SEC Contract Filing

Filing Date: 2017-05-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>vpg-20170401xex102.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
 <!-- Document created using Wdesk 1 -->
 <!-- Copyright 2017 Workiva -->
 <title>Exhibit</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="sa793b58750cc4ea3b8024c995e78cb68"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;text-indent:576px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 10.2</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">AMENDMENT TO EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">THIS AMENDMENT</font><font style="font-family:inherit;font-size:11pt;">&#32;(this &#8220;Amendment&#8221;), dated May 8, 2017, effective as of November 17, 2016, is made by and between VISHAY PRECISION GROUP, INC. a Delaware corporation (the &#8220;Company&#8221;) and ROLAND B. DESILETS (the &#8220;Executive&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:11pt;">, the Company and the Executive are parties to an employment agreement, dated January 1, 2016 (the &#8220;Employment Agreement&#8221;); </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:11pt;">, Section 8.5 of the Employment Agreement provides that the Company and the Executive may amend the Employment Agreement by mutual agreement in writing; and </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:11pt;">, the Company and the Executive desire to amend the Employment Agreement as set forth herein (the &#8220;Amendment&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">NOW THEREFORE</font><font style="font-family:inherit;font-size:11pt;">, in consideration of the premises and the mutual benefits to be derived herefrom and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">Section 4.2(a) of the Employment Agreement is hereby amended in its entirety to read as follows: </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8220;Beginning with the Company&#8217;s 2017 fiscal year and for each fiscal year thereafter during the Term, Executive shall be eligible to earn an annual performance bonus (&#8220;Bonus&#8221;), payable in cash, with a target equal to 40% of Base Salary (the &#8220;Target Bonus&#8221;) with a minimum Bonus of 0% of Base Salary and a maximum Bonus of 80% of Base Salary. The actual amount of Bonus payable to Executive shall be determined by the Compensation Committee, and shall be based upon the Company&#8217;s achievement of certain corporate and/or individual performance goals to be established by the Compensation Committee in its sole discretion (the &#8220;Performance Goals&#8221;).&#8221;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">Section 4.2(b) of the Employment Agreement is hereby amended in its entirety to read as follows: </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8220;Beginning with the Company&#8217;s 2017 fiscal year and for each fiscal year thereafter during the Term, Executive shall be eligible to earn a Bonus equal to 26.7% of Base Salary if 80% of the Performance Goals for such fiscal year are achieved. In addition, the amount of Bonus payable to Executive shall increase by 0.67% of Base Salary for each additional 1% of the Performance Goals which are achieved for such year; provided, that for each 1% of the Performance Goals achieved in excess of 100%, the amount of Bonus payable to Executive shall increase by 0.8% of Base Salary. During the Term and in any event, (i) the maximum level of Bonus which Executive shall be eligible to earn is 80% of Base Salary; (ii) no Bonus shall be payable if less than 80% of the Performance Goals are achieved; and (iii) no Bonus in excess of the ma