---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-057909"
form_type: "8-K"
ticker: "ON"
cik: "0001097864"
company_name: "ON SEMICONDUCTOR CORP"
filed_at: "2024-03-04T23:59:59+00:00"
generated_at: "2026-06-05T04:33:32.018453+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.35
calibrated_materiality_score: 0.35
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-057909
- form_type: 8-K
- ticker: ON
- cik: 0001097864
- company_name: ON SEMICONDUCTOR CORP
- filed_at: 2024-03-04T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.35
- calibrated_materiality_score: 0.35
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1097864/000119312524057909/0001193125-24-057909-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1097864/000119312524057909/d798599d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-057909
- JSON: https://secwatch.observer/filing/0001193125-24-057909.json
- Plain text: https://secwatch.observer/filing/0001193125-24-057909.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.