Document:

EX-10.34

 Exhibit 10.34 
 Non-Employee Director Compensation Program 
 Effective July 1, 2013

 CASH COMPENSATION 
 Effective July 1, 2013, each member of our board of directors who is not our employee receives the following cash compensation for board services, as applicable: 

 

	 	•	 	 $50,000 per year for service as a board of directors member (paid as a quarterly retainer); 

 

	 	•	 	 $15,000 per year for service as lead independent director of the board of directors (paid as a quarterly retainer); 

 

	 	•	 	 $25,000 per year for service as chairperson of the audit committee, $15,000 per year for service as chairperson of the compensation committee and
$10,000 per year for service as chairperson of the nominating and corporate governance committee (each paid as a quarterly retainer); and 

  

	 	•	 	 $12,500 per year for service as a non-chair member of the audit committee, $7,500 per year for service as a non-chair member of the compensation
committee and $5,000 per year for service as a non-chair member of the nominating and corporate governance committee (each paid as a quarterly retainer). 

 In addition, all of our non-employee directors are reimbursed for out-of-pocket expenses incurred in attending board of directors and committee meetings and for the reasonable expenses incurred by
directors to attend programs designed to provide continuing education regarding the appropriate role of directors in a public company. 

EQUITY COMPENSATION 
 Each non-employee director is eligible to receive automatic grants of stock options to purchase shares of our common stock under our Amended and Restated 2005 Non-Employee Directors’ Stock Option
Plan, or Directors’ Plan. Pursuant to the terms of the Directors’ Plan, all individuals who first become a non-employee director receive a one-time initial option to purchase up to 30,000 shares of our common stock. Such initial option
grants vest monthly over two years from the date of the non-employee director’s election or appointment to our board of directors. Any individual who is serving as a non-employee director on the date of each annual meeting of our stockholders
receives an option to purchase up to 15,000 shares of our common stock on such annual meeting date. Such annual option grants vest in a series of 12 successive equal monthly installments measured from the date of grant. Options granted under our
Directors’ Plan are not intended to qualify as incentive stock options under the Internal Revenue Code of 1986, as amended. The exercise price of options granted under our Directors’ Plan is equal to 100% of the fair market value of our
common stock subject to the option on the grant date. As long as the optionee continues to serve with us or with an affiliate of ours, the option will continue to vest and be exercisable during its term. For options granted before May 1, 2012,
when the optionee’s service terminates, the optionee may exercise any vested options for a period of 12 months following the cessation of service. For options granted on or after May 1, 2012, when the optionee’s service terminates,
the optionee may exercise any vested options for a period of three years following the cessation of service, subject to the earlier termination of the option. All stock options granted under our Directors’ Plan have a term of ten years. In
addition, and 

 
subject to prior board of directors’ approval each year, any individual who is serving as a non-employee director on the date of each annual meeting of our stockholders shall receive a
restricted stock award, or RSU, covering 5,000 shares under our 2005 Equity Incentive Plan. Such RSU cliff vests in full on the one-year anniversary of the RSU grant date, assuming continuous service on such vesting date.Date: ___27/6/2013 

AMENDMENT NO. 1 
to the Revolving Facility Agreement
 entered into between
Vishay Advanced Technologies Ltd and HSBC Bank plc, Tel Aviv Branch
on 30 11
2011 (the "Facility Agreement") 

	WHEREAS	     	Vishay Advanced Technologies Ltd (the
      "Borrower") entered into the Facility Agreement with HSBC Bank plc,
      Tel Aviv Branch (the "Bank") in order to set out terms and conditions
      for a revolving credit facility provided by the Bank to the Borrower;
      and
	 
	WHEREAS		the parties are interested in
      amending the Facility Agreement upon the terms set out
  herein;

THEREFORE, the parties agree as follows:

		1.	The
      preamble to this Amendment No. 1 is an integral part hereof.
		 
		2.	Capitalised terms in this Amendment No. 1
      which have been defined in the Facility Agreement will bear the same
      meanings, unless otherwise defined in this Amendment No. 1.
		 
		3.	All obligations of the Borrower under the
      Facility Agreement will apply to this Amendment No. 1, mutatis mutandis.
		 
		4.	Nothing in this Amendment No. 1 will
      derogate from any obligation of the Borrower under the Facility Agreement
      or any related document, except as modified in this Amendment No.
    1.
		  
		5.	(a)	The Facility
      Agreement is hereby amended as follows:
		 
	     	       	       	In Clause
      15.13(a)(i), "USD 65,000,000" is amended to "USD 48,000,000".
		 
				In Clause
      15.13(a)(iii), "75%" is amended to "65%".
		 
				In Clause 17(b),
      "0.35%" is amended to "0.4%".
		 
				Schedule 2 (Form of Officer's Compliance
      Certificate) is replaced with Schedule 2 (Form of Officer's Compliance
      Certificate) (amended) to this Amendment No. 1.
		 
			(b)	With reference to a bank guarantee issued by
      the Bank at the Borrower's request in the amount of ILS 100,000 in favour
      of Israeli customs authorities (the "Bank Guarantee"), the Bank Guarantee and the outstanding amount thereof shall be
      deemed to be a Utilisation.
		 
		6.	Except as stated in the above Clause 5, all
      other terms of the Facility Agreement will remain unchanged.
		 
		7.	The Debenture signed by the Borrower secures
      the repayment and discharge of all monies at any time owing in respect of
      the Facility, including in respect of the Bank Guarantee, as modified by
      this Amendment No. 1.
		 
		8.	In consideration for the Bank's agreement to
      this Amendment No. 1, the Borrower shall pay the Bank upon the date hereof
      a one-time fee in the amount of USD 5,000, and the Borrower irrevocably
      instructs and authorises the Bank to debit the Borrower's Account for that
      fee, whether the Borrower's Account is in credit or in debit or would
      become in debit as a result of being debited.
			 
		9.	This Amendment No. 1 shall be governed in
      all respects by the laws of Israel and the parties submit to the exclusive
      jurisdiction of the courts in Tel
Aviv.

	WITNESSETH: 	/s/ C.
      Shaked	

	/s/ Amir Tal		/s/ Rina Shaked	 
	Vishay Advanced Technologies Ltd	HSBC Bank plc

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	Acknowledgment of Counsel	
	I, the undersigned, _______________, Adv., counsel to Vishay
      Advanced Technologies Ltd (the "Corporation"), hereby confirm that
      the above document was signed on behalf of the Corporation by its
      officer(s):

	Name	I.D./Passport
  no.
	Amir Tal	
	 	
	 	

And that pursuant to resolutions of the
Corporation which were duly adopted and in accordance with the constituting
documents of the Corporation, such signatures are binding on the Corporation.

	/s/ E. Goddard		 
	Name and
      Signature	Date
    27/6/13

-49-

SCHEDULE 2

FORM OF OFFICER'S COMPLIANCE CERTIFICATE
(amended)

VISHAY ADVANCED TECHNOLOGIES
LTD
OFFICER'S COMPLIANCE
CERTIFICATE FOR THE PERIOD ENDING [   ]

Reference is made to the
Revolving Facility Agreement dated as of 30 11 2011 (as modified, amended,
restated or supplemented from time to time, the "Facility Agreement") by and between Vishay Advanced Technologies Ltd
(the "Borrower") and HSBC Bank plc, Tel Aviv Branch (the
"Bank"). Terms not defined herein are used as defined
in the Facility Agreement. 

In accordance with the
terms of Clause 15.2(g) of the Facility Agreement, I, [   ], the Chief Financial
Officer/Controller of the Borrower, do hereby certify to the Bank as follows:

1. The Borrower is in
compliance with the financial covenants as of [   ] as set forth in Clause 15.13
of the Facility Agreement, and as defined in Schedule 1 (Calculation of EBITDA)
and Schedule 4 (Calculation of Tangible Shareholder’s Equity), as more fully set
forth below: 

	
      Actual
	      	
      Required

	
      Tangible Shareholder Equity
      (TSE)
			
	
      Total Assets:
Less:
Total Liabilities:
Excluding: 
		

	(a) 	Goodwill, Trademarks,
      Trade Names, etc.:
	(b)	Unamortized financing
      and discounts and expenses:
	(c)	all reserves carried
      and not deducted from assets:
	(d)	treasury
    stock:
	(e)	securities which are
      not readily marketable:
	(f)	cash held in a
      sinking fund for redemption of Capital Stock or Indebtedness:
	(a)	Any write up in the
      book value of any assets subsequent to their being listed in the financial
      statements:
	(h)	Any items in (a)
      through (g) above treated as intangibles in conformity with
  GAAP:
	(i)	The effects of
      currency translation adjustments:
	(j)	Investment in Vishay
      PM Group Ltd:

Tangible Shareholders
Equity: 

	     	
      ≥ USD
      48,000,000 
	          

Leverage
Ratio

Indebtedness:

EBITDA: 

Indebtedness /
EBITDA: 

	     	
      ≤ 2.5:1.0 
	          

-50-

Tangible Shareholder Equity /
Total Assets

Tangible Shareholder Equity:

Total Assets: 

Tangible Shareholder Equity /
Total Assets:

	     	
      ≥ 65% 
	          

Calculation of
EBITDA 

	DESCRIPTION	1st
QT
R
      *	2nd
QT
R
      *	3rdQT
R
      *	4th
QT
R *	ROLLING
FOUR
QUARTERS
	NET INCOME				 	
	 					
	(a) INTEREST
      EXP	 		 		
	(b) INCOME
    TAX					
	(c)
      DEPRECIATION					
	(d)
      AMORTIZATION		 			 
	(e) NON-CASH
      PROVISIONS FOR RESERVES FOR DISCOUNTINUED OPERATIONS					
	(f) GAIN OR LOSS
      ASSOCIATED WITH THE SALES OR WRITE-DOWN OF ASSETS					
	(g) GAIN OR LOSS
      ATTRIBUTED TO MINORITY INTERESTS					
	(h) GAIN OR LOSS
      ACCOUNTED FOR BY THE EQUITY METHOD OF ACCOUNTING					
	(i) OTHER NON-CASH
      ITEMS APPROVED BY THE BANK					

* Specify quarter-end date 

-51-

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