Item 5.02 - Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On December 28, 2021, the Compensation Committee (the "Committee") of Vishay
Intertechnology, Inc. (the "Company") approved the participation of two of the
Company's executive officers, Marc Zandman and Jeffrey Webster, in an elective
deferred compensation arrangement established by the Company's subsidiary,
Vishay Israel Ltd. ("Vishay Israel"). These arrangements are referred to as the
"Future Deferred Remuneration Arrangements" or the "Arrangements."
An executive who elects to participate in an Arrangement may defer payment of a
percentage of the executive's salary, annual bonus and certain other benefits.
During the executive's continued service, amounts deferred under an Arrangement
will be deemed invested in investment funds selected by the executive from a
list made available by Vishay Israel. Payment of the deferred amounts (as
adjusted for notional earnings and losses) will be made in a lump sum upon the
executive's death, disability or other cessation of service (subject to a six
month delay, if required by applicable law). These payments will be made from
the general assets of Vishay Israel, which may include insurance policies
purchased by Vishay Israel to anticipate its liabilities under the Arrangements.
In addition, the Company has guaranteed Vishay Israel's obligations under the
Arrangements.
The forgoing description is qualified in its entirety by reference to the Form
of Future Deferred Remuneration Agreement, a copy of which is attached hereto as
Exhibit 10.1, and incorporated into this Current Report on Form 8-K by
reference.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
10.1 Form of Future Deferred Remuneration Arrangement of Vishay Israel Ltd.
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