Document:

exv10w5

Exhibit 10.5

EXECUTION VERSION

VISTEON CORPORATION

EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT (this “Agreement”) dated as of October 1, 2010, by and between
Visteon Corporation, a Delaware corporation (the “Company”), and Donald J. Stebbins (the
“Employee”).

W I T N E S S E T H

     WHEREAS, the Company and the Employee are parties to an employment letter agreement dated May
20, 2005 pursuant to which the Employee serves as the Chairman of the Board of Directors of the
Company (the “Board”) and the Chief Executive Officer of the Company (the “Prior
Agreement”);

     WHEREAS, the Company and the Employee desire to enter into this Agreement as to the terms of
the Employee’s continued employment with the Company;

     WHEREAS, upon the Effective Date of this Agreement, the Prior Agreement shall cease to have
any legal force or effect.

     NOW, THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and
of other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

     1. POSITION AND DUTIES.

     (a) During the Employment Term (as defined in Section 2 hereof), the Employee shall
continue to serve as the Chief Executive Officer of the Company. In addition, during the
Employment Term, the Employee shall continue to serve as a member of the Board and as Chairman of
the Board; provided that the Employee’s continued service as a member of the Board shall at
all times remain subject to applicable law and to any and all nomination and election procedures in
accordance with the Company’s charter and by-laws. In the foregoing capacities, the Employee shall
have the duties, authorities and responsibilities commensurate with the duties, authorities and
responsibilities of persons in similar capacities in similarly sized companies, and such other
duties, authorities and responsibilities as may reasonably be assigned to the Employee from time to
time that are not inconsistent with the Employee’s position with the Company. The Employee’s
principal place of employment with the Company shall be in southeastern Michigan, provided
that the Employee understands and agrees that the Employee may be required to travel from time to
time for business purposes. The Employee shall report directly to the Board.

     (b) During the Employment Term, the Employee shall devote all of the Employee’s business time,
energy, business judgment, knowledge and skill and the Employee’s best efforts to the performance
of the Employee’s duties with the Company, provided that the foregoing shall not prevent
the Employee from (i) serving on the boards of directors of non-profit organizations and not
greater than two (2) other for profit companies; provided that any such service (other

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than any pre-existing board memberships as of the Effective Date) shall be subject to the
written approval of the Board to the extent required under the Company’s corporate governance
policies, (ii) participating in charitable, civic, educational, professional, community or industry
affairs, and (iii) managing the Employee’s passive personal investments so long as such activities
in the aggregate do not interfere or conflict with the Employee’s duties hereunder or create a
potential business or fiduciary conflict.

     2. EMPLOYMENT TERM. The Company agrees to employ the Employee pursuant to the terms of this
Agreement, and the Employee agrees to be so employed, for a term of three (3) years (the
“Initial Term”) commencing on the “Effective Date,” as defined under the Company’s Joint
Plan of Reorganization, dated December 17, 2009 (as thereafter amended), filed under Chapter 11 of
the U.S. Bankruptcy Code (the “Effective Date”). On each anniversary of the Effective Date
following the Initial Term, the term of this Agreement shall be automatically extended for
successive one-year periods; provided, however, that either party hereto may elect
not to extend this Agreement by giving written notice to the other party at least one hundred
twenty (120) days prior to any such anniversary date. Notwithstanding the foregoing, the
Employee’s employment hereunder may be earlier terminated in accordance with Section 7
hereof, subject to Section 8 hereof. The period of time between the Effective Date and the
termination of the Employee’s employment hereunder shall be referred to herein as the
“Employment Term.”

     3. BASE SALARY. The Company agrees to pay the Employee a base salary at an annual rate of not
less than $1,236,000, payable in accordance with the regular payroll practices of the Company, but
not less frequently than monthly. The Employee’s base salary shall be subject to annual review by
the Board (or a committee thereof), and may be increased, but not decreased from its then current
level, from time to time by the Board. The base salary as determined herein and adjusted from time
to time shall constitute “Base Salary” for purposes of this Agreement.

     4. ANNUAL INCENTIVE OPPORTUNITY. During the Employment Term, the Employee shall have an
annual incentive opportunity, under the Company’s annual incentive plan in effect from time to time
for its senior officers, based on a target incentive opportunity of at least 115% of the Employee’s
Base Salary, subject to the attainment of one or more pre-established performance goals established
by the Board (or a committee thereof) in its sole discretion. Any annual incentive payable
hereunder shall be paid in cash in United States dollars the calendar year following the calendar
year to which such incentive relates, subject to the Employee’s continued employment at the time of
payment, except as otherwise set forth herein.

     5. LONG-TERM INCENTIVE OPPORTUNITY. During the Employment Term, the Employee shall have a
long-term incentive opportunity, under the Company’s long-term incentive program in effect from
time to time for its senior officers, based on a target long-term incentive opportunity of at least
375% of the Employee’s Base Salary, subject to the attainment of one or more pre-established
performance goals established by the Board (or a committee thereof) in its sole discretion at the
time of grant of each such award. Any long-term incentive award granted to the Employee shall be
subject to such vesting and payment terms and such other conditions as determined by the Board (or
a committee thereof) in its sole discretion and

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shall be delivered in the form of cash (in United States dollars), equity or any combination
thereof as determined by the Board (or a committee thereof) in its sole discretion.

     6. EMPLOYEE BENEFITS.

     (a) BENEFIT PLANS. During the Employment Term, the Employee shall be entitled to participate
in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to
for the benefit of its executive employees generally (including, without limitation, any
supplemental executive retirement plan and any other program or arrangement available only to
senior officers of the Company), subject to satisfying the applicable eligibility requirements, and
except to the extent such plans are duplicative of the benefits otherwise provided hereunder. To
the extent that the Company terminates its existing Supplemental Executive Retirement Plan on or
prior to the Effective Date without making payment in respect of the Employee’s entire vested
benefit thereunder, the Company shall establish a replacement plan with terms and conditions
substantially the same as the existing Supplemental Executive Retirement Plan, and the Employee
shall be credited with a beginning vested account balance under such replacement plan that is equal
in value to the unpaid portion of the Employee’s vested benefit under the Supplemental Executive
Retirement Plan as of the date of such plan’s termination, and such account balance shall be
subject to such payment timing provisions and other terms and conditions as are necessary to comply
with, and avoid adverse tax consequences under, Code Section 409A (as defined in Section
23(b)(i) hereof). The Employee’s participation in the employee benefit plans of the Company
will be subject to the terms of the applicable plan documents and generally applicable Company
policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit
plan at any time.

     (b) EQUITY AWARDS. Within thirty (30) days following the Effective Date, the Employee shall
receive a grant of restricted stock for 366,667 shares of the Company’s common stock on such terms
and conditions as set forth in an award agreement substantially in the form of Exhibit A
hereto.

     (c) CASH EMERGENCE BONUS. The Company shall pay the Employee an aggregate cash payment in an
amount equal to $3,825,000, payable in a single installment within ten (10) days following the
Effective Date.1

     (d) PERQUISITES. During the Employment Term, the Employee will participate in the Company’s
Executive Security Program relating to use of the corporate aircraft and/or private charter jet
services and personal security system in accordance with the terms and conditions of such program.
In addition, during the Employment Term, the Employee shall participate in the Company’s Executive
Perquisite Program up to a maximum of $60,000 per calendar year (the “Perquisite Payment”),
in accordance with the terms and conditions of such program as in effect from time to time.

 

			
	1	 	The cash emergence bonus of $3,825,000 is
comprised of the KEIP and banked LTIP amounts (as such terms are defined and
described in the Motion of the Debtors for Entry of an Order Authorizing
Implementation of the Amended Incentive Program [Docket No. 994]) and in lieu
of payment thereof.

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     (e) VACATION. During the Employment Term, the Employee shall be entitled to four (4) weeks of
paid vacation per calendar year (as prorated for partial years), subject to the Company’s policy on
accrual and use applicable to employees as in effect from time to time.

     (f) BUSINESS EXPENSES. Upon presentation of reasonable substantiation and documentation as
the Company may specify from time to time, the Employee shall be reimbursed, in accordance with the
Company’s expense reimbursement policy as in effect from time to time, for all reasonable
out-of-pocket business expenses incurred and paid by the Employee during the Employment Term and in
connection with the performance of the Employee’s duties hereunder.

     (g) LEGAL FEES. Upon presentation of appropriate documentation, the Company shall pay the
Employee’s reasonable counsel fees incurred in connection with the negotiation and documentation of
this Agreement and related agreements hereunder.

     7. TERMINATION. The Employee’s employment and the Employment Term shall terminate on the
first of the following to occur:

     (a) DISABILITY. Upon ten (10) days’ prior written notice by the Company to the Employee of a
termination due to Disability. For purposes of this Agreement, “Disability” shall be
defined as the inability of the Employee to have performed the Employee’s material duties hereunder
due to a physical or mental injury, infirmity or incapacity for one hundred eighty (180) days
(including weekends and holidays) in any three hundred, sixty-five (365)-day period as determined
by the Board in its reasonable discretion and the findings of a physician mutually selected by the
Company and the Employee (or the Employee’s representative). The Employee shall cooperate in all
respects with the Company if a question arises as to whether the Employee has become disabled
(including, without limitation, submitting to reasonable examinations by one or more medical
doctors and other health care specialists selected by the Company and authorizing such medical
doctors and other health care specialists to discuss the Employee’s condition with the Company.

     (b) DEATH. Automatically upon the date of death of the Employee.

     (c) CAUSE. Immediately upon written notice by the Company to the Employee of a termination
for Cause. “Cause” shall mean:

          (i) the Employee’s conviction of, or pleading of guilty to, any felony or any crime involving
moral turpitude or misrepresentation;

          (ii) the Employee’s willful failure or refusal to carry out the reasonable and lawful
directions of the Board concerning duties or actions consistent with the Employee’s position;

          (iii) the Employee’s willful misconduct against the Company constituting fraud, embezzlement,
misappropriation of funds or breach of fiduciary duty;

          (iv) the Employee’s gross and willful misconduct resulting in substantial loss to the Company
or substantial damage to the Company’s reputation;

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          (v) the Employee’s material and willful violation of any material reasonable rules,
regulations, policies, directions or restrictions of the Company regarding employee conduct; or

          (vi) the Employee’s willful and material breach of any provision of this Agreement.

For such purpose, no act or omission to act by the Employee shall be “willful” if conducted in good
faith and with a reasonable belief that such act or omission was in the best interests of the
Company. Any determination of Cause by the Company will be made by a resolution approved by a
majority of the members of the Board, provided that no such determination may be made until
the Employee has been given written notice detailing the specific Cause event, an opportunity to
appear before the Board to refute such finding (with the assistance of counsel), and a period of
thirty (30) days following such appearance to cure such event (if susceptible to cure) to the
satisfaction of the Board. Notwithstanding anything to the contrary contained herein, the
Employee’s right to cure shall not apply if there are habitual or repeated breaches by the
Employee.

     (d) WITHOUT CAUSE. Immediately upon written notice by the Company to the Employee of an
involuntary termination without Cause (other than for death or Disability).

     (e) GOOD REASON. Upon written notice by the Employee to the Company of a termination for Good
Reason. “Good Reason” shall mean the occurrence of any of the following events, without
the express written consent of the Employee, unless such events are fully corrected in all material
respects by the Company within thirty (30) days following written notification by the Employee to
the Company of the occurrence of one of the reasons set forth below:

          (i) the Company’s assignment to the Employee of duties (including titles and reporting
relationships, any failure to re-elect Employee as a member of the Board and any failure to
re-elect Employee as its Chairman (except for the election as Chairman of an independent Board
member (as defined under applicable NYSE rules) as non-executive Chairman) inconsistent in any
material respect with the Employee’s duties or responsibilities as contemplated by this Agreement,
or any other action by the Company that results in a significant diminution in the Employee’s
position, authority, duties or responsibilities (provided that any sale of assets by the
Company shall not, in and of itself, constitute a significant diminution in the Employee’s
position, authority, duties or responsibilities; and provided, further, that a
reduction in authority, duties or responsibilities resulting solely from the Company ceasing to be
a publicly traded entity shall not constitute Good Reason hereunder); or

          (ii) the Company’s material breach of any provision of this Agreement.

The Employee shall provide the Company with a written notice detailing the specific circumstances
alleged to constitute Good Reason within ninety (90) days after the first occurrence of such
circumstances, and actually terminate employment within thirty (30) days following the expiration
of the Company’s cure period as set forth above. Otherwise, any claim of such circumstances as
“Good Reason” shall be deemed irrevocably waived by the Employee.

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     (f) WITHOUT GOOD REASON. Upon thirty (30) days’ prior written notice by the Employee to the
Company of the Employee’s voluntary termination of employment without Good Reason (which the
Company may, in its sole discretion, make effective earlier than any notice date).

     (g) EXPIRATION OF EMPLOYMENT TERM; NON-EXTENSION OF AGREEMENT. Upon the expiration of the
Employment Term due to a notice of non-extension of the Agreement by the Company or the Employee
pursuant to the provisions of Section 2 hereof.

     8. CONSEQUENCES OF TERMINATION.

     (a) DEATH. In the event that the Employee’s employment and the Employment Term ends on
account of the Employee’s death, the Employee or the Employee’s estate, as the case may be, shall
be entitled to the following (with the amounts due under Sections 8(a)(i) through
8(a)(iii) hereof to be paid within sixty (60) days following termination of employment, or
such earlier date as may be required by applicable law):

          (i) any earned and unpaid Base Salary through the date of termination;

          (ii) reimbursement for any unreimbursed business expenses incurred through the date of
termination;

          (iii) any accrued but unused vacation time in accordance with Company policy; and

          (iv) all other payments, benefits or fringe benefits to which the Employee shall be entitled
under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit
plan or program or grant or this Agreement (collectively, Sections 8(a)(i) through
8(a)(iv) hereof shall be hereafter referred to as the “Accrued Benefits”);

          (v) payment of the Employee’s bonus and long-term incentive award, if any, for all performance
periods completed prior to the Employee’s termination, to the extent earned, which shall be payable
when such bonuses and awards are payable to other employees, to the extent not otherwise payable on
the same or more favorable terms under the terms of such award (the “Prior Bonuses”); and

          (vi) payment of the Employee’s bonus and other long-term incentive awards for the incomplete
performance period under each such bonus or other award during which such termination occurs, which
shall be earned and payable based on actual results in accordance with the terms thereof as if the
Employee’s employment had not terminated (and with any subjective criteria deemed satisfied at
target), except that such amount shall be prorated based on the fraction the numerator of which
shall be the number of days employed during each such performance period prior to the Employee’s
termination and the denominator of which shall be the total number of days constituting such
performance period, to the extent such bonus or award is not otherwise payable on the same or more
favorable terms under the terms of such award (the “Pro Rata Bonuses”).

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     (b) DISABILITY. In the event that the Employee’s employment and/or the Employment Term ends
on account of the Employee’s Disability, the Company shall pay or provide the Accrued Benefits, the
Prior Bonuses and the Pro Rata Bonuses to the Employee.

     (c) TERMINATION FOR CAUSE OR WITHOUT GOOD REASON OR AS A RESULT OF EMPLOYEE NON-EXTENSION OF
THIS AGREEMENT. If the Employee’s employment is terminated (x) by the Company for Cause, (y) by
the Employee without Good Reason, or (z) as a result of the Employee’s non-extension of the
Employment Term as provided in Section 2 hereof, the Company shall pay or provide the
Accrued Benefits to the Employee.

     (d) TERMINATION WITHOUT CAUSE OR FOR GOOD REASON OR AS A RESULT OF COMPANY NON-EXTENSION OF
THIS AGREEMENT. If the Employee’s employment by the Company is terminated (x) by the Company other
than for Cause (and other than for death or Disability), (y) by the Employee for Good Reason, or
(z) as a result of the expiration of the Employment Term pursuant to the Company’s notice of
non-extension as provided in Section 2 hereof, the Company shall pay or provide the
Employee with the following:

          (i) the Accrued Benefits, the Prior Bonuses and the Pro Rata Bonuses;

          (ii) subject to the Employee’s continued compliance with the obligations in Sections 9
and 10 hereof, a lump-sum cash amount equal to the Employee’s Base Salary rate in effect on
the date of termination, plus any unpaid portion of the Perquisite Payment (as defined in
Section 6(d) hereof) for the year of termination, payable on the date of termination,
provided that to the extent that the payment of such amount constitutes “nonqualified
deferred compensation” for purposes of “Code Section 409A” (as defined in Section 23(b)(i)
hereof), such payment shall not be paid until the sixtieth (60th) day following such
termination;

          (iii) subject to (A) the Employee’s timely election of continuation coverage under the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), (B) the
Employee’s continued copayment of premiums at the same level and cost to the Employee as if the
Employee were an employee of the Company (excluding, for purposes of calculating cost, an
employee’s ability to pay premiums with pre-tax dollars), and (C) the Employee’s continued
compliance with the obligations in Sections 9 and 10 hereof, continued
participation in the Company’s group health plan (to the extent permitted under applicable law and
the terms of such plan) which covers the Employee (and the Employee’s eligible dependents) for a
period of one year at the Company’s expense, provided that the Employee is eligible and
remains eligible for COBRA coverage; and provided, further, that in the event that
the Employee obtains other employment that offers group health benefits, such continuation of
coverage by the Company under this Section 8(d)(iii) shall immediately cease; and

          (iv) subject to the Employee’s continued compliance with the obligations in Sections 9
and 10 hereof, outplacement services at a level commensurate with the Employee’s position
in accordance with the Company’s practices as in effect from time to time.

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Payments and benefits provided in this Section 8(d) shall be in lieu of any termination or
severance payments or benefits for which the Employee may be eligible under any of the plans,
policies or programs of the Company or under the Worker Adjustment Retraining Notification Act of
1988 or any similar state statute or regulation.

     (e) CHANGE IN CONTROL AGREEMENT. On or prior to the Effective Date, the Company and the
Employee shall enter into a Change in Control Agreement substantially in the form of Exhibit
B hereto (the “Change in Control Agreement”). Notwithstanding any other provision of
this Agreement to the contrary, in connection with any termination of employment of the Employee,
to the extent that the Employee becomes entitled to severance benefits under the Change in Control
Agreement, the Employee shall be entitled to receive the greater of (but not both of) the severance
benefits payable hereunder and the severance benefits payable under the Change in Control
Agreement.

     (f) OTHER OBLIGATIONS. Upon any termination of the Employee’s employment with the Company,
the Employee shall promptly resign from any position as an officer, director or fiduciary of any
Company-related entity.

     (g) EXCLUSIVE REMEDY. The amounts payable to the Employee following termination of employment
and the Employment Term hereunder pursuant to Sections 7 and 8 hereof shall be in
full and complete satisfaction of the Employee’s rights under this Agreement and all other claims
that the Employee may have in respect of the Employee’s employment with the Company or any of its
affiliates, and the Employee acknowledges that such amounts are fair and reasonable, and are the
Employee’s sole and exclusive remedy, in lieu of all other remedies at law or in equity, with
respect to the termination of the Employee’s employment hereunder or any breach of this Agreement.

     9. RELEASE; NO MITIGATION. Any and all amounts payable and benefits or additional rights
provided pursuant to this Agreement beyond the Accrued Benefits shall only be payable if the
Employee delivers to the Company and does not revoke a general release of claims in favor of the
Company substantially in the form of Exhibit C hereto. Such release shall be executed and
delivered (and no longer subject to revocation, if applicable) within sixty (60) days following
termination. In no event shall the Employee be obligated to seek other employment or take any
other action by way of mitigation of the amounts payable to the Employee under any of the
provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any
compensation earned by the Employee as a result of employment by a subsequent employer, except as
provided in Section 8(d)(iii) hereof.

     10. RESTRICTIVE COVENANTS.

     (a) CONFIDENTIALITY. During the course of the Employee’s employment with the Company, the
Employee will learn confidential information on behalf of the Company. The Employee agrees that
the Employee shall not, directly or indirectly, use, make available, sell, disclose or otherwise
communicate to any person, other than in the course of the Employee’s assigned duties and for the
benefit of the Company, either during the period of the Employee’s employment or at any time
thereafter, any business and technical information or trade secrets, nonpublic, proprietary or
confidential information, knowledge or data relating to the Company,

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any of its subsidiaries, affiliated companies or businesses, or received from third parties
subject to a duty on the Company’s and its subsidiaries’ and affiliates’ part to maintain the
confidentiality of such information and to use it only for certain limited purposes, in each case
which shall have been obtained by the Employee during the Employee’s employment by the Company (or
any predecessor). The foregoing shall not apply to information that (i) was known to the public
prior to its disclosure to the Employee, (ii) becomes generally known to the public subsequent to
disclosure to the Employee through no wrongful act of the Employee or any representative of the
Employee, or (iii) the Employee is required to disclose by applicable law, regulation or legal
process (provided that the Employee provides the Company with prior notice of the
contemplated disclosure and cooperates with the Company at its expense in seeking a protective
order or other appropriate protection of such information).

     (b) NONCOMPETITION. The Employee acknowledges that the Employee performs services of a unique
nature for the Company that are irreplaceable, and that the Employee’s performance of such services
to a competing business will result in irreparable harm to the Company. Accordingly, during the
Employee’s employment hereunder and for a period of one year thereafter, the Employee agrees that
the Employee will not, directly or indirectly, own, manage, operate, control, be employed by
(whether as an employee, consultant, independent contractor or otherwise, and whether or not for
compensation) or render services to any person, firm, corporation or other entity, in whatever
form, engaged in competition with the Company or any of its affiliates or in any other material
business in which the Company or any of its affiliates is engaged on the date of termination or in
which they have planned, on or prior to such date, to be engaged in on or after such date, in any
locale of any country in which the Company conducts business. Notwithstanding the foregoing,
nothing herein shall prohibit the Employee from being a passive owner of not more than one percent
(1%) of the equity securities of a publicly traded corporation engaged in a business that is in
competition with the Company or any of its affiliates, so long as the Employee has no active
participation in the business of such corporation. In addition, the provisions of this Section
10(b) shall not be violated by the Employee commencing employment with a subsidiary, division
or unit of any entity that engages in a business in competition with the Company or any of its
subsidiaries or affiliates so long as the Employee and such subsidiary, division or unit do not
engage in a business in competition with the Company or any of its subsidiaries or affiliates.

     (c) NONSOLICITATION; NONINTERFERENCE. During the Employee’s employment with the Company and
for a period of one year thereafter, the Employee agrees that the Employee shall not, except in the
furtherance of the Employee’s duties hereunder, directly or indirectly, individually or on behalf
of any other person, firm, corporation or other entity, (i) solicit, aid or induce any customer of
the Company or any of its affiliates to purchase goods or services then sold by the Company or any
of its affiliates from another person, firm, corporation or other entity or assist or aid any other
persons or entity in identifying or soliciting any such customer, (ii) solicit, aid or induce any
employee, representative or agent of the Company or any of its affiliates to leave such employment
or retention or to accept employment with or render services to or with any other person, firm,
corporation or other entity unaffiliated with the Company, or hire or retain any such employee,
representative or agent, or take any action to materially assist or aid any other person, firm,
corporation or other entity in identifying, hiring or soliciting any such employee, representative
or agent, or (iii) interfere, or aid or induce any other person or entity in interfering, with the
relationship between the Company or any of its affiliates

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and any of their respective vendors, joint venturers or licensors. An employee,
representative or agent shall be deemed covered by this Section 10(c) while so employed or
retained and for a period of twelve (12) months thereafter. Notwithstanding the foregoing, the
provisions of this Section 10(c) shall not be violated by (A) general advertising or
solicitation not specifically targeted at Company-related persons or entities, (B) the Employee
serving as a reference, upon request, for any employee of the Company or any of its subsidiaries or
affiliates, or (C) actions taken by any person or entity with which the Employee is associated if
the Employee is not personally involved in any manner in the matter and has not identified such
Company-related person or entity for soliciting or hiring.

     (d) RETURN OF COMPANY PROPERTY. On the date of the Employee’s termination of employment with
the Company for any reason (or at any time prior thereto at the Company’s request), the Employee
shall return all property belonging to the Company or its affiliates (including, but not limited
to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other
equipment, or documents and property belonging to the Company). The Employee may retain the
Employee’s rolodex and similar address books provided that such items only include contact
information.

     (e) REASONABLENESS OF COVENANTS. In signing this Agreement, the Employee gives the Company
assurance that the Employee has carefully read and considered all of the terms and conditions of
this Agreement, including the restraints imposed under this Section 10. The Employee
agrees that these restraints are necessary for the reasonable and proper protection of the Company
and its affiliates and their trade secrets and confidential information and that each and every one
of the restraints is reasonable in respect of subject matter, length of time and geographic area,
and that these restraints, individually or in the aggregate, will not prevent the Employee from
obtaining other suitable employment during the period in which the Employee is bound by the
restraints. The Employee acknowledges that each of these covenants has a unique, very substantial
and immeasurable value to the Company and its affiliates and that the Employee has sufficient
assets and skills to provide a livelihood while such covenants remain in force. The Employee
further covenants that the Employee will not challenge the reasonableness or enforceability of any
of the covenants set forth in this Section 10. It is also agreed that each of the
Company’s affiliates will have the right to enforce all of the Employee’s obligations to that
affiliate under this Agreement, including without limitation pursuant to this Section 10.

     (f) REFORMATION. If it is determined by a court of competent jurisdiction in any state that
any restriction in this Section 10 is excessive in duration or scope or is unreasonable or
unenforceable under applicable law, it is the intention of the parties that such restriction may be
modified or amended by the court to render it enforceable to the maximum extent permitted by the
laws of that state.

     (g) TOLLING. In the event of any violation of the provisions of this Section 10, the
Employee acknowledges and agrees that the post-termination restrictions contained in this
Section 10 shall be extended by a period of time equal to the period of such violation, it
being the intention of the parties hereto that the running of the applicable post-termination
restriction period shall be tolled during any period of such violation.

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     (h) SURVIVAL OF PROVISIONS. The obligations contained in Section 8 and this
Section 10 shall survive the termination of Employee’s employment with the Company and,
respecting Section 10 only, the expiration of the Employment Term, and shall be fully
enforceable thereafter.

     11. EQUITABLE RELIEF AND OTHER REMEDIES. The Employee acknowledges and agrees that the
Company’s remedies at law for a breach or threatened breach of any of the provisions of Section
10 hereof would be inadequate and, in recognition of this fact, the Employee agrees that, in
the event of such a breach or threatened breach, in addition to any remedies at law, the Company
shall be entitled to obtain equitable relief in the form of specific performance, a temporary
restraining order, a temporary or permanent injunction or any other equitable remedy which may then
be available, without the necessity of showing actual monetary damages or the posting of a bond or
other security.

     12. NO ASSIGNMENTS. This Agreement is personal to each of the parties hereto. Except as
provided in this Section 12 hereof, no party may assign or delegate any rights or
obligations hereunder without first obtaining the written consent of the other party hereto. The
Company may assign this Agreement to any successor to all or substantially all of the business
and/or assets of the Company, provided that the Company shall require such successor to
expressly assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform it if no such succession had taken place. As used in this
Agreement, “Company” shall mean the Company and any successor to its business and/or
assets, which assumes and agrees to perform the duties and obligations of the Company under this
Agreement by operation of law or otherwise.

     13. NOTICE. For purposes of this Agreement, notices and all other communications provided for
in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date
of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed
facsimile or electronic mail, (c) on the first business day following the date of deposit, if
delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the
date delivered or mailed by United States registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

If to the Employee:

At the address (or to the facsimile number) shown

in the books and records of the Company.

If to the Company:

Visteon Corporation

One Village Center Drive

Van Buren Township, Michigan 48111

Attention: General Counsel

or to such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

11

 

     14. SECTION HEADINGS; INCONSISTENCY. The section headings used in this Agreement are included
solely for convenience and shall not affect, or be used in connection with, the interpretation of
this Agreement. In the event of any inconsistency between the terms of this Agreement and any
form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

     15. SEVERABILITY. The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity or enforceability of
the other provisions hereof.

     16. COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall
be deemed to be an original but all of which together will constitute one and the same instrument.

     17. ARBITRATION. Any dispute or controversy arising under or in connection with this
Agreement or the Employee’s employment with the Company, other than injunctive relief under
Section 11 hereof, shall be settled exclusively by arbitration, conducted before a single
arbitrator in accordance with the National Rules for the Resolution of Employment Disputes of the
American Arbitration Association then in effect. The decision of the arbitrator will be final and
binding upon the parties hereto. Judgment may be entered on the arbitrator’s award in any court
having jurisdiction. The parties acknowledge and agree that in connection with any such
arbitration and regardless of outcome, (a) each party shall pay all of its own costs and expenses,
including, without limitation, its own legal fees and expenses, and (b) the arbitration costs shall
be borne entirely by the Company.

     18. INDEMNIFICATION. The Company hereby agrees to indemnify the Employee and hold the
Employee harmless to the maximum extent provided under the charter and by-laws of the Company and
applicable law against and in respect of any and all actions, suits, proceedings, claims, demands,
judgments, costs, expenses (including reasonable attorney’s fees), losses, and damages resulting
from the Employee’s good faith performance of the Employee’s duties and obligations with the
Company. This obligation shall survive the termination of the Employee’s employment with the
Company.

     19. LIABILITY INSURANCE. The Company shall cover the Employee under directors’ and officers’
liability insurance both during and, while potential liability exists, after the termination of the
Employee’s employment or the expiration of the Employment Term in the same amount and to the same
extent as the greater (if differing) of the Company’s coverage of its other officers and directors.

     20. GOVERNING LAW; JURISDICTION. This Agreement, the rights and obligations of the parties
hereto, and all claims or disputes relating thereto, shall be governed by and construed in
accordance with the laws of the State of Delaware, without regard to the choice of law provisions
thereof. Each of the parties agrees that any dispute between the parties shall be resolved only in
the courts of the State of Delaware or the United States District Court for the District of
Delaware and the appellate courts having jurisdiction of appeals in such courts. In that context,
and without limiting the generality of the foregoing, each of the parties hereto irrevocably and
unconditionally (a) submits in any proceeding relating to this Agreement or the

12

 

Employee’s employment by the Company or any affiliate, or for the recognition and enforcement
of any judgment in respect thereof (a “Proceeding”), to the exclusive jurisdiction of the
courts of the State of Delaware, the court of the United States of America for the District of
Delaware, and appellate courts having jurisdiction of appeals from any of the foregoing, and agrees
that all claims in respect of any such Proceeding shall be heard and determined in such Delaware
State court or, to the extent permitted by law, in such federal court, (b) consents that any such
Proceeding may and shall be brought in such courts and waives any objection that the Employee or
the Company may now or thereafter have to the venue or jurisdiction of any such Proceeding in any
such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or
claim the same, (c) WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE EMPLOYEE’S EMPLOYMENT BY THE
COMPANY OR ANY AFFILIATE OF THE COMPANY, OR THE EMPLOYEE’S OR THE COMPANY’S PERFORMANCE UNDER, OR
THE ENFORCEMENT OF, THIS AGREEMENT, (d) agrees that service of process in any such Proceeding may
be effected by mailing a copy of such process by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to such party at the Employee’s or the Company’s address as
provided in Section 13 hereof, and (e) agrees that nothing in this Agreement shall affect
the right to effect service of process in any other manner permitted by the laws of the State of
Delaware.

     21. MISCELLANEOUS. No provision of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing and signed by the Employee
and such officer or director as may be designated by the Board. No waiver by either party hereto
at any time of any breach by the other party hereto of, or compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed a waiver of similar
or dissimilar provisions or conditions at the same or at any prior or subsequent time. Except as
otherwise expressly referenced herein, this Agreement together with all exhibits hereto (if any)
sets forth the entire agreement of the parties hereto in respect of the subject matter contained
herein and supersedes any and all prior agreements or understandings between the Employee and the
Company with respect to the subject matter hereof (including, without limitation, the Prior
Agreement). No agreements or representations, oral or otherwise, express or implied, with respect
to the subject matter hereof have been made by either party which are not expressly set forth in
this Agreement.

     22. REPRESENTATIONS. The Employee represents and warrants to the Company that (a) the
Employee has the legal right to enter into this Agreement and to perform all of the obligations on
the Employee’s part to be performed hereunder in accordance with its terms, and (b) the Employee is
not a party to any agreement or understanding, written or oral, and is not subject to any
restriction, which, in either case, could prevent the Employee from entering into this Agreement or
performing all of the Employee’s duties and obligations hereunder. The Company represents and
warrants to the Employee that (a) the Company has the legal right to enter into this Agreement and
to perform all of the obligations on the Company’s part to be performed hereunder in accordance
with its terms, and (b) the Company is not a party to any agreement or understanding, written or
oral, and is not subject to any restriction, which, in either case, could prevent the Company from
entering into this Agreement or performing all of the Company’s duties and obligations hereunder.

13

 

     23. TAX MATTERS.

     (a) WITHHOLDING. The Company may withhold from any and all amounts payable under this
Agreement or otherwise such federal, state and local taxes as may be required to be withheld
pursuant to any applicable law or regulation.

     (b) SECTION 409A COMPLIANCE.

          (i) The intent of the parties is that payments and benefits under this Agreement comply with
Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder
(collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this
Agreement shall be interpreted to be in compliance therewith. To the extent that any provision
hereof is modified in order to comply with Code Section 409A, such modification shall be made in
good faith and shall, to the maximum extent reasonably possible, maintain the original intent and
economic benefit to the Employee and the Company of the applicable provision without violating the
provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any
additional tax, interest or penalty that may be imposed on the Employee by Code Section 409A or for
damages for failing to comply with Code Section 409A.

          (ii) A termination of employment shall not be deemed to have occurred for purposes of any
provision of this Agreement providing for the payment of any amount or benefit upon or following a
termination of employment unless such termination is also a “separation from service” within the
meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references
to a “termination,” “termination of employment” or like terms shall mean “separation from service.”
Notwithstanding any other payment schedule provided herein to the contrary, if the Employee is
deemed on the date of termination to be a “specified employee” within the meaning of that term
under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit
that is considered “nonqualified deferred compensation” under Code Section 409A payable on account
of a “separation from service,” such payment or benefit shall be made on the date which is the
earlier of (A) the expiration of the six (6)-month period measured from the date of the Employee’s
“separation from service,” and (B) the date of the Employee’s death, to the extent required under
Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits
delayed pursuant to this Section (whether they would have otherwise been payable in a single sum or
in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump
sum, and all remaining payments and benefits due under this Agreement shall be paid or provided in
accordance with the normal payment dates specified for them herein.

          (iii) To the extent that reimbursements or other in-kind benefits under this Agreement
constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (A) all expenses
or other reimbursements hereunder shall be made on or prior to the last day of the taxable year
following the taxable year in which such expenses were incurred by the Employee, (B) any right to
reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits
provided in any taxable year shall in any way affect the

14

 

expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable
year.

          (iv) For purposes of Code Section 409A, the Employee’s right to receive installment payments
pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct
payments. Whenever a payment under this Agreement specifies a payment period with reference to a
number of days, the actual date of payment within the specified period shall be within the sole
discretion of the Company.

          (v) Notwithstanding any other provision of this Agreement to the contrary, in no event shall
any payment or benefit under this Agreement that constitutes “nonqualified deferred compensation”
for purposes of Code Section 409A be subject to offset by any other amount unless otherwise
permitted by Code Section 409A.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

15

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above.

	 	 	 	 	 
	 	COMPANY

 	 
	 	By:  	/s/ Michael K. Sharnas	 
	 	 	Name:  	Michael K. Sharnas	 
	 	 	Title:  	Vice President and General Counsel	 
	 
	 
	 	EMPLOYEE

 	 
	 	/s/ Donald J. Stebbins	 
	 	Donald J. Stebbins 	 
	 	 	 	 

Employment Agreement Signature Page

 

 

EXHIBIT A

FORM OF RESTRICTED STOCK AWARD AGREEMENT

A-1

 

EXHIBIT B

CHANGE IN CONTROL AGREEMENT

B-1

 

EXHIBIT C

GENERAL RELEASE

I, Donald J. Stebbins, in consideration of and subject to the performance by Visteon Corporation
(together with its subsidiaries, the “Company”), of its obligations under Section 8 of the
Employment Agreement, dated as of October 1, 2010 (the “Agreement”), do hereby release and
forever discharge as of the date hereof the Company and its respective affiliates and subsidiaries
and all present, former and future directors, officers, agents, representatives, employees,
successors and assigns of the Company and/or its respective affiliates and subsidiaries and direct
or indirect owners (collectively, the “Released Parties”) to the extent provided herein
(this “General Release”). Terms used herein but not otherwise defined shall have the
meanings given to them in the Agreement.

	1.	 	I understand that any payments or benefits paid or granted to me under Section 8 of the
Agreement represent, in part, consideration for signing this General Release and are not
salary, wages or benefits to which I was already entitled. I understand and agree that I will
not receive the payments and benefits specified in Section 8 of the Agreement unless I execute
this General Release and do not revoke this General Release within the time period permitted
hereafter or breach this General Release. Such payments and benefits will not be considered
compensation for purposes of any employee benefit plan, program, policy or arrangement
maintained or hereafter established by the Company or its affiliates.

	2.	 	Except as provided in paragraph 4 below and except for the provisions of the Agreement which
expressly survive the termination of my employment with the Company, I knowingly and
voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever
discharge the Company and the other Released Parties from any and all claims, suits,
controversies, actions, causes of action, cross-claims, counter-claims, demands, debts,
compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims
for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity,
both past and present (through the date that this General Release becomes effective and
enforceable) and whether known or unknown, suspected, or claimed against the Company and/or
any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators
or assigns, ever had, now have, or hereafter may have, by reason of any matter, cause, or
thing whatsoever, from the beginning of my initial dealings with the Company to the date of
this General Release, and particularly, but without limitation of the foregoing general terms,
any claims arising from or relating in any way to my employment relationship with Company, the
terms and conditions of that employment relationship, and the termination of that employment
relationship (including, but not limited to, any allegation, claim or violation, arising
under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991;
the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers
Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with
Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment
Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any
applicable Executive Order Programs; the Fair Labor

C-1

 

	 	 	Standards Act; or their state or local counterparts; or under any other federal, state or local
civil or human rights law, or under any other local, state, or federal law, regulation or
ordinance; or under any public policy, contract or tort, or under common law; or arising under
any policies, practices or procedures of the Company; or any claim for wrongful discharge,
breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees,
or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing
collectively referred to herein as the “Claims”).

	3.	 	I represent that I have made no assignment or transfer of any right, claim, demand, cause of
action, or other matter covered by paragraph 2 above.

	4.	 	I agree that this General Release does not waive or release any rights or claims that I may
have under the Age Discrimination in Employment Act of 1967 which arise after the date I
execute this General Release. I acknowledge and agree that my separation from employment with
the Company in compliance with the terms of the Agreement shall not serve as the basis for any
claim or action (including, without limitation, any claim under the Age Discrimination in
Employment Act of 1967).

	5.	 	I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive
relief from any or all Released Parties of any kind whatsoever, including, without limitation,
reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the
foregoing, I acknowledge that I am not waiving and am not being required to waive any right
that cannot be waived under law, including the right to file an administrative charge or
participate in an administrative investigation or proceeding; provided, however, that I
disclaim and waive any right to share or participate in any monetary award resulting from the
prosecution of such charge or investigation or proceeding.

	6.	 	In signing this General Release, I acknowledge and intend that it shall be effective as a bar
to each and every one of the Claims hereinabove mentioned or implied. I expressly consent
that this General Release shall be given full force and effect according to each and all of
its express terms and provisions, including those relating to unknown and unsuspected Claims
(notwithstanding any state or local statute that expressly limits the effectiveness of a
general release of unknown, unsuspected and unanticipated Claims), if any, as well as those
relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that
this waiver is an essential and material term of this General Release and that without such
waiver the Company would not have agreed to the terms of the Agreement. I further agree that
in the event that I should bring a Claim seeking damages against the Company, or in the event
that I should seek to recover against the Company in any Claim brought by a governmental
agency on my behalf, this General Release shall serve as a complete defense to such Claims to
the maximum extent permitted by law. I further agree that I am not aware of any pending
claim, or of any facts that could give rise to a claim, of the type described in paragraph 2
as of the execution of this General Release.

	7.	 	I agree that neither this General Release, nor the furnishing of the consideration for this
General Release, shall be deemed or construed at any time to be an admission by the Company,
any Released Party or myself of any improper or unlawful conduct.

C-2

 

	8.	 	I agree that I will forfeit all amounts payable by the Company pursuant to the Agreement if I
challenge the validity of this General Release. I also agree that if I violate this General
Release by suing the Company or the other Released Parties, I will pay all costs and expenses
of defending against the suit incurred by the Released Parties, including reasonable
attorneys’ fees, and return all payments received by me pursuant to the Agreement on or after
the termination of my employment.

	9.	 	I agree that this General Release and the Agreement are confidential and agree not to
disclose any information regarding the terms of this General Release or the Agreement, except
to my immediate family and any tax, legal or other counsel that I have consulted regarding the
meaning or effect hereof or as required by law, and I will instruct each of the foregoing not
to disclose the same to anyone. The Company agrees to disclose any such information only to
any tax, legal or other counsel of the Company as required by law.

	10.	 	Any non-disclosure provision in this General Release does not prohibit or restrict me (or my
attorney) from responding to any inquiry about this General Release or its underlying facts
and circumstances by the Securities and Exchange Commission, the Financial Industry Regulatory
Authority, or any other self-regulatory organization or governmental entity.

	11.	 	I hereby acknowledge that Sections 8, 10 through 13, 15, 17 through 20 and 23 of the
Agreement shall survive my execution of this General Release.

	12.	 	I represent that I am not aware of any Claim by me, and I acknowledge that I may hereafter
discover Claims or facts in addition to or different than those which I now know or believe to
exist with respect to the subject matter of the release set forth in paragraph 2 above and
which, if known or suspected at the time of entering into this General Release, may have
materially affected this General Release and my decision to enter into it.

	13.	 	Notwithstanding anything in this General Release to the contrary, this General Release shall
not relinquish, diminish, or in any way affect any right or claim arising out of any breach by
the Company or by any Released Party of the Agreement after the date hereof.

	14.	 	Whenever possible, each provision of this General Release shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this General
Release is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not
affect any other provision or any other jurisdiction, but this General Release shall be
reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein.

C-3

 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:

	 	1.	 	I HAVE READ IT CAREFULLY;
	 
	 	2.	 	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING
BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS
AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED, THE EQUAL PAY ACT OF 1963,
THE AMERICANS WITH DISABILITIES ACT OF 1990, AND THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED;
	 
	 	3.	 	I VOLUNTARILY CONSENT TO EVERYTHING IN IT;
	 
	 	4.	 	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO
OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;
	 
	 	5.	 	I HAVE HAD AT LEAST [21][45]  DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO
CONSIDER IT AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE
MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED  [21][45] -DAY PERIOD;
	 
	 	6.	 	I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE
IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION
PERIOD HAS EXPIRED;
	 
	 	7.	 	I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY
COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND
	 
	 	8.	 	I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED
OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF
THE COMPANY AND BY ME.
	 

	 	 	 	 	 	 	 	 

	SIGNED:
	 	 
	 	 DATE:
	 	 	 
	 

	 	 
	 	 	 	 	 

C-4exv10w6

Exhibit 10.6

FINAL VERSION

EXECUTIVE OFFICER

CHANGE IN CONTROL AGREEMENT

          THIS AGREEMENT, which is effective as of _______________ (the “Effective Date”), is made by
and between Visteon Corporation, a Delaware corporation (the “Company”) and _____________ (the
“Executive”).

          WHEREAS, the Company considers it essential to the best interests of its stockholders to
foster the continued employment of key management personnel; and

          WHEREAS, the Board recognizes that, as is the case with many publicly held corporations, the
possibility of a Change in Control exists and that such possibility, and the uncertainty and
questions which it may raise among management, may result in the departure or distraction of
management personnel to the detriment of the Company and its stockholders; and

          WHEREAS, the Board has determined that appropriate steps should be taken to reinforce and
encourage the continued attention and dedication of members of the Company’s management, including
the Executive, to their assigned duties without distraction in the face of potentially disturbing
circumstances arising from the possibility of a Change in Control;

          NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
the Company and the Executive hereby agree as follows:

          1. Defined Terms. The definitions of capitalized terms used in this Agreement are
provided in the last Section hereof.

          2. Term of Agreement. The Term of this Agreement shall commence on the Effective
Date and shall continue in effect through the fifth anniversary of the Effective Date;
provided, however, that commencing on the first anniversary of the Effective Date,
and on each anniversary of the Effective Date thereafter, the Term shall automatically be extended
for one additional year unless, not later than 90 days prior to each such date, the Company or the
Executive shall have given notice not to extend the Term; and provided, further,
that if a Change in Control shall have occurred during the Term, the Term shall expire no earlier
than 24 months beyond the month in which such Change in Control occurred.

          3. Company’s Covenants Summarized. In order to induce the Executive to remain in the
employ of the Company and in consideration of the Executive’s covenants set forth in Section 4
hereof, the Company agrees, under the conditions described herein, to pay the Executive the
Severance Payments and the other payments and benefits described herein. Except as provided in
Section 9.1 hereof, no Severance Payments shall be payable under this Agreement unless there shall
have been (or, under the terms of the second sentence of Section 6.1 hereof, there shall be deemed
to have been) a termination of the Executive’s employment with the Company following a Change in
Control and during the Term. This Agreement shall not be

 

 

construed as creating an express or implied contract of employment and, except as otherwise
agreed in writing between the Executive and the Company, the Executive shall not have any right to
be retained in the employ of the Company.

          4. The Executive’s Covenants.

          4.1 The Executive agrees that, subject to the terms and conditions of this Agreement, in the
event of a Potential Change in Control during the Term, the Executive will remain in the employ of
the Company until the earliest of (i) a date which is six months from the date of such Potential
Change of Control, (ii) the date of a Change in Control, (iii) the date of termination by the
Executive of the Executive’s employment for Good Reason or by reason of death, Disability or
Retirement, or (iv) the termination by the Company of the Executive’s employment for any reason.

          4.2 The Executive agrees that, during the Term and for a period ending on the second
anniversary of a termination of the Executive’s employment following a Change in Control under
circumstances entitling the Executive to payments and benefits under Section 6 hereof, the
Executive will not, without the prior written consent of the Chairman of the Board or the Chief
Executive Officer of the Company, engage in or perform any services of a similar nature to those
performed by the Executive at the Company for any other corporation or business which is primarily
engaged in the design, manufacture, development, promotion or sale of climate, instrument and door
panels or electronic components for the automotive industry within North America, Latin America,
Asia, Australia or Europe in competition with the Company or any of the Company’s subsidiaries or
Affiliates, or any joint ventures to which the Company or any of the Company’s subsidiaries or
Affiliates are a party.

          4.3 During the Term and thereafter, the Executive will not (other than in the regular course
and in furtherance of the Company’s business) divulge, furnish or make available to any person any
confidential knowledge, information or materials, whether tangible or intangible, regarding
proprietary matters relating to the Company, including, without limitation, trade secrets, customer
and supplier lists, pricing policies, operational methods, marketing plans or strategies, product
development techniques or plans, business acquisition or disposition plans, new personnel
employment plans, methods of manufacture, technical processes, designs and design projects,
inventions and research projects and financial budgets and forecasts of the Company except (1)
information which at the time is available to others in the business or generally known to the
public other than as a result of disclosure by the Executive not permitted hereunder, and (2) when
required to do so by a court of competent jurisdiction, by any governmental agency or by any
administrative body or legislative body (including a committee thereof) with purported or apparent
jurisdiction to order the Executive to divulge, disclose or make accessible such information.

2

 

          5. Compensation Other Than Severance Payments.

          5.1 Following a Change in Control and during the Term, during any period that the Executive
fails to perform the Executive’s full-time duties with the Company as a result of incapacity due to
physical or mental illness, the Company shall pay to the Executive an amount that when added to the
amount paid to the Executive under the Company’s short-term and/or long-term disability plans, will
result in the Executive receiving his full salary at the rate in effect at the commencement of any
such period, together with all compensation and benefits payable to the Executive under the terms
of any other compensation or benefit plan, program or arrangement maintained by the Company during
such period, until the Executive’s employment is terminated by the Company for Disability.

          5.2 If the Executive’s employment shall be terminated for any reason following a Change in
Control and during the Term, the Company shall pay the Executive’s full salary to the Executive
through the Date of Termination at the rate in effect immediately prior to the Date of Termination
or, if higher, the rate in effect immediately prior to the first occurrence of an event or
circumstance constituting Good Reason, together with all compensation and benefits payable to the
Executive through the Date of Termination under the terms of the Company’s compensation and benefit
plans, programs or arrangements as in effect immediately prior to the Date of Termination or, if
more favorable to the Executive, as in effect immediately prior to the first occurrence of an event
or circumstance constituting Good Reason.

          5.3 If the Executive’s employment shall be terminated for any reason following a Change in
Control and during the Term, the Company shall pay to the Executive the Executive’s normal
post-termination compensation and benefits as such payments become due. Such post-termination
compensation and benefits shall be determined under, and paid in accordance with, the Company’s
retirement, insurance and other compensation or benefit plans, programs and arrangements as in
effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in
effect immediately prior to the occurrence of the first event or circumstance constituting Good
Reason.

          6. Severance Payments.

          6.1 If (i) the Executive’s employment is terminated on or within two (2) years following a
Change in Control, other than (A) by the Company for Cause, (B) by reason
of death or Disability, or (C) by the Executive without Good Reason, or (ii) the Executive
voluntarily terminates his employment for any reason during the 30 day period commencing on the
first anniversary of a Change in Control, then, in either such case, the Company shall pay the
Executive the amounts, and provide the Executive the benefits, described in this Section 6.1
(“Severance Payments”), and Section 6.2, in addition to any payments and benefits to which the Executive is entitled under Section 5 hereof. For purposes of this Agreement, the Executive’s
employment shall be deemed to have been terminated following a Change in Control by the Company
without Cause or by the Executive with Good Reason, if (i) the Executive’s

3

 

employment is terminated
by the Company without Cause prior to a Change in Control (whether
or not a Change in Control ever occurs) and such termination was at the request or direction
of a Person who has entered into an agreement with the Company the consummation of which would
constitute a Change in Control, or (ii) the Executive terminates his employment for Good Reason
prior to a Change in Control (whether or not a Change in Control ever occurs) and the circumstance
or event which constitutes Good Reason occurs at the request or direction of such Person. For
purposes of any determination regarding the applicability of the immediately preceding sentence,
any position taken by the Executive shall be presumed to be correct unless the Company establishes
to the Board by clear and convincing evidence that such position is not correct.

               (A) In lieu of any further salary payments to the Executive for periods subsequent to the
Date of Termination, the Company shall pay to the Executive, on the first day of the seventh
(7th) month following the month in which occurs the Executive’s Separation from Service,
a lump sum severance payment, in cash, equal to three (3) times the sum of (i) the Executive’s base
salary as in effect immediately prior to the Date of Termination or, if higher, in effect
immediately prior to the first occurrence of an event or circumstance constituting Good Reason, and
(ii) the Executive’s target annual bonus pursuant to any annual bonus or incentive plan maintained
by the Company in respect of the fiscal year in which occurs the Date of Termination or, if higher,
the fiscal year in which occurs the first event or circumstance constituting Good Reason. The
amount payable pursuant to this Section 6.1(A) shall be in lieu of any cash severance or salary
continuation benefit payable to the Executive under any other plan, policy or program of the
Company or any of its Affiliates (for which the Executive shall be deemed ineligible if amounts are
payable hereunder) or any written employment agreement between the Executive and the Company or any
of its Affiliates.

               (B) For the 36 month period immediately following the Date of Termination, the Company shall
arrange to provide the Executive and his dependents life, accident and health insurance benefits
substantially similar to those provided to the Executive and his dependents immediately prior to
the Date of Termination or, if more favorable to the Executive, those provided to the Executive and
his dependents immediately prior to the first occurrence of an event or circumstance constituting
Good Reason, at no greater cost to the Executive than the cost to the Executive immediately prior
to such date or occurrence; provided, however, that, unless the Executive consents
to a different method (after taking into account the effect of such method on the calculation of
“parachute payments” pursuant to Section 6.2 hereof), such health and life insurance benefits shall
be provided through a third-party insurer. Benefits otherwise receivable by the Executive pursuant
to this Section 6.1(B) shall be reduced to the extent benefits of the same type are received by or
made available to the Executive by another employer during the 36 month period following the
Executive’s termination of employment (and any such benefits received by or made available to the
Executive shall be reported to the Company by the Executive); provided, however,
that the Company shall reimburse the Executive for the excess, if any, of the cost of such benefits
to the Executive over

4

 

such cost immediately prior to the Date of Termination or, if more favorable
to the Executive, the first occurrence of an event or circumstance constituting Good Reason.

	 	(i)	 	If accident and health insurance benefits are
provided, with the Executive’s consent, under a health plan that is
subject to Section 105(h) of the Code, then, for any period of coverage
following the end of the continuation period required under Sections
601 through 609 of the Employee Retirement Income Security Act of 1974,
as amended, the benefits payable under such health plan shall comply
with the requirements of Sections 1.409A-3(i)(1)(A) and (B) of the
Treasury regulations and, if and to the extent necessary, the Company
shall amend such health plan to comply therewith;

	 	(ii)	 	Notwithstanding anything in this Section 6.1(B)
to the contrary, with respect to the first six (6) months following the
Executive’s Separation from Service, if the premiums payable by the
Company for group term life insurance on the Executive’s life exceeds
the amount of the “limited payments” exemption set forth in Section
1.409A-1(b)(9)(v)(B) of the Income Tax Regulations (or any successor
provision thereto), then, to the extent required in order to comply
with Code Section 409A, the Executive, in advance, shall pay to the
Company an amount equal to the premiums for any such life insurance
policy, other than with respect to life insurance coverage to which the
Executive would be entitled independent of this Agreement. Promptly
following the end of such six (6) month period, the Company will make a
cash payment to the Executive equal to the difference between the
aggregate amount paid by the Executive for such coverage and the amount
that the Executive would have paid for such life insurance coverage if
such cost had been determined pursuant to this Section 6.1(B) other
than this subparagraph (ii).

               (C) Each option to purchase shares of common stock of the Company outstanding as of the Date
of Termination shall become fully vested and exercisable as of such date and shall remain
exercisable during the shorter of (i) the remaining term of such option (such remaining term to be
determined as if the Executive were still actively employed) or (ii) ten (10) years from the date
on which the option originally was granted, and each grant of restricted stock or similar grant,
the award of which is contingent only upon the continued employment of the Executive to a
subsequent date, shall become fully vested as of the Date of Termination.

5

 

               (D) Unless payable to the Executive under the terms of any annual or long-term incentive
plan, the Company shall pay to the Executive, on the first day of the seventh (7th)
month following the month in which occurs the Executive’s Separation from Service, a lump sum
amount, in cash, equal to the sum of (i) any unpaid incentive compensation (including performance
share awards) which has been allocated or awarded to the Executive for a completed fiscal year or
other measuring period preceding the Date of Termination under any
such plan and which, as of the Date of Termination, is contingent only upon the continued
employment of the Executive to a subsequent date, and (ii) a pro rata portion to the Date of
Termination of the aggregate value of all contingent incentive compensation awards (including
performance share awards) to the Executive for all then uncompleted periods under any such plan,
calculated as to each such award by multiplying the award that the Executive would have earned on
the last day of the performance award period, assuming the achievement, at the target level (or if
higher, at the then projected actual final level), of the individual and corporate performance
goals established with respect to such award, by the fraction obtained by dividing the number of
full months and any fractional portion of a month during such performance award period through the
Date of Termination by the total number of months contained in such performance award period.
Notwithstanding the forgoing, if and to the extent the Executive had elected to defer receipt of
any such award, and if the Executive’s deferral election is irrevocable as of the Date of
Termination for purposes of Code Section 409A, the amount calculated above shall be credited to the
Executive’s account under the applicable deferred compensation plan in lieu of being distributed
directly to the Executive.

               (E) The benefits then accrued by or payable to the Executive under the Company’s Supplemental
Executive Retirement Plan and Pension Parity Plan, or any successor to any such plan, and the
benefits then accrued by or payable to the Executive under any other nonqualified plan providing
supplemental retirement or deferred compensation benefits shall become fully vested notwithstanding
any eligibility conditions that would otherwise apply with respect to such benefits and the
benefit, as so vested, will be paid in accordance with the terms of the applicable plan or program.
With respect to the Supplemental Executive Retirement Plan, and any other nonqualified nonaccount
balance plan or portion of a plan providing supplemental retirement or deferred compensation
benefits, the Company shall transfer an amount in cash sufficient to pay all benefits then accrued
by or payable to the Executive under the terms of such plans into an irrevocable grantor trust (a
so-called “Rabbi Trust”) whose trustee shall be an entity unaffiliated with and independent of the
Company, which trust shall be required to pay such benefits in accordance with and subject to the
applicable terms of each plan (as modified by this Agreement) and the trust instrument; provided
that if such transfer to the Rabbi Trust would be treated, under Code Sections 83 and 409A(b), as a
taxable transfer to the Executive, such transfer to the Rabbi Trust shall not be made until such
time as the transfer will not be treated as a taxable event under Code Sections 83 and 409A; and
provided further, that any amendment or termination of any such plan on or after the Change in
Control date the effect of which would be to reduce or eliminate the benefit payable to the
Executive shall be disregarded.

6

 

               (F) The Company shall reimburse the Executive for expenses incurred for outplacement services
suitable to the Executive’s position, until December 31 of the second calendar year following the
calendar year in which occurs the Executive’s Separation from Service (or, if earlier, until the
first acceptance by the Executive of an offer of employment) in an amount not exceeding 25% of the
sum of the Executive’s annual base salary as in effect immediately prior to the Date of Termination
or, if higher, in effect immediately prior to the first occurrence of an event or circumstances
constituting Good Reason, and target annual bonus pursuant to any annual bonus or incentive plan
maintained by the Company in respect of the
fiscal year in which occurs the Date of Termination or, if higher, the fiscal year in which
occurs the first event or circumstance constituting Good Reason.

               (G) For the six (6) month period immediately following the Date of Termination, the Company
shall provide the Executive with the use of any Company provided automobile on the same terms and
conditions that were applicable immediately prior to the Date of Termination or, if more favorable,
immediately prior to the first occurrence of an event or circumstance constituting Good Reason.
The Executive’s right to use a Company provided automobile cannot be exchanged for cash or another
benefit.

          6.2 (A) Notwithstanding any other provisions of this Agreement, in the event that any payment
or benefit received or to be received by the Executive in connection with a Change in Control or
the termination of the Executive’s employment (whether pursuant to the terms of this Agreement or
any other plan, arrangement or agreement with the Company, any Person whose actions result in a
Change in Control or any Person affiliated with the Company or such Person) (all such payments and
benefits, including the Severance Payments, being hereinafter called “Total Payments”) would be
subject (in whole or part), to the Excise Tax, then, after taking into account any reduction in the
Total Payments provided by reason of section 280G of the Code in such other plan, arrangement or
agreement, the cash Severance Payments shall first be reduced, and the noncash Severance Payments
shall thereafter be reduced, to the extent necessary so that no portion of the Total Payments is
subject to the Excise Tax but only if (A) the net amount of such Total Payments, as so reduced (and
after subtracting the net amount of federal, state and local income taxes on such reduced Total
Payments) is greater than or equal to (B) the net amount of such Total Payments without such
reduction (but after subtracting the net amount of federal, state and local income taxes on such
Total Payments and the amount of Excise Tax to which the Executive would be subject in respect of
such unreduced Total Payments); provided, however, that the Executive may elect, to
the extent that such election (and the right to such election) does not result in adverse tax
consequences to the Executive under Code Section 409A, to have the noncash Severance Payments
reduced (or eliminated) prior to any reduction of the cash Severance Payments.

               (B) For purposes of determining whether and the extent to which the Total Payments will be
subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which
the Executive shall have waived at such time and in such manner as not to constitute a “payment”
within the meaning of section 280G(b) of the Code shall be taken into

7

 

account, (ii) no portion of
the Total Payments shall be taken into account which, in the opinion of tax counsel (“Tax Counsel”)
reasonably acceptable to the Executive and selected by the accounting firm (the “Auditor”) which
was, immediately prior to the Change in Control, the Company’s independent auditor, (A) does not
constitute a “parachute payment” within the meaning of section 280G(b)(2) of the Code (including by
reason of section 280G(b)(4)(A) of the Code) or (B) constitutes reasonable compensation for
services actually rendered, within the meaning of section 280G(b)(4)(B) of the Code, in excess of
the Base Amount allocable to such reasonable compensation, and (iii) the value of any non-cash
benefit or any deferred payment or
benefit included in the Total Payments shall be determined by the Auditor in accordance with
the principles of sections 280G(d)(3) and (4) of the Code.

               (C) At the time that payments are made under this Agreement, the Company shall provide the
Executive with a written statement setting forth the manner in which such payments were calculated
and the basis for such calculations including, without limitation, any opinions or other advice the
Company has received from Tax Counsel, the Auditor or other advisors or consultants (and any such
opinions or advice which are in writing shall be attached to the statement).

          6.3 The payments provided in subsections (A) and (D) of Section 6.1 hereof shall be made on
the first day of the seventh (7th) month following the month in which occurs the
Executive’s Separation from Service. At the time that payments are made under this Agreement, the
Company shall provide the Executive with a written statement setting forth the manner in which such
payments were calculated and the basis for such calculations including, without limitation, any
opinions or other advice the Company has received from Tax Counsel, the Auditor or other advisors
or consultants (and any such opinions or advice which are in writing shall be attached to the
statement).

          6.4 The Company also shall reimburse the Executive for all legal fees and expenses incurred
by the Executive in disputing in good faith any issue hereunder relating to the termination of the
Executive’s employment, in seeking in good faith to obtain or enforce any benefit or right provided
by this Agreement or in connection with any tax audit or proceeding to the extent attributable to
the application of Section 4999 of the Code to any payment or benefit provided hereunder. Such
payments shall be made within five business days after delivery of the Executive’s written requests
for payment accompanied with such evidence of fees and expenses incurred as the Company reasonably
may require; provided that no reimbursement pursuant to this Section 6.4 shall be made later than
the end of the calendar year following the calendar year in which such fee or expense was incurred.

          7. Termination Procedures and Compensation During Dispute.

          7.1. Notice of Termination. After a Change in Control and during the Term, any
purported termination of the Executive’s employment (other than by reason of death) shall be
communicated by written Notice of Termination from one party hereto to the other party hereto

8

 

in
accordance with Section 10 hereof. For purposes of this Agreement, a “Notice of Termination” shall
mean a notice which shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provision so indicated. Further, a Notice of
Termination for Cause is required to include a copy of a resolution duly adopted by the affirmative
vote of not less than three-quarters (3/4) of the entire membership of the Board at a meeting of
the Board which was called and held for the purpose of considering such termination (after
reasonable notice to the Executive and an opportunity for the Executive, together with the
Executive’s counsel, to be heard before the Board) finding that, in
the good faith opinion of the Board, the Executive was guilty of conduct set forth in clause
(i) or (ii) of the definition of Cause herein, and specifying the particulars thereof in detail.

          7.2 Date of Termination. “Date of Termination,” with respect to any purported
termination of the Executive’s employment after a Change in Control and during the Term, shall mean
(i) if the Executive’s employment is terminated for Disability, 30 days after Notice of Termination
is given (provided that the Executive shall not have returned to the full-time performance of the
Executive’s duties during such 30 day period), and (ii) if the Executive’s employment is terminated
for any other reason, the date specified in the Notice of Termination (which, in the case of a
termination by the Company, shall not be less than 30 days (except in the case of a termination for
Cause) and, in the case of a termination by the Executive, shall not be less than 15 days nor more
than 60 days, respectively, from the date such Notice of Termination is given).

          7.3 Dispute Concerning Termination. If within 15 days after any Notice of
Termination is given, or, if later, prior to the Date of Termination (as determined without regard
to this Section 7.3), the party receiving such Notice of Termination notifies the other party that
a dispute exists concerning the termination, the Date of Termination shall be extended until the
earlier of (i) the date on which the Term ends or (ii) the date on which the dispute is finally
resolved, either by mutual written agreement of the parties or by a final judgment, order or decree
of an arbitrator or a court of competent jurisdiction (which is not appealable or with respect to
which the time for appeal therefrom has expired and no appeal has been perfected);
provided, however, that the Date of Termination shall be extended by a notice of
dispute given by the Executive only if such notice is given in good faith and the Executive pursues
the resolution of such dispute with reasonable diligence.

          7.4 Compensation During Dispute. If a purported termination occurs following a
Change in Control and during the Term and the Date of Termination is extended in accordance with
Section 7.3 hereof, the Company shall continue to pay the Executive the full compensation in effect
when the notice giving rise to the dispute was given (including, but not limited to, salary) and
continue the Executive as a participant in all compensation, benefit and insurance plans in which
the Executive was participating when the notice giving rise to the dispute was given, until the
Date of Termination, as determined in accordance with Section 7.3 hereof. Amounts paid under this
Section 7.4 are in addition to all other amounts due under this

9

 

Agreement (other than those due
under Section 5.2 hereof) and shall not be offset against or reduce any other amounts due under
this Agreement.

          8. No Mitigation. The Company agrees that, if the Executive’s employment with the
Company terminates during the Term, the Executive is not required to seek other employment or to
attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to
Section 6 hereof or Section 7.4 hereof. Further, the amount of any payment or benefit provided for
in this Agreement (other than Section 6.1(B) hereof) shall not be reduced by any compensation
earned by the Executive as the result of employment by another
employer, by retirement benefits, by offset against any amount claimed to be owed by the
Executive to the Company, or otherwise.

          9. Successors; Binding Agreement.

          9.1 In addition to any obligations imposed by law upon any successor to the Company, the
Company will require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business and/or assets of the Company to expressly
assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place. If the successor to
all or substantially all of the business and/or assets of the Company arises in connection with a
transaction that constitutes a Change in Control Event (as defined for purposes of Code Section
409A), the failure of the Company to obtain such assumption and agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement and shall entitle the
Executive to compensation from the Company in the same amount and on the same terms as the
Executive would be entitled to hereunder if the Executive were to terminate the Executive’s
employment for Good Reason after a Change in Control, except that, for purposes of implementing the
foregoing, the date of the Change in Control Event (as defined for purposes of Code Section 409A)
shall be deemed the Date of Termination. If the successor to all or substantially all of the
business and/or assets of the Company arises in connection with a transaction that does not
constitute a Change in Control Event (as defined for purposes of Code Section 409A), the failure of
the Company to obtain such assumption and agreement prior to the effectiveness of such succession
shall be a breach of this Agreement and, following the Executive’s Separation from Service, shall
entitle the Executive to Compensation from the Company in the same amount and on the same terms as
the Executive would be entitled to hereunder if the Executive were to terminate the Executive’s
employment for Good Reason after a Change in Control.

          9.2 This Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If the Executive shall die while any amount would still be payable to the
Executive hereunder (other than amounts which, by their terms, terminate upon the death of the
Executive) if the Executive had continued to live, all such amounts, unless

10

 

otherwise provided
herein, shall be paid in accordance with the terms of this Agreement to the executors, personal
representatives or administrators of the Executive’s estate.

          10. Notices. For the purpose of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have been duly given when
delivered or mailed by United States registered mail, return receipt requested, postage prepaid,
addressed, if to the Executive, to the address inserted below the Executive’s signature on the
final page hereof and, if to the Company, to the address set forth below, or to such other address
as either party may have furnished to the other in writing in accordance herewith, except that
notice of change of address shall be effective only upon actual receipt:

To the Company:

Visteon Corporation

One Village Center Drive

Van Buren Township, MI 48111

Attention: General Counsel

          11. Miscellaneous. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and signed by the
Executive and such officer as may be specifically designated by the Board. No waiver by either
party hereto at any time of any breach by the other party hereto of, or of any lack of compliance
with, any condition or provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. This Agreement supersedes any other agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof which have been made by
either party; provided, however, that this Agreement shall supersede any agreement
setting forth the terms and conditions of the Executive’s employment with the Company only in the
event that the Executive’s employment with the Company is terminated on or following a Change in
Control, by the Company other than for Cause or by the Executive other than for Good Reason. The
validity, interpretation, construction and performance of this Agreement shall be governed by the
laws of the State of Delaware. All references to sections of the Exchange Act or the Code shall be
deemed also to refer to any successor provisions to such sections. Any payments provided for
hereunder shall be paid net of any applicable withholding required under federal, state or local
law and any additional withholding to which the Executive has agreed. In addition, if prior to the
date of payment of the Severance Payments hereunder, the taxes imposed under Sections 3101, 3121(a)
and 3121(v)(2), where applicable, become due, the Company may provide for an immediate payment of
the amount needed to pay the Executive’s portion of such tax (plus an amount equal to the taxes
that will be due on such amount) and the Executive’s Severance Payments shall be reduced
accordingly. The obligations of the Company and the Executive under this Agreement which by their
nature may require either partial or total

11

 

performance after the expiration of the Term (including,
without limitation, those under Sections 6 and 7 hereof) shall survive such expiration.

          12. Validity. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.

          13. Counterparts. This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

          14. Settlement of Disputes. All claims by the Executive for benefits under this
Agreement shall be directed to and determined by the Board and shall be in writing. Any denial
by the Board of a claim for benefits under this Agreement shall be delivered to the Executive
in writing and shall set forth the specific reasons for the denial and the specific provisions of
this Agreement relied upon. The Board shall afford a reasonable opportunity to the Executive for a
review of the decision denying a claim and shall further allow the Executive to appeal to the Board
a decision of the Board within 60 days after notification by the Board that the Executive’s claim
has been denied. The Executive acknowledges that to avoid an additional tax on payments that may
be payable or benefits that may be provided under this Agreement and that constitute deferred
compensation that is not exempt from Section 409A of the Code, the Executive must make a
reasonable, good faith effort to collect any payment or benefit to which the Executive believes the
Executive is entitled hereunder no later than 90 days after the latest date upon which the payment
could have been made or benefit provided under this Agreement, and if not paid or provided, must
take further enforcement measures within 180 days after such latest date.

          15. Definitions. For purposes of this Agreement, the following terms shall have the
meanings indicated below:

               (A) “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12
of the Exchange Act.

               (B) “Auditor” shall have the meaning set forth in Section 6.2 hereof.

               (C) “Base Amount” shall have the meaning set forth in section 280G(b)(3) of the Code.

               (D) “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

               (E) “Board” shall mean the Board of Directors of the Company.

12

 

               (F) “Cause” for termination by the Company of the Executive’s employment shall mean (i) the
willful and continued failure by the Executive to substantially perform the Executive’s duties with
the Company (other than any such failure resulting from the Executive’s incapacity due to physical
or mental illness or any such actual or anticipated failure after the issuance of a Notice of
Termination for Good Reason by the Executive pursuant to Section 7.1 hereof) after a written demand
for substantial performance is delivered to the Executive by the Board, which demand specifically
identifies the manner in which the Board believes that the Executive has not substantially
performed the Executive’s duties, or (ii) the willful engaging by the Executive in conduct which is
demonstrably and materially injurious to the Company or its subsidiaries, monetarily or otherwise.
For purposes of clauses (i) and (ii) of this definition, (x) no act, or failure to act, on the
Executive’s part shall be deemed “willful” unless done, or omitted to be done, by the Executive not
in good faith and without reasonable belief that the Executive’s act, or failure to act, was in the
best interest of the Company and (y) in the event of a dispute concerning the application of this
provision, no claim by the Company that
Cause exists shall be given effect unless the Company establishes to the Board by clear and
convincing evidence that Cause exists.

               (G) “Change in Control” shall be deemed to have occurred if the event set forth in any one of
the following paragraphs shall have occurred:

                    (I) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of
the Company (not including in the securities beneficially owned by such Person any securities
acquired directly from the Company or its affiliates) representing 40% or more of the combined
voting power of the Company’s then outstanding securities, excluding any Person who becomes such a
Beneficial Owner in connection with a transaction described in clause (a) of paragraph (III) below;

                    (II) within any twelve (12) month period, the following individuals cease for any reason to
constitute a majority of the number of directors then serving: individuals who, on the Effective
Date, constitute the Board and any new director (other than a director whose initial assumption of
office is in connection with an actual or threatened election contest, including but not limited to
a consent solicitation, relating to the election of directors of the Company) whose appointment or
election by the Board or nomination for election by the Company’s shareholders was approved or
recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either
were directors on the date hereof or whose appointment, election or nomination for election was
previously so approved or recommended;

                    (III) there is consummated a merger or consolidation of the Company or any direct or indirect
subsidiary of the Company with any other corporation, other than (a) a merger or consolidation
which results in the directors of the Company immediately prior to such merger or consolidation
continuing to constitute at least a majority of the board of directors of the Company, the
surviving entity or any parent thereof or (b) a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in

13

 

which no Person is or becomes the
Beneficial Owner, directly or indirectly, of securities of the Company (not including in the
securities Beneficially Owned by such Person any securities acquired directly from the Company or
its Affiliates) representing 40% or more of the combined voting power of the Company’s then
outstanding securities;

                    (IV) the shareholders of the Company approve a plan of complete liquidation or dissolution of
the Company or there is consummated an agreement for the sale or disposition by the Company of more
than 50% of the Company’s assets, other than a sale or disposition by the Company of more than 50%
of the Company’s assets to an entity, at least 50% of the combined voting power of the voting
securities of which are owned by shareholders of the Company in substantially the same proportions
as their ownership of the Company immediately prior to such sale; or

                    (V) any other event that the Board, in its sole discretion, determines to be a Change in
Control for purposes of this Agreement.

     Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred by
virtue of the consummation of any transaction or series of integrated transactions immediately
following which the record holders of the common stock of the Company immediately prior to such
transaction or series of transactions continue to have substantially the same proportionate
ownership in an entity which owns all or substantially all of the assets of the Company immediately
following such transaction or series of transactions.

               (H) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

               (I) “Company” shall mean Visteon Corporation, a Delaware corporation, and, except in
determining under Section 15(G) hereof whether or not any Change in Control of the Company has
occurred, shall include any successor to its business and/or assets which assumes and agrees to
perform this Agreement by operation of law, or otherwise.

               (J) “Date of Termination” shall have the meaning set forth in Section 7.2 hereof.

               (K) “Disability” shall be deemed the reason for the termination by the Company of the
Executive’s employment, if, as a result of the Executive’s incapacity due to physical or mental
illness, the Executive shall have been absent from the full-time performance of the Executive’s
duties with the Company for a period of six consecutive months, the Company shall have given the
Executive a Notice of Termination for Disability, and, within 30 days after such Notice of
Termination is given, the Executive shall not have returned to the full-time performance of the
Executive’s duties.

14

 

               (L) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time.

               (M) “Excise Tax” shall mean any excise tax imposed under section 4999 of the Code.

               (N) “Executive” shall mean the individual named in the first paragraph of this Agreement.

               (O) “Good Reason” for termination by the Executive of the Executive’s employment shall mean
the occurrence (without the Executive’s express written consent) after any Change in Control, or
prior to a Change in Control under the circumstances described in clauses (ii) and (iii) of the
second sentence of Section 6.1 hereof (treating all references in paragraphs (I) through (VI) below
to a “Change in Control” as references to a “Potential Change in Control”), of any one of the
following acts by the Company, or failures by the Company to act, unless, in the case of any act or
failure to act described in paragraph (I), (IV), or (V) below,
such act or failure to act is corrected prior to the Date of Termination specified in the
Notice of Termination given in respect thereof:

                    (I) the assignment to the Executive of any duties inconsistent with the Executive’s status as
a senior executive officer of the Company or a material adverse alteration in the nature or status
of the Executive’s responsibilities from those in effect immediately prior to the Change in Control
(including, without limitation, the Executive ceasing to be an executive officer of a public
company);

                    (II) a reduction by the Company in the Executive’s annual base salary as in effect on the
date hereof or as the same may be increased from time to time, except for across-the-board salary
reductions similarly affecting all senior executives of the Company and all senior executives of
any Person in control of the Company;

                    (III) the relocation of the Executive’s principal place of employment to a location more than
50 miles from the Executive’s principal place of employment immediately prior to the Change in
Control or the Company’s requiring the Executive to be based anywhere other than such principal
place of employment (or permitted relocation thereof) except for required travel on the Company’s
business to an extent substantially consistent with the Executive’s present business travel
obligations;

                    (IV) the failure by the Company to pay to the Executive any portion of the Executive’s
current compensation, or to pay to the Executive any portion of an installment of deferred
compensation under any deferred compensation program of the Company, within seven days of the date
such compensation is due;

15

 

                    (V) the failure by the Company to continue to provide the Executive with benefits
substantially similar to the material benefits enjoyed by the Executive under any of the Company’s
executive compensation (including bonus, equity or incentive compensation), pension, savings, life
insurance, medical, health and accident, or disability plans in which the Executive was
participating immediately prior to the Change in Control (except for across the board changes
similarly affecting all senior executives of the Company and all senior executives of any Person in
control of the Company), the taking of any other action by the Company which would directly or
indirectly materially reduce any of such benefits or deprive the Executive of any material fringe
benefit enjoyed by the Executive at the time of the Change in Control, or the failure by the
Company to provide the Executive with the number of paid vacation days to which the Executive is
entitled on the basis of years of service with the Company in accordance with the Company’s normal
vacation policy in effect at the time of the Change in Control; or

                    (VI) any purported termination of the Executive’s employment which is not effected pursuant
to a Notice of Termination satisfying the requirements of Section 7.1 hereof; for purposes of this
Agreement, no such purported termination shall be effective.

     The Executive’s right to terminate the Executive’s employment for Good Reason shall not be
affected by the Executive’s incapacity due to physical or mental illness. The Executive’s
continued employment shall not constitute consent to, or a waiver of rights with respect to, any
act or failure to act constituting Good Reason hereunder. For purposes of any determination
regarding the existence of Good Reason, any claim by the Executive that Good Reason exists shall be
presumed to be correct unless the Company establishes to the Board by clear and convincing evidence
that Good Reason does not exist.

               (P) “Notice of Termination” shall have the meaning set forth in Section 7.1 hereof.

               (Q) “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified
and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the
Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an
employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily
holding securities pursuant to an offering of such securities, or (iv) a corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as
their ownership of stock of the Company.

               (R) “Potential Change in Control” shall be deemed to have occurred if the event set forth in
any one of the following paragraphs shall have occurred:

                    (I) the Company enters into an agreement, the consummation of which would result in the
occurrence of a Change in Control;

16

 

                    (II) the Company or any Person publicly announces an intention to take or to consider taking
actions which, if consummated, would constitute a Change in Control;

                    (III) any Person becomes the Beneficial Owner, directly or indirectly, of securities of the
Company representing 15% or more of either the then outstanding shares of common stock of the
Company or the combined voting power of the Company’s then outstanding securities (not including in
the securities beneficially owned by such Person any securities acquired directly from the Company
or its affiliates); or

                    (IV) the Board adopts a resolution to the effect that, for purposes of this Agreement, a
Potential Change in Control has occurred.

               (S) “Retirement” shall be deemed the reason for the termination by the Executive of the
Executive’s employment if such employment is terminated in accordance with the Company’s retirement
policy, including early retirement, generally applicable to its salaried employees.

               (T) “Separation from Service” means the date on which the Executive separates from service
(within the meaning of Code Section 409A) from the Company when the
Company and Executive reasonably anticipate that no further services will be performed by the
Executive for the Company after that date or that the level of bona fide services the Executive
will perform after such date as an employee of the Company will permanently decrease to no more
than 20% of the average level of bona fide services performed by the Executive (whether as an
employee or independent contractor) for the Company over the immediately preceding 36-month period
(or such lesser period of services). For purposes of this definition, the term Company includes
each other corporation, trade or business that, with the Company, constitutes a controlled group of
corporations or group of trades or businesses under common control within the meaning of Code
Sections 414(b) or (c), applied by substituting “at least 50 percent” for “at least 80 percent”
each place it appears, and the term “Company” shall be deemed to refer collectively to the Company
and each other controlled group member as so defined. An Executive is not considered to have
incurred a Separation from Service if the Executive is absent from active employment due to
military leave, sick leave or other bona fide leave of absence if the period of such leave does not
exceed the greater of (i) six months, or (ii) the period during which the Executive’s right to
reemployment by the Company is provided either by statute or by contract; provided that if the
leave of absence is due to a medically determinable physical or mental impairment that can be
expected to result in death or last for a continuous period of not less than six months, where such
impairment causes the Executive to be unable to perform the duties of his or her position of
employment or any substantially similar position of employment, the leave may be extended for up to
29 months without causing the Executive to have incurred a Separation from Service. Further, for
purposes of determining whether the Executive has incurred a Separation from Service, if the
Executive is not actively at work during the period that there exists a dispute pursuant to Section
7.3, the Executive shall be considered to be on a bona

17

 

fide leave of absence for which his right to
reemployment is guaranteed during the period that begins on the date on which the Executive last
performs active services and ends on the Date of Termination that ultimately is established
pursuant to Section 7.3.

               (U) “Severance Payments” shall have the meaning set forth in Section 6.1 hereof.

               (V) “Tax Counsel” shall have the meaning set forth in Section 6.2 hereof.

               (W) “Term” shall mean the period of time described in Section 2 hereof (including any
extension, continuation or termination described therein).

               (X) “Total Payments” shall mean those payments so described in Section 6.2 hereof.

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          IN WITNESS WHEREOF, the parties have duly executed this Agreement to be effective as of the
Effective Date.

	 	 	 	 	 
	 	VISTEON CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	Heidi A. Sepanik 	 
	 	 	Title:  	Secretary 	 
	 
	 	EXECUTIVE
 	 
	 	 	 
	 	
Address: 	 	 
	 
	 	 	 	 
	 

19

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