Amendment to Employment Agreement, dated February 27, 2024, between Siliconix incorporated (a wholly owned subsidiary of Vishay Intertechnology, Inc.), Vishay Intertechnology, Inc., and Roy Shoshani

Contract Categories: Human Resources - Employment Agreements
EX-10.4 5 exhibit10-4.htm EXHIBIT 10.4
Exhibit 10.4

VISHAY INTERTECHNOLOGY, INC.
63 LANCASTER AVENUE
MALVERN, PENNSYLVANIA 19355

February 27, 2024

Mr. Roy Shoshani

Re: 
Amendment to Employment Agreement


Dear Roy:

Reference is made to that certain Employment Agreement entered into on July 14, 2022 and effective as of January 1, 2023 (the “Employment Agreement”). Effective as provided herein, the Employment Agreement is hereby amended as described below:

1.
Effective as of January 1, 2024, Section 4.1 of the Employment Agreement is replaced in its entirety with the following:

4.1  Base Salary. Vishay Siliconix shall pay Executive a base salary of not less than $552,000 per year (as adjusted from time to time, the “Base Salary”).  Such Base Salary will be reviewed annually by the Compensation Committee and will be paid in accordance with Vishay Siliconix’s standard salary policies as they exist from time to time, subject to such deductions, if any, as are required by law or elected by Executive (for example, with respect to 401(k) plan contributions).

2.
Effective as of the date hereof, Section 4.2 of the Employment Agreement is replaced in its entirety with the following:

4.2   Bonus.   For each fiscal year ending both during the Term and prior to the time that notice of termination is given by either party, Executive shall be eligible to earn an annual performance bonus (“Bonus”) payable in cash, with a target opportunity at least equal to 100% of his Base Salary.  The actual amount of Bonus payable to Executive shall be determined by the Compensation Committee, and shall be based upon the achievement of certain corporate and/or individual performance goals to be established by the Compensation Committee in its sole discretion.

3.
Effective as of January 1, 2024, Section 4.3 of the Employment Agreement is deleted in its entirety, and Section 4.4 (and all references thereto) is hereby redesignated as “Section 4.3”.

4.
Effective as of the date hereof, Section 4.4(a) of the Employment Agreement is amended by the replacement of “January 1st” with the “March 1st”.

You expressly consent to such modification to the Employment Agreement and agree that such modification does not give you a basis to resign your employment for Good Reason (as defined in the Employment Agreement).

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.



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

SILICONIX INCORPORATED


 By:  /s/ Michael S. O'Sullivan
 Name: Michael S. O'Sullivan
Title: Senior Vice President

VISHAY INTERTECHNOLOGY, INC.


 By:  /s/ Michael S. O'Sullivan
 Name: Michael S. O'Sullivan
Title: Executive Vice President – Chief Administrative and Legal Officer
Accepted and agreed:


/s/ Roy Shoshani
DATE: February 27, 2024