secwatch.observer — SEC 8-K summary
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Issuer:     ON SEMICONDUCTOR CORP (ON)
CIK:        0001097864
Form:       8-K
Filed at:   2024-03-04T23:59:59+00:00
Accession:  0001193125-24-057909
Event type: other_material
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1097864/000119312524057909/0001193125-24-057909-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1097864/000119312524057909/d798599d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-057909

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