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ON Semiconductor | 8-K: Employment Agreement

SEC ·  Mar 5 05:37
Summary by Futu AI
ON Semiconductor Corporation reported on February 28, 2024, that its wholly-owned subsidiary, Semiconductor Components Industries, LLC, has entered into a new employment agreement with Simon Keeton, the Group President and General Manager of the company's Power Solutions Group. The new contract, which is effective immediately and supersedes Keeton's previous agreement from January 1, 2019, includes an annual base salary of $600,000 and a target bonus of 100% of the base salary. The agreement outlines severance terms including continuation of salary, bonus, and benefits under certain termination conditions, such as termination without cause or resignation for good reason. Additionally, the agreement specifies enhanced severance provisions in the event of a change in control of the company. The agreement also contains standard clauses requiring a general release and adherence to non-solicitation, non-competition, and confidentiality covenants post-termination. The full details of the agreement are included in Exhibit 10.1 of the Form 8-K filed with the SEC.
ON Semiconductor Corporation reported on February 28, 2024, that its wholly-owned subsidiary, Semiconductor Components Industries, LLC, has entered into a new employment agreement with Simon Keeton, the Group President and General Manager of the company's Power Solutions Group. The new contract, which is effective immediately and supersedes Keeton's previous agreement from January 1, 2019, includes an annual base salary of $600,000 and a target bonus of 100% of the base salary. The agreement outlines severance terms including continuation of salary, bonus, and benefits under certain termination conditions, such as termination without cause or resignation for good reason. Additionally, the agreement specifies enhanced severance provisions in the event of a change in control of the company. The agreement also contains standard clauses requiring a general release and adherence to non-solicitation, non-competition, and confidentiality covenants post-termination. The full details of the agreement are included in Exhibit 10.1 of the Form 8-K filed with the SEC.
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