been furnished with such evidence as the Committee may deem necessary to
        establish the validity of the payment.

    
      
        

    

    8. Issuance of Shares.

    (a) Shares in respect of Phantom Stock Units will be issued to the Participant on the earlier of (i) the time specified in Section 6, above, or (ii) the
        occurrence of a Change in Control that constitutes a “change in control event” within the meaning of Treas. Reg. § 1.409A-3(i)(5).  For avoidance of doubt, Section 15(b)(i)(B) of the Program will not apply to this Agreement.  On the applicable date
        of issuance, the Company shall issue to the Participant, whether by means of stock certificates or book entry registration, a number of shares of common stock of the Company (“Common Stock”) equal to the number of Phantom Stock Units subject this
        Agreement.

    (b) The Company may require as a condition of the issuance of shares of Common Stock, pursuant to Section 8(a) hereof, that the Participant remit to the
        Company an amount sufficient in the opinion of the Company to satisfy any federal, state and other governmental tax withholding requirements related to the issuance of such shares.  The Committee, in its sole discretion, may permit the Participant
        to satisfy such obligation by delivering shares of Common Stock or by directing the Company to withhold from delivery shares of Common Stock, in either case valued at their Fair Market Value on the applicable date of delivery, with
          fractional shares being settled in cash.

    (c) The Participant will not be deemed for any purpose to be, or have rights as, a stockholder of the Company by virtue of the grant of Phantom Stock
        Units, until shares of Common Stock are issued in settlement of such Phantom Stock Units pursuant to Section 8(a) hereof.  Upon the issuance of a stock certificate or the making of an appropriate book entry on the books of the transfer agent, the
        Participant will have all of the rights of a stockholder.

    9. Company Policies.  In consideration for the grant of this award of Phantom Stock
        Units, the Participant agrees to be subject to any policies of the Company and its affiliates regarding clawbacks, securities trading and hedging or pledging of securities that may be in effect from time to time, to the extent such policies are or
        become applicable to the Participant.

    10. Securities Matters.  The Company shall be under no obligation to effect the
        registration pursuant to the Securities Act of 1933, as amended (the “1933 Act”) of any interests in the Program or any shares of Common Stock to be issued thereunder or to effect similar compliance under any state laws.  The Company shall not be
        obligated to cause to be issued any shares, whether by means of stock certificates or appropriate book entries, unless and until the Company is advised by its counsel that the issuance of such shares is in compliance with all applicable laws,
        regulations of governmental authority and the requirements of any securities exchange on which shares of Common Stock are traded.  The Committee may require, as a condition of the issuance of shares of Common Stock pursuant to the terms hereof,
        that the recipient of such shares make such covenants, agreements and representations, and that any certificates bear such legends and any book entries be subject to such electronic coding or stop order, as the Committee, in its sole discretion,
        deems necessary or desirable.  The Participant specifically understands and agrees that the shares of Common Stock, if and when issued, may be “restricted securities,” as that term is defined in Rule 144 under the 1933 Act and, accordingly, the
        Participant may be required to hold the shares indefinitely unless they are registered under such Act or an exemption from such registration is available.

    11. Delays or Omissions.  No delay or omission to exercise any right, power or remedy
        accruing to any party hereto upon any breach or default of any party under this Agreement, will impair any such right, power or remedy of such party, nor will it be construed to be a waiver of any such breach or default, or an acquiescence therein,
        or of or in any similar breach or default thereafter occurring, nor will any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  Any waiver, permit, consent or approval of
        any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party or any provisions or conditions of this Agreement, must be in a writing signed by such party and will be effective
        only to the extent specifically set forth in such writing.

    12. Right of Discharge Preserved.  Nothing in this Agreement confers upon the Participant
        the right to continue in the employ or other service of the Company, or affect any right which the Company may have to terminate such employment or service.

    13. Integration.  The Program, this Agreement, including the Grant Schedule, and any
        applicable employment agreement contain the entire understanding of the parties with respect to its subject matter.  There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject
        matter hereof other than those expressly set forth herein.  Any applicable employment agreement and this Agreement, including, without limitation, the Program, supersede all prior agreements and understandings between the parties with respect to
        its subject matter.

    14. Counterparts.  This Agreement may be executed in two or more counterparts, each of
        which is deemed an original, but all of which constitute one and the same instrument.

    15. Governing Law.  This Agreement is governed by and construed and enforced in accordance
        with the laws of the State of Delaware, without regard to the provisions governing conflict of laws.

    16. Participant Acknowledgment.  The Participant hereby acknowledges receipt of a copy of
        the Program and has carefully read and understands this Agreement and the Program.  The Participant hereby acknowledges that all decisions, determinations and interpretations of the Committee in respect of the Program, this Agreement and the
        Phantom Stock Units are final and conclusive.

    
      
        

    

    The parties are signing this Agreement on the date below indicated.

    

    

    

    

    

    

       VISHAY INTERTECHNOLOGY, INC.

     

    

    
      	
               By:

            	
               

            	
               

            	
               

            
	
               Name:

            	
               

            	
               

            	
               

            
	
               Title:

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
               Dated:

            	
               

            	
               

            	
               

            

    

     

    

     

    

    
      
        

    

    
      

      

      Grant Schedule

      

      

      	
              Participant’s name:

            	 
	
              Grant Date:

            	 
	 	 
	
              1.  Number of Phantom Stock Units     granted:

            	 
	 	 
	 
	
                    2.    Issuance:  Shares will be issued to the Participant in respect of the Phantom Stock Units subject to this Agreement in accordance with
                Section 8 of this Agreement.

               

              Notwithstanding the foregoing, no shares will be delivered in respect of Phantom Stock Units subject to this Agreement unless and until the
                Participant has complied with all applicable provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act") with respect to the delivery of those shares.  If the delivery of shares pursuant to this
                Agreement is delayed pursuant to the preceding sentence, the delivery shall occur on the first day that the Participant has complied with all applicable provisions of the HSR Act; provided that if the Participant has not complied with all
                applicable provisions of the HSR Act by the last day of the calendar year in which such shares are otherwise deliverable, such shares and all rights of the Participant under this Agreement will then be forfeited.

               

            

      

      

    

    
      VISHAY INTERTECHNOLOGY, INC.

       

      

      
        	
                 By:

              	
                 

              	
                 

              	
                 

              
	
                 Name:

              	
                 

              	
                 

              	
                 

              
	
                 Title:

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