Offer Letter, dated October 25, 2022, between Bel Fuse Inc. and Suzanne Kozlovsky

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This position will report directly to Dan Bernstein, President and CEO of Bel Fuse Inc.

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As Bel Fuse Inc. is an “At Will” employer, this offer is for a non-specified period of time.

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Place of work will be 1700 Finley Road, Lombard, IL  60148 or at other group locations if business reasons demand it.

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Your first day of employment will be November 15, 2022.

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Your annual salary will be $275,000 to be paid out semi-monthly in equal manner over the course of the year.

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Pay periods are semi-monthly (standard pay periods are Monday through Sunday) and includes 86.67 hours of pay. Your first paycheck will be on November 30, 2022 and will include 86.67 hours of pay or hours actually worked. Pay dates are the 15^th of the month and the last day of the month.

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Your position is exempt from minimum wage, overtime, and other provisions under state and/or federal law.

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Bel conducts a yearend review, and a bonus amount is determined for each employee commensurate with the individual and Bel’s performance. Said bonus is generally paid out in January following the completion of Bel’s fiscal year.  For your first full year, calendar year 2023, your bonus will be guaranteed at no less than 25% of your annual base pay but has upside opportunity in-range with your peer group and individual performance.

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You are eligible for a one-time sign-on bonus payment of $40,000.00 which will paid with on the November 30, 2022, pay cycle with the expectation that you will be an active Bel employee no later than November 15, 2022. If you leave Bel on your own accord within 12 months, you are required to reimburse the company the full amount.

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Your work hours are generally 8:00am - 5:00pm, Monday-Friday and you are eligible for the hybrid remote work as appropriate and in-range with the broader Company. Currently this program allows for office work Monday, Tuesday, and Wednesday and Thursday and Friday at your home office. This policy may change at the discretion of the CEO.

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You will be nominated at the May 2023 Bel Fuse Inc. Board Meeting for a Restricted Stock Grant of 10,000 shares which are at no cost to you. This is a five-year vesting with 25% vesting in year two and each year thereafter to be vested 100% at year five.

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You will be nominated at the May 2023 for participation in the Deferred Compensation program. While employer contributions are discretionary and subject to change, the current intent is for the Company to contribute $25,000 per year (funded quarterly) for each of the first four years of participation in the plan and then 10% of your base salary contributed each year thereafter (also funded quarterly). The Plan provides for 100% cliff vesting at age 65 (i.e. termination of employment prior to age 65 would result in forfeiture of the full account balance).  Under the terms of the Plan, vesting would be accelerated in cases of disability, death or change in control of the Company, as defined in the plan documents. The funds in your individual account will be self-directed, meaning you will be able to manage how they are invested, much like your 401k plan.

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Your initial vacation accrual will be at the rate of 6.67 hours (20 days Annualized) per semi-monthly pay period, which is an enhanced benefit from the standard.

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Your sick leave accrual will be 1.67 hours (5 days Annualized) per semi-monthly pay period.

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Your personal time accrual will be 1.0 hours (3 days Annualized) per semi-monthly pay period.

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You and your eligible dependents will be eligible for Medical, Dental, Vision, Flexible Spending or Health Savings Accounts, Supplemental Life and Supplemental Accidental Death and Dismemberment benefits. A summary of these benefits is enclosed, and deductions will be taken from your paycheck for these benefits. These deductions are based upon actual benefit selections.

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You will be eligible to participate in the Bel Fuse Inc. 401(k) Savings Plan. Bel matches 100% of the first 1% of gross pay that you contribute plus 50% of the next 5% of gross pay that you contribute. An employee contribution of 6% results in the maximum employer match. Employer matching contributions will be invested in the plan’s Employer Class A Common Stock Fund.

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As per the 2022 Benefit Guide, the company will provide at no cost to you Basic Life and Accidental Death and Dismemberment Coverage in the amount of two times your annual base salary. You will also be provided at no cost Short-Term (75% of base pay for up to 26 weeks) and Long-Term Disability coverage (60% of base pay subject to Social Security/Disability Benefit Eligibility).