UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report ( Date of Earliest Event Reported): December 8, 2011

Vishay Precision Group, Inc.
(Exact Name of Issuer as Specified in Charter)

Delaware 1-34679 27-0986328
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer Identification
Incorporation or Organization) Number)

3 Great Valley Parkway, Suite 150
Malvern, PA 19355
(Address of Principal Executive Offices) (Zip Code)

(484) 321-5300
(Registrant’s Telephone Number, Including Area Code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ]       Written communications pursuant to Rule 425 under the Securities Act

[   ]       Soliciting material pursuant to Rule 14a-12 under the Exchange Act

[   ]       Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

[   ]       Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act



Item 5.02  Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 8, 2011, Vishay Precision Group, Inc. and its subsidiary, Vishay Advanced Technologies, Ltd. (collectively, the “ Company ”), entered into amendments to the employment agreements (each, an “ Amendment ”) of Ziv Shoshani, its President and Chief Executive Officer; William M. Clancy, its Executive Vice President and Chief Financial Officer; and Thomas P. Kieffer, its Senior Vice President and Chief Technical Officer. The Amendments modify the annual equity award opportunities for each executive, beginning with the 2012 calendar year, as described below. The Amendments have no effect on the terms of annual equity awards to our executives with respect to 2011 performance.

The principal terms of the executives’ annual equity awards, as modified by the Amendments, are as follows:

  • On January 1 of each year, each executive will receive an equity award, made pursuant to the Company’s 2010 Stock Incentive Program, as amended (the “ Program ”) with a value equal to 125% (with respect to Mr. Shoshani); 50% (with respect to Mr. Clancy) and 38% (with respect to Mr. Kieffer) of such executive’s then-base salary (the “ Annual Equity Grant ”). The Annual Equity Grants, which will be denominated in restricted stock units of the Company (“ RSUs ”), will be sized based on the average closing price of the Company’s stock on the New York Stock Exchange for the 5 consecutive trading days immediately preceding the date of grant.
     
  • 75% of the Annual Equity Grant will be in the form of performance-based RSUs which will vest on the third anniversary of the date of grant, but only to the extent that performance criteria have been achieved, and 25% of the Annual Equity Grant will be in the form of RSUs which will vest on the third anniversary of the date of grant. The performance criteria will in each case be based on metrics set forth in the Program.
     
  • If the Company experiences a “change of control” (as such term is defined in such executive’s employment agreement), all outstanding RSUs granted pursuant to the Amendment will vest immediately.

In addition, the Amendment relating to Mr. Kieffer’s employment agreement revises the annual individual and Company performance goals relating to Mr. Kieffer’s bonus.

The foregoing summary is qualified in its entirety by reference to the Amendments, which are filed as Exhibit 10.1, Exhibit 10.2, and Exhibit 10.3, respectively, to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.       Description
10.1 Amendment to Employment Agreement, dated December 8, 2011 by and among Vishay Advanced Technologies, Ltd. and Ziv Shoshani.
10.2 Amendment to Employment Agreement, dated December 8, 2011, by and among Vishay Precision Group, Inc. and William M. Clancy.
10.3 Amendment to Employment Agreement, dated December 8, 2011, by and among Vishay Precision Group, Inc. and Thomas P. Kieffer.

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SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Vishay Precision Group, Inc.
 
 
Date: December 13, 2011 By:   /s/ William M. Clancy
        Name:   William M. Clancy
  Title:  Executive Vice President and Chief
Financial Officer

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EXHIBIT INDEX

Exhibit No.       Description
10.1 Amendment to Employment Agreement, dated December 8, 2011 by and among Vishay Advanced Technologies, Ltd. and Ziv Shoshani.
10.2 Amendment to Employment Agreement, dated December 8, 2011, by and among Vishay Precision Group, Inc. and William M. Clancy.
10.3 Amendment to Employment Agreement, dated December 8, 2011, by and among Vishay Precision Group, Inc. and Thomas P. Kieffer.



AMENDMENT TO EMPLOYMENT AGREEMENT

           THIS AMENDMENT (this “Amendment”), dated December 8, 2011, is made by and between VISHAY ADVANCED TECHNOLOGIES, LTD, (the “Company”), a corporation organized under the laws of the State of Israel and a wholly-owned subsidiary of VISHAY PRECISION GROUP, a Delaware corporation (“VPG”), and ZIV SHOSHANI (the “Executive”).

           WHEREAS , the Company and the Executive are parties to an employment agreement, dated November 17, 2010 (the “Employment Agreement”);

           WHEREAS , 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

           WHEREAS , the Company and the Executive desire to amend the Employment Agreement as set forth herein.

           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 4.2(c) of the Employment Agreement is hereby amended in its entirety to read as follows:

           “(c) For each fiscal year during the Term, the Bonus (if any) shall be paid on the fifth consecutive trading day after the date that VPG releases earnings for the prior fiscal year; provided, however, that if VPG does not release earnings on or before December 15th of the fiscal year immediately following the fiscal year with respect to which the Bonus relates, no Bonus shall be paid in respect of such prior fiscal year.”

           2. Section 4.4 of the Employment Agreement is hereby amended in its entirety to read as follows:

           “4.4 Long-Term Equity Incentive.

                (a) Fiscal Year 2011 Annual Equity Grant.

                     (i) With respect to the Company’s 2011 fiscal year (“ Fiscal 2011 ”), Executive shall be eligible to receive a restricted stock unit award with respect to shares of Common Stock (the “ 2011 LTI Award ”), with a target value equal to 100% of Base Salary. The actual amount of the 2011 LTI Award payable to Executive shall be determined by the Board of Directors upon recommendation of the Compensation Committee, and shall be based upon VPG’s achievement of the Performance Goals for Fiscal 2011. The value of the 2011 LTI Award granted to Executive hereunder shall be equal to 50% of Base Salary on the 2011 LTI Grant Date if 80% of the annual Performance Goals are achieved. In addition, the value of the 2011 LTI Award granted to Executive (if any) shall increase by 2.5% of Base Salary for each additional 1% of the Fiscal 2011 Performance Goals which are achieved for Fiscal 2011, provided that the maximum 2011 LTI Award which Executive shall be eligible to earn is 100% of Base Salary. To the extent that the Executive earns a 2011 LTI Award based on the achievement of the Fiscal 2011 Performance Goals pursuant to this Section 4.4(a)(i), the Company shall cause VPG to issue to Executive a restricted stock unit (“ RSU ”) award with the number of shares of Common Stock issued in respect of such award determined by dividing the amount of the 2011 LTI Award by the average closing price of Common Stock for the five (5) consecutive trading days starting with the first trading day immediately after the date that VPG releases earnings for the 2011 fiscal year (the “ 2011 Release Date ”); provided, however, that if the 2011 Release Date does not occur on or before December 15, 2012, no 2011 LTI Award shall be granted.



                     (ii) The 2011 LTI Award shall vest 25% on the 2011 LTI Grant Date and 25% on each of the next three anniversaries of the 2011 LTI Grant Date; provided that Executive remains continuously employed by the Company through each such vesting date; provided, further that the 2011 LTI Award shall become 100% vested and be paid upon a Change in Control or upon Executive’s termination of employment by the Company without Cause, Executive’s resignation for Good Reason, or termination of employment due to Disability or death.

                     (iii) The 2011 LTI Award (if any) shall be granted to Executive at the close of business on the fifth consecutive trading day (beginning with the trading day immediately after the 2011 Release Date) following the 2011 Release Date (the “ 2011 LTI Grant Date ”).

                (b) Annual Equity Grant Commencing with Fiscal Year 2012 . Commencing on January 1, 2012 and on each January 1 thereafter during the Term, VPG shall grant Executive an annual equity award under VPG’s 2010 Stock Incentive Program (or any successor plan or arrangement thereof) having a value approximately equal to 125% of Executive’s Base Salary on such date (the “ Annual Equity Grant ”). Twenty-five percent (25%) of each Annual Equity Grant shall be in the form of RSUs, and seventy-five percent (75%) shall be in the form of performance-based restricted stock units (“ PBRSUs ”). The number of shares of Common Stock subject to such RSUs and PBRSUs shall be determined by dividing the applicable amount of the Annual Equity Grant by the average closing price of Common Stock on the New York Stock Exchange for the five (5) consecutive trading days immediately preceding each January 1. Subject to Executive’s continued employment with the Company, the RSUs and PBRSUs shall vest on January 1 of the third year following their grant, provided that, in the case of the PBRSUs, such PBRSUs shall vest only to the extent the performance criteria applicable to the PBRSUs are realized, with such performance criteria and extent of vesting established by the Compensation Committee. In the event of the termination of Executive’s employment with the Company by the Company without Cause, by Executive for Good Reason, or as a result of Executive’s death or Disability, the outstanding RSUs granted pursuant to this Section 4.4(b) shall immediately vest and the outstanding PBRSUs granted pursuant to this Section 4.4(b) shall vest on their normal vesting date to the extent the applicable performance criteria are realized. In the event of a Change in Control, all of such outstanding RSUs and PBRSUs shall immediately vest.”

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

           4. This 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.

[ signature page follows ]

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           IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly authorized officer, and Executive has executed this Amendment, in each case on the 8 th day of December, 2011.

VISHAY ADVANCED TECHNOLOGIES, LTD.

 
By: /s/ Amir Tal
 
Title:   Director
 
 
/s / Ziv Shoshani
 
ZIV SHOSHANI

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AMENDMENT TO EMPLOYMENT AGREEMENT

           THIS AMENDMENT (this “ Amendment ”), dated December 8, 2011, is made by and between VISHAY PRECISION GROUP, INC., a Delaware corporation, and WILLIAM CLANCY (the “ Executive ”).

           WHEREAS , the Company and the Executive are parties to an employment agreement, dated November 17, 2010 (the “ Employment Agreement ”);

           WHEREAS , 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

           WHEREAS , the Company and the Executive desire to amend the Employment Agreement as set forth herein.

           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 4.2(c) of the Employment Agreement is hereby amended in its entirety to read as follows:

           “(c) For each fiscal year during the Term, the Bonus (if any) shall be paid on the fifth consecutive trading day after the date that the Company releases earnings for the prior fiscal year; provided, however, that if the Company does not release earnings on or before December 15 th of the fiscal year immediately following the fiscal year with respect to which the Bonus relates, no Bonus shall be paid in respect of such prior fiscal year.”

           2. Section 4.3 of the Employment Agreement is hereby amended in its entirety to read as follows:

           “4.3 Long-Term Equity Incentive .

                (a) Fiscal Year 2011 Annual Equity Grant .

                     (i) With respect to the Company’s 2011 fiscal year (“ Fiscal 2011 ”), Executive shall be eligible to receive a restricted stock unit award with respect to shares of Common Stock (the “ 2011 LTI Award ”), with a target value equal to 40% of Base Salary. The actual amount of the 2011 LTI Award payable to Executive shall be determined by the Board of Directors upon recommendation of the Compensation Committee, and shall be based upon the Company’s achievement of the Performance Goals for Fiscal 2011. The value of the 2011 LTI Award granted to Executive hereunder shall be equal to 20% of Base Salary on the 2011 LTI Grant Date if 80% of the annual Performance Goals are achieved. In addition, the value of the 2011 LTI Award granted to Executive (if any) shall increase by 1% of Base Salary for each additional 1% of the Fiscal 2011 Performance Goals which are achieved for Fiscal 2011, provided that the maximum 2011 LTI Award which Executive shall be eligible to earn is 40% of Base Salary. To the extent that the Executive earns a 2011 LTI Award based on the achievement of the Fiscal 2011 Performance Goals pursuant to this Section 4.3(a)(i), the Company shall issue to Executive a restricted stock unit (“ RSU ”) award with the number of shares of Common Stock issued in respect of such award determined by dividing the amount of the 2011 LTI Award by the average closing price of Common Stock for the five (5) consecutive trading days starting with the first trading day immediately after the date that the Company releases earnings for the 2011 fiscal year (the 2011 Release Date ”); provided, however, that if the 2011 Release Date does not occur on or before December 15, 2012, no 2011 LTI Award shall be granted.



                     (ii) The 2011 LTI Award shall vest 25% on the 2011 LTI Grant Date and 25% on each of the next three anniversaries of the 2011 LTI Grant Date; provided that Executive remains continuously employed by the Company through each such vesting date; provided, further that the 2011 LTI Award shall become 100% vested and be paid upon a Change in Control or upon Executive’s termination of employment by the Company without Cause, Executive’s resignation for Good Reason, or termination of employment due to Disability or death.

                     (iii) The 2011 LTI Award (if any) shall be granted to Executive at the close of business on the fifth consecutive trading day (beginning with the trading day immediately after the 2011 Release Date) following the 2011 Release Date (the “ 2011 LTI Grant Date ”).

                (b) Annual Equity Grant Commencing with Fiscal Year 2012 . Commencing on January 1, 2012 and on each January 1 thereafter during the Term, the Company shall grant Executive an annual equity award under the Company’s 2010 Stock Incentive Program (or any successor plan or arrangement thereof) having a value approximately equal to 50% of Executive’s Base Salary on such date (the “ Annual Equity Grant ”). Twenty-five percent (25%) of each Annual Equity Grant shall be in the form of RSUs, and seventy-five percent (75%) shall be in the form of performance-based restricted stock units (“ PBRSUs ”). The number of shares of Common Stock subject to such RSUs and PBRSUs shall be determined by dividing the applicable amount of the Annual Equity Grant by the average closing price of Common Stock on the New York Stock Exchange for the five (5) consecutive trading days immediately preceding each January 1. Subject to Executive’s continued employment with the Company, the RSUs and PBRSUs shall vest on January 1 of the third year following their grant, provided that, in the case of the PBRSUs, such PBRSUs shall vest only to the extent the performance criteria applicable to the PBRSUs are realized, with such performance criteria and extent of vesting established by the Compensation Committee. In the event of the termination of Executive’s employment with the Company by the Company without Cause, by Executive for Good Reason, or as a result of Executive’s death or Disability, the outstanding RSUs granted pursuant to this Section 4.3(b) shall immediately vest and the outstanding PBRSUs granted pursuant to this Section 4.3(b) shall vest on their normal vesting date to the extent the applicable performance criteria are realized. In the event of a Change in Control, all of such outstanding RSUs and PBRSUs shall immediately vest.”

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

           4. This 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.

[ signature page follows ]

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           IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly authorized officer, and Executive has executed this Amendment, in each case on the 8th day of December, 2011.

VISHAY PRECISION GROUP, INC.

 
By: /s/ Ziv Shoshani
 
Title:   President and Chief Executive Officer
 
 
/s/ William Clancy
 
WILLIAM CLANCY

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AMENDMENT TO EMPLOYMENT AGREEMENT

           THIS AMENDMENT (this “Amendment”), dated December 8, 2011, is made by and between VISHAY PRECISION GROUP, INC., a Delaware corporation, and THOMAS KIEFFER (the “ Executive ”).

           WHEREAS , the Company and the Executive are parties to an employment agreement, dated November 17, 2010 (the “ Employment Agreement ”);

           WHEREAS , 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

           WHEREAS , the Company and the Executive desire to amend the Employment Agreement as set forth herein.

           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. The last sentence of Section 4.2(a) of the Employment Agreement is hereby amended to read as follows:

           “(a) With respect to the fiscal years referred to on Exhibit A attached hereto, Executive shall be eligible to earn a Bonus based on the attainment of the Performance Goals set forth on such Exhibit A .”

           2. Section 4.2(c) of the Employment Agreement is hereby amended in its entirety to read as follows:

           “(c) For each fiscal year during the Term, the Bonus (if any) shall be paid on the fifth consecutive trading day after the date that the Company releases earnings for the prior fiscal year; provided, however, that if the Company does not release earnings on or before December 15th of the fiscal year immediately following the fiscal year with respect to which the Bonus relates, no Bonus shall be paid in respect of such prior fiscal year.”

           3. Section 4.3 of the Employment Agreement is hereby amended in its entirety to read as follows:

           “4.3 Long-Term Equity Incentive .

                (a) Fiscal Year 2011 Annual Equity Grant .

                     (i) With respect to the Company’s 2011 fiscal year (“ Fiscal 2011 ”), Executive shall be eligible to receive a restricted stock unit award with respect to shares of Common Stock (the “ 2011 LTI Award ”), with a target value equal to 30% of Base Salary. The actual amount of the 2011 LTI Award payable to Executive shall be determined by the Board of Directors upon recommendation of the Compensation Committee, and shall be based upon the Company’s achievement of the “2011 Bonus Performance Goals” set forth on Exhibit A attached hereto. The value of the 2011 LTI Award granted to Executive hereunder shall be equal to 15% of Base Salary on the 2011 LTI Grant Date (as defined below) if 80% of the annual Performance Goals are achieved. In addition, the value of the 2011 LTI Award granted to Executive (if any) shall increase by 0.75% of Base Salary for each additional 1% of the Fiscal 2011 Performance Goals which are achieved for Fiscal 2011, provided that the maximum 2011 LTI Award which Executive shall be eligible to earn is 30% of Base Salary. To the extent that the Executive earns a 2011 LTI Award based on the achievement of the 2011 Bonus Performance Goals pursuant to this Section 4.3(a)(i), the Company shall issue to Executive a restricted stock unit ( “RSU ”) award with the number of shares of Common Stock issued in respect of such award determined by dividing the amount of the 2011 LTI Award by the average closing price of Common Stock for the five (5) consecutive trading days starting with the first trading day immediately after the date that the Company releases earnings for the 2011 fiscal year (the “ 2011 Release Date ”); provided, however, that if the 2011 Release Date does not occur on or before December 15, 2012, no 2011 LTI Award shall be granted.



                     (ii) The 2011 LTI Award shall vest 25% on the 2011 LTI Grant Date and 25% on each of the next three anniversaries of the 2011 LTI Grant Date; provided that Executive remains continuously employed by the Company through each such vesting date; provided, further that the 2011 LTI Award shall become 100% vested and be paid upon a Change in Control or upon Executive’s termination of employment by the Company without Cause, Executive’s resignation for Good Reason, or termination of employment due to Disability or death.

                     (iii) The 2011 LTI Award (if any) shall be granted to Executive at the close of business on the fifth consecutive trading day (beginning with the trading day immediately after the 2011 Release Date) following the 2011 Release Date (the “ 2011 LTI Grant Date ”).

                (b) Annual Equity Grant Commencing with Fiscal Year 2012 . Commencing on January 1, 2012 and on each January 1 thereafter during the Term, the Company shall grant Executive an annual equity award under the Company’s 2010 Stock Incentive Program (or any successor plan or arrangement thereof) having a value approximately equal to 38% of Executive’s Base Salary on such date (the “ Annual Equity Grant ”). Twenty-five percent (25%) of each Annual Equity Grant shall be in the form of RSUs, and seventy-five percent (75%) shall be in the form of performance-based restricted stock units (“ PBRSUs ”). The number of shares of Common Stock subject to such RSUs and PBRSUs shall be determined by dividing the applicable amount of the Annual Equity Grant by the average closing price of Common Stock on the New York Stock Exchange for the five (5) consecutive trading days immediately preceding each January 1. Subject to Executive’s continued employment with the Company, the RSUs and PBRSUs shall vest on January 1 of the third year following their grant, provided that, in the case of the PBRSUs, such PBRSUs shall vest only to the extent the performance criteria applicable to the PBRSUs are realized, with such performance criteria and extent of vesting established by the Compensation Committee. In the event of the termination of Executive’s employment with the Company by the Company without Cause, by Executive for Good Reason, or as a result of Executive’s death or Disability, the outstanding RSUs granted pursuant to this Section 4.3(b) shall immediately vest and the outstanding PBRSUs granted pursuant to this Section 4.3(b) shall vest on their normal vesting date to the extent the applicable performance criteria are realized. In the event of a Change in Control, all of such outstanding RSUs and PBRSUs shall immediately vest.”

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           4. The “2011 Bonus Performance Goals” as set forth on Exhibit A to the Employment Agreement are hereby amended in their entirety as follows:

2011 Bonus Performance Goals

With respect to fiscal year 2011 and, in each case, as established by the Board (or its designee) for such year:

(A) 50% of the Bonus and 50% of the 2011 LTI Award shall be conditioned on the achievement of certain personal objectives applicable to the Chief Technology Officer position of the Company;

(B) 12.5% of the Bonus and 12.5% of the 2011 LTI Award shall be conditioned on the Company’s achievement of certain levels of Adjusted Operating Margin for such fiscal year;

(C) 12.5% of the Bonus and 12.5% of the 2011 LTI Award shall be conditioned on the Company’s achievement of certain levels of Adjusted EBITDA for such fiscal year;

(D) 20% of the Bonus and 20% of the 2011 LTI Award shall be conditioned on the attainment of certain levels of operating margin applicable to the Micro Measurements Division of the Company for such year; and

(E) 5% of the Bonus and 5% of the 2011 LTI Award shall be conditioned on the achievement of certain levels of inventory turnover with respect to the Micro Measurements Division of the Company for such year.

Provided, however, that the Board (or its designee) shall determine in its sole discretion the extent to which each and any such criteria has been attained in such fiscal year.

           5. The “2012 Bonus Performance Goals” as set forth on Exhibit A to the Employment Agreement are hereby amended in their entirety as follows:

2012 Bonus Performance Goals

With respect to fiscal year 2012 and, in each case, as established by the Board (or its designee) for such year:

(A) 50% of the Bonus shall be conditioned on the achievement of certain personal objectives applicable to the Chief Technology Officer position of the Company;

(B) 12.5% of the Bonus shall be conditioned on the Company’s achievement of certain levels of Adjusted Operating Margin for such fiscal year;

(C) 12.5% of the Bonus shall be conditioned on the Company’s achievement of certain levels of Adjusted EBITDA for such fiscal year;

(D) 20% of the Bonus shall be conditioned on the attainment of certain levels of operating margin applicable to the Micro Measurements Division of the Company for such year; and

(E) 5% of the Bonus shall be conditioned on the achievement of certain levels of inventory turnover with respect to the Micro Measurements Division of the Company for such year.

Provided, however, that the Board (or its designee) shall determine in its sole discretion the extent to which each and any such criteria has been attained in such fiscal year.

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           6. The following is hereby added to the end of Exhibit A to the Employment Agreement:

Bonus Performance Goals After 2012

With respect to fiscal year 2013 and for each fiscal year thereafter, in each case, as established by the Board (or its designee) for such year:

(A) 50% of the Bonus shall be conditioned on the achievement of certain personal objectives applicable to the Chief Technology Officer position of the Company;

(B) 25% of the Bonus shall be conditioned on the Company’s achievement of certain levels of Adjusted Operating Margin for such fiscal year; and

(C) 25% of the Bonus shall be conditioned on the Company’s achievement of certain levels of Adjusted EBITDA for such fiscal year.

Provided, however, that the Board (or its designee) shall determine in its sole discretion the extent to which each and any such criteria has been attained in such fiscal year.”

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

           8. This 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.

< signature page follows >

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           IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly authorized officer, and Executive has executed this Amendment, in each case on the 8th day of December, 2011.

VISHAY PRECISION GROUP, INC.

 
By: /s/ Ziv Shoshani
 
Title:   President and Chief Executive Officer
 
 
/s/ Thomas Kieffer
 
THOMAS KIEFFER

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