Document:

Exhibit

Exhibit 10.55

BAKER HUGHES, A GE COMPANY  
SUPPLEMENTARY PENSION PLAN 
 
 

(As Established Effective December 31, 2018)

 

BAKER HUGHES, A GE COMPANY 
SUPPLEMENTARY PENSION PLAN 

(As Established Effective December 31, 2018)
WITNESSETH:
WHEREAS, Baker Hughes, a GE company, LLC (the “Company”) has determined to establish the Baker Hughes, a GE company Supplementary Pension Plan (the “Plan”);
WHEREAS, General Electric Company maintains the GE Supplementary Pension Plan;
WHEREAS, effective as of the close of December 31, 2018, will replicate under the Plan a portion of the benefits accrued under the GE Supplementary Pension Plan; 
WHEREAS, effective as of the close of December 31, 2018, the Company shall cause the participants under the Plan to have fully nonforfeitable interests in their applicable Plan benefits;
WHEREAS, it is anticipated that there shall be no further accruals of benefits under the Plan for periods following December 31, 2018;
WHEREAS, the Plan is unfunded within the meaning of the Employee Retirement Income Security Act of 1974, as amended and is maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees of the Company and certain of its affiliates; 
WHEREAS, the Company desires to adopt the Plan; 
WHEREAS, the liabilities of the GE Supplementary Pension Plan that are transferred to the Plan shall be the sole liabilities with respect to the Plan; and
NOW THEREFORE,  effective as of the close of December 31, 2018, the Company hereby adopts the Plan as a separate plan, the terms of which are as follows: 

	
			
	 
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ARTICLE I 
DEFINITIONS AND CONSTRUCTION
1.01    Definitions.  The words and phrases defined in this Article shall have the meaning set out in the definition unless the context in which the word or phrase appears reasonably requires a broader, narrower or different meaning.
“Actuarial Equivalent” means equality in value of the aggregate amounts expected to be received under different forms of payment based upon the applicable mortality and interest rate assumptions, and cost of living assumptions under the terms of the GE Pension Plan as in effect on December 31, 2008.
“Affiliate” means any entity that (1) is a member of the same controlled group of corporations within the meaning of section 414(b) of the Code that includes the Company or Baker Hughes, a GE company, (2) is a member of a group of trades or businesses (whether or not incorporated) that is under common control (within the meaning of section 414(c) of the Code) that includes the Company or Baker Hughes, a GE company, LLC, or (3) that is  a member of an affiliated service group (within the meaning of section 414(m) of the Code) that includes the Company or Baker Hughes, a GE company. 
“Annual Estimated Social Security Benefit” has the meaning specified in the GE Supplementary Pension Plan terms in effect on December 31, 2018.
“Annual Pension Payable under the GE Pension Plan” has the meaning specified in the GE Supplementary Pension Plan terms in effect on December 31, 2018.
“Average Annual Compensation” has the meaning specified in the GE Supplementary Pension Plan terms in effect on December 31, 2018.
“Board” means the Board of Directors of Baker Hughes, a GE company.
“Code” means the Internal Revenue Code of 1986, as amended.
“Committee” means the committee that may be appointed by the Board as a Plan Administrator.
“Company” means Baker Hughes, a GE company, LLC or its successor.
“Disability Pension” has the meaning specified in the GE Supplementary Pension Plan terms in effect on December 31, 2018.
“Eligibility Service” has the meaning specified in the GE Supplementary Pension Plan terms in effect on December 31, 2018. 
“Employee” means an employee of the Employer.
“Employer” means the Company and each Affiliate.  

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“Executive Retirement Installment Benefit” means the Participant’s benefit accrued under Part II of the GE SPP as of December 31, 2018, based upon the terms of the GE SPP and the GE Pension Plan in effect on December 31, 2018.
“GE Pension Plan” means the GE Pension Plan.
“GE SPP” means the GE Supplementary Pension Plan. 
“Incentive Compensation” has the meaning specified in the GE Supplementary Pension Plan terms in effect on December 31, 2018.
“New Plan Participant” has the meaning specified in the GE Supplementary Pension Plan terms in effect on December 31, 2018.
“Normal Commencement Date” means the first day of the month following the later of (1) three completed calendar months after the Participant’s Separation From Service (or six completed calendar months after the Participant’s Separation From Service if the Participant is a Specified Employee), or (2) the Participant’s 60th birthday. 
“Normal Retirement Date” means the first day of the month following a Participant’s attainment of age 65.
“Participant” means each Employee who has met the eligibility requirements for participation in the Plan specified in Article II.  
“Pension Benefit Service” has the meaning specified in the GE Supplementary Pension Plan terms in effect on December 31, 2018.
“Plan” means the Baker Hughes, a GE company Supplementary Pension Plan, as amended from time to time.
“Plan Administrator” means the Company, acting through its delegates.  Such delegates shall include the Administrative Committee and any individual Plan Administrator appointed by the Company with respect to the employee benefit plans of the Company and its Affiliates, each of which shall have the duties and responsibilities assigned to it from time to time by the Company.  As used in the Plan, the term “Plan Administrator” shall refer to the applicable delegate of the Company.
“Plan Year” means the twelve-consecutive month period commencing January 1 of each year.  
“Pension Qualification Service” has the meaning specified in the GE Supplementary Pension Plan terms in effect on December 31, 2018.
“Section 409A” means section 409A of the Code and the Department of Treasury rules and regulations issued thereunder.

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“Service” has the meaning specified in the GE Supplementary Pension Plan terms in effect on December 31, 2018. 
“Separation from Service” has the meaning ascribed to that term in Section 409A.
“Specified Employee” has the meaning ascribed to that term in Section 409A.
“Supplementary Pension Annuity Benefit” means the Participant’s benefit accrued under Part I of the GE SPP as of December 31, 2018, based upon the terms of the GE SPP and the GE Pension Plan in effect on December 31, 2018.
“Trust” means the trust, if any, established under the Trust Agreement.
“Trust Agreement” means the agreement, if any, entered into between the Company and the Trustee pursuant to Article XIII, as amended from time to time.
“Trust Fund” means the funds and properties, if any, held pursuant to the provisions of the Trust Agreement, together with all income, profits, and increments thereto.
“Trustee” means the trustee or trustees qualified and acting under the Trust Agreement at any time.
“Vested Interest” means the portion of the Participant’s applicable benefit under the Plan that is nonforfeitable. 
1.02    Number and Gender.  Wherever appropriate herein, words used in the singular shall be considered to include the plural and words used in the plural shall be considered to include the singular.  The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender.
1.03    Headings.  The headings of Articles and Sections herein are included solely for convenience, and if there is any conflict between such headings and the text of the Plan, the text shall control.
ARTICLE II     
PARTICIPATION
A person who (1) is an Employee on December 31, 2018, (2) is under the age of 60 as of December 31, 2018 and (3) was a participant in the GE SPP shall be eligible to participate in the Plan.   No other person shall be eligible to participate in the Plan. A Participant in the Plan shall cease to participate in and accrue benefits under the GE SPP effective as of the close of December 31, 2018. 
ARTICLE III     
SUPPLEMENTARY PENSION ANNUITY BENEFITS 

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3.01    Amount of Supplementary Pension at or After Normal Retirement Date.  If a Participant retires on or after his or her Normal Retirement Date, the amount of his or her Supplementary Pension Annuity Benefit will be determined under Section III of the GE SPP, based on the terms of the GE SPP and the terms of the GE Pension Plan in each case as in effect on December 31, 2018, based upon the Participant’s relevant compensation and service earned as of the close of December 31, 2018. Notwithstanding the foregoing,  such a Participant shall have a fully nonforfeitable and vested interest in his or her Supplementary Pension Annuity Benefit as so computed irrespective of his or her age or years of service or any other factor. A Participant shall not accrue any additional benefits under the Plan after December 31, 2018.   For the avoidance of doubt, a Participant’s Supplementary Pension Annuity Benefit shall be computed taking into account the Participant’s Incentive Compensation earned from the Employer for the 2018 performance period even though it may be paid after December 31, 2018. Such Supplementary Pension shall be subject to the limitations specified in Section 3.04.  
3.02    Amount of Supplementary Pension Annuity Benefits at Optional Retirement. If, pursuant to Section 6.03, a Participant’s Supplementary Pension Annuity Benefit commences prior to his or her Normal Retirement Date, and he or she is not a New Plan Participant on the date of his or her termination of Service, his or her Supplementary Pension Annuity Benefit  shall be as computed under Section 3.01.  If, pursuant to Section 6.03, a Participant’s  Supplementary Pension Annuity Benefit commences prior to his or her Normal Retirement Date, and he or she is New Plan Participant on the date of his or her termination of Service, his or her Supplementary Pension Annuity Benefit as computed under Section 3.01 shall be reduced by 5/12% for each month from his or her benefit commencement date to the Normal Retirement Date.  (However, the foregoing reduction will not apply, if the Participant terminates from Service after (1) the attainment of at least age 62 and (2) the completion of at least 25 years of pension qualification service under the GE Pension Plan.) Such Supplementary Pension shall be subject to the limitations specified in Section 3.04.  
3.03    Amount of Supplementary Pension Annuity Benefits at Disability  Retirement. 
(a)    The annual Supplementary Pension Annuity Benefit payable to a Participant who, following attainment of age 60, retires hereunder on an optional retirement date within the meaning of Section V.1. of the GE Pension Plan shall be computed in the manner provided by Section 3.01(for a Participant retiring on his or her Normal Retirement Date) but taking into account only Pension Benefit Service and Average Annual Compensation to the actual date of optional retirement. Such Supplementary Pension Annuity Benefit shall be subject to the limitations specified in Section 3.04. In the event such Participant is a New Plan Participant on the date of his or her termination of Service, such Supplementary Pension Annuity Benefit, as so limited, shall be reduced to reflect commencement before his or her Normal Retirement Date by applying the methodology provided under Section V.3. of the GE Pension Plan. Consistent with the foregoing, such reduction shall equal 5/12% for each month from such Participant’s optional retirement date to his Normal Retirement Date. Said reduction shall not be imposed, however, in the event such Participant terminates from the Service of the Company on or after (1) attainment of at least age 62 and (2) completion of at least 25 years of Pension Qualification Service under the GE Pension Plan. 

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(b)    The annual Supplementary Pension Annuity Benefit payable to a Participant who retires on a Disability Pension under Section VII of the GE Pension Plan and who qualifies as disabled by receiving income replacement benefits under a company plan (within the meaning of the GE SPP) for a period of not less than three months and otherwise meeting the requirements under Treasury regulation section 1.409A-3(i)(4) and regulations and other guidance issued thereunder shall first be computed in the manner provided by Section 3.01(for a Participant retiring on his or her Normal Retirement Date) taking into account only Pension Benefit Service and Average Annual Compensation to the actual date of disability retirement. Such Supplementary Pension shall be subject to the limitations specified in Section 3.04.  In the event the Participant is a New Plan Participant, such Supplementary Pension Annuity Benefit, as so limited, shall be reduced by 25% consistent with the methodology provided under Section VII.3. of the GE Pension Plan to reflect commencement before the Participant’s earliest optional retirement age.
If the Disability Pension payable to the Employee under the GE Pension Plan is discontinued thereunder as a result of the cessation of the Employee’s disability prior to the attainment of age 60, the Supplementary Pension Annuity Benefit provided under this Section 3.03 shall be forfeited and the Participant shall only be eligible for a Supplementary Pension Annuity Benefit to the extent he or she separately qualifies under another provision set forth herein. 
3.04    Limitation on Benefits
(a)     Notwithstanding any provision of this Plan to the contrary, if the sum of: 
(1)     the Supplementary Pension Annuity Benefit otherwise payable to a Participant hereunder; 
(2)     the Participant’s Annual Pension Payable under the GE Pension Plan; 
(3)     100% of the Annual Estimated Social Security Benefit but before any adjustment for less than 35 years of Pension Benefit Service; 
(4)     the Participant’s annual excess benefit, if any, payable under the GE Excess Benefit Plan; and 
(5)     the Participant’s annual benefit, if any, payable under the GE Executive Special Early Retirement Option and Plant Closing Retirement Option Plan;
exceeds 60% of his Average Annual Compensation (with such Supplementary Pension Annuity Benefit and the amounts set forth in (2), (4) and (5) above determined before imposition of any applicable reduction factor or adjustment for optional or disability retirement, a survivor benefit or otherwise), such Supplementary Pension Annuity Benefit (as so determined) shall be reduced by the amount of the excess. Any further reductions or adjustments prescribed herein, including those applicable to Participants who are New Plan Participants on the date of their termination of Service, shall be applied against such reduced Supplementary Pension Annuity Benefit.

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(b)    Notwithstanding any provision in this Plan (other than as set forth in the immediately following sentence) to the contrary, the amount of Supplementary Pension Annuity Benefit and any death or survivor benefit payable to or on behalf of any Participant who is or was an Officer shall be determined in accordance with such general rules and regulations as may be adopted by a committee appointed by the Board for such purpose, subject to the limitation that any such Supplementary Pension Annuity Benefit or death benefit may not exceed the amount which would be payable hereunder in the absence of such rules and regulations.  The rights under this Plan of a Participant who leaves the Service at any time and the rights of anyone entitled to receive any payments under the Plan by reason of the death of such Participant, shall be governed by the provisions of the Plan in effect on the date such Participant leaves the Service, except as otherwise specifically provided in this Plan.

ARTICLE IV    
RETIREMENT INSTALLMENT BENEFITS
4.01    Amount of Executive Retirement Installment Benefit at or After Participant’s Separation From Service on or After Participant’s 65th Birthday.  If a Participant incurs a Separation From Service after his or her 65th birthday, the amount of his or her Executive Retirement Installment Benefit will be determined under Section XVI of the GE SPP, based on the terms of the GE SPP and, to the extent applicable, the terms of the GE Pension Plan, in each case as in effect on December 31, 2018, based upon the Participant’s relevant compensation and service earned as of the close of December 31, 2018. Notwithstanding the foregoing,  such a Participant shall have a fully nonforfeitable and vested interest in his or her Executive Retirement Installment Benefit as so computed irrespective of his or her age or years of service or any other factor. A Participant shall not accrue any additional benefits under the Plan after December 31, 2018.   For the avoidance of doubt, a Participant’s Executive Retirement Installment Benefit shall take be computed taking into account the Participant’s Incentive Compensation earned from the Employer for the 2018 performance period even though it may be paid after December 31, 2018.  
4.02    Executive Retirement Installment Benefit if a Participant Commences Distribution Before or After Normal Retirement Date. If a Participant incurs a Separation From Service prior to his or her 65th birthday but on or after his 60th birthday, his or her Executive Retirement Installment Benefit shall be computed under Section 4.01 but  reduced by 5/12% for each month that payments commence prior to his or her Normal Commencement Date. If a Participant incurs a Separation From Service on or before his or her 60th birthday, his or her Executive Retirement Installment Benefit shall be reduced to 75% of the Participant’s Executive Retirement Installment Benefit as computed under Section 4.01. 
4.03    Executive Retirement Installment Benefit Disability Retirement. 
(a)    An Executive Retirement Installment Benefit shall be payable to a Participant who prior to his or her 60th birthday: 

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(i)     either retires on a Disability Pension under Section VII of the GE Pension Plan or, if he has not accrued a benefit under the GE Pension Plan, would qualify to so retire if he had accrued such a benefit, but in such a case using Eligibility Service when applying the 15 years of service requirement in Section VII of the GE Pension Plan; and 
(ii)     qualifies as disabled by receiving income replacement benefits under a plan maintained by the Company or one of its Affiliates for a period of not less than three months and otherwise meeting the requirements under Treasury regulation section 1.409A-3(i)(4) and other guidance issued thereunder. 
(b)    The amount of a Participant’s Executive Retirement Installment Benefit under Section 4.03(a) shall equal 75% of the Participant’s Executive Retirement Installment Benefit. 
ARTICLE V     
VESTING
Commencing December 31, 2018, Participants will have fully vested interests in their applicable benefits under the Plan (Section 3.01, Section 3.02, Section 4.01, Section 4.02 or Section 4.03.) No years of service shall be required as a condition for receipt of any such benefits. 
ARTICLE VI     
PAYMENT OF SUPPLEMENTARY PENSION ANNUITY BENEFITS
6.01    Time and Form of Payment of Supplementary Pension Annuity Benefits. This Article VI governs the time and form of payment of the Supplementary Pension Annuity Benefits on and after the retirement of a Participant.
6.02    General Provisions. Supplementary Pension Annuity Benefits shall be payable in monthly installments, each equal to 1/12th of the annual amount determined under the applicable Section. 
6.03    Time of Payment.
(a)    Except as provided in paragraph (b) below (relating to disability pensions), all payments of Supplementary Pension Annuity Benefits shall commence on the first day of the month after the Participant’s Separation from Service or the Participant’s attainment of age 60, if later; provided, however, that if a Participant is a Specified Employee, payment of any Supplementary Pension Annuity Benefits shall not be made within the first six months following the Participant’s Separation from Service. In the event distribution to a Specified Employee is so delayed, payment of the Supplementary Pension Annuity Benefits shall begin on the first day of the seventh month following Separation from Service and the first such payment shall be increased to reflect the missed payments (with interest accumulated in accordance with procedures established by the Plan Administrator).

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(b)    Payment of Supplementary Pension Annuity Benefits attributable to disability as provided for in Section 3.03 shall commence on the first day of the month after the Participant’s Separation from Service; provided, however, that the Participant shall forfeit any payments attributable to months prior to the first date on which a disability pension is actually paid under Section VII of the GE Pension Plan.  For this purpose, any retroactive payments that may be made under the GE Pension Plan shall be disregarded and no corresponding retroactive payments shall be made hereunder.
6.04    Form of Payment.  Unless a Participant makes an effective election pursuant to paragraph 6.04(a) below, such benefits shall be paid as a 50% Survivor Benefit in accordance with the principles of the GE Pension Plan applicable thereto (for Participants who are married at the time payment of their Supplementary Pension Annuity Benefit begins) or as a single life annuity in accordance with the principles of the GE Pension Plan applicable thereto (for Participants who are not married at the time payment of their Supplementary Pension Annuity Benefit begins); provided, however, that:
(a)    As an alternative to the normal distribution forms set forth in this paragraph, a married Participant may elect to receive all payments of Supplementary Pension Annuity Benefits in one of the following forms, which shall be determined by converting the applicable normal form of benefit using the assumptions applicable in the definition of Actuarial Equivalent:  (a) a single life annuity as described above, (b) a 100% Alternative Survivor Benefit in accordance with the principles of Section IX.3 and other provisions of the GE Pension Plan applicable thereto, or (c) a 75% Alternative Survivor Benefit in accordance with the principles of Section IX.10 and other provisions of the GE Pension Plan applicable thereto.  In the case of a disability pension payable under Section 3.03, however, the 100% Alternative Survivor Benefit shall not be available. An election under this paragraph may not be made more than 60 days following the date as of which payment is otherwise to commence in accordance with the terms of the Plan.  For purposes of clarity, if a Participant is a Specified Employee for whom the Supplementary Pension Annuity Benefit is delayed, an election under this paragraph may be made anytime within the first six months following the Participant’s Separation from Service. If such Specified Employee dies during the six-month delay, the Specified Employee will be treated as if he retired before death, without regard to such delay, and commenced receiving his benefit either in accordance with his actual election under this paragraph as to the form of distribution, or in accordance the rules in Section 6.04 above if no such election was made before death.
(b)    Regardless of the initial form of payment for Supplementary Pension Annuity Benefits, the revocation feature provided in Section IX.8 of the GE Pension Plan shall not apply to Supplementary Pension Annuity Benefits. 
(c)    In no event will the accelerated payment option of Section XI.4.b (iii) of the GE Pension Plan apply with respect to the Plan. 
(d)    Any provision of the Plan that refers to the time or form of benefits under the GE Pension Plan shall be deemed to be a reference to the terms of the GE Pension Plan in effect on December 31, 2008.

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6.05    Payments of Supplementary Pension Annuity Benefits Death Benefits.  If a Participant dies while he or she is an Employee or following retirement on a Supplementary Pension Annuity Benefit,  (1) the principles of Section X of the GE Pension Plan (disregarding any references therein to Employee contributions) shall apply to determine whether a death benefit is payable to the beneficiary or the surviving spouse of such Participant, and (2) any such death benefit shall be computed and paid in accordance with such principles, based on the Supplementary Pension Annuity Benefit payable under the Plan; provided, however, that:
(a)    with respect to any pre-retirement death benefit attributable to Supplementary Pension Annuity Benefits where a surviving spouse otherwise would have a choice to receive such benefit as an annuity in accordance with the principles of Section X.9 of the GE Pension Plan (Preretirement Spouse Benefit) or as a lump sum in accordance with the principles of either Section X.2 (Five Year Certain (Death After Optional Retirement Age)) or Section X.3 (Five Year Certain (Death After 15 Years Pension Qualification Service)) of the GE Pension Plan, the lump sum value of such benefit under each applicable paragraph shall be determined (in the case of the Preretirement Spouse Benefit, based on the actuarial assumptions described in paragraph 3 of Section XV of the GE Pension Plan), and then the surviving spouse shall receive whichever resulting lump sum value is larger as of the first day of the month following the Participant’s death. For purposes of clarity, such surviving spouse shall not be eligible to receive an annuity in the form of the Preretirement Spouse Benefit under the principles of Section X.9 of the GE Pension Plan; and 
(b)    with respect to any post-retirement death benefit attributable to Supplementary Pension Annuity Benefits under the principles of Section X.11 of the GE Pension Plan (Five Year Certain (No Survivor Benefit)), the calculation of the lump sum shall be determined without making any discount to present value and, consistent with the foregoing, such lump sum shall equal the excess of (1) five times the Participant’s Supplementary Pension Annuity Benefits pension payable as a single life annuity over (2) the total payments under the Plan to the Participant; and
(c)    the amount of any death benefit paid pursuant to this Section 6.05 shall be reduced in the same manner as the pension payable under the GE Pension Plan is reduced under such circumstances in accordance with the principals of Section IX of the GE Pension Plan.
(d)    Any provision of this Section 6.05 that refers to the time or form of benefits under the GE Pension Plan shall be deemed to be a reference to the terms of the GE Pension Plan in effect on December 31, 2008.
(e)    For purposes of the Supplementary Pension Annuity Benefits, a Participant’s beneficiary will be the beneficiary designated by him or her under the GE Pension Plan, except in those instances where there is a separate beneficiary designation in effect under the Plan with respect to Supplementary Pension Annuity Benefits in accordance with procedures established by the Plan Administrator.  A Participant’s beneficiary designation under the GE SPP, if any, shall have no application with respect to the Plan. 
ARTICLE VII    

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PAYMENT OF EXECUTIVE RETIREMENT INSTALLMENT BENEFITS
7.01    Form of Payment of Executive Retirement Installment Benefits.  Executive Retirement Installment Benefits shall be paid in 10 equal annual installments, each of which shall be equal to the amount calculated under Section 4.01, 4.02 or 4.03, as applicable, divided by 10.  
7.02    Time of First Payment of Executive Retirement Installment Benefits. Except as specified in Section 7.03, the first annual installment of an Executive Retirement Installment Benefit described in Section 7.01 shall be paid on the first day of the month following the later of (1) three completed calendar months after a Participant’s Separation from Service (or six completed calendar months after the Participant’s Separation from Service if the Participant is a Specified Employee), or (2) the Participant’s 60th birthday. 
7.03    Special Time of First Payment of Executive Retirement Installment Benefits in the Event of Disability Retirement. Notwithstanding Section 7.02, in the case of payments made as a result of a Disability Retirement under Section 4.03, the first annual installment shall be paid on the first day of the month following six completed calendar months after the Participant’s Separation from Service. 
7.04    Time of Remaining Installment Payments. The remaining nine annual installments shall be paid as of the anniversary of the applicable first payment date under Section 7.02 or Section 7.03. 
7.05    No Interest. No interest shall be earned or paid with respect to any Executive Retirement Installment Benefits (including any payments upon death under Section 7.06.)
7.06    Executive Retirement Installment Death Benefits.
(a)    Death After Installments Have Commenced. If a Participant dies after installments of an Executive Retirement Installment Benefit have commenced to be paid to the Participant under Section 7.02 or 7.03 but before all 10 annual installments have been paid, the remaining installments shall continue to be paid to the Participant’s designated beneficiary as of the applicable yearly anniversary specified in Section 7.04.
(b)    Death Before Installments Have Commenced. If a Participant dies while he is an Employee and before installments of an Executive Retirement Installment Benefit have commenced to be paid to the Participant, a death benefit shall be paid to his or her designated beneficiary under Section 7.06(d) equal to:
(i)     if death occurs on or after the Participant’s 65th birthday, the amount calculated under Section 4.01; 
(ii)    if death occurs after the Participant’s 60th birthday but before his or her 65th birthday, the amount calculated under Section 4.01, reduced by 5/12% for each month from the day payments commence (as described below) to what would have been the Employee's Normal Commencement Date; or 

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(iii)    if death occurs on or before the Participant’s 60th birthday, 75% of the amount calculated under Section 4.01.
(c)    Times of Death Benefit Payments Under Section 7.06(b). Death benefits described in Section 7.06(b) will be paid in 10 equal annual installments (the amount determined under paragraph (i), (ii) or (iii) of Section 7.06(b) as applicable, divided by 10). The first annual installment shall be paid as of the first day of the month following three completed calendar months after the death of the Participant. The remaining nine annual installments shall be paid as of the anniversary of the date in the preceding sentence. 
(i)    If a Participant who is no longer an Employee dies after satisfying all requirements hereunder to become entitled to receive an Executive Retirement Installment Benefit, but before payment of such benefit begins to be paid, a death benefit shall be paid to his or her designated beneficiary at the same time, in the same form (10 annual installments) and in the same amount as if the Participant had survived and his benefit had commenced as scheduled.
(d)    The Participant’s designated beneficiary for Executive Retirement Installment Benefits is the beneficiary or beneficiaries designated by the Participant on a beneficiary designation form properly filed by the Participant in accordance with established administrative procedures under the Plan, or if there is no such designated beneficiary, the Participant’s estate. Participants may name and change beneficiaries without the consent of any person. A Participant’s beneficiary designation under the GE SPP, if any, shall have no application with respect to the Plan. 
ARTICLE VIII     
ADMINISTRATION OF THE PLAN
8.01    Plan Administrator.  The Company shall be the “Plan Administrator” and the “named fiduciary” for purposes of ERISA and shall be subject to service of process on behalf of the Plan.    
8.02    Resignation and Removal.  The members of a Committee serving as Plan Administrator shall serve at the pleasure of the Board; they may be officers, directors, or Employees of the Company or any other individuals.  At any time during his term of office, any member of a Committee or any individual serving as Plan Administrator may resign by giving written notice to the Board, such resignation to become effective upon the appointment of a substitute or, if earlier, the lapse of thirty days after such notice is given as herein provided.  At any time during its term of office, and for any reason, any member of a Committee or any individual serving as Plan Administrator may be removed by the Board.
8.03    Records and Procedures.  The Plan Administrator shall keep appropriate records of its proceedings and the administration of the Plan and shall make available for examination during business hours to any Participant or the beneficiary of any Participant such records as pertain to that individual’s interest in the Plan.  If a Committee is performing duties as the Plan Administrator, the Committee shall designate the individual or individuals who shall be authorized to sign for the Plan Administrator and, upon such designation, the signature of such individual or individuals shall bind the Plan Administrator.

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8.04    Self-Interest of Plan Administrator.  Neither the members of a Committee nor any individual Plan Administrator shall have any right to vote or decide upon any matter relating solely to himself under the Plan or to vote in any case in which his individual right to claim any benefit under the Plan is particularly involved.  In any case in which any Committee member or individual Plan Administrator is so disqualified to act, the other members of the Committee shall decide the matter in which the Committee member or individual Plan Administrator is disqualified.
8.05    Compensation and Bonding.  Neither the members of a Committee nor any individual Plan Administrator shall receive compensation with respect to their services on the Committee or as Plan Administrator.  To the extent required by applicable law, or required by the Company, neither the members of a Committee nor any individual Plan Administrator shall furnish bond or security for the performance of their duties hereunder.
8.06    Plan Administrator Powers and Duties.  The Plan Administrator shall supervise the administration and enforcement of the Plan according to the terms and provisions hereof and shall have all powers necessary to accomplish these purposes, including, but not by way of limitation, the right, power, and authority:
(a)    to make rules, regulations, and bylaws for the administration of the Plan that are not inconsistent with the terms and provisions hereof, and to enforce the terms of the Plan and the rules and regulations promulgated thereunder by the Plan Administrator;
(b)    to construe in its discretion all terms, provisions, conditions, and limitations of the Plan;
(c)    to correct any defect or to supply any omission or to reconcile any inconsistency that may appear in the Plan in such manner and to such extent as it shall deem in its discretion expedient to effectuate the purposes of the Plan;
(d)    to employ and compensate such accountants, attorneys, investment advisors, and other agents, employees, and independent contractors as the Plan Administrator may deem necessary or advisable for the proper and efficient administration of the Plan;
(e)    to determine in its discretion all questions relating to eligibility;
(f)    to determine whether and when a Participant has incurred a Separation From Service or Termination of Employment, and the reason for such termination;
(g)    to make a determination in its discretion as to the right of any individual to a benefit under the Plan and to prescribe procedures to be followed by distributees in obtaining benefits hereunder; and
(h)    to receive and review reports from the Trustee as to the financial condition of the Trust Fund, including its receipts and disbursements.
8.07    Reliance on Documents, Instruments, etc.  The Plan Administrator may rely on any certificate statement or other representation made on behalf of the Company, any Employee or 

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any Participant, which the Plan Administrator in good faith believes to be genuine, and on any certificate, statement, report or other representation made to it by any agent or any attorney, accountant or other expert retained by it or the Company in connection with the operation and administration of the Plan.
8.08    Claims Review Procedures; Claims Appeals Procedures.  
(a)    Claims Review Procedures.  When a benefit is due, the Participant, or the person entitled to Benefits, should submit a claim to the office designated by the Plan Administrator to receive claims. Under normal circumstances, the Plan Administrator will make a final decision as to a claim within 90 days after receipt of the claim.  If the Plan Administrator notifies the claimant in writing during the initial 90‐day period, it may extend the period up to 180 days after the initial receipt of the claim. The written notice must contain the circumstances necessitating the extension and the anticipated date for the final decision. If a claim is denied during the claims period, the Plan Administrator must notify the claimant in writing, and the written notice must set forth in a manner calculated to be understood by the claimant:
(1)    the specific reason or reasons for the denial;
(2)    specific reference to the Plan provisions on which the denial is based;
(3)    a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and
(4)    an explanation of the Plan claims review procedures and time limits, including a statement of the claimant’s right to bring a civil action under section 502(a) of ERISA.
If a decision is not given to the Participant within the claims review period, the claim is treated as if it were denied on the last day of the claims review period.
(b)    Claims Appeals Procedures.  For purposes of this section the Participant or the person entitled to Benefits is referred to as the “claimant.”  If a claimant’s claim made pursuant to Section 6.08(a) is denied and he wants a review, he must apply to the Plan Administrator in writing. That application can include any arguments, written comments, documents, records, and other information relating to the claim for benefits.  In addition, the claimant is entitled to receive on request and free of charge reasonable access to and copies of all information relevant to the claim. For this purpose, “relevant” means information that was relied on in making the benefit determination or that was submitted, considered or generated in the course of making the determination, without regard to whether it was relied on, and information that demonstrates compliance with the Plan’s administrative procedures and safeguards for assuring and verifying that Plan provisions are applied consistently in making benefit determinations.  The Plan Administrator must take into account all comments, documents, records, and other information submitted by the claimant 

13

relating to the claim, without regard to whether the information was submitted or considered in the initial benefit determination.  The claimant may either represent himself or appoint a representative, either of whom has the right to inspect all documents pertaining to the claim and its denial. The Plan Administrator can schedule any meeting with the claimant or his representative that it finds necessary or appropriate to complete its review. 
The request for review must be filed within 90 days after the denial. If it is not, the denial becomes final. If a timely request is made, the Plan Administrator must make its decision, under normal circumstances, within 60 days of the receipt of the request for review. However, if the Plan Administrator notifies the claimant prior to the expiration of the initial review period, it may extend the period of review up to 120 days following the initial receipt of the request for a review. All decisions of the Plan Administrator must be in writing and must include the specific reasons for its action, the Plan provisions on which its decision is based, and a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits, and a statement of the claimant’s right to bring an action under section 502(a) of ERISA  If a decision is not given to the claimant within the review period, the claim is treated as if it were denied on the last day of the review period.
Within 60 days of receipt by a claimant of a notice denying a claim under the preceding paragraph, the claimant or his or her duly authorized representative may request in writing a full and fair review of the claim by the Plan Administrator.  The Plan Administrator may extend the 60-day period where the nature of the benefit involved or other attendant circumstances make such extension appropriate.  In connection with such review, the claimant or his or her duly authorized representative may review pertinent documents and may submit issues and comments in writing.  The Plan Administrator shall make a decision promptly, and not later than 60 days after the Plan’s receipt of a request for review, unless special circumstances (such as the need to hold a hearing) require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but not later than 120 days after receipt of a request for review.  The decision on review shall be in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, and specific references to the pertinent Plan provisions on which the decision is based.
ARTICLE IX     
ADMINISTRATION OF FUNDS
9.01    Payment of Expenses.  All expenses incident to the administration of the Plan and Trust, including but not limited to, legal, accounting, Trustee fees, and expenses of the Plan Administrator, may be paid by the Company and, if not paid by the Company, shall be paid by the Trustee from the Trust Fund, if any.
9.02    Trust Fund Property.  All income, profits, recoveries, contributions, forfeitures and any and all moneys, securities and properties of any kind at any time received or held by the Trustee, if any, shall be held for investment purposes as a commingled Trust Fund pursuant to the terms of 

14

the Trust Agreement.  No Participant shall have any title to any specific asset in the Trust Fund, if any.

ARTICLE X     
NATURE OF THE PLAN 
AND ESTABLISHMENT OF THE TRUST
10.01    Nature of the Plan.  The Plan is intended to constitute an unfunded, unsecured plan of deferred compensation for a select group of management or highly compensated employees of the Company.  Plan benefits herein provided are a contractual obligation of the Company which shall be paid out of the Company’s general assets.  Nevertheless, subject to the terms hereof and of the Trust Agreement, the Company may transfer money or other property to the Trustee to provide Plan benefits hereunder, and the Trustee shall pay Plan benefits to Participants and their beneficiaries out of the Trust Fund.  
10.02    Establishment of the Trust.  The Company, in its sole discretion, may establish the Trust and enter into the Trust Agreement.  In such event, the Company shall remain the owner of all assets in the Trust Fund and the assets shall be subject to the claims of the Company’s creditors if the Company ever becomes insolvent.  For purposes hereof, the Company shall be considered “insolvent” if (a) the Company is unable to pay its debts as they become due or (b) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code (or any successor federal statute).  The chief executive officer of the Company and its board of directors shall have the duty to inform the Trustee in writing if the Company becomes insolvent.  Such notice given under the preceding sentence by any party shall satisfy all of the parties’ duty to give notice.  When so informed, the Trustee shall suspend payments to the Participants and hold the assets for the benefit of the Company’s general creditors.  If the Company subsequently alleges that it is no longer insolvent or if the Trustee receives a written allegation from a third party that the Company is insolvent, the Trustee shall suspend payments to the Participants and hold the Trust Fund for the benefit of the Company’s general creditors, and shall determine in accordance with the Trust Agreement whether the Company is insolvent.  If the Trustee determines that the Company is not insolvent, the Trustee shall resume payments to the Participants.  No Participant or beneficiary shall have any preferred claim to, or any beneficial ownership interest in, any assets of the Trust Fund, and, upon commencement of participation in the Plan, each Participant shall have agreed to waive his priority credit position, if any, under applicable state law with respect to the assets of the Trust Fund.
ARTICLE XI     
MISCELLANEOUS
11.01    Plan Not Contract of Employment.  The adoption and maintenance of the Plan shall not be deemed to be a contract between the Company and any individual or to be consideration for the employment of any individual.  Nothing herein contained shall be deemed to (0) give any individual the right to be retained in the employ of the Company, (0) restrict the right of the Company to discharge any individual at any time, (0) give the Company the right to require any individual to 

15

remain in the employ of the Company, or (0) restrict any individual’s right to terminate his employment at any time.
11.02    Alienation of Interest Forbidden.  The interest of a Participant or his or her beneficiary or beneficiaries hereunder may not be sold, transferred, assigned, or encumbered in any manner, either voluntarily or involuntarily, and any attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same shall be null and void; neither shall the benefits hereunder be liable for or subject to the debts, contracts, liabilities, engagements or torts of any individual  to whom such benefits or funds are payable, nor shall they be an asset in bankruptcy or subject to garnishment, attachment or other legal or equitable proceedings.  
11.03    Withholding.  All payments provided for hereunder shall be subject to applicable withholding and other deductions as shall be required of the Company under any applicable local, state or federal law.
11.04    Amendment and Termination.  The Company may from time to time, in its discretion, amend, in whole or in part, any or all of the provisions of the Plan on behalf of any Company; provided, however, that no amendment may be made that would impair the rights of a Participant with respect to his or her benefits.  The Company may terminate the Plan at any time.  
11.05    Severability.  If any provision of the Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining provisions hereof; instead, each provision shall be fully severable and the Plan shall be construed and enforced as if said illegal or invalid provision had never been included herein. 
11.06    Arbitration.  A controversy arising out of or relating to the Plan, including without limitation, any and all disputes, claims (whether in contract, statutory or otherwise) or disagreements concerning the interpretation or application of the provisions of the Plan, (a “Covered Claim”) shall be resolved by arbitration in accordance with the Employee Benefit Plan Claims Arbitration Rules (“Rules”) of the American Arbitration Association (the “AAA”) in effect at the initiation of the arbitration.  All Covered Claims shall be arbitrated on an individual basis and the Participant shall not have any right or authority to assert or pursue any Covered Claims as a class action or derivative action of any sort.  In addition, notwithstanding anything to the contrary in the Rules (including Rule 12 entitled “Grouping of Claims for Hearing” or this rule’s successor), a Covered Claim by one Participant shall not be grouped or consolidated with a Covered Claim by another Participant in a single proceeding.  No arbitration proceeding relating to the Plan may be initiated by either the Employer or the Participant, unless the claims review and appeals procedures specified in Section 8.08  have been exhausted.  The arbitration shall be administered by the AAA.  Three arbitrators shall hear and determine the controversy.  Within twenty (20) business days of the initiation of an arbitration hereunder, the Employer and the Participant will each separately designate an arbitrator, and within twenty (20) business days of such selection, the appointed arbitrators will appoint a neutral arbitrator from the panel of AAA National Panel of Employee Benefit Plan Claims Arbitrators.  All arbitrators shall be impartial and independent.  The award (including a statement of finding of facts) shall be made promptly and no later than forty-five (45) days from the date of closing the hearings or, if the hearing has been on documents only, from the date of transmittal of the final statements and proofs to the arbitrator.  The arbitrators shall have the power to rule on their 

16

own jurisdiction, including any objections with respect to the existence, scope, or validity of the arbitration agreement or to the arbitrability of any claim or counterclaim, including a Covered Claim.  The decision of the arbitrators selected hereunder will be final and binding upon both parties, and judgment on the award may be entered in any court having jurisdiction.  This arbitration provision is expressly made pursuant to, and shall be governed by, the Federal Arbitration Act, 9 U.S.C. Sections 1-16 (or replacement or successor statute).  Nothing in this Section 11.06  shall be construed to, in any way, limit the scope and effect of Article VIII.  In any arbitration proceeding full effect shall be given to the rights, powers, and authorities of the Committee under Article VIII.
11.07    Compliance With Section 409A.  The Plan is intended to comply with Section 409A and the Plan shall be interpreted and operated in a manner consistent with this intention.
11.08    Unclaimed Benefits.  In the case of a benefit payable under the Plan on behalf of a Participant if the Plan Administrator is unable, after reasonable efforts, to locate the Participant or the beneficiary to whom such benefit is payable, upon the Plan Administrator’s determination thereof, such benefit shall be forfeited to the Company.  Notwithstanding the foregoing, if subsequent to any such forfeiture the Participant or beneficiary to whom such benefit is payable makes a valid claim for such benefit, such forfeited benefit (without any adjustment for earnings or loss) shall be restored to the Plan by the Company and paid in accordance with the Plan.
11.09    Governing Law.  All provisions of the Plan shall be construed in accordance with the laws of Texas, except to the extent preempted by federal law and except to the extent that the conflicts of law provisions of the State of Texas would require the application of the relevant law of another jurisdiction, in which event the relevant law of the State of Texas will nonetheless apply, with venue for litigation being in Houston, Texas.

17

IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly authorized officer this 19th day of December, 2018 effective as of the close of December 31, 2018.

BAKER HUGHES, A GE COMPANY, LLC

By: /s/ Lee Whitley      
Lee Whitley, Corporate Secretary 

18EX-10.1

 Exhibit 10.1 

2019 Form of Restricted Stock Units Award Agreement for Section 16 Officers 

ON SEMICONDUCTOR CORPORATION 

AMENDED AND RESTATED STOCK INCENTIVE PLAN 

RESTRICTED STOCK UNITS AWARD AGREEMENT 

ON Semiconductor Corporation, a Delaware Corporation, (the “Company”) hereby grants to __________________
(the “Grantee”), a Participant in the ON Semiconductor Corporation Amended and Restated Stock Incentive Plan, as amended from time-to-time (the
“Plan”), a Restricted Stock Units Award (the “Award”) for units (“Units”) representing shares of the common stock of the Company (“Stock”). This agreement to grant Stock Units (this “Grant
Agreement”) is made effective as of March 4, 2019 (the “Grant Date”). 
 RECITALS 

A.    The Board of Directors of the Company (the “Board”) has adopted the Plan as an
incentive to retain employees, officers, and non-employee Directors of, and Consultants to, the Company and to enhance the ability of the Company to attract, retain, and motivate individuals upon whose
judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. 

B.    Under the Plan, the Board has delegated its authority to administer the Plan to the
Compensation Committee of the Board (the “Committee”). 
 C.    The Committee
has approved the granting of Units to the Grantee pursuant to the Plan to provide an incentive to the Grantee to focus on the long-term growth of the Company, to protect the Company’s goodwill with its employees, to protect the
Company’s goodwill with its customers, and to protect the confidential information of the Company. 

D.    To the extent not specifically defined herein or in the Grantee’s employment agreement
or comparable agreement, as amended from time to time (the “Employment Agreement”), all capitalized terms used in this Grant Agreement shall have the meaning set forth in the Plan unless a contrary meaning is set forth in the Employment
Agreement. 
 In consideration of the mutual covenants and conditions hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Grantee agree as follows: 

1.    Grant of Units. The Company hereby grants to the Grantee a Restricted
Stock Units Award for _____ Units, representing the right to receive the same number of shares of Stock, subject to the terms and conditions in this Grant Agreement. This Award is granted pursuant to the Plan and its terms are incorporated by
reference. 
 2.    Vesting of Units. Subject to the provisions of the Plan
and Section 3, below, the Units will vest in accordance with the schedule below: 

2.1    ____ Units will vest on March 4, 2020; 

 2.2    An additional ____ Units will vest on
March 4, 2021; and 
 2.3    The final ____ Units will vest on
March 4, 2022. 
 3.    Termination of Employment or Services.

 3.1    General. Subject to the provisions of Section 3.2 and
Section 3.3, below, if the Grantee terminates employment with the Company for any reason (including upon a termination for Cause), or otherwise ceases to perform services for the Company, any Units that are not vested under the schedule in
Section 2, above, will be canceled and forfeited as of the date of the Grantee’s termination of employment or service. 

3.2    Retirement. If: (i) the Grantee is Retirement Eligible (as defined
below) as of the Grant Date; and (ii) actually Retires after the six month anniversary of the Grant Date, the Grantee shall continue to vest in the Units, as set forth in Section 2, above, as if the Grantee’s termination of employment
had not occurred. For purposes of this Grant Agreement: (A) “Retirement Eligible” means attainment of age 55, with 10 or more years of service with the Company, or attainment of age 65; and (B) “Retires,” “Retire,” or
“Retirement” means the voluntary termination of employment by the Grantee if the Grantee is Retirement Eligible; provided, that, the Grantee delivers a Notice of Termination (as defined in the Employment Agreement) to the Company at least
three months prior to his or her last day of employment. 
 3.3    Change in
Control. In the event the Company terminates the Grantee’s employment without Cause (including a deemed termination for Good Reason, if applicable for the Grantee, as defined in the Employment Agreement) within two (2) years
following a Change in Control, then the unvested portion of the Units shall become immediately vested as of the date of the Grantee’s termination of employment. If a Change in Control occurs following the date on which the Grantee Retires, then
the unvested portion of the Units shall become immediately vested as of the date of the Change in Control. 

4.    Time and Form of Payment. Subject to the provisions of this Grant
Agreement and the Plan, as the number of Units vest under Section 2 or under Section 3, above, as the case may be, the Company will deliver to the Grantee the same number of whole shares of Stock, rounded up or down. Subject to
Section 20, below, the Company must deliver the vested shares (if any) within 15 days of the applicable vesting date. 

5.    Nontransferability. The Units granted by this Grant Agreement shall not
be transferable by the Grantee or any other person claiming through the Grantee, either voluntarily or involuntarily, except by will or the laws of descent and distribution or as otherwise provided under Article 13 of the Plan. 

6.    Adjustments. In the event of a stock dividend or in the event the Stock
shall be changed into or exchanged for a different number or class of shares of stock of the Company or of another corporation, whether through reorganization, recapitalization, stock split-up, combination of
shares, merger or consolidation, there shall be substituted for each such remaining share of Stock then subject to this Grant Agreement the number and class of shares of stock into which each outstanding share of Stock shall be so exchanged, all as
set forth in Section 5.3 of the Plan. 

  
 2 

 7.    Delivery of Shares. No
shares of Stock shall be delivered under this Grant Agreement until: (i) the Units vest in accordance with the schedule set forth in Section 2 or pursuant to Section 3, above, as the case may be; (ii) approval of any governmental
authority required in connection with the Grant Agreement, or the issuance of shares thereunder, has been received by the Company; (iii) if required by the Committee, the Grantee has delivered to the Company documentation (in form and content
acceptable to the Company in its sole and absolute discretion) to assist the Company in concluding that the issuance to the Grantee of any share of Stock under this Grant Agreement would not violate the Securities Act of 1933, as amended (the
“Securities Act”), or any other applicable federal, state or local securities or other laws or regulations; (iv) the Grantee has complied with Section 13, below, in order for the proper provision for required tax withholdings to
be made; and (v) the Grantee has executed and returned this Grant Agreement to the Company (which, in the case of a Grant Agreement provided to the Grantee in electronic format, requires that the Grantee click the
“ACCEPT” button). This Grant Agreement must be executed by the Grantee no later than the date 11 months from the Grant Date, which is through and including the normal close of business of the Company for its headquarters location in
Phoenix, Arizona on February 4, 2020. 
 8.    Securities
Act. The Company shall not be required to deliver any shares of Stock pursuant to the vesting of Units if, in the opinion of counsel for the Company, such issuance would violate the Securities Act or any other applicable federal,
state or local securities laws or regulations. 
 9.    Voting and Other Stockholder
Related Rights. The Grantee will have no voting rights or any other rights as a stockholder of the Company (e.g., no rights to cash dividends) with respect to unvested Units until the Units become vested and the Company issues shares
of Stock to the Grantee. 
 10.    Delivery of Documents and Notices. Any
document relating to participation in the Plan or any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Grant Agreement provides for effectiveness only upon actual
receipt of such notice) upon personal delivery, electronic delivery at the e-mail address, if any, provided for the Grantee by the Company or an Affiliate, or upon deposit in the U.S. Post Office or foreign
postal service, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the current address on file with the Company or at such other address as such party may designate in writing
from time-to-time to the other party. 

10.1    Description of Electronic Delivery. The Plan documents – which
may include but do not necessarily include the Plan, a grant notice, this Grant Agreement, the Plan Prospectus, and any reports of the Company provided generally to the Company’s stockholders – may be delivered to the Grantee
electronically. In addition, the Grantee may deliver electronically any grant notice and this Grant Agreement to the Company or to such third party involved in administering the Plan as the Company may designate from
time-to-time. Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the internet site of a third
party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company. 

  
 3 

 10.2    Consent to Electronic
Delivery. The Grantee acknowledges that the Grantee has read Section 10.1, above, and consents to the electronic delivery of the Plan documents and any grant notice, as described in Section 10.1. The Grantee acknowledges
that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Grantee by contacting the Company by telephone or in writing. 

11.    Administration. This Grant Agreement is subject to the terms and
conditions of the Plan and the Plan shall in all respects be administered by the Committee in accordance with the terms and provisions of the Plan. The Committee shall have the sole and complete discretion with respect to all matters
reserved to it by the Plan and decisions of the majority of the Committee with respect to the Plan and this Grant Agreement shall be final and binding upon the Grantee and the Company. In the event of any conflict between the terms and conditions of
this Grant Agreement and the Plan, the provisions of the Plan shall control. 

12.    Continuation of Employment or Services. This Grant Agreement shall not
be construed to confer upon the Grantee any right to continue employment with, or to provide services to, the Company and shall not limit the right of the Company, in its sole and absolute discretion, to terminate the employment or services of the
Grantee at any time. 
 13.    Responsibility for Taxes and Withholdings.
The Grantee acknowledges that, regardless of any action the Company or the Grantee’s actual employer (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, fringe benefits tax, payment on account,
or other tax-related items related to the Grantee’s participation in the Plan and legally applicable to the Grantee (the “Tax-Related Items”), the
ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and may exceed the amount actually withheld by the Company or the Employer. The Grantee further acknowledges that
the Company and/or the Employer: (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Units, including the grant of the Units,
the vesting of Units, the conversion of the Units into shares or the receipt of an equivalent cash payment, the subsequent sale of any shares acquired at vesting and the receipt of any dividends and/or dividend equivalents; and (ii) do not
commit to and are under no obligation to structure the terms of the grant or any aspect of the Units to reduce or eliminate the Grantee’s liability for Tax-Related Items or achieve any particular tax
result. Further, if the Grantee has become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable event, the Grantee acknowledges that the Company and/or the Employer (or former employer, as
applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. 

Prior to any relevant taxable or tax withholding event, as applicable, the Grantee shall pay, or make adequate arrangements
satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, pursuant to Article 17 of the Plan, if permissible under local law and subject to any restrictions provided by
the Committee prior to the vesting of the shares, the Grantee authorizes the Company or the Employer, or their respective agents, to withhold all applicable Tax-Related Items in shares of Stock to be issued
upon vesting/settlement of the Units. Alternatively, or in addition, subject to any restrictions provided by the Committee prior to the vesting of the shares, the Grantee authorizes the Company and/or the Employer, or their respective agents, to
satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from the Grantee’s wages or other cash compensation paid to the

  
 4 

 
Grantee by the Company and/or the Employer; (ii) withholding from proceeds of the sale of shares of Stock acquired upon vesting/settlement of the Units either through a voluntary sale or
through a mandatory sale arranged by the Company (on the Grantee’s behalf pursuant to this authorization); or (iii) personal check or other cash equivalent acceptable to the Company. 

Depending on the withholding method, the Company may withhold or account for
Tax-Related Items by considering applicable minimum statutory withholding amounts or such greater amounts not to exceed the maximum statutory rate necessary, in the applicable jurisdiction, to satisfy federal,
state, and local withholding tax requirements (but only if withholding at a rate greater than the minimum statutory rate will not result in adverse financial accounting consequences). In the event that the Company withholds an amount for Tax-Related Items that exceeds the maximum withholding amount under applicable law, the Grantee shall receive a refund of such over-withheld amount in cash and shall have no entitlement to an equivalent amount in
Stock. If the obligation for Tax-Related Items is satisfied by withholding a number of shares of Stock as described herein, for tax purposes, the Grantee shall be deemed to have been issued the full number of
shares of Stock subject to the Award, notwithstanding that a number of the shares of Stock are held back solely for the purpose of paying the Tax-Related Items due as a result of the Grantee’s
participation in the Plan. 
 Finally, the Grantee shall pay to the Company or to the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Grantee’s participation in the Plan that cannot be satisfied by the means previously described.
The Company may refuse to issue or deliver shares or the proceeds of the sale of shares of Stock if the Grantee fails to comply with his or her obligation in connection with the Tax-Related Items. 

14.    Amendments. Unless otherwise provided in the Plan or this Grant
Agreement, this Grant Agreement may be amended only by a written agreement executed by the Company and the Grantee. 

15.    Integrated Agreement. Any grant notice, this Grant Agreement and the
Plan shall constitute the entire understanding and agreement of the Grantee and the Company with respect to the subject matter contained herein or therein and supersedes any prior agreements, understandings, restrictions, representations, or
warranties between the Grantee and the Company with respect to such subject matter other than those as set forth or provided for herein or therein. To the extent contemplated herein or therein, the provisions of any grant notice and this Grant
Agreement shall survive any settlement of the Award and shall remain in full force and effect. 

16.    Severability. If one or more of the provisions of this Grant Agreement
shall be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the invalid, illegal or unenforceable provisions shall be
deemed null and void; however, to the extent permissible by law, any provisions which could be deemed null and void shall first be construed, interpreted or revised retroactively to permit this Grant Agreement to be construed so as to foster the
intent of this Grant Agreement and the Plan. 

  
 5 

 17.    Counterparts. Any
grant notice and this Grant Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

18.    Governing Law and Venue. This Grant Agreement shall be interpreted and
administered under the laws of the State of Delaware. For purposes of litigating any dispute that arises under this grant or this Grant Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Arizona, agree that such
litigation shall be conducted in the courts of Maricopa County, Arizona, or the federal courts for the United States for the District of Arizona, where this grant is made and/or to be performed. 

19.    Other. The Grantee represents that the Grantee has read and is familiar
with the provisions of the Plan and this Grant Agreement, and hereby accepts the Award subject to all of their terms and conditions. 

20.    Section 409A Compliance. Section 409A of the Code imposes an
additional 20% tax, plus interest, on payments from “non-qualified deferred compensation plans.” Certain payments under this Grant Agreement could be considered to be payments under a “non-qualified deferred compensation plan.” The additional 20% tax and interest do not apply if the payment qualifies for an exception to the requirements of Section 409A or complies with the
requirements of Section 409A. The Company believes, but does not and cannot warrant or guaranty, that the payments due pursuant to this Grant Agreement comply with, or are exempt from, the requirements of Section 409A. Notwithstanding
anything to the contrary in this Grant Agreement, if the Company determines that no exception to Section 409A applies to the payments due pursuant to this Grant Agreement, to the extent any payments are due on the Grantee’s termination of
employment, the term “termination of employment” shall mean “separation from service” as defined in Treasury Regulation Section 1.409A-1(h) and, to the extent any payments are due on a
Change in Control, the term Change in Control shall mean a “change in control event” as defined in Section 409A of the Code. In addition, if the Grantee is a “specified employee” (as defined in Treasury Regulation Section 1.409A-1(i)) and any payments due pursuant to this Grant Agreement are payable on the Grantee’s “separation from service,” then such payments shall be paid on the first business day
following the expiration of the six month period following the Grantee’s “separation from service.” This Grant Agreement shall be operated in compliance with Section 409A or an exception thereto and each provision of this Grant
Agreement shall be interpreted, to the extent possible, to comply with Section 409A or to qualify for an applicable exception. The Grantee remains solely responsible for any adverse tax consequences imposed upon the Grantee by
Section 409A. 
 21.    Confidentiality; Reaffirmation of Restrictive Covenants;
Violation. 
 21.1    Confidentiality of Agreement. The Grantee
acknowledges and agrees that the terms of this Grant Agreement are considered proprietary information of the Company. The Grantee hereby agrees that Grantee shall maintain the confidentiality of these matters to the fullest extent permitted by law
and shall not disclose them to any third party. 

  
 6 

 21.2    Exceptions. There
are limited exceptions to the above confidentiality requirement if the Grantee is providing information to government agencies, including but not limited to the Equal Employment Opportunity Commission, the National Labor Relations Board, the
Occupational Safety and Health Administration (or its state equivalent), and the Securities and Exchange Commission. This Grant Agreement does not limit the Grantee’s ability to communicate with any government agencies regarding matters within
their jurisdiction or otherwise participate in any investigation or proceeding that may be conducted by any government agency, including providing documents or other information, without notice, to the government agencies. Nothing in this Grant
Agreement shall prevent the Grantee from disclosing confidential information or trade secrets that: (i) is made: (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and
(B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In the event that the
Grantee files a lawsuit alleging retaliation by the Company for reporting a suspected violation of law, the Grantee may disclose confidential information or trade secrets related to the suspected violation of law or alleged retaliation to the
Grantee’s attorney and use the confidential information or trade secrets in the court proceeding if the Grantee or the Grantee’s attorney: (i) files any document containing confidential information or trade secrets under seal; and
(ii) does not disclose the confidential information or trade secrets, except pursuant to court order. The Company provides this notice in compliance with, among others, the Defend Trade Secrets Act of 2016. 

21.3    Reaffirmation of Restrictive Covenants. By accepting this Award, the
Grantee reaffirms his or her obligation to comply with the confidentiality, non-competition, non-solicitation, non-disclosure,
confidential information, and similar restrictive covenant provisions set forth in the Employment Agreement or any other agreement to which the Grantee and the Company or any Affiliate are parties. 

21.4    Violation. If the Grantee violates the confidentiality provisions of
this Section 21, or the restrictive covenant provisions contained in the Employment Agreement or any other agreement to which the Grantee and the Company or any Affiliate are parties (e.g., non-competition provisions, non-solicitation provisions, non-disclosure provisions, confidential information provisions, etc.), the Company, without waiving any other remedy available, may revoke this
Award without further obligation or liability, and the Grantee may be subject to disciplinary action, up to and including the Company’s termination of the Grantee’s employment. 

22.    Appendix. Notwithstanding any provisions in this Grant Agreement, the
grant of the Units shall be subject to any special terms and conditions set forth in any appendix (or any appendices) to this Grant Agreement for the Grantee’s country (the “Appendix”). Moreover, if the Grantee relocates to one of the
countries included in the Appendix, the special terms and conditions for such country will apply to the Grantee, to the extent the Company determines that the application of such terms and conditions is necessary or advisable in order to comply with
local law or facilitate the administration of the Plan. The Appendix constitutes part of this Grant Agreement. 

23.    Imposition of Other Requirements. The Company reserves the right to
impose other requirements on the Grantee’s participation in the Plan, on the Units and on any shares of Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable

  
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in order to comply with local law or facilitate the administration of the Plan, and to require the Grantee to sign any additional agreements or undertakings that may be necessary to accomplish
the foregoing. Further, the Award and profits under this Grant Agreement are subject to the Company’s compensation recovery policy or policies (and related Company practices) as such may be in effect from time-to-time, whether or not such policies were adopted in response to Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended, and similar or related laws, rules and
regulations. In addition to the Company’s compensation recovery policy or policies, and notwithstanding anything in the Plan or any Employment Agreement to the contrary, the Company may require the Grantee to forfeit all or a portion of any
unvested Units and any shares of Stock delivered pursuant to this Grant Agreement if: (i) the Grantee’s employment is terminated for Cause; or (ii) the Committee, in its sole and absolute discretion, determines that the Grantee
engaged in serious misconduct that results or might reasonably be expected to result in financial or reputational harm to the Company. The Grantee agrees to fully cooperate with the Company in assuring compliance with the provisions of this
Section 23 and such compensation recovery policies and the provisions of applicable law, including, but not limited to, promptly returning any compensation subject to recovery by the Company pursuant to the provisions of this Section 23,
such policies and applicable law. 
 IN WITNESS WHEREOF, the Company has caused this Grant Agreement to be signed by
its duly authorized representative and the Grantee has signed this Grant Agreement as of the date first written above. 
 [Remainder of
Page Intentionally Left Blank; Signature Page Follows] 

  
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	ON SEMICONDUCTOR CORPORATION
		
	By:	 	 
		 	Tobin Cookman
		 	Senior Vice President, Human Resources and
		 	Assistant Compliance and Ethics Officer
	
	GRANTEE
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  
 9

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