Document:

Exhibit 10.9

  

   

    

   

  
  
    

    

    

    

  

  TRANSITION AGREEMENT

  This Transition Agreement (“Agreement”) is made on July 15, 2022 by and between Vishay Americas, Inc., a Delaware
    corporation (“Vishay Americas”), Vishay Intertechnology, Inc., a Delaware corporation and the parent company of Vishay Americas (the “Company”) and David Valletta (“Executive”) (jointly referred to as the “Parties” and singularly as a “Party”):

  RECITALS

  WHEREAS, Executive is presently employed by Vishay Americas as its Executive Vice President, Worldwide Sales (“EVP
    Sales”);

  WHEREAS, the Parties entered into an Amended and Restated Employment Agreement, dated as of February 15, 2018 and a
    First Amendment to the Amended and Restated Employment Agreement, dated as of February 23, 2021 (collectively, the “Employment Agreement”);

  WHEREAS, Vishay Americas wishes to terminate Executive’s employment, effective upon the close of business on December
    31, 2022 (the “Termination Date”), which will constitute a termination without Cause (as defined below), provided that Executive’s employment is not terminated prior to December 31, 2022 by Vishay Americas for Cause or due to Executive’s death or
    Disability;

  WHEREAS, the Parties desire to enter into this Agreement to set forth the terms and conditions of Executive’s remaining
    period of employment and Executive’s entitlements in connection with the cessation of his employment; and

  WHEREAS, each capitalized term not defined herein shall have the meaning ascribed to such term in the Employment
    Agreement.

  NOW THEREFORE, in consideration of the mutual promises made herein, intending to be legally bound, the Parties hereby
    agree as follows:

  1. Transition Period; Cessation of Employment.

  (a) Vishay Americas agrees to continue to employ Executive, and Executive agrees to remain in employment with Vishay Americas, until the earliest of (i) the Termination Date, (ii) the
      date of Executive’s death or Disability, or (iii) the date Executive’s employment is terminated by Vishay Americas with Cause.  For the purposes of this Agreement, “Cause” has the meaning set forth in the Employment Agreement except that the
      reference to the Employment Agreement in clause (iii) therein shall be deemed to also include this Transition Agreement.

  (b) During the period between the date hereof and the Termination Date (the “Transition Period”), Executive agrees to devote his reasonable best efforts and full business time to the
      performance of his duties for the Company Group, including, but not limited to, making good faith efforts to prepare the Company Group for an orderly transition of his duties to other Company Group personnel.

  
    
      

      

    

    
      

    
      

      

      

      

    

  

  
  (c) Executive hereby resigns all offices, titles and positions with the Company Group (including his position as EVP Sales) as of the Termination Date and agrees to execute such further
      documents as the Company Group may reasonably request to confirm such resignation.  Executive further agrees that no compensation or other amounts are payable in connection with the cessation of his employment and service, except as expressly
      provided in this Agreement.

  2. Compensation During the Transition Period.  Subject to Executive’s continued
      employment through the Transition Period, Executive will continue to be paid his base salary at the current rate through the Transition Period.

  3. Compensation Upon Cessation of Employment.
      In the event of Executive’s cessation of employment prior to the Termination Date due to his death, Disability, or a termination by the Company for Cause, the consequences of such termination shall be as set forth in the Employment Agreement.
      Provided that Executive remains employed with Vishay Americas until the Termination Date, and subject to Executive (i) executing this Agreement within 21 days of the date hereof, and such Agreement (including Section 6 hereof) becoming irrevocable in
      accordance with its terms, (ii) executing the Subsequent Release attached as Exhibit A hereto within 53 days following the Termination Date and such Subsequent
      Release becoming irrevocable in accordance with its terms, and (iii) complying with Section 7 of the Employment Agreement, Executive shall be entitled to the items of compensation set forth in Sections 3(a), 3(b) and 3(c) of this Agreement. 
      Executive acknowledges and agrees that Executive will not be entitled to such items of compensation if he does not execute this Agreement and the Subsequent Release in accordance with their terms:

  (a) Cash Severance. 
      Executive will continue to receive his base salary as in effect on the Termination Date until the third (3rd) anniversary of the Termination Date, payable in installments in accordance with Vishay Americas’ standard payroll practices (but
      no less frequently than monthly), provided however, that if a Change in Control (as defined in the Employment Agreement, but that also constitutes a “change in control event” described in Treas. Reg. § 1.409A-3(i)(5)(i)) occurs prior to the Termination Date, the amounts otherwise payable under this Section 3(a) will instead be paid in a
        single lump sum within 60 days following the Termination Date.

  (b) 2022 Annual Bonus.  Executive will be eligible to receive a
      2022 annual performance bonus as described in Section 4.2 of the Employment Agreement.  Such bonus will be determined in the same manner and paid at the same time as would have been the case in the absence of Executive’s termination of employment.

  (c) Treatment of Equity Awards. 
      Service-based vesting criteria applicable to Executive’s outstanding equity awards as of the Termination Date shall be deemed satisfied, whereas performance-based vesting criteria will remain in effect through the end of the applicable performance
      period, and all such awards will be settled in accordance with the applicable award agreements.

  Subject to any delay required under Section 6.3 of the Employment Agreement (which section will continue in effect to facilitate compliance
    with Section 409A of the Internal Revenue Code), the benefits described in Sections 3(a) and 3(b) above will be paid or will begin to be paid, as applicable, as soon as practicable after the Subsequent Release becomes irrevocable (or, in the case of the payment described in 3(b) above, at such later time as such bonus would have otherwise been payable in the absence of such termination); provided, that no payments shall be made prior to January 1,
      2023.

  
    
      

      

    

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  4. Restrictive Covenants.  Executive agrees and acknowledges that Section 7 of the Employment Agreement
      (regarding restrictive covenants) will survive the cessation of Executive’s employment with Vishay Americas and hereby affirms his obligations thereunder. Notwithstanding anything to the contrary in this Agreement, in the event that Executive
      breaches any of his obligations under Section 7 of the Employment Agreement, any payments or benefits not yet made or provided under Section 3 above shall be forfeited immediately. Such forfeiture shall not limit any additional equitable or legal
      remedies the Company Group may have with respect to Executive’s breach.

  5. Payment of Accrued Compensation.  In accordance with Section
      6.2(a)(i) of the Employment Agreement, Vishay Americas shall pay Executive any Accrued Compensation within 15 days following the Termination Date.

  6. General Release. 
      Executive acknowledges that the benefits described in this Agreement will constitute full settlement of all of his rights under the Agreement and the Employment Agreement.

  IN CONSIDERATION of the benefits set forth in this Agreement, and for other good and valuable consideration, the receipt
    and adequacy of which is hereby acknowledged, Executive, on behalf of Executive and Executive’s heirs, executors, administrators, and assigns, hereby releases and discharges Vishay Americas, the Company and each of their respective past, present and
    future subsidiaries, divisions, affiliates and parents, and their respective current and former officers, directors, employees, agents, shareholders, employee benefit plans (and the administrator(s) and fiduciaries of such plans), attorneys, and/or
    owners, and their respective successors, and assigns, and any other person or entity claimed to be jointly or severally liable with Vishay Americas, the Company or any of the aforementioned persons or entities (the “Released Parties”) from any and all
    manner of actions and causes of action, suits, debts, dues, accounts, bonds, covenants, contracts, agreements, judgments, charges, claims, attorney’s fees, costs, expenses, and demands whatsoever (“Claims”) which Executive and Executive’s heirs,
    executors, administrators, and assigns have, had, or may hereafter have against the Released Parties or any of them arising out of or by reason of any cause, matter, or thing whatsoever from the beginning of the world to the date hereof (the “General
    Release”).  The Claims covered by this General Release include, but are not limited to, all Claims relating to or arising out of Executive’s employment by the Company.  The Claims covered by this General Release also include, but are not limited to any
    and all Claims arising under any employment-related federal, state, or local statute, rule, or regulation, any federal, state or local anti-discrimination law, or any principle of tort, contract law or common law, including but not limited to, 29
    U.S.C. §§ 2601 et seq., Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §§ 2000 et seq., the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. §§ 621 et seq. (the “ADEA”), the Older Workers Benefit Protection Act, the
    Equal Pay Act of 1963, as amended, § 29 U.S.C. 206(d); the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. §§ 12101 et seq., 42 U.S.C. § 1981, the Worker Adjustment and Retraining Notification Act of 1988, as amended, 29 U.S.C. §§2101 et
    seq., the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. §§ 1001 et seq., the Genetic Information Nondiscrimination Act of 2008, 42 U.S.C. §§ 200ff et seq., the Pennsylvania Human Relations Act, 43 P.S. § 951, et seq., the
    Connecticut Fair Employment Practices Act, CT Gen. Stat. § 46a-51 et seq., the Connecticut Whistleblower Law, CT Gen. Stat. § 31-51m, the Connecticut Free Speech Law, CT Gen. Stat. § 31-51q, and any other federal, state, or local statute; provided,
    however, that Executive does not release or discharge the Released Parties from any of the Company Group’s obligations to Executive under or pursuant to (i) Sections 2, 3 and 5 of this Agreement, (ii) Vishay Americas’ employee welfare benefit plans and
    employee benefit pension plans (other than severance benefit plans) applicable to Executive, subject to the terms and conditions of those plans, or  (iii) claims for indemnification under the by-laws or policies of insurance of Vishay Americas or the
    Company.  It is understood that nothing in this General Release is to be construed as an admission on behalf of the Released Parties of any wrongdoing with respect to Executive, any such wrongdoing being expressly denied.

  
    
      

      

    

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  If a Claim is not subject to release, to the extent permitted by law, Executive waives any right or ability to be a
    class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceedings based on such a claim in which a Released Party is a party.

  Executive represents and warrants that Executive fully understands the terms of this General Release, that Executive has
    been and hereby is encouraged to seek, and has sought, the benefit of advice of legal counsel, and that Executive knowingly and voluntarily, of Executive’s own free will, without any duress, being fully informed, and after due deliberation, accepts its
    terms and signs below as Executive’s own free act.

  Executive further represents and warrants that Executive has not filed, and will not file or initiate, or cause to be
    filed or initiated on Executive’s behalf, any lawsuit against any of the Released Parties before any federal, state, or local agency, court, or other body asserting any Claims barred or released in this General Release, and will not voluntarily
    participate in such a proceeding.  If Executive breaches this promise, and the action is found to be barred in whole or in part by this General Release, Executive agrees to pay the attorneys’ fees and costs, or the proportions thereof, incurred by the
    applicable Released Party in defending against those Claims that are found to be barred by this General Release.  Notwithstanding the foregoing, nothing in this General Release shall preclude or prevent Executive from filing a lawsuit which challenges
    the validity of this General Release.  Nothing in this General Release shall preclude or prevent Executive from filing a charge with the United States Equal Employment Opportunity Commission, Securities Exchange Commission, Occupational Health &
    Safety Administration or a similar state or local agency or pursuant to an applicable whistleblower statute.

  Executive may take twenty-one (21) days to consider whether to execute the Agreement containing this General Release. 
    Upon Executive’s execution of the Agreement, Executive will have seven (7) days after such execution during which Executive may revoke such execution.  In order for a revocation of the Agreement to be effective, written notice of such revocation must
    be received by Vishay Americas within the aforementioned seven (7) day period.  If seven (7) days pass without receipt of such notice of revocation, this Agreement, including the General Release contained herein, shall become binding and effective.

  
    
      

      

    

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  Executive understands that the benefits provided under this Agreement are conditioned on this General Release and the
    Subsequent Release becoming binding and effective.

  7. No Pending or Future Lawsuits.  Executive represents that he has no lawsuits, claims, or actions pending in
      his name, or on behalf of any other person or entity, against any member of the Company Group or any of the other Released Parties (as defined in the General Release).  Executive also represents that he does not intend to bring any claims on his own
      behalf or on behalf of any other person or entity against any member of the Company Group or any of the other Released Parties.

  8. Cooperation.  Executive agrees that both before and after the Termination Date, he will cooperate fully with
      the Company Group and its counsel with respect to any matter (including, without limitation, litigation, investigations, or governmental proceedings) relating to his tenure with the Company Group.  Executive shall render such cooperation in a timely
      manner upon reasonable notice, so long as, following the Termination Date, the Company Group exercises commercially reasonable efforts to schedule and limit its need for Executive’s cooperation under this paragraph so as not to interfere with
      Executive’s other personal and professional commitments.

  9. Notice of Improper Conduct.  Executive represents that he has or will disclose in writing to the General
      Counsel of the Company prior to the Termination Date any information in his possession or that he knows of concerning any conduct involving the Company Group or any of its current or former employees that he has reason to believe involves any false
      claims to the United States or is or may be unlawful under any other state or federal law or administrative rule or regulation or violates Company Group policy in any respect.  Executive further represents that and hereby affirms that he is not
      indebted to the Company Group and has not taken and will not take anything of value from the Company Group.

  10. Return of Company Property.  Executive represents and warrants that Executive shall, on or prior to the
      Termination Date, return to Vishay Americas any and all property and equipment of it and the Company Group, including but not limited to (i) all keys, files, lists, books and records (and copies thereof) of, or in
      connection with, the Company Group’s business, equipment (including, but not limited to, computer hardware, software and printers, wireless handheld devices, cellular phones and pagers), access or credit cards, Company Group identification, and all
      other property belonging to the Company Group in Executive’s possession or control, and (ii) all documents and copies, including hard and electronic copies, of documents in Executive’s possession relating to the business of the Company Group,
      including without limitation, internal and external business forms, manuals, correspondence, notes and computer programs.  Executive shall return all copies and extracts of any of the foregoing and shall not make or retain any copy or extract
      thereof.

  11. Third Party Claims.

  (a) Except as otherwise prohibited by law, Executive agrees that he will not knowingly counsel or assist any attorneys or their clients in the presentation or prosecution of any
      disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Released Parties, unless under a subpoena or other court order to do so.  Executive agrees both to immediately notify the General Counsel of the
      Company upon receipt of any such subpoena or court order, and to furnish, wherever possible, within three (3) business days of its receipt, a copy of such subpoena or court order to the General Counsel.  If approached by anyone for counsel or
      assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints against any of the Released Parties, Executive shall state no more than that he cannot provide counsel or assistance.

  
    
      

      

    

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  (b) Notwithstanding the foregoing, nothing in this Agreement or otherwise will prohibit Executive from reporting possible violations of federal law or regulation to any governmental
      agency or entity or self-regulatory organization (including but not limited to the Department of Justice, the Securities and Exchange Commission, Congress and any agency Inspector General), or making other disclosures that are protected under the
      whistleblower provisions of federal law or regulations (it being understood that Executive does not need the prior authorization of Company to make any such reports or disclosures or to notify the Company Group that Executive has made such reports or
      disclosures).

  12. Dispute Resolution.  The Parties agree that the dispute resolution provisions in Sections 7.5 and 8.8 of the
      Employment Agreement shall apply to any and all disputes arising out of or relating to Executive’s employment with the Company Group, the cessation of Executive’s employment with the Company Group, this Agreement and the Subsequent Release.

  13. Representations.  Each Party represents that it has had the opportunity to consult with an attorney, and has
      carefully read and understands the scope and effect of the provisions of this Agreement.  Neither Party has relied upon any representations or statements made by the other Party hereto which are not specifically set forth in this Agreement.

  14. Severability; Substitution.  In the event that any provision in this Agreement becomes or is declared by a
      court of competent jurisdiction to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision so long as the remaining provisions remain intelligible and continue to reflect the original intent
      of the Parties.

  15. Entire Agreement.  This Agreement, and the portions of the Employment Agreement expressly surviving hereunder,
      represent the entire agreement and understanding between the Company Group and Executive concerning the subject matter of this Agreement and Executive’s relationship with the Company Group, and supersede and replace any and all prior agreements and
      understandings between the Parties concerning the subject matter of this Agreement and Executive’s relationship with the Company Group.

  16. No Oral Modification.  Any modification or amendment of this Agreement, or additional obligation assumed by
      either Party in connection with this Agreement, shall be effective only if placed in writing and signed by both Parties or their authorized representatives.

  17. Withholding.  The Company Group
        may withhold from all payments due to Executive (or his beneficiary or estate) under this Agreement all taxes which, by applicable federal, state, local or other law, the Company Group is required to withhold therefrom.

  18. No Admissions.  Neither the execution of this Agreement by any of the Parties, nor the terms hereof,
      constitute or should be construed to constitute any admission or evidence of any wrongdoing, liability or violation of any federal, state or local law or the common law on the part of any of the Parties.

  
    
      

      

    

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  19. Taxation.  The Company Group
      makes no guaranty regarding the tax treatment of any compensation paid or payable to Executive and will have no liability to Executive if compensation paid or payable to him does not receive the intended tax treatment.

  20. Governing Law.  This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania, without
      regard for choice of law provisions.

  21. Counterparts.  This Agreement may be executed in counterparts, and each counterpart shall have the same force
      and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. Any counterpart may be executed and delivered electronically (including via docusign, portable document format or similar method)
      and a receiving party may rely on the receipt of a document so executed and delivered as if the original had been received.

  22. Headings Irrelevant.  The headings in this Agreement are intended as a convenience to the reader and are not
      intended to convey any legal meaning.

  23. Voluntary Execution of Agreement.  This Agreement is executed voluntarily and with the full intent of
      releasing all claims, and without any duress or undue influence by any of the Parties.  The Parties acknowledge that:

  (a) They have read this Agreement;

  (b) They have been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of their own choice or that they have voluntarily declined to seek such
      counsel;

  (c) They understand the terms and consequences of this Agreement and of the releases it contains; and

  (d) They are fully aware of the legal and binding effect of this Agreement.

  

  

  [Signature Page Follows]

  
    
      

      

    

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  IN WITNESS WHEREOF, the Parties have executed this Agreement on the date indicated below.

  VISHAY AMERICAS, INC.

  By: /s/ Michael S. O'Sullivan

  Name: Michael S. O'Sullivan

  

  Title: Senior Vice President

  

  Date: July 15, 2022

  VISHAY INTERTECHNOLOGY, INC.

  By:  /s/ Michael S. O'Sullivan

  Name: Michael S. O'Sullivan

  Title: Senior Vice President

  

  Date: July 15, 2022

  EXECUTIVE

  /s/ David Valletta

  David Valletta

  

  

  Date: July 29, 2022

  

  
    
      

      

    

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  EXHIBIT
        A

  

    

    SUBSEQUENT RELEASE

  IN CONSIDERATION of the payments, benefits, terms and conditions set forth in the Transition Agreement entered into by
    and between Vishay Americas, Inc., a Delaware corporation (“Vishay Americas”), Vishay Intertechnology, Inc., a Delaware corporation, (the “Company”) and David Valletta (“Executive”), dated as of July 15, 2022, (the “Agreement”), and for other good and
    valuable consideration, the receipt and adequacy of which is hereby acknowledged, Executive, on behalf of Executive and Executive’s heirs, executors, administrators, and assigns, hereby releases and discharges the Company and Vishay Americas and each
    of their respective past, present and future subsidiaries, divisions, affiliates and parents, and their respective current and former officers, directors, employees, agents, shareholders, employee benefit plans (and the administrator(s) and fiduciaries
    of such plans), attorneys, and/or owners, and their respective successors, and assigns, and any other person or entity claimed to be jointly or severally liable with Vishay Americas, the Company or any of the aforementioned persons or entities (the
    “Released Parties”) from any and all manner of actions and causes of action, suits, debts, dues, accounts, bonds, covenants, contracts, agreements, judgments, charges, claims, attorney’s fees, costs, expenses, and demands whatsoever (“Claims”) which
    Executive and Executive’s heirs, executors, administrators, and assigns have, had, or may hereafter have against the Released Parties or any of them arising out of or by reason of any cause, matter, or thing whatsoever from the beginning of the world
    to the date hereof (the “Release”).  The Claims covered by this Release include, but are not limited to, all Claims relating to or arising out of Executive’s employment by the Company and the cessation thereof.  The Claims covered by this Release also include, but are not limited to any and all Claims arising under any employment-related federal, state, or local statute, rule, or regulation, any
    federal, state or local anti-discrimination law, or any principle of tort, contract law or common law, including but not limited to, 29 U.S.C. §§ 2601 et seq., Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §§ 2000 et seq., the Age
    Discrimination in Employment Act of 1967, as amended, 29 U.S.C. §§ 621 et seq. (the “ADEA”), the Older Workers Benefit Protection Act, the Equal Pay Act of 1963, as amended, § 29 U.S.C. 206(d); the Americans with Disabilities Act of 1990, as amended,
    42 U.S.C. §§ 12101 et seq., 42 U.S.C. § 1981, the Worker Adjustment and Retraining Notification Act of 1988, as amended, 29 U.S.C. §§2101 et seq., the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. §§ 1001 et seq., the Genetic
    Information Nondiscrimination Act of 2008, 42 U.S.C. §§ 200ff et seq., the Connecticut Fair Employment Practices Act, CT Gen. Stat. § 46a-51 et seq., the Connecticut Whistleblower Law, CT Gen. Stat. § 31-51m, the Connecticut Free Speech Law, CT Gen.
    Stat. § 31-51q, and any other federal, state, or local statute; provided, however, that Executive does not release or discharge the Released Parties from any of the obligations of the Company or Vishay Americas to Executive under or pursuant to (i)
    Sections 2, 3 and 5 of the Agreement, (ii) Vishay Americas’ employee welfare benefit plans and employee benefit pension plans (other than severance benefit plans) applicable to Executive, subject to the terms and conditions of those plans, or  (iii)
    claims for indemnification under the by-laws or policies of insurance of Vishay Americas or the Company.  It is understood that nothing in this Release is to be construed as an admission on behalf of the Released Parties of any wrongdoing with respect
    to Executive, any such wrongdoing being expressly denied.

  
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  If a Claim is not subject to release, to the extent permitted by law, Executive waives any right or ability to be a
    class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceedings based on such a claim in which a Released Party is a party.

  Executive represents and warrants that Executive fully understands the terms of this Release, that Executive has been
    and hereby is encouraged to seek, and has sought, the benefit of advice of legal counsel, and that Executive knowingly and voluntarily, of Executive’s own free will, without any duress, being fully informed, and after due deliberation, accepts its
    terms and signs below as Executive’s own free act.  Except as otherwise provided herein, Executive understands that, as a result of executing this Release, Executive will not have the right to assert that the Company or any other of the Released
    Parties unlawfully terminated Executive’s employment or violated any of Executive’s rights in connection with Executive’s employment or otherwise.

  Executive further represents and warrants that Executive has not filed, and will not file or initiate, or cause to be
    filed or initiated on Executive’s behalf, any lawsuit against any of the Released Parties before any federal, state, or local agency, court, or other body asserting any Claims barred or released in this Release, and will not voluntarily participate in
    such a proceeding.  If Executive breaches this promise, and the action is found to be barred in whole or in part by this Release, Executive agrees to pay the attorneys’ fees and costs, or the proportions thereof, incurred by the applicable Released
    Party in defending against those Claims that are found to be barred by this Release.  Notwithstanding the foregoing, nothing in this Release shall preclude or prevent Executive from filing a lawsuit which challenges the validity of this Release. 
    Nothing in this Release shall preclude or prevent Executive from filing a charge with the United States Equal Employment Opportunity Commission, Securities Exchange Commission, Occupational Health & Safety Administration or a similar state or local
    agency or pursuant to an applicable whistleblower statute.

  Executive may take fifty-three (53) days to consider whether to execute this Release and deliver it to the Company. 
    Upon Executive’s execution of the Release, Executive will have seven days during which Executive may revoke such execution.  In order for a revocation of the Release to be effective, written notice of such revocation must be received by Michael
    O’Sullivan, SVP, Corporate General Counsel and Regional Country Manager at the Company, within the aforementioned seven (7) day period.  If seven (7) days pass without receipt of such notice of revocation, this Release shall become binding and
    effective.

  Executive understands that the benefits provided under the Agreement are conditioned on this Release becoming binding and effective.

  
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  IN WITNESS WHEREOF, Executive has executed this Release on the date indicated below.

  EXECUTIVE

  ____________________________

  David Valletta

  

  

  Date:

   

    

  3Exhibit 10.10

  

  

    	
            TRANSITION AGREEMENT

          
	
             

            

            BETWEEN

             

            VISHAY SINGAPORE PTE. LTD., AND

             

            VISHAY INTERTECHNOLOGY, INC., on the one hand,

             

             

            AND

             

            CLARENCE TSE, on the other hand

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

            DATED THE 15th DAY OF JULY, 2022

          
	 
	 

     

    

    
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    TRANSITION AGREEMENT

    

    

    This agreement (“Transition Agreement”) is made on the  15th day of July, 2022

    

    

    
      BETWEEN:

      

      

    

    	
            (1)

          	
            Vishay Singapore Pte. Ltd. (Company Registration Number 200722858Z), a company incorporated under the laws of Singapore with its registered address at 37A Tampines Street 92, #07-01 Singapore
                528886 ("Vishay Singapore" or the “Company”),

          

    
      

      

    

    
      	

            	(2)	
              Vishay Intertechnology, Inc., a Delaware corporation with its principal executive offices at 63 Lancaster, Avenue, Malvern, Pennsylvania 19355, USA (the “Parent”), and

            

    

    
      

      

    

    
      (3) Clarence Tse (Passport Number: [Passport Number Redacted]),  a citizen of [Personal Information Redacted] with his registered address at [Personal Address Redacted] (the "Executive").

    

    
      

      

    

    (collectively, the "Parties" and each, a "Party").

    

    

    WHEREAS:

    

    

    
      	
              (A)

            	
              The Executive, the Parent, and Vishay Singapore had entered into an employment agreement on 15 February 2018 (“Original Employment Agreement”) and
                further amended pursuant to the first amendment to employment agreement on 23 February 2021 (the “First Amendment Agreement” and which
                together with the Original Employment Agreement shall collectively be referred to as the “Employment Agreements”); in which the Executive
                was and continues to be employed as Executive Vice President, Business Head of Semiconductor Business, in accordance with the terms and conditions stated therein.

            

    

    

    

    
      	
              (B)

            	
              Vishay Singapore and the Parent (collectively, the “Employer”) desire to terminate the Executive’s employment, effective upon the close of business on 31 December 2022 (the “Termination

                  Date”).

            

    

    

    

    
      	
              (C)

            	
              The Employer and the Executive wish to specify the Executive’s responsibilities from the date of this Transition Agreement through the
                Termination Date (the “Transition Period”).

            

    

    

    

    
      	
              (D)

            	
              The termination of the Executive’s employment on the Termination Date shall constitute a termination without Cause under Section 6.1(b) of the
                Employment Agreements, provided that the Executive’s employment has not been previously terminated during the Transition Period by the Employer for Cause or due to the Executive’s death or Disability.

            

    

    

    

    
      	
              (E)

            	
              Notwithstanding that either of the Parties is entitled to terminate the Employment Agreements in accordance with the terms stated therein, the
                Parties have mutually agreed to enter into this Transition Agreement to set out the terms and conditions in connection with the Transition Period and the termination of the Employment Agreements.

            

    

    

    

    NOW IT IS HEREBY AGREED as
      follows:

    

    

    
      	
              1.

            	
              Notwithstanding anything contained in the
                  Employment Agreements, the Parties agree that the Employment Agreements will be terminated with effect from the Termination Date. However, the Parties
                  agree that in the event the Executive’s employment ceases prior to the Termination Date due to his death, Disability, or a termination for Cause, the consequences of such termination shall be as set forth in the Employment Agreements.

            

    

    

    

    
      Page 2 of 9

      
        

    

    
      	
              2.

            	
              The Executive remains an employee of Vishay Singapore until the Termination Date and shall continue to be entitled to his monthly salary and
                benefits. However, should Vishay Singapore have a basis to terminate the Executive’s employment for Cause at any time up to the Termination Date, Vishay Singapore shall, without prejudice to any other rights it may have, be entitled at any
                time so terminate the Executive’s employment, without any payment or compensation whatsoever (including but not limited to the Severance Benefits (as defined below).

            

    

    

    

    
      	
              3.

            	
              The Parties further agree that during the Transition Period:

            

    

    

    

    
      	
              (a)

            	
              Unless otherwise notified by Vishay Singapore, the Executive shall continue to carry out his duties as an employee of Vishay Singapore and in
                accordance with the Employment Agreements and existing policies and directives of the Company;

            

    

    

    

    
      	
              (b)

            	
              the Executive shall not engage in any work outside the Company, whether by himself or together with others, and whether for his own benefit or
                for the benefit of others;

            

    

    

    

    
      	
              (c)

            	
              the Executive shall ensure a smooth handover of his duties and take such steps as may be required by the Company or which may otherwise be
                necessary or desirable for the smooth and proper handing over;

            

    

    

    

    
      	
              (d)

            	
              if applicable, the Executive shall resign as director or officer in any company within the Group (as defined below),

            

    

    

    

    
      	
              (e)

            	
              Vishay Singapore shall be under no obligation to vest in the Executive or assign to him any powers or duties or to provide work for him;

            

    

    

    

    
      	
              (f)

            	
              Vishay Singapore may prohibit and/or limit contact between the Executive and the Company's customers and business contacts, suppliers, employees
                and/or prospects;

            

    

    

    

    
      	
              (g)

            	
              Vishay Singapore may require the Executive not to attend work for all or any part of the Transition Period and may exclude him from any premises
                of the Company or any of its related corporations; and

            

    

    

    

    
      	
              (h)

            	
              Vishay Singapore may require the Executive to work from home and/or to carry out exceptional duties or special projects outside the normal scope
                of his duties and responsibilities.

            

    

    

    

    
      	
              4.

            	
              With effect from the Termination Date, the Employment Agreements shall be terminated and cease to have any force and effect, save as otherwise
                explicitly provided in this Transition Agreement, and save for any of the Executive's obligations in the Employment Agreements which are expressed to apply following the termination of the
                same, including without limitation Section 7 therein (Restrictive Covenants). Notwithstanding anything to the contrary in this Transition Agreement, in the event that Executive breaches any of his obligations under Section 7 of the
                Employment Agreements, any payments or benefits not yet made or provided under Section 5 of this Transition Agreement shall be forfeited immediately. Such forfeiture shall not limit any additional equitable or legal remedies Vishay
                Singapore and its affiliates may have with respect to Executive’s breach.

            

    

    

    

    
      Page 3 of 9

      
        

    

    
      	
              5.

            	
              In consideration of the mutual covenants and agreements as set out in this  Transition
                Agreement (and in the case of Vishay Singapore, the agreement to pay the Severance Benefits as set out below), and provided that the Executive’s employment has not been terminated by Vishay Singapore for Cause or due to the Executive’s
                death or Disability prior to the Termination Date, and provided further that the Executive timely executes this Transition Agreement
                and the Release described in clause (b) below:

            

    

    

    

    
      	
              (a)

            	
              following the Termination Date, (i) the Executive shall be eligible to receive an amount equivalent to the amount he would have received in
                respect of a 2022 annual bonus, had he remained employed through the annual bonus payment date, determined in the same manner and at the same time as would have been the case in the absence of the Executive’s termination of employment, (ii)
                the Executive shall receive an amount equivalent to three years of his then-current base salary, paid over the three year period commencing on the Termination Date, in accordance with Vishay Singapore’s standard payroll practices, provided
                however, that if a Change in Control (as defined in the Employment Agreements, but that also constitutes a “change in control event” described in Treas. Reg. §
                  1.409A-3(i)(5)(i)) occurs prior to the Termination Date, the amounts otherwise payable under this clause (ii) will instead be paid in a single lump sum within 60 days of the Termination Date, and (iii) service-based vesting
                criteria applicable to the Executive’s outstanding equity awards shall be deemed satisfied, whereas performance-based vesting criteria will remain in effect through the end of the applicable performance period, and all such awards will be
                settled in accordance with the applicable award agreements (collectively the “Severance Benefits”).

            

    

    

    

    For the avoidance of doubt, the Executive acknowledges and agrees that but for his execution of this Transition Agreement and the
      Release described in clause (b) below, the Executive is not entitled to the Severance Benefits as contemplated under the Employment Agreements.

    

    

    
      	
              (b)

            	
              the Executive acknowledges that the payments and benefits enumerated in this Transition Agreement constitute full and final settlement of all and any such claims, rights, liabilities, demands, salary, bonuses, obligations, acts, agreements, costs, expenses, losses, damages, and actions which
                the Executive may have in respect of his employment with the Company and each of its related corporations (collectively, the "Group"). The Executive hereby unconditionally and irrevocably waives, renounces, disclaims, releases and forever discharges each of the Group
                  companies and their respective current or former shareholders, directors, representatives, officers, employees and agents (collectively, the "Released Parties") from any and all claims, rights, liabilities, demands, obligations, acts, agreements, costs, expenses, losses, damages, and
                  actions, of whatsoever kind or nature, and howsoever arising, whether in law or equity, whether under Singapore law or any other laws, whether known or unknown, which the Executive has as at the date hereof or which he at any time
                  hereafter has against the Released Parties arising out of, in connection with or relating to, the Executive’s employment with the Group or the termination of such employment both (i) as at the date of this Transition Agreement;
                AND (ii) as at the Termination Date as if they have been entered afresh by the Executive. The Executive further agrees, that as a condition of receiving the Severance Benefits, the Executive will execute a release of claims substantially in
                the form attached as Exhibit A hereto (the “Release”),

                within 60 days following the Termination Date.  Notwithstanding anything to the contrary herein, the Executive does not release or discharge the Released Parties from any of the Group’s obligations under or pursuant to (i) the Company’s
                employee welfare benefit plans and employee benefit pension plans applicable to the Executive (other than severance plans), subject to the terms and conditions of those plans, or (ii) claims for indemnification under the by-laws or policies
                of insurance of the Company or the Parent.

            

    

    

    

    
      Page 4 of 9

      
        

    

    
      	
              6.

            	
              The Executive shall:

            

    

    

    

    
      	
              (a)

            	
              on or before the Termination Date, return to the Company, all property of any Group company which is in the Executive's control (as the case may
                be) and including (without limitation) the following items:

            

    

    

    

    
      	
              (i)

            	
              all security cards and keys to any Group company's office premises, cabinets and drawers, and car park discs;

            

    

    

    

    
      	
              (ii)

            	
              any and all original and duplicate copies of all the Executive's work products, notes, drawings, memoranda, accounts, records, writing, files,
                calendars, books, records, notes, specifications, notebooks, correspondences, client or customer lists, proposals to customers, manuals, computer disks, diskettes, and any other magnetic and other media materials the Executive has in his
                possession and/or control belonging to the Group or containing confidential or proprietary information concerning the Group (including without limitation all confidential information). The Executive undertakes that he will not make or
                retain copies of any of the same and further undertakes that he will immediately return any such property which subsequently comes into his possession or control in the future;

            

    

    

    

    
      	
              (iii)

            	
              all credit cards and charge cards;

            

    

    

    

    
      	
              (iv)

            	
              computer equipment (including but not limited to laptops and personal devices) and mobile telephones; and

            

    

    

    

    
      	
              (v)

            	
              all and any other property whatsoever belonging to the Group which is in the possession, custody and/or control of the Executive;

            

    

    

    

    
      	
              (b)

            	
              on or before the Termination Date,

            

    

    

    

    
      	
              (i)

            	
              disclose to the Company all passwords to all password protected files, software and hardware which have been created or protected by the
                Executive and which are on his computer;

            

    

    

    

    
      Page 5 of 9

      
        

    

    
      	
              (ii)

            	
              submit any outstanding expense claims with supporting invoices, receipts or other evidence of payment which claims shall be dealt with in
                accordance with the Company's normal expense claims policy;

            

    

    

    

    
      	
              (iii)

            	
              do and execute all such acts, documents and things as the Company may require of him in his capacity as an Executive of the Company.

            

    

    

    

    
      	
              7.

            	
              The Executive agrees and warrants that:

            

    

    

    

    
      	
              (a)

            	
              there are no claims which he has against the Released Parties (as defined in Clause 5 above) relating to or arising out of
                or in connection with his employment with the Group including without limitation, its termination;

            

    

    

    

    
      	
              (b)

            	
              he shall not make or attempt to make whether in
                Singapore or any other jurisdiction, any claim against the Released Parties or commence or attempt to commence against the Released Parties any legal action or any other proceeding whatsoever arising out of, in connection with, or relating
                to the Executive’s employment with the Group or the termination of the Executive’s employment thereof;

            

    

    

    

    
      	
              (c)

            	
              in addition to his duties under the law and contractual obligations, the Executive will not, after
                the Termination Date, disclose to any person any information of a confidential or secret nature (in any form) relating to any and all aspects of the business of the Group or its clients, customers and suppliers, including but not limited to
                personnel data, financial information, budgets, reports, business plans, strategies, know-how, formulae, designs, data, specifications, research, processes, procedures and programs, pricing, sales and marketing plans and details of past or
                proposed transactions;

            

    

    

    

    
      	
              (d)

            	
              he shall not at any time after the Termination Date represent or hold himself out in any way as an agent, employee or
                other representative whatsoever of the Company or any other member of the Group;

            

    

    

    

    
      	
              (e)

            	
              he shall forthwith refrain from making, directly or indirectly, any untrue, detrimental or derogatory statement in
                relation to the Group or its officers or Executives or any statement with the intent of damaging or lowering the reputation of the Group or any of its officers or employees; and

            

    

    

    

    
      	
              (f)

            	
              he will cooperate fully and in a timely manner, both before and after the Termination Date, with the Group and its counsel with respect to any
                matter (including, without limitation, litigation, investigations, or governmental proceedings) relating to his tenure with the Group, upon reasonable notice from the Group, so long as, following the Termination Date, the Group exercises
                commercially reasonable efforts to schedule and limit its need for Executive’s cooperation under this paragraph so as not to interfere with Executive’s other personal and professional commitments.

            

    

    

    

    
      	
              8.

            	
              The termination of the Employment Agreements hereunder, effective as of the Termination Date, shall
                not release the Executive from any liability for any antecedent breaches or for any other liability of whatsoever nature and howsoever arising which at the time of termination has already accrued.

            

    

    

    

    
      Page 6 of 9

      
        

    

    
      	
              9.

            	
              This Transition Agreement shall
                enure to the benefit of, and shall be binding upon, the successors and assigns of the Parties.

            

    

    

    

    
      	
              10.

            	
              The provisions contained herein and/or the documents specifically referenced
                constitute the entire agreement between the Parties with respect to the subject matter hereof and supersede any pre-existing or other agreement between the parties or any oral or written communications between the parties concerning the
                subject matter hereof. No statement or inducement (whenever oral or written) with respect to the subject matter hereof by any Party hereto or by any agent or representative of any Party hereto which is not contained in this Transition Agreement shall be valid or binding among the Parties.

            

    

    

    

    
      	
              11.

            	
              No provision of this Transition Agreement

                may be modified, waived or amended except by a written instrument duly executed by each of the Parties. Any such modifications, waivers or amendments shall not require additional consideration to be effective.

            

    

    

    

    
      	
              12.

            	
              If any part of this Transition Agreement

                shall be, or become, void or unenforceable for any reason, this shall not affect any of the remaining provisions of this Transition Agreement and, in the
                event that part of any provision shall be held to be void or unenforceable but would be valid and enforceable if some part thereof were deleted, such provision shall apply with such modification as may be necessary to make it valid and
                enforceable.

            

    

    

    

    
      	
              13.

            	
              In the event of any inconsistency between a term of this Transition
                Agreement and a term in the Employment Agreements, this Transition Agreement will prevail to the extent of the inconsistency. Any term which is
                defined in the Employment Agreements and which is used but not defined in this Transition Agreement shall have the same meaning as the Employment
                Agreements.

            

    

    

    

    
      	
              14.

            	
              Save for the Released Parties, a person who is not a party to this
                  Transition Agreement has no rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore.

            

    

    

    

    
      	
              15.

            	
              This Transition Agreement shall be signed in
                  any number of counterparts and by the parties on separate counterparts, each of which when so executed shall be an original, but all counterparts shall together constitute one and the same document. Any counterpart to this
                Transition Agreement may be executed and delivered electronically (including via portable document format or similar method) and a receiving party may rely on the receipt of a document so executed and delivered as if the original had been
                received.

            

    

    

    

    
      	
              16.

            	
              This Transition Agreement shall be
                governed by, and construed in accordance with, the laws of Singapore. In relation to any legal action or proceedings arising out of or in connection with this Agreement, the Parties hereby irrevocably submit to the non-exclusive
                jurisdiction of the courts of Singapore.

            

    

    

    

    ****************************************************************************************************

    

    

    
      Page 7 of 9

      
        

    

    IN WITNESS WHEREOF this Transition Agreement has
      been entered into by the Parties hereto.

    

    

    THE COMPANY

    

    

    SIGNED BY 

    /s/ BeeLeng Saw 

    for and on behalf of
      

        Vishay Singapore Pte. Ltd.

      

    

    

    

    In the presence of:

    

    

    

    

    /s/ Catherine Phang

    Name: Catherine Phang

    

    Address: [Personal Address Redacted]

    

    

    

    

    

    THE PARENT

    

    

    SIGNED BY 

    Michael S. O'Sullivan

    

    for and on behalf of 

    

    

    Vishay Intertechnology, Inc.

    

     

    

    In the presence of:

    

    

    

    

    /s/ Avner Lahat

    Name: Avner Lahat

    

    Address: 63 Lancaster Ave., Malvern, PA U.S.A.

    

    

    

    

    

    THE EXECUTIVE

    

    

    SIGNED BY  

    /s/ Clarence Tse

      

     

      

    In the presence of:

    

    

    

    

    
      /s/ Catherine Phang

      Name: Catherine Phang

      

      Address: [Personal Address Redacted]

    

    

    

    

    
      Page 8 of 9

      
        

    

    

    

    EXHIBIT A

    

    

    SUBSEQUENT RELEASE

    

    

    IN CONSIDERATION of the payments, benefits, terms and conditions set forth in the Transition Agreement entered into by and between
      Vishay Singapore Pte. Ltd. (Company Registration Number 200722858Z) a Singapore company (the “Company”), Vishay Intertechnology, Inc, a Delaware
      corporation (“Parent”) and Clarence Tse (“Executive”),

      dated as of July 15, 2022, (the “Transition Agreement”), and for other good and valuable consideration, the receipt and adequacy of which is hereby
      acknowledged:

    

    

    
      	
              1.

            	
              The Executive hereby unconditionally and irrevocably waives, renounces, disclaims, releases and forever discharges each of the Group companies
                and their respective current or former shareholders, directors, representatives, officers, employees and agents (collectively, the "Released
                  Parties") from any and all claims, rights, liabilities, demands, obligations, acts, agreements, costs, expenses, losses, damages, and actions, of whatsoever kind or nature, and howsoever arising, whether in law or equity, whether
                under Singapore law or any other laws, whether known or unknown, which the Executive has as at the date hereof or which he at any time hereafter has against the Released Parties arising out of, in connection with or relating to, the
                Executive’s employment with the Group or the termination of such employment as at the Termination Date. Notwithstanding anything to the contrary herein, the Executive does not release or discharge the Released Parties from any of the
                Group’s obligations under or pursuant to (i) the Company’s employee welfare benefit plans and employee benefit pension plans applicable to the Executive (other than severance plans), subject to the terms and conditions of those plans, or
                (ii) claims for indemnification under the by-laws or policies of insurance of the Company or the Parent. It is understood that nothing in this Subsequent Release is to be construed as an admission on behalf of the Released Parties of any
                wrongdoing with respect to Executive, any such wrongdoing being expressly denied.

            

    

    

    

    
      	
              2.

            	
              The Executive understands that the benefits provided under the Transition Agreement are conditioned on this Subsequent Release becoming binding
                and effective.

            

    

    

    

    
      	
              3.

            	
              Any term which is defined in the Transition Agreement and which is used but not defined in this Subsequent Release shall have the same meaning as
                the Transition Agreement.

            

    

    

    

    
      	
              4.

            	
              This Subsequent Release shall be governed by, and construed in accordance with, the laws of Singapore. In relation to any legal action or
                proceedings arising out of or in connection with this Subsequent Release, the Parties hereby irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore.

            

    

    

    

    IN WITNESS WHEREOF, Executive has executed this Subsequent Release as a Deed on the date indicated below.

    

    

    

    

    ____________________________

    Clarence Tse

    Date:

    

    

  

  Page 9 of 9

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