Document:

Exhibit 10.60

 

Vishay Intertechnology, Inc.

Form of 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 Senior Executive Phantom Stock Plan (the "Plan") 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 Plan provides that the Compensation Committee (the "Committee") of the Company's Board of Directors shall administer the Plan, 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 Plan 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 Plan, the Committee hereby grants to the Participant the number of Phantom Stock Units set forth on the Grant Schedule.

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

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

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" within the meaning of section 409A of the Code and applicable Treasury Regulations issued under section 409A, Phantom Stock Units will be issued to the Participant according to the terms and conditions of the Participant's employment agreement, subject to any applicable provisions of the Plan.  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 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)            Phantom Stock Units will be issued to the Participant in accordance with the terms and conditions of the Plan and the Participant's employment agreement.  On each 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 granted hereunder that have vested as of such date.

(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 Vesting Date, with fractional shares being settled in cash.

(d)            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.            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 Plan 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.

10.            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.

11.            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.

12.            Integration.  The Plan, 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 Plan, supersede all prior agreements and understandings between the parties with respect to its subject matter.

13.            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.

14.            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.

15.            Participant Acknowledgment.  The Participant hereby acknowledges receipt of a copy of the Plan and has carefully read and understands this Agreement and the Plan.  The Participant hereby acknowledges that all decisions, determinations and interpretations of the Committee in respect of the Plan, this Agreement and the Phantom 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:

	
Peter G. Henrici

		
Title:

	
Sr. Vice President,

Corporate Secretary

		
		
[Participant Name]

Grant Schedule

	
Participant's name:

	
[Participant Name]

 

	
Grant Date:

	
		
 

	
1. Number of Phantom Stock Units     granted:

	
	
Phantom Stock Units will be issued to the Participant in accordance with the terms and conditions of the Plan and the Participant's employment agreement.  In the event of a Change in Control, all Phantom Stock Units will be eligible for issuance.

 

Notwithstanding the foregoing, no Phantom Stock Units subject to this Agreement shall be issued to the Participant unless the Participant has complied with all applicable provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act").  If the Phantom Stock Units subject to this Agreement would have become eligible for issuance pursuant to this Agreement but were not issued solely because the Participant was not in compliance with all applicable provisions of the HSR Act, the date of issuance for such Phantom Stock Units shall occur on the first date following the date on which such Phantom Stock Units would otherwise have become issuable pursuant to this Agreement on which the Participant has complied with all applicable provisions of the HSR Act.

 

	

		
VISHAY INTERTECHNOLOGY, INC.

__________________________

Name: Peter G. Henrici

Title:   Sr. Vice President,

            Corporate Secretary

________________________________

[Participant Name]2014 Annual Incentive Plan

Annual Incentive Plan
for Salaried Employees
(Amended and Restated Effective January 1, 2014)

This document contains the terms of the Weyerhaeuser Company Annual Incentive Plan for Salaried Employees (the “Plan”).  The Plan is amended and restated effective January 1, 2014.

		
	1.
	Purpose and Plan Objectives

The purpose of the Plan is to align rewards with the Company’s vision and strategies, and motivate Participants to achieve top performance in the industry.  Participants are eligible to receive incentive awards based on their performance and the performance of their respective Business Group or Organization.
The Plan is designed to accomplish the following objectives:
		
	•
	motivate Participants to achieve Company and business objectives;

		
	•
	provide a competitive range of performance and payout opportunities;

		
	•
	attract, retain and motivate Participants by providing opportunities to earn better-than-competitive total pay for better-than-competitive performance results;

		
	•
	align the interests of Participants to promote the Company’s philosophy of managing each business independently to achieve top quartile performance and cost of capital returns; and

		
	•
	ensure strong linkage of pay to performance.

		
	2.
	Definitions

		
	(a)
	“Award Year” is each calendar year or other annual performance period determined by the Compensation Committee for which a Participant may earn a Bonus Award.

		
	(b)
	“Base Salary” is a Participant’s annual rate of pay measured as of the last day of an Award Year, excluding all other pay elements (such as bonus payments and relocation allowances).  For a Participant who becomes ineligible for the Plan during the Award Year and is eligible for a pro-rated Bonus Award pursuant to the criteria specified below, Base Salary is the Participant’s annual rate of pay measured as of the last day he or she was eligible for the Plan.

		
	(c)
	“Bonus Award” is the amount of bonus granted to a Participant for each Award Year as determined under the terms of the Plan.

		
	(d)
	“Business Group” means a business that separately earns revenues and incurs expenses, that regularly is reviewed by and subject to different performance standards by the Chief Executive Officer or executive officers of the Company, such as Timberlands, Cellulose Fibers, and the Wood Products businesses, including the Employees assigned to each Business Group, Embedded Staff supporting each Business Group and the member of the Senior Management Team to whom the Business Group reports directly.  

		
	(e)
	“Company” is Weyerhaeuser Company and any of its subsidiaries that participate in the Plan with the approval of the Compensation Committee.  Exhibit A is a list of the participating subsidiaries as of the most recent amendment and restatement date.

		
	(f)
	“Compensation Committee” is the Compensation Committee of the Board of Directors of Weyerhaeuser Company.

		
	(g)
	“Corporate Group” means any Organization that is not part of a Business Group and any member of the Senior Management Team to whom such an Organization reports directly.

		
	(h)
	“Disability” is a medical condition for which a Participant is entitled to Company-paid long-term disability benefits and as a result of which a Participant is required to terminate his or her employment.

		
	(i)
	“Embedded Staff” means any Employee who is a member of a corporate staff or corporate support function Organization, but who (1) works at a Business Group facility or (2) is located outside a Business Group facility, but spends a majority of his or her time in support of one Business Group.

		
	(j)
	“Employee” is any person who is classified by the Company as actively employed by the Company, including any such person on leave with pay or suspended (unless such suspension arises from a disciplinary matter due to attendance, misconduct or performance) and who is compensated on a salaried basis (exempt or non-exempt) as reflected on the Company’s payroll records.

		
	(k)
	“Financial Funding Curves” has the meaning specified in Section 5.

		
	(l)
	“Funds From Operations” means earnings before interest and taxes; less 1031 exchanges and gains on large asset sales; plus depletion, depreciation and amortization; plus the net book value of cash from sales of land; less fertilizer spending, in each case as determined by the Compensation Committee in its sole discretion.

		
	(m)
	“Funding Multiples” has the meaning specified in Section 5.

		
	(n)
	“Organization” is a corporate support function group or a discrete support function included in the Corporate Group.

		
	(o)
	“Participant” is any Employee who is eligible for the Plan pursuant to the terms of the “Eligibility” section below.

		
	(p)
	“Performance Scorecard Funding Curves” has the meaning specified in Section 5.  

		
	(q)
	“Plan” has the meaning given in the introduction above.

		
	(r)
	“Retirement” is, with respect to a Participant, his or her “Normal Retirement” or “Early Retirement” as defined in the Weyerhaeuser Pension Plan, as amended from time to time.

		
	(s)
	“RONA” is Weyerhaeuser Company’s or the Business Group’s return on net assets for the Award Year as determined by the Compensation Committee in its sole discretion.  For purposes of calculating RONA, amounts required to pay any Bonus Award under this Plan, pension charges and incremental corporate allocations are included.

		
	(t)
	“Senior Management Team” means any officer that reports to Weyerhaeuser Company’s Chief Executive Officer or that is otherwise designated as such from time to time by Weyerhaeuser Company’s Chief Executive Officer or its Senior Vice President of Human Resources.

		
	3.
	Eligibility

Subject to the terms and conditions of the Plan, each Employee is eligible to participate in the Plan except as follows:

		
	(a)
	an Employee who is classified by the Company as a temporary employee;

		
	(b)
	a person who the Company classifies as an independent contractor but who is reclassified by a court or governmental agency (through a settlement, judgment or otherwise) as a common law Employee; or

		
	(c)
	an Employee who is eligible for another annual or short-term incentive plan offered by Weyerhaeuser Company or any of its subsidiaries.

The Compensation Committee may designate any other Employee of the Company or any other person as eligible to participate in the Plan.  Eligibility to participate in the Plan does not entitle any Employee to participate in the Plan.

		
	4.
	Target Bonus Percentage and Amount

The Company assigns each Employee position within the Company a target bonus percentage for each Award Year expressed as a percentage of Base Salary.  The target bonus percentage is fixed for each Participant as of December 31 of each Award Year, without regard to any position changes during the Award Year, except as approved by the Compensation Committee.
A Participant’s target bonus amount for the Award Year is calculated by multiplying his or her target bonus percentage by his or her Base Salary.  Overtime paid during the year to a Participant who is a non-exempt salaried Employee will be added to his or her Base Salary for purposes of calculating his or her target bonus amount.
The target bonus amount for a new Participant during the Award Year will be prorated on a time-in-eligible position basis.  The target bonus amount for a Participant who terminates his or her employment during the Award Year will be calculated on a time-in-eligible position basis, but only if such termination is for any of the following reasons as classified by the Company:  death, Disability, facility closure, health reasons, reduction in force, sale of facility and Retirement.  A Participant whose employment terminates during the Award Year for any other reason will be ineligible for a Bonus Award.

		
	5.
	Funding, Allocation and Individual Bonus Awards

Financial Performance Metrics - No later than 90 days following the beginning of each Award Year, the Compensation Committee will establish an annual funding schedule for each Business Group, which will consist of the Financial Funding Curves performance levels for threshold, target and maximum funding of the financial target weighting portion of the Plan.  The Financial Funding Curves performance measures may be based on the Business Group’s RONA, Funds From Operations, or other objective business measures established by the Compensation Committee.  The factors considered by the Compensation Committee in setting the required Financial Funding Curves performance levels may include, without limitation, dividend 

requirements, interest, cost of equity capital, and relative performance compared to appropriate peer groups.
Performance Scorecard Metrics - No later than 90 days following the beginning of each Award Year, the Compensation Committee will approve the Performance Scorecard Funding Curves that will be used to measure the “Below,” “Achieves” and “Exceeds” performance of each Business Group during an Award Year for the performance scorecard weighting portion of the Plan.  The performance scorecard metrics will include measurable metrics, such as relative competitive performance, cash generation and strategic initiatives.
Funding Multiples - No later than 90 days following the beginning of each Award Year, the Compensation Committee will approve the Funding Multiple that will be applied for each performance level on the Financial Funding Curve and the Performance Scorecard Funding Curves.  For example, the Funding Multiples for an Award Year may be represented in a schedule as follows:

		
	•
	Threshold             0.2x

		
	•
	Target                 1.0x

		
	•
	Maximum            2.0x

Business Group Funding Amount - The total funding amount for Bonus Awards for each Award Year will be calculated separately for each Business Group at the end of each Award Year partly based on the RONA, Funds From Operations, or other metric determined by the Compensation Committee, as applicable, achieved by the Business Group at the end of the Award Year multiplied by the appropriate Funding Multiple approved for the Financial Funding Curve and partly based on the assessment of the performance of the Business Group against its performance scorecard metrics for the Award Year, multiplied by the appropriate Funding Multiple approved for the Performance Scorecard Funding Curves.  The performance of the Business Group against its performance scorecard metrics will be determined by the Chief Executive Officer of the Company and other designated members of Senior Management.  No later than 90 days following the beginning of each Award Year, the Compensation Committee will approve the weighting for the RONA, Funds From Operations, or other metric determined by the Compensation Committee, as applicable, factor and the performance scorecard factor that will be used in calculating the funding amount.  The total funding amount for the Business Group will be the Business Group funding amount multiplied by the aggregate target bonus amounts of all Participants in the Business Group.  See Exhibit B for an example of the calculation. 
Corporate Group Funding Amount - The total funding amount for Bonus Awards for each Award Year will be calculated for the Corporate Group at the end of each Award year by determining the aggregate of the funding amount for each Business Group that represents the amount of the Corporate Group Bonus Awards allocated to the Business Group as part of the financial calculation multiplied by the appropriate Funding Multiple.

Allocation of Total Corporate Group Funding Amount - The total Corporate Group funding amount for the Award Year will be allocated among the Organizations within the Corporate Group based on the ratio that the aggregate of the target bonus amounts of the Participants who

are members of each such Organization multiplied by the Funding Multiple has to the total Corporate Group funding.
Funding Amounts for Certain Executive Officers - Bonus Awards for the CEO will be based partly on RONA results of the total Company and partly based on performance against performance scorecard metrics approved by the Compensation Committee.  Bonus Awards for any executive officer to whom other executive officers report or who does not have either a Business Group or Organization reporting directly to him or her will be determined based on the weighted average of the separate Business Group Funding Amounts of the Business Groups that report indirectly to him or her as determined by the Compensation Committee.  No later than 90 days following the beginning of each Award Year, the Compensation Committee will approve the factors that will be used in calculating the funding amounts for the CEO and such other executive officers.
Change of Business Group or Organization - Any Participant who transferred from one Business Group or Organization to another Business Group or Organization during the Award Year will be included in the Business Group or Organization to which the Participant is assigned as of the last day of the Award Year, except as approved by the Compensation Committee.

Individual Bonus Awards - Each senior officer of each Business Group or Organization will recommend a Bonus Award, if any, for each Participant in the Business Group or Organization; provided that recommendations for Bonus Awards for Embedded Staff will be determined by the senior officer in the respective corporate function Organization in consultation with the senior officer in the respective Business Group of the Embedded Staff Employee.  The maximum Bonus Award that may be recommended for any Participant with respect to the Award Year is three times the Participant’s target bonus amount.  In addition, the sum of the recommended individual Bonus Awards within the Business Group or Organization may not exceed the Business Group or Organization’s allocated funding amount.  The Participant’s recommended Bonus Award may be based on the individual performance, plant or department performance, or other relevant factors determined by the senior officer in his or her sole discretion.

		
	6.
	Approval of Awards

The Compensation Committee will approve all Bonus Awards for each executive officer and the funding amount for each Business Group and Organization.  In approving any Bonus Award, the Compensation Committee reserves the right to increase or decrease the recommended Bonus Award for performance or any other reason.  For all other Participants, the chief executive officer and/or Senior Vice President, Human Resources (or similar position) will approval all Bonus Awards based on the individual Bonus Awards recommended by applicable senior officers pursuant to Section 5.  In approving any Bonus Award for Participants other than the executive officers, the chief executive officer and/or Senior Vice President, Human Resources (or similar position) reserve the right to increase or decrease the recommended Bonus Award for performance or any other reason.

		
	7.
	Timing of payments and approvals

Payments of Bonus Awards will be made as soon as administratively reasonable after the last day of each Award Year, but in no event later than the immediately next March 15.  Some

Participants may be eligible to defer Bonus Award payments.  The availability and terms and conditions of any such deferral are determined by the Weyerhaeuser Company Deferred Compensation Plan.
All payments of Bonus Awards will be made in cash in a single sum and subject to appropriate tax and other required withholding and reporting.  Bonus Award payments will be managed, processed and tracked by the Corporate Compensation Department.
Any Bonus Award remaining unpaid due to the death of a Participant will be paid to the Participant’s legal representative or to a beneficiary designated by the Participant in accordance with rules established by the Compensation Committee.

		
	8.
	Right to amend or terminate

Weyerhaeuser Company reserves the right to amend or terminate the Plan at any time without prior notice to any Participant.  The Plan will be deemed to be amended, and any Bonus Awards will be deemed to be modified, to the extent permitted by and necessary to be exempt from the requirements of Section 409A of the Internal Revenue Code (“Section 409A”), so as to avoid or mitigate any adverse tax consequences to Weyerhaeuser Company, its subsidiaries or Participants under Section 409A.  Weyerhaeuser Company and its subsidiaries do not make any representations and will not be liable for any taxes or other losses with respect to Section 409A.

		
	9.
	Continuation rights

No Participant or his or her legal representatives, beneficiaries or heirs will have any right or interest in the Plan or in its continuance, or in the Participant’s continued participation in the Plan. 

		
	10.
	Plan administration

The Compensation Committee is responsible for the administration of the Plan.  The Compensation Committee has sole discretion to construe and interpret the provisions of the Plan, to adopt rules and administrative procedures in connection with the Plan, and to make all final determinations regarding eligibility and benefits under the Plan.  The Compensation Committee may delegate some or all administrative responsibility and functions to such other person or persons as it may determine from time to time.  The Plan is intended to be exempt from the requirements of Section 409A and will be interpreted and administered accordingly.

		
	11.
	Miscellaneous

Bonus Award payments will be treated as compensation for purposes of other benefits maintained by the Company only to the extent provided under the terms of the governing documents for such other benefits. 
Nothing in the Plan will be construed to limit the right of the Company to establish, alter or terminate any other forms of incentives or other compensation or benefits.
The existence of the Plan does not extend to any Participant a right to continued employment with the Company.

Any Bonus Award paid under the Plan is an unfunded obligation of the Company.  The Company is not required to segregate any monies from its general funds, to create any trust or to make any special deposits with respect to this obligation.  The creation or maintenance of any account with the Company’s general funds with respect to the Plan shall not create or constitute a trust or create any vested interest in any Participant or his or her beneficiary or creditors in any assets of the Company.  No right or interest conferred on any Participant pursuant to the Plan shall be assignable or transferable, either by voluntary or involuntary act or by operation of law.
Regardless of the location of any Participant or Employee, the Plan will be governed by the laws of the State of Washington, other than its conflict of laws principles.

		
	12.
	Clawback Policy

The Plan is subject to the terms and conditions of the Weyerhaeuser Company Incentive Compensation Clawback Policy, as now in effect or hereinafter amended.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00226-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00226-of-00352.parquet"}]]