Document:

AMENDMENT TO EMPLOYMENT AGREEMENT

          THIS AMENDMENT (this
“Amendment”), dated November 7, 2013 and effective January 1, 2014, is made by
and between VISHAY PRECISION GROUP, INC. a Delaware corporation (the “Company”)
and WILLIAM CLANCY (the “Executive”). 

         
WHEREAS, the Company and
the Executive are parties to an employment agreement, dated November 17, 2010
(the “Employment Agreement”);

         
WHEREAS, the Company and
the Executive are parties to an amendment to the Employment Agreement dated
December 8, 2011 (the “Prior Amendment”);

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

         
WHEREAS, the Company and
the Executive desire to amend the Employment Agreement as set forth herein (the
“Amendment”); and

         
WHEREAS, the Amendment
will replace and supersede the Prior Amendment such that the Prior Amendment is
of no further force and effect. 

          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
2.2 of the Employment Agreement is hereby amended in its entirety to read as
follows: 

          “2.2
Term. This
Agreement shall become effective as of January 1, 2014. The “Initial Term” of this
Agreement shall commence on January 1, 2014 and continue until December 31,
2014, unless earlier terminated in accordance with the provisions of this
Agreement; provided, however, that at the end of the Initial Term and at the end
of each Extension Year (as defined herein), this Agreement shall automatically
be extended for an additional one-year period (each such additional one-year
period, an “Extension Year,” and, together with the Initial Term, until the Date of
Termination, the “Term”), unless the Company or Executive gives notice to the other
party at least sixty (60) days prior to the end of the Initial Term or the
Extension Year, as applicable, of its or his intention not to extend the Term,
in which case the Term will end at the completion of such Initial Term or
Extension Year, as applicable. An election not to extend the Term shall be
deemed a termination of employment by the party so electing.” 

          2. The
first sentence of Section 4.1 of the Employment Agreement is hereby amended in
its entirety to read as follows: 

          “4.1
Base Salary. Effective January 1, 2014, the Company shall pay Executive a base
salary, subject to annual review by the Compensation Committee of the Board of
Directors (the “Compensation
Committee”), of USD $300,000 per year (as may
be adjusted from time to time, the “Base
Salary”).” 

          3. Section
4.2(a) of the Employment Agreement is hereby amended in its entirety to read as
follows: 

          “(a) With respect to the Company’s 2013 fiscal year, Executive
shall be eligible to earn an annual performance bonus (“2013 Bonus”), payable in
cash, with a target equal to 40% of Base Salary (the “2013 Target Bonus”) with a minimum
2013 Bonus of 0% of Base Salary and a maximum 2013 Bonus of 80% of Base Salary.
The actual amount of 2013 Bonus payable to Executive shall be determined by the
Compensation Committee, and shall be based upon the Company’s achievement of
certain annual levels of Adjusted EBITDA and Adjusted Operating Margin (each, as
defined in Exhibit A attached hereto and collectively, the “2013 Bonus Performance Goals”). Executive shall be eligible to earn a 2013 Bonus based on the
attainment of the 2013 Performance Goals set forth on Exhibit A attached hereto. Beginning
with the Company’s 2014 fiscal year and for each fiscal year thereafter during
the Term, Executive shall be eligible to earn an annual performance bonus
(“Bonus”),
payable in cash, with a target equal to 50% of Base Salary (the “Target Bonus”) with a
minimum Bonus of 0% of Base Salary and a maximum Bonus of 80% of Base Salary.
The actual amount of Bonus payable to Executive shall be determined by the
Compensation Committee, and shall be based upon the Company’s achievement of
certain corporate and/or individual performance goals to be established by the
Compensation Committee in its sole discretion (the “Performance Goals”).”

          4. Section
4.2(b) of the Employment Agreement is hereby amended in its entirety to read as
follows: 

          “(b) For
the 2013 fiscal year, Executive shall be eligible to earn a 2013 Bonus equal to
26.7% of Base Salary if 80% of the 2013 Bonus Performance Goals are achieved. In
addition, the amount of 2013 Bonus payable to Executive shall increase by 0.67%
of Base Salary for each additional 1% of the 2013 Bonus Performance Goals which
are achieved for such year. For each 1% of the 2013 Bonus Performance Goals
achieved in excess of 100%, the amount of 2013 Bonus payable to Executive shall
increase by 0.8% of Base Salary. Beginning with fiscal year 2014 and for each
fiscal year thereafter during the Term, Executive shall be eligible to earn a
Bonus equal to 26.7% of Base Salary if 80% of the annual Performance Goals are
achieved. In addition, the amount of Bonus payable to Executive shall increase
by 1.165% of Base Salary for each additional 1% of the annual Performance Goals
which are achieved for such year. For each 1% of the annual Performance Goals
achieved in excess of 100%, the amount of Bonus payable to Executive shall
increase by 0.6% of Base Salary. During the Term and in any event, the maximum
level of 2013 Bonus or Bonus for which Executive shall be eligible to earn is
80% of Base Salary.” 

          5. Section
4.2(c) of the Employment Agreement is hereby amended in its entirety to read as
follows: 

          “(c) For
each fiscal year during the Term, any 2013 Bonus or Bonus payable pursuant to
this Section 4.2 shall be paid on the fifth consecutive trading day after the
date that VPG files its Form 10-K with the Securities and Exchange Commission
for the prior fiscal year; provided, however, that if VPG does not file such
From 10-K on or before December 15th of the fiscal year immediately following
the fiscal year with respect to which the 2013 Bonus or Bonus (as applicable)
relates, no 2013 Bonus or Bonus (as applicable) shall be paid in respect of such
prior fiscal year.” 

          6. Section
4.3 of the Employment Agreement is hereby amended in its entirety to read as
follows: 

          “4.3
Long-Term Equity Incentives. Commencing on January 1, 2014 and on each January 1 thereafter
during the Term, the Company shall grant Executive an annual equity award under
the Company’s 2010 Stock Incentive Program (or any successor plan or arrangement
thereof) having a value approximately equal to 75% of Executive’s Base Salary on
such date (the “Annual Equity
Grant”). Twenty-five percent (25%) of each
Annual Equity Grant shall be in the form of time-vested restricted stock units (“RSUs”), and
seventy-five percent (75%) shall be in the form of performance-based restricted
stock units (“PBRSUs”).
The number of shares of Common Stock subject to such RSUs and PBRSUs shall be
determined by dividing the applicable amount of the Annual Equity Grant by the
average closing price of Common Stock on the New York Stock Exchange for the
five (5) consecutive trading days immediately preceding each January 1. Subject
to Executive’s continued employment with the Company, the RSUs and PBRSUs shall
vest on January 1 of the third year following their grant, provided that, in the
case of the PBRSUs, such PBRSUs shall vest only to the extent the performance
criteria applicable to the PBRSUs are realized, with such performance criteria
and extent of vesting established by the Compensation Committee, it being agreed
that the impact of acquisitions by the Company shall be included in calculating
the achievement of the applicable performance criteria. In the event of the
termination of Executive’s employment with the Company by the Company without
Cause, by Executive for Good Reason, or as a result of Executive’s death or
Disability, the outstanding RSUs granted pursuant to this Section 4.3 shall
immediately vest and the outstanding PBRSUs granted pursuant to this Section 4.3
shall vest on their normal vesting date to the extent the applicable performance
criteria are realized. In the event of a Change in Control, all of such
outstanding RSUs and PBRSUs shall immediately vest.” 

-2- 

          7. Section 6.2(a)(iv) of the Employment Agreement is hereby
amended in its entirety to read as follows: 

          “(iv)
Payment of a pro-rata 2013 Target Bonus or Target Bonus (as applicable), in an
amount equal to the 2013 Target Bonus or Target Bonus (as applicable) multiplied
by a fraction, the numerator of which equals the number of days Executive was
employed with the Company in the Company’s fiscal year of termination of
employment through the date of termination of employment, and the denominator of
which is 365 (the “Pro-Rata
Bonus”), which amount shall be paid within 15
days after the Date of Termination, but not more than 9 days after the end of
the last month of employment.” 

          8. Exhibit
A to the Employment Agreement is hereby amended in its entirety to read as
follows: 

“EXHIBIT A 

2013 Bonus Performance
Goals 

	      	Adjusted Operating
      Margin	      	$19.2 M USD
	 	 	 	 
		Adjusted EBITDA		$31.9 M
USD

With respect to
fiscal year 2013, (A) 50% of the 2013 Bonus shall be conditioned upon each
objective, and (B) Section 4.2(b) shall be applied separately to each portion of
such 2013 Bonus. 

For purposes of
this Exhibit A: (A) “adjusted operating margin,” means operating income
determined in accordance with U.S. GAAP, and (B) “adjusted EBITDA” means
earnings determined in accordance with GAAP, before interest expense (income),
income tax expense (benefit), depreciation and amortization, and in the case of
both (A) and (B) adjusted to exclude various items that the Board reasonably
determines are not indicative of the intrinsic operating performance of the
business, including restructuring and related severance costs, fixed asset or
inventory write-downs and related purchase commitment charges, impairment
charges for goodwill or indefinite-lived intangible assets, and individually
material one-time gains or charges.” 

-3- 

          9. 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. 

          10. 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. 

 

[signature page follows] 

-4- 

          IN WITNESS WHEREOF, the Company has caused this Amendment to
be executed by its duly authorized officer, and Executive has executed this
Amendment, in each case on the 7th day of November, 2013. 

	VISHAY PRECISION GROUP,
      INC.
	  
	By:	/s/
      Ziv Shoshani
		   
	Title:      
      	President and Chief Executive
  Officer

	WILLIAM CLANCY
	 
    
	/s/
      William M. Clancy

-5-Citigroup Global Markets Realty Corp.

390 Greenwich Street 5th Floor
New York, New York 10013

July 23, 2013 

ZFC Trust 
c/o ZAIS Financial
Partners, L.P. 
2 Bridge Avenue, Suite 322 
Red Bank, NJ 07701

Attention: Don Kutch 

	                
    	Re:	      	Sale of First Lien, Performing and
      Re-performing Mortgage Loans
			 	by Citigroup Global Markets Realty
      Corp.

Ladies and Gentlemen: 

    
This trade confirmation (the “Confirmation”) confirms
the agreement between Citigroup Global Markets Realty Corp. (the “Seller”) and
ZFC Trust (the “Purchaser”) pursuant to which the Seller has agreed to sell, and
the Purchaser has agreed to purchase, without recourse, certain first lien,
performing and re-performing residential mortgage loans identified on the
mortgage loan schedule attached hereto as Exhibit A (the “Mortgage Loans”), on a
servicing released basis, subject to the terms set forth herein. The Mortgage
Loans will be sold pursuant to that certain Master Mortgage Loan Sale Agreement,
dated as of May 31, 2013 (the “Purchase Agreement”), between the Seller and the
Purchaser.

For purposes of the Mortgage Loans to
be sold pursuant to this Confirmation, the following terms shall have the
following meanings: 

	Cut-off Date:	June 30, 2013 or such other date as mutually
      agreed to by the parties hereto.
	 	
	Cut-off Date Principal Balance:	$167,788,112.58
	 	
	Closing Date:	July 25, 2013 or such other date as mutually
    agreed to by the parties hereto.
	 	
	Bid Cut-off Date	April 30, 2013.
	 	
	Bid Cut-off Date Principal Balance:	$187,495,520.47
	 	
	Servicing Retained/Released:	Released.
	 	
	Servicing Transfer Date:	Not applicable
	 	
	Purchase Price
      Percentage:	As set forth in Exhibit
    A

	
      Purchase Price: 
	
      The purchase price for the each
      Mortgage Loan shall be equal to the sum of (a) the product of (i) the
      Purchase Price Percentage and (ii) the Cut-off Date Principal Balance, (b)
      accrued and unpaid interest on the Mortgage Loan from the last date
      through which interest has been paid by the Mortgagor through the day
      prior to the Closing Date for Mortgage Loans that are less than sixty (60)
      days delinquent as of the Cut-off Date. 

	 	
	
      Due Diligence: 
	
      The Purchaser will have completed
      its due diligence prior to the Closing Date and has agreed to purchase the
      Mortgage Loans based on the results of such due diligence.
  

	 	
	
      Certain Provisions of the
      Purchase Agreement Inapplicable: 
	
      The parties hereto acknowledge
      that the following sections of the Purchase Agreement are inapplicable to
      this specific transaction and therefore shall be of no force or
      effect:

      Section 6(e), Sections 10(a) and
      the second sentence of 10(b).

      The parties intend that, pursuant
      to Section 11 of the Purchase Agreement, that this Confirmation shall
      control. 

	 	
	
      Entire Agreement/Governing Law:
      
	
      This Confirmation and the
      Purchase Agreement contain the entire agreement relating to the subject
      matter hereof between Purchaser and Seller and supersede any prior oral or
      written agreement between the parties. This Confirmation may only be
      amended by a written document signed by both parties. This letter shall be
      governed in accordance with the laws of the state of New York, without
      regard to conflict of laws rules (other than section 5-1401 of the New
      York General Obligations Law which shall govern).

     Please acknowledge your agreement to the terms and conditions
of this Confirmation by signing in the appropriate space below and returning a
copy of the same to the undersigned. Telecopy signatures shall be deemed valid
and binding to the same extent as the original. 

	CITIGROUP GLOBAL
      MARKETS REALTY CORP.,
	as
Seller
	 
	 
	By:	 /s/ Shameer Hussein	 
	Name:    	 Shameer Hussein	 
	Title:	 Authorized Agent, Citigroup Global Markets Realty Corp.	 

	Confirmed and Agreed
      to:
	  
	 
	ZFC TRUST, as
      Purchaser
	 
	 
	 
	By:	 /s/ Michael Szymanski	 
	Name:    	 Michael Szymanski	 
	Title:	 Trustee

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