Item 8.01 - Other Events
In February 2022, the Board of Directors of Vishay Intertechnology, Inc.
("Vishay") approved, and Vishay announced, a Stockholder Return Policy ("SHRP"),
which set forth the intention of Vishay to annually return to stockholders at
least 70% of free cash flow, net of scheduled principal payments of long-term
debt, directly in the form of dividends, or indirectly, in the form of stock
repurchases.
Since February 2022, as of August 15, 2022, Vishay has paid aggregate dividends
of $28.8 million and has purchased approximately 2.3 million shares of common
stock in open market transactions for approximately $43.4 million.
On August 16, 2022, Vishay's Board of Directors approved the repurchase of an
additional 6.0 million shares of common stock, effective from and after July 2,
2022 (the end of the second fiscal quarter), to enable the operation of the SHRP
for the foreseeable future.
Also on August 16, 2022, Vishay's Board of Directors declared a quarterly cash
dividend of $0.10 per share of common stock and Class B common stock outstanding
payable on September 28, 2022 to stockholders of record at the close of business
on September 9, 2022.
Further implementation of the Stockholder Return Policy is subject to future
declarations of dividends by the Board of Directors, market and business
conditions, legal requirements, regulatory and tax matters, and other factors.
The policy sets forth Vishay's intention, but does not obligate Vishay to
acquire any shares of common stock or declare any dividends. The Company has no
current intent to change its dividend level. The SHRP may be terminated or
suspended at any time at Vishay's discretion, in accordance with applicable laws
and regulations.
A copy of the press release announcing the August 16 dividend declaration is
attached as Exhibit 99.1 to this report.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
99.1 Press release dated August 16, 2022
Cover Page Interactive Data File (embedded within the Inline XBRL
104 document).
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