Second Amendment to Employment Agreement between Vishay Americas, Inc. and David Valletta

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between Vishay Americas, Inc. and David Valletta. It changes the year referenced in Section 4.3.1 from 2012 to 2015 and increases a percentage in that section from 25% to 40%. All other terms of the original agreement remain unchanged. The amendment is effective as of March 3, 2015, and is signed by both parties.

Read More Arrow
EX-10.5 9 exhibit10-5.htm EXHIBIT 10.5
Exhibit 10.5
 
Second Amendment to Employment Agreement

This second amendment to the Employment Agreement (the "Second Amendment"), made as of March 3, 2015 by and between Vishay Americas, Inc., a Delaware corporation ("Vishay Americas") and a wholly-owned subsidiary of Vishay Intertechnology, Inc., a Delaware corporation ("Vishay"), and DAVID VALLETTA ("Executive") (collectively the "Parties").

WHEREAS, Executive is employed by Vishay Americas and is a Party to that certain Employment Agreement made between the Parties as of September 1, 2011, as amended by the first amendment to the Employment Agreement made between the Parties as of March 4, 2014, (collectively, the "Agreement");

WHEREAS, Vishay Americas and Executive may amend the Agreement by mutual agreement in writing pursuant to Section 8.3 of the Agreement; and

 WHEREAS, the Company and Executive desire to amend the Agreement as set forth in this Second Amendment.

NOW THEREFORE, 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:
 
      1.Section 4.3.1 of the Agreement is hereby amended by replacing "2012" and "25%" in the first sentence with "2015" and "40%", respectively.

2.The amendments to the Agreement made by paragraph 1 of this Second Amendment shall be effective as of March 3, 2015.

3.Except as set forth in this Second Amendment, all other terms and conditions of the Agreement shall remain unchanged and in full force and effect.

4.This Second Amendment may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original and all of which shall constitute the same instrument.

IN WITNESS WHEREOF, each of the parties hereto has caused this Second Amendment to be executed on its behalf as of the date first above written.

[signature on next page]
VISHAY AMERICAS, INC.

By: /s/ David L. Tomlinson
Name: David L. Tomlinson
Title: Sr VP, Finance and Asst. Sec.
Date: April 29, 2015







/s/ David Valletta
David Valletta

Date: April 27, 2015