ON Semi enters new employment agreement with Group President Keeton; base $600K, target bonus 100%

ON SEMICONDUCTOR CORP

New agreement for Simon Keeton, Group President of Power Solutions Group, effective Feb 28, 2024, replacing 2019 agreement.
Annual base salary of $600,000; annual target bonus opportunity of 100% of base salary.
Severance: 1x base salary + 1x target bonus + prorated PBRSUs on termination without cause or for good reason.
Enhanced severance (1.2x) plus full equity vesting if termination occurs within 2 years following a Change in Control.
No specified term; at-will; non-compete for 1 year, non-solicit for 2 years, indefinite confidentiality.

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