Document:

Amendment No. 2, dated as of December 12, 2008, to Employment Agreement

 EXHIBIT 10.32 
 M. MICHELE BURNS 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 WHEREAS, M. Michele Burns (the “Executive”) and Marsh & McLennan Companies, Inc. (“MMC” or the
“Company”) previously entered into an Employment Agreement (the “Agreement”) on March 1, 2006 to embody in the Agreement the terms and conditions of the Executive’s employment by the Company or a subsidiary; and

 WHEREAS, the Executive and the Company previously amended the Agreement on September 25, 2006; and 
 WHEREAS, the Executive and the Company desire to further amend the Agreement as set forth below to comply with Section 409A and to make
certain other revisions. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, the Executive and
the Company hereby amend the Agreement as follows: 
  

	1.	Section 3.2 is amended by adding the following to the end thereof: 

 Notwithstanding the foregoing, in no event shall the annual bonus be paid later than March 15 of the year following the year with respect to which such bonus is payable. 
  

	2.	Section 3.10 is amended to read as follows: 

 3.10
Indemnification. The Executive shall be entitled to indemnification in accordance with the Company’s by-laws as in effect on the date hereof, subject to applicable law. Any expenses (including damages, losses, judgments, fines,
penalties, settlements, costs, attorneys’ fees, and expenses of establishing a right to indemnification), that are subject to such indemnification and are or may be incurred in connection with a proceeding shall be paid by the Company in
advance within 30 days of a request by the Executive, which shall be accompanied by documentation substantiating such expenses. Executive shall promptly deliver to the Company an undertaking, in such form as the Company shall specify, to reimburse
the Company for expenses to which Executive is adjudged not to be entitled to indemnification. 
  

	3.	Section 5.2 is amended to read as follows: 

 5.2
Termination by the Executive. The Executive shall have the right, subject to the terms of this Agreement, to terminate her employment at any time with or without “Good Reason”. For purposes of this Agreement, “Good
Reason,” shall mean the occurrence of any of the following during the Term, without the Executive’s prior written consent (provided that an isolated, insubstantial or inadvertent action not taken in bad faith shall not constitute Good
Reason): (A) a material diminution in the 

 
Executive’s position (including status, offices, titles, and reporting requirements), authority, duties or responsibilities as contemplated by this
Agreement; (B) any removal of the Executive from her position as Chairman and Chief Executive Officer of Mercer (US) Inc.; (C) any failure by the Company to comply with the provisions of Article 3 hereof; (D) a failure by the Company
to comply with any other material provision of this Employment Agreement; or (E) a change in the Executive’s principal work location to more than 50 miles from her current work location. The Executive must give the Company written notice,
in accordance with Section 6.2 hereof of any Good Reason termination of employment within 30 days of the first occurrence (as determined without regard to any prior occurrence that was subsequently remedied by the Company) of a Good Reason
circumstance set forth above. Such notice must specify which of the circumstances set forth above the Executive is relying on and the particular action(s) or inaction(s) giving rise to such circumstance. The Good Reason termination must be effective
no earlier than 30 days after the Executive’s delivery of the written notice and no later than 60 days after the occurrence of the circumstance giving rise to Good Reason; provided, however, that the Company may remedy such circumstances within
30 days after receipt of the written notice. 
  

	4.	The following language should be inserted following the fourth sentence of Section 5.5(d): 

 Provided that the Executive is eligible to elect continuation of group medical and dental coverage as provided under COBRA at the time of the
Executive’s termination of employment, the Executive may receive the welfare benefit described below (the “Welfare Benefit”) in lieu of such COBRA continuation coverage. The Welfare Benefit will provide continuation of group welfare
coverage comparable to the coverage provided to similarly-situated active participants for 12 months following the Executive’s termination of employment, followed immediately by coverage for a period, and on a basis, that is substantially
similar to the COBRA continuation coverage that would apply if the Executive’s termination of employment occurred at the conclusion of such 12-month period. The premium contribution for the first 12 months shall be the same as the premium
contribution for similarly-situated active participants, except that the Executive’s premium contribution shall be made on an after-tax basis and the Company will impute taxable income equal to the difference between the premiums paid by the
Executive and the full premium cost for similarly situated COBRA participants. Thereafter, the premium contribution shall be the same as for similarly-situated COBRA participants. Provision of the Welfare Benefit is subject to the Executive
satisfying and continuing to satisfy all requirements necessary to maintain such coverage, including without limitation, paying her share of all required premiums on a timely basis. The Company will not provide the Executive with any additional
compensation should she choose not to elect the Welfare Benefit. 
  

	5.	The first sentence of Section 5.6 is amended to read as follows: 

 Upon the termination of the Executive’s employment by the Company without Cause or by the Executive for Good Reason (i) during the 6-month period immediately preceding the occurrence of a Change in Control
(as defined in the Company’s 2000 Senior Executive Incentive and Stock Award Plan, as in effect on the date of the 

  

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Change in Control) or (ii) during the 2-year period immediately following a Change in Control, the Executive shall be entitled to receive, in addition
to the Accrued Obligations and the Welfare Benefit, promptly following the later of such termination and such Change in Control, a lump sum amount equal to 200% times the Annual Compensation (as defined in Section 5.5(d) hereof). 
  

	6.	Section 5.7 is amended to read as follows: 

 5.7
Conditions and Timing of Payment. Any payments or benefits made or provided pursuant to this Article 5 (other than the Accrued Obligations) are subject to the Executive’s: 
 (a) compliance with the provisions of Article 4 and Section 5.9 hereof (provided that this shall not affect the payment to the Executive provided for
below in this Section 5.7 unless the Executive is in material breach of any of such provisions as of the time such payment is to be made); 
 (b) delivery to the Company of an executed General Release, which is not revoked before it becomes irrevocable (the “Irrevocability Date”). The General Release shall be substantially in the form attached hereto as Exhibit
A, with such changes therein or additions thereto as needed under then applicable law to give effect to its intent and purpose; and 
 (c)
delivery to the Company of a resignation from all offices, directorships and fiduciary positions with the Company, its affiliates and employee benefit plans. 
 The items referred to in Sections 5.7(b) and 5.7(c) shall be delivered to the Company in time to allow payments hereunder to qualify as “short term deferrals” for purposes of Section 409A of the
Internal Revenue Code of 1986, as amended (“Section 409A”). 
 Subject to Section 6.12(a), any amounts due following a
termination under this Agreement (other than the Accrued Obligations) shall be paid to the Executive within thirty (30) days of the Irrevocability Date, but in no event later than the time necessary for the payment of such amounts to qualify as
a “short term deferral” for purposes of Section 409A. Regardless of whether the General Release has been executed by the Executive, upon any termination of the Executive’s employment, the Executive shall be entitled to receive
the Accrued Obligations within thirty (30) days after the date of termination or in accordance with the applicable plan, program or policy. 
  

	7.	Section 6.12 is amended to read as follows: 

 6.12
Section 409A. 
 (a) Notwithstanding the due date of any post-employment payments, if at the time of the termination of employment
the executive is a “specified employee” (as 

  

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defined in Section 409A), the Executive will not be entitled to any payments upon termination of employment until the earlier of (i) the date which
is six (6) months after the termination of employment for any reason other than death or (ii) the date of the Executive’s death. The provisions of this paragraph will only apply if and to the extent required to avoid any
“additional tax” under Section 409A. 
 (b) It is intended that this Agreement and the Company’s and the Executive’s
exercise of authority or discretion hereunder shall comply with the provisions of Section 409A and the Treasury regulations relating thereto so as not to subject the Executive to the payment of interest and tax penalty which may be imposed
under Section 409A. In furtherance of this objective, to the extent that any regulations or other guidance issued under Section 409A would result in the Executive being subject to payment of “additional tax” under
Section 409A, the parties agree to use their best efforts to amend this Agreement in order to avoid the imposition of any such “additional tax” under Section 409A, which such amendment shall be designed to minimize the adverse
economic effect on the Executive without increasing the cost to the Company (other than transactions costs), all as reasonably determined in good faith by the Company and the Executive to maintain to the maximum extent practicable the original
intent of the applicable provisions. This Section 6.12 does not guarantee that payments under this Agreement will not be subject to “additional tax” under Section 409A. 
 WITNESS WHEREOF, each of the parties hereto has duly executed this amendment to the Agreement on this 12th day of December, effective as of December 31,
2008. 
  

			
	MARSH & MCLENNAN COMPANIES, INC.
		
	By:	 	 /s/ Brian Duperreault

		 	Brian Duperreault
		 	President & Chief Executive Officer
		
		 	 /s/ M. Michele Burns

		 	M. Michele Burns

  

 -4-Consulting Agreement

 Exhibit 10.43 
 CONSULTING AGREEMENT 
 This Agreement is made as of December 22, 2008 (“Effective
Date”), by and between Semiconductor Components Industries, LLC, a Delaware corporation, with offices at 5005 E. McDowell Rd. Phoenix, AZ 85008 dba ON Semiconductor (“SCI”), and Phil Hester with offices at 3320 Ranch
Road 620 North, Austin, Texas 78734 (“CONSULTANT”). 
 WHEREAS, SCI desires to obtain services in connection with its business, and
CONSULTANT wishes to provide such services; 
 NOW, THEREFORE, in consideration of the mutual promises hereinafter stated, the parties agree
as follows: 
 1. SCOPE AND STATEMENT OF SERVICES 
 (A) CONSULTANT is a member of the Board of Directors of SCI’s parent company, ON Semiconductor Corporation, which is listed on the NASDAQ Stock Market. The parties acknowledge and agree that this Agreement is structured and intended to
maintain CONSULTANT’s status as an independent director under NASDAQ Marketplace Rule 4200, as well as under any other applicable laws, rules or regulations. 
 (B) CONSULTANT agrees to provide those services as are specified on the Statement of Work, attached hereto and incorporated herein. CONSULTANT shall complete such services within the time and monetary limitations specified in the Statement
of Work. CONSULTANT agrees that all work will be done in a competent fashion in accordance with applicable standards of the profession and that all services are subject to final approval by a representative of SCI prior to final payment. 

2. PAYMENT 
 (A) CONSULTANT shall be paid, upon the
submission of invoices, at the rate(s) set forth in the Statement of Work. CONSULTANT shall not exceed the amount specified for the services without prior written authorization from SCI. All invoices and supporting documentation shall be sent by
CONSULTANT to the SCI location as designated by SCI. 
 (B) CONSULTANT agrees to pay and to be solely responsible for any and all city, state, and/or federal
unemployment insurance premiums, worker’s compensation insurance premiums, income taxes, social security taxes, and any other employment-related taxes incurred as a result of the performance of services by CONSULTANT under this Agreement, and
to be responsible for all obligations, reports, and timely notifications relating to such matters. SCI shall have no obligation to pay or withhold any sums for taxes or unemployment insurance on any amounts due CONSULTANT. 
  

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 (C) All costs, including specifically, but not limited to, travel and other expenses, which are incurred by CONSULTANT or
its agents and employees in connection with the performance of services under this Agreement shall be borne by CONSULTANT, except such actual and reasonable travel and other expenses which SCI has agreed in the Statement of Work to reimburse
CONSULTANT. All travel and other expenses which SCI has agreed to reimburse must be submitted with supporting documentation and receipts, and must be reasonable in amount. 
 3. TERM OF AGREEMENT 
 The Term of this Agreement is set forth in the Statement of Work. 
 4. TERMINATION 
 (A) Either SCI or CONSULTANT may
terminate this Agreement at any time, with no liability whatsoever to the other, and for any reason, upon providing written notice of such termination to the other at least thirty (30) days in advance. In the event of such termination,
CONSULTANT shall be entitled to recover for all services performed prior to the date of termination, including reasonable travel and other expenses incurred pursuant to this Agreement. No payments shall be incurred by SCI for any work or services
performed or expenses or costs incurred after the effective date of termination. 
 (B) Either party may, by written notice of default to the other party,
terminate this if the other fails to fulfill any of its material obligations hereunder. 
 5. SAFETY AND SECURITY 
 (A) CONSULTANT agrees that it will comply with all applicable SCI rules and regulations of which it has notice, including, but not limited to, those relating to
security, use of SCI property and systems, and entry into and departure from SCI facilities. 
 (B) Any classified or restricted data, information, or
item(s) required by CONSULTANT in the performance of services under this Agreement will be furnished only after necessary security clearance has been granted and the nondisclosure agreement(s) required by SCI have been executed. 
 6. CONFIDENTIAL INFORMATION 
 (A) CONSULTANT agrees
not to disclose to SCI, nor use in any work it performs for SCI, any confidential or proprietary information belonging to others, unless it has first obtained written authorization of the owner to do so, nor to disclose to SCI any intellectual
property of which SCI is not otherwise entitled to learn or use, and that SCI shall be entitled to rely upon CONSULTANT to comply with this clause. 
 (B)
Confidential Information may be disclosed in oral, written, graphic, machine recognizable, and/or sample form, by the parties hereto, being clearly designated, labeled or marked as “Confidential”. Confidential Information which is
disclosed orally shall be confirmed in writing by the disclosing party within thirty (30) days after such disclosure by submitting a letter containing substantially similar information to the other party. CONSULTANT shall (1) use
reasonable care in safeguarding against disclosure of SCI Confidential Information (2) not use SCI Confidential Information for its own purpose or to benefit a third party, and (3) not disclose SCI Confidential 

  

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Information to any third party. However, this Agreement imposes no obligation upon CONSULTANT with respect to SCI Confidential Information disclosed under
this Agreement which (1) is now available or becomes available to the public without breach of this Agreement, (2) is explicitly approved for release by written authorization of SCI, (3) is lawfully obtained from a third party or
parties without a duty of confidentiality, (4) is disclosed to a third party by SCI without a duty of confidentiality, (5) is known to CONSULTANT prior to such disclosure, or (6) is at any time developed by CONSULTANT independently of
any such
 disclosure(s) from SCI. 
 (C) After the tasks relating to SCI Confidential Information are completed and upon written request, CONSULTANT will
return all the SCI Confidential Information to SCI along with all copies and/or derivatives made, including copies of portions of the SCI Confidential Information, or certify by written memorandum that all such SCI Confidential Information has been
destroyed, except that CONSULTANT may retain archival copies of the SCI Confidential Information, which are to be used only in case of a dispute concerning this Agreement. 
 7. INTELLECTUAL PROPERTY 
 (A) CONSULTANT hereby assigns to SCI all rights in data and deliverables prepared in
connection with the performance of services under this Agreement, including, but not limited to, all reports, drawings, sketches, formulas, designs, code, analyses, graphs, notes, notebooks, presentations, work product and other deliverables, and
that materials and information are SCI Proprietary and Confidential. CONSULTANT agrees that all rights, title and interest to such materials and information shall vest immediately in SCI upon preparation and that such property is SCI Proprietary and
Confidential, and that CONSULTANT shall mark such property “SCI Proprietary and Confidential” or “ON Semiconductor Proprietary and Confidential.” 
 (B) CONSULTANT agrees to disclose promptly, and agrees to and does hereby assign, to SCI, as SCI’s exclusive property, CONSULTANT’S entire right, title, and interest in intellectual property, including
inventions, innovations, discoveries, improvements, ideas, and copyrights, conceived or made by CONSULTANT solely, or jointly with others, during the term of its work for or at SCI which result from information made available by SCI to CONSULTANT,
or relate to the products, processes, developments, equipment, supplies, facilities, research activities, or other business activities of SCI, or result from, or are suggested by, work which it may perform at or for SCI. CONSULTANT agrees to execute
all papers, and otherwise provide proper assistance, at SCI’s request and expense, during and subsequent to its work at or for SCI, to enable SCI or its nominees to obtain patents, copyrights, and legal protection for intellectual property in
any country. 
 (C) All works of authorship furnished by CONSULTANT in any form under this Agreement shall constitute the original works of CONSULTANT, and
no such work product (and no portion thereof) shall be a derivative work based in whole or in part on any third party copyrighted or copyrightable work. CONSULTANT agrees that all works of authorship will be “works made for hire” to the
extent allowed by law. 
 8. MISCELLANEOUS PROVISIONS 
 (A) This Agreement constitutes the complete statement of the terms of the Agreement between SCI and CONSULTANT with regard to the subject matter, and it supersedes all prior and concurrent promises, representations,
negotiations, discussions, and agreements with regard to the subject matter. 
  

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 (B) This Agreement shall be governed and construed in accordance with the laws (except conflict of laws) of the state of
Arizona. 
 (C) This Agreement may be amended from time to time only by a written document signed by the parties. No provisions of this Agreement can be
waived except by a written document signed by the party waiving the provision. 
 (D) It is agreed that CONSULTANT is an independent contractor for the
performance of services under this Agreement, and that for accomplishment of the desired result SCI is to exercise and have no control over the methods and means of accomplishment thereof, except as is otherwise specifically set forth in this
Agreement. Under no circumstances shall CONSULTANT be construed to be an employee of SCI for any purpose, including, but not limited to recordkeeping obligations under state or federal OSHA and Worker’s Compensation Laws. CONSULTANT shall not
be entitled to participate in the profit sharing, pension, or other plans established for the benefit of SCI’s employees. 
 (E) All notices required or
permitted by this Agreement shall be in writing and shall be deemed given either when personally delivered, when sent by registered or certified mail, return receipt requested, or when faxed, to the addresses of the parties noted at the beginning of
this Agreement. 
 (F) CONSULTANT agrees that it will not assign, subcontract or otherwise delegate any work requested by SCI to anyone else, without having
first obtained written approval to do so from SCI. 
 (G) The provisions of Articles 6, 7 and 8(B) shall survive termination of this Agreement. 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date. 
  

									
	Semiconductor Components Industries, LLC	 		 	Phil Hester
					
	Signed:	 	/s/ G. Sonny Cave	 		 	Signed:	 	/s/ Phil D. Hester
					
	Name:	 	G. Sonny Cave	 		 	Name:	 	Phil D. Hester
					
	Title:	 	Senior Vice President and General Counsel	 		 	Date:	 	December 22, 2008
					
	Date:	 	December 22, 2008	 		 		 	

  

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 Attachment A 
 STATEMENT OF WORK 
 Pursuant to the terms and conditions set forth in the Consulting Agreement dated
December 22, 2008 between Semiconductor Components Industries (“SCI”) and Phil Hester (“CONSULTANT”), the parties agree to the following terms in this Statement of Work. 
 DESCRIPTION OF DELIVERABLES AND SERVICES TO BE PERFORMED: 
 CONSULTANT
will be available and provide services to SCI in the areas of product development efficiency improvements, benchmarking SCI development processes against industry benchmarks, and defining and implementing processes targeted to achieve a 15% return
improvement on R&D spending. In addition, a New Product Introduction process (NPI) will be defined in conjunction with SCI management to allow earlier and improved insight into strategic customer requirements. A minimum of three on-site visits
to identified strategic worldwide customers will be made in order to understand their specific needs for an improved strategic relation with SCI. CONSULTANT will also work with SCI management to define an IP building block and reuse strategy where
such strategies are appropriate to improve efficiency and R&D return across multiple businesses. CONSULTANT will also be available to work on other strategic projects identified by SCI executive management. CONSULTANT will proved a detailed plan
at the end of 90 days to define what improvements and changes should be made in the above mentioned areas and what additional work is required. 
 TERM: START DATE: January 5, 2009        END DATE: April 3, 2009 
 SCI may, at its option,
renew this Agreement for an additional to be agreed upon term under the same terms and conditions by giving notice to CONSULTANT of such intent to renew on or before March 27, 2009. 
 OFFICE/COMPUTER: During the term of this Agreement, SCI will make available to CONSULTANT a temporary office at SCI’s headquarters in Phoenix. SCI will also provide CONSULTANT with the use of a notebook
computer during the term of this Agreement, which will remain the property of SCI and will be returned to SCI upon the termination or expiration of this Agreement. SCI will also provide CONSULTANT access to SCI internal information network and
databases appropriate for CONSULTANT to perform the services hereunder. 
 SERVICE FEES AND EXPENSES: SCI will pay CONSULTANT $180 per hour for time
spent on the consulting services. Weekly billing will not exceed 40 hours per week. CONSULTANT will submit an invoice monthly to SCI. With each invoice, CONSULTANT will submit a written, signed report reflecting the time spent performing the
services and itemized in reasonable detail to show the dates on which the services were performed, the number of hours spent on each date and a brief description of the services performed. Payment is due net thirty (30) days from receipt of the
invoice. 
 SCI shall reimburse CONSULTANT for the following expenses: travel to and from work sites, meal expenses while traveling, lodging expenses if work
requires overnight stays and miscellaneous 

  

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travel expenses such as parking, tolls, etc. CONSULTANT will include the expenses incurred on its monthly invoices and submit written documentation with
receipts itemizing the expenses. All travel shall be commercially reasonable and booked in accordance with SCI’s travel policy, which shall be made available to CONSULTANT. 
 In order to maintain CONSULTANT’s status as an independent director of ON Semiconductor Corporation under NASDAQ Marketplace Rule 4200, the total compensation paid by SCI to CONSULTANT under this Agreement shall
be calculated in accordance with applicable rules and regulations and shall not exceed $110,000. CONSULTANT and SCI shall jointly monitor the level of compensation received under this Agreement to this requirement. 
 AGREED: 
  

									
	Semiconductor Components Industries, LLC	 		 	Phil Hester
					
	Signed:	 	/s/ G. Sonny Cave	 		 	Signed:	 	/s/ Phil D. Hester
					
	Name:	 	G. Sonny Cave	 		 	Name:	 	Phil D. Hester
					
	Title:	 	Senior Vice President and General Counsel	 		 	Date:	 	December 22, 2008
					
	Date:	 	December 22, 2008	 		 		 	

  

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