On Semiconductor Corporation
ON Semiconductor Announces New Employment Agreement for Group President
Summary
ON Semiconductor Corporation has entered into a new Executive Vice President/Group President employment agreement with Simon Keeton, the Group President and General Manager of its Power Solutions Group. The agreement, which replaces his previous one dated January 1, 2019, includes provisions for an annual base salary of $600,000 and a target bonus of 100% of base salary. It also outlines severance pay and benefits in case of termination without cause or resignation for good reason, including specific provisions in the event of a change in control or in the case of death or disability. The agreement requires a general release and compliance with non-solicitation, non-competition, and confidentiality agreements. A copy of the New Agreement is filed as Exhibit 10.1 to this Form 8-K.
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About On Semiconductor Corporation
On Semiconductor Corporation, commonly known as onsemi, is a leading semiconductor supplier focused on complete intelligent sensing and energy-efficient solutions. The company provides innovative and reliable products that improve energy efficiency and enable the latest green technologies. onsemi's portfolio includes power management, analog, sensors, connectivity, custom, and system-on-chip (SoC) solutions. It serves a variety of markets, such as automotive, industrial, communications, and consumer electronics. The primary function of onsemi is to enhance the performance and efficiency of electronic products used in everyday life and in critical applications ranging from smart grids to advanced driver-assistance systems (ADAS). With a strong emphasis on research and development, onsemi is dedicated to driving advancements in technology that facilitate cleaner energy consumption and smarter electronic systems. Within the financial markets, onsemi plays a significant role given its strategic position in key growth sectors like electric vehicles and smart infrastructure. By leveraging cutting-edge technologies, the corporation continually contributes to the advancement of semiconductor technologies, reinforcing its relevance as a pivotal entity in the evolving landscape of global electronics and electrification initiatives.
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