Document:

Exhibit 10.3

  

   

    

  

    VISHAY CAPACITORS BELGIUM NV

    

    

    

    

    February 23, 2021

    

    

    Mr. Johan Vandoorn

    

    

    

    

    Re: Fourth Amendment to the Terms and Conditions

    

    

    Dear Johan:

    

    

    Reference is made to the Terms & Conditions Regarding the Appointment of Mr.
        Vandoorn as Chief Technology Officer, dated January 16, 2012, as amended on March 4, 2014, March 3, 2015 and February 15, 2018 (the “Terms & Conditions”). Effective on the date hereof, the Terms & Conditions are hereby amended as
      described below.

    

    

    Clause 7.7(a) of the Terms & Conditions is replaced in its entirety with the following:

    

      

      Beginning with the 2021 calendar year, on or about each January 1st occurring during the term of the Appointment, Vishay will grant Mr. Vandoorn an annual equity award under the Vishay Intertechnology 2007 Stock Incentive Program
      (or any successor plan or arrangement thereof) having a grant date fair value approximately equal to 50% of the then effective Fixed Fee. Up to 75% of such annual equity award (determined as a percentage of grant date fair value) may be subject to
      performance-based vesting conditions (hereinafter referred to as “PBRSUs”). The portion of the annual equity awards that is not subject to performance-based vesting conditions is referred to hereinafter as “RSUs.”  Subject to Clauses 7.7(b) and (e), the RSUs and PBRSUs shall vest (subject to Mr. Vandoorn’s continued service) 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 PBRSUs are realized.

    

    

    This letter agreement shall constitute an amendment to the Terms and Conditions, and except as otherwise set forth herein, all other provisions of the Terms
      and Conditions remain unchanged.

    

    

    This letter agreement may be executed in multiple counterparts, each of which shall be deemed an original agreement and both of which shall constitute
        one and the same agreement. The counterparts of this letter agreement may be executed and delivered by facsimile or other electronic signature (including portable document format) by either of the parties and the receiving party may rely on the
        receipt of such document so executed and delivered electronically or by facsimile as if the original had been received.

    

    

    [Remainder of page left intentionally blank.]

    
      

      
        

      

    

    To confirm your agreement with the foregoing, please countersign this letter agreement in the space below provided.

    

    

    

    

    

    

    	 	
            By:

          	
             

            VISHAY CAPACITORS BELGIUM NV

             

             

            /s/ Hans Labeeuw

          
	 	 	
            Name:  Hans Labeeuw

            Title: Managing Director

          

    

    

    

    

    Accepted and agreed:

    	
             

             

             

            /s/ Johan Vandoorn

          
	
            JOHAN VANDOORN

             

            DATE: April 1, 2021Exhibit 10.4

  

   

    

  

    VISHAY INTERTECHNOLOGY, INC.

    63 Lancaster Avenue

    Malvern, Pennsylvania 19355

    

    

    

    

    February 23, 2021

    

    

    Mr. David Valletta

    

    

    

    

    Re: First Amendment to Employment Agreement

    

    

    Dear David:

    

    

    Reference is made to that certain amended and restated employment agreement entered into on February 15, 2018 (the “Employment Agreement”). Effective on the
      date hereof, the Employment Agreement is hereby amended as described below.

    

    

    Section 4.3(a) of the Employment Agreement is replaced in its entirety with the following:

    

      

      On or about each January 1st occurring both during the Term and prior to the time that notice of termination is given by either party, Vishay shall grant Executive an annual equity award under the Stock Incentive Program (or any successor plan
      or arrangement thereof) having a grant date fair value approximately equal to 50% of Executive’s Base Salary on such date.  Subject to Executive’s continued service, such equity awards shall vest on January 1 of the third year following their grant,
      provided that the vesting of up to 75% of the equity awards granted in any year (determined as a percentage of grant date fair value) may also be subject to the achievement of performance goals established by the Compensation Committee.

    

    

    This letter agreement shall constitute an amendment to the Employment Agreement, and except as otherwise set forth herein, all other terms and conditions of
      the Employment Agreement remain unchanged.

    

    

    This letter agreement may be executed in multiple counterparts, each of which shall be deemed an original agreement and all of which shall constitute
        one and the same agreement. The counterparts of this letter agreement may be executed and delivered by facsimile or other electronic signature (including portable document format) by any of the parties and the receiving parties may rely on the
        receipt of such document so executed and delivered electronically or by facsimile as if the original had been received.

    

    

    [Remainder of page left intentionally blank.]

    
      

      
        

      

    

    To confirm your agreement with the foregoing, please countersign this letter agreement in the space below provided.

    

    

    

    

    

    

    	 	
            By:

          	
             

            VISHAY INTERTECHNOLOGY, INC.

             

             

            /s/ Dr. Gerald Paul

          
	 	 	
            Name: Dr. Gerald Paul

            Title: CEO

          

    

    

    

    

    	 	
            By:

          	
             

            VISHAY AMERICAS, INC.

             

             

            /s/ Michael O’Sullivan

          
	 	 	
            Name: Michael O’Sullivan

            Title: Senior Vice President

          

    

    

    

    

    Accepted and agreed:

    	
             

             

             

            /s/ David Valletta

          
	
            DAVID VALLETTA

             

            DATE:   April 17, 2021Exhibit 10.5

  

   

    

  

    VISHAY INTERTECHNOLOGY, INC.

    63 Lancaster Avenue

    Malvern, Pennsylvania 19355

    

    

    

    

    February 23, 2021

    

    

    Mr. Clarence Tse

    

    

    

    

    Re: First Amendment to Employment Agreement

    

    

    Dear Clarence:

    

    

    Reference is made to that certain employment agreement entered into on February 15, 2018 (the “Employment Agreement”). Effective on the date hereof, the
      Employment Agreement is hereby amended as described below.

    

    

    Section 4.3(a) of the Employment Agreement is replaced in its entirety with the following:

    

      

      On or about each January 1st occurring both during the Term and prior to the time that Notice of Termination is given by either party, Vishay shall grant Executive an annual equity award under the Stock Incentive Program (or any successor plan
      or arrangement thereof) having a grant date fair value approximately equal to 40% of Executive’s Base Salary on such date.  Subject to Executive’s continued service, such equity awards shall vest on January 1 of the third year following their grant,
      provided that the vesting of up to 75% of the equity awards granted in any year (determined as a percentage of grant date fair value) may also be subject to the achievement of performance goals established by the Compensation Committee.

    

    

    This letter agreement shall constitute an amendment to the Employment Agreement, and except as otherwise set forth herein, all other terms and conditions of
      the Employment Agreement remain unchanged.

    

    

    This letter agreement may be executed in multiple counterparts, each of which shall be deemed an original agreement and all of which shall constitute
        one and the same agreement. The counterparts of this letter agreement may be executed and delivered by facsimile or other electronic signature (including portable document format) by any of the parties and the receiving parties may rely on the
        receipt of such document so executed and delivered electronically or by facsimile as if the original had been received.

    

    

    

    

    [Remainder of page left intentionally blank.]

    
      

      
        

      

    

    To confirm your agreement with the foregoing, please countersign this letter agreement in the space below provided.

    

    

    

    

    

    

    	 	
            By:

          	
             

            VISHAY INTERTECHNOLOGY, INC.

             

             

            /s/ Dr. Gerald Paul

          
	 	 	
            Name: Dr. Gerald Paul

            Title: CEO

          

    

    

    

    

    	 	
            By:

          	
             

            VISHAY SINGAPORE PTE. LTD

             

             

            /s/ Saw Bee Leng

          
	 	 	
            Name: Saw Bee Leng

            Title: Director

          

    

    

    

    

    Accepted and agreed:

    	
             

             

             

            /s/ Clarence Tse

          
	
            CLARENCE TSE

             

            DATE:     April 1, 2021Exhibit 10.6

  

   

    

  

    VISHAY INTERTECHNOLOGY, INC.

    63 Lancaster Avenue

    Malvern, Pennsylvania 19355

    

    

    

    

    February 23, 2021

    

    

    Mr. Joel Smejkal

    

    

    

    

    Re: Second Amendment to Employment Agreement

    

    

    Dear Joel:

    

    

    Reference is made to that certain employment agreement dated February 15, 2018, as amended on May 20, 2020 (the “Employment Agreement”). Effective on the date
      hereof, the Employment Agreement is hereby amended as described below.

    

    

    Section 4.3(a) of the Employment Agreement is replaced in its entirety with the following:

    

      

      On or about each January 1st occurring both during the Term and prior to the time that notice of termination is given by either party, Vishay shall grant Executive an annual equity award under the Stock Incentive Program (or any successor plan
      or arrangement thereof) having a grant date fair value approximately equal to 50% of Executive's Base Salary on such date.  Subject to Executive’s continued service, such equity awards shall vest on January 1 of the third year following their grant,
      provided that the vesting of up to 75% of the equity awards granted in any year (determined as a percentage of grant date fair value) may also be subject to the achievement of performance goals established by the Compensation Committee.

    

    

    This letter agreement shall constitute an amendment to the Employment Agreement, and except as otherwise set forth herein, all other terms and conditions of
      the Employment Agreement remain unchanged.

    

    

    This letter agreement may be executed in multiple counterparts, each of which shall be deemed an original agreement and all of which shall constitute
        one and the same agreement. The counterparts of this letter agreement may be executed and delivered by facsimile or other electronic signature (including portable document format) by any of the parties and the receiving parties may rely on the
        receipt of such document so executed and delivered electronically or by facsimile as if the original had been received.

    

    

    

    

    [Remainder of page left intentionally blank.]

    
      

      
        

      

    

    To confirm your agreement with the foregoing, please countersign this letter agreement in the space below provided.

    

    

    

    

    

    

    	 	
            By:

          	
             

            VISHAY INTERTECHNOLOGY, INC.

             

             

            /s/ Dr. Gerald Paul

          
	 	 	
            Name: Dr. Gerald Paul

            Title: CEO

          

    

    

    

    

    	 	
            By:

          	
             

            VISHAY DALE ELECTRONICS, LLC

             

             

            /s/ Michael O’Sullivan

          
	 	 	
            Name: Michael O’Sullivan

            Title: Manager and SVP

          

    

    

    

    

    Accepted and agreed:

    	
             

             

             

            /s/ Joel Smejkal

          
	
            JOEL SMEJKAL

             

            DATE: April 6, 2021

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