Document:

Amendment No. 5 to Employment Agreement with Keith Jackson

 EXHIBIT 10.1 
 AMENDMENT NO. 5 TO 
 EMPLOYMENT AGREEMENT 
 FOR KEITH JACKSON 
 WHEREAS, ON
Semiconductor Corporation (“Company”) and Keith Jackson (“Executive”) entered into an Employment Agreement dated as of November 10, 2002 (“Agreement”); 
 WHEREAS, all defined terms used herein shall have the meanings set forth in the Agreement unless specifically defined herein; 
 WHEREAS, the Agreement was subsequently amended on November 19, 2002, March 21, 2003, May 19, 2005, and February 14,
2006 for various reasons; 
 WHEREAS, there have been recent amendments to the Internal Revenue Code of 1986 (“Code”) that
have added Code Section 409A and related guidance has been provided on this section’s interpretation and application (collectively, “Section 409A”), which apply to nonqualified deferred compensation plans; 
 WHEREAS, Section 409A’s definition of nonqualified deferred compensation plans is broad, and comprises payments that do not resemble
traditional deferred compensation plans, including certain arrangements promising payments upon separation from service (“Termination Payments”); 
 WHEREAS, Termination Payments that are subject to Section 409A must comply with certain requirements, including a requirement that any Termination Payment made to a key employee of a public company must be
delayed at least six months following the employee’s separation from service and must be distributed pursuant to a fixed payment schedule (under which the first payment shall not be made less than six months after the separation from service);

 WHEREAS, the consequences of failure to comply with Section 409A may be significant to a key employee, however, there is
transitional guidance issued by the Internal Revenue Service that allows for amending through December 31, 2006 the terms of plans or arrangements providing for the deferral of compensation in order o comply with Section 409A ; 

WHEREAS, the Agreement of the Executive entitles him, in the event of termination under circumstances specified under the Agreement, to
Termination Payments that are subject to Section 409A; and 
 WHEREAS, in order to ensure that no violation of Section 409A
occurs with respect to Termination Payments under the Agreement, the Company and the Executive now wish to further amend the Agreement. 
  

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 NOW, THEREFORE, for mutual consideration the receipt of which is hereby acknowledged, the
Agreement is hereby amended as follows: 
 1. Section 5(a) of the Agreement related to “Termination Payment” is hereby amended by replacing
such section in its entirety with the following: 
 “(a) Without Cause. In the event of the termination of the
Executive’s employment during the Employment Period by the Company without Cause (including a deemed termination without Cause as provided in Section 3(f) herein), in addition to the Executive’s accrued but unused vacation and Base
Salary through the Date of Termination (to the extent not theretofore paid) the Executive shall be entitled to continue to receive his Base Salary at the rate in effect as of the Date of Termination for a period of two (2) years following the
Date of Termination, with such Base Salary to be paid (i) in an initial lump sum equal to six months’ Base Salary on the six-month anniversary of the Date of Termination and (ii) thereafter in installments in accordance with the
Company’s normal payroll practices; provided that the payments and benefits provided herein are subject to and conditioned upon the Executive executing a valid general release and waiver (in the form reasonably acceptable to the Company),
waiving all claims the Executive may have against the Company, its successors, assigns, affiliates, executives, officers and directors, and such waiver becoming effective, and the payments and benefits are subject to and conditioned upon the
Executive’s compliance with the Restrictive Covenants provided in Sections 9 and 10 hereof. Notwithstanding the foregoing, the Executive shall be required to mitigate any damages that the Executive may incur as a result of a termination of his
employment by the Company without Cause (including a deemed termination without Cause as provided in Section 3(f) herein) during the Employment Period by seeking employment comparable in terms of compensation, position and location to the
Executive’s employment hereunder. Any amounts that the Executive earns pursuant to such employment shall offset and reduce the amount of severance required to be paid to the Executive pursuant to this Section 5(a) during the two-year
period following the Date of Termination. For purposes of the paragraph, “employment” shall mean any activity for which the Executive is compensated as a result of the rendering of services, whether such services are rendered as a common
law employee, a partner, sole proprietor, independent contractor or otherwise. The Executive shall be required to provide such evidence as the Company may reasonably require regarding the amount of such earnings. Except as provided in this
Section 5(a) and Sections 2(e), 7 and 10(d), to the extent applicable, the Company shall have no additional obligations under this Agreement.” 
 2. A new Section 13(k) is added to the Agreement under the “Miscellaneous” section and it hereby provides the following: 
 “(k) This Agreement is intended to constitute an enforceable contract for the payment of compensation, severance and certain other benefits. The Agreement is not intended to constitute a “nonqualified
deferred compensation plan” within the meaning of Section 409A of the Code. Notwithstanding the foregoing, in the event this Agreement or any benefit paid to Executive hereunder is deemed to be subject to Section 409A of the Code, the
Executive consents to the Company adopting such conforming amendments as the Company deems necessary, in its sole discretion, to comply with Section 409A of the Code, without reducing the amounts of any benefits due to the Executive
hereunder.” 
  

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 3. Except as otherwise specifically provided in this Amendment, all terms and conditions of the Agreement shall remain in
full force and effect. 
 IN WITNESS WHEREOF, the Executive and the Company have executed this Amendment as of the 1st day of
September 2006. 
  

									
	EXECUTIVE:	 		 	Keith Jackson, in his individual capacity
					
		 		 		 	 By:
	 	 /s/ KEITH JACKSON

		 		 		 	 Name:
	 	 Keith Jackson

		 		 		 	 Title:
	 	 Chief Executive Officer and President

			
	CORPORATION:	 		 	ON Semiconductor Corporation
					
		 		 		 	 By:
	 	 /s/ SONNY H. CAVE

		 		 		 	 Name:
	 	 Sonny H. Cave

		 		 		 	 Title:
	 	 Senior Vice President and General Counsel

  

 3Amendment No. 4 to Employment Agreement with William George

 Exhibit 10.2 
 ON SEMICONDUCTOR CORPORATION 
 SEMICONDUCTOR COMPONENTS INDUSTRIES, LLC 
 August 4, 2006 
 William
George 
 3617 E. Camino Sin Nombre 
 Paradise Valley, AZ 85253 
 Dear Bill: 
 As you know, discussions have taken place between you and ON Semiconductor Corporation and Semiconductor
Components Industries, L.L.C. (collectively, the “Company”) regarding your intention to remain with the Company through August 2008. As a result of these discussions, the Board of Directors of the Company (“Board”)
is expected to approve a two-year extension of your employment agreement dated October 27, 1999 (the “Employment Agreement”), as previously amended on October 1, 2001 (“Amendment 1”), August 5,
2003 (“Amendment 2”) and February 17, 2005 (“Amendment 3”) (the Employment Agreement as previously amended through the date hereof is referred to herein as the “Amended Employment Agreement”).
Accordingly, we have prepared this letter agreement of today’s date (“Amendment 4”) in order to memorialize our mutual understanding of your current anticipated retirement date and to implement certain additional amendments to
the Amended Employment Agreement to which the parties hereto have mutually agreed. Such amendments are effective as of the date hereof, subject to the Board’s approval. All defined terms used in this Amendment 4 that are not otherwise defined
herein shall have the meanings ascribed to such terms in the Amended Employment Agreement. 
  

	I.	Amendments to the Amended Employment Agreement. 

 (a) Section 3 of the Employment Agreement, Subsection I(a) of Amendment 1, Subsection I(a) of Amendment 2 and Subsection I(a) of Amendment 3 are each hereby amended by extending the Scheduled Termination Date to be
August 4, 2008. 
 (b) Subsection 3(f) of the Employment Agreement is hereby amended and replaced in its entirety by the
following: 
 For Good Reason. The Executive may terminate his employment hereunder for Good Reason and any such termination shall be
deemed a termination by the Company without Cause. For purposes of this Agreement, “Good Reason” shall mean (i) a material breach of this Agreement by the Company, (ii) a reduction by the Company of the Executive’s Base
Salary or Annual Bonus as in effect immediately prior to such reduction, or (iii) the Executive’s election to terminate his employment within one year after a Change in Control (as defined below); provided that the Executive shall not have
the right to terminate his employment for Good Reason as defined in clause (i) above unless the Executive notifies the Company within thirty 

  

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(30) days after the event or events which the Executive believes constitute Good Reason hereunder, describes in such notice in reasonable detail such event
or events and provides the Company a reasonable time to cure such breach (not to exceed thirty (30) days) and the Company fails to cure such breach within such time, and provided, further, that the Company’s assignment to the Executive of
a position, title, duties or responsibilities different from those held and/or exercised by, and/or assigned to, the Executive as of the date hereof or as may be in effect from time to time after the date hereof without reduction in the
Executive’s Base Salary or Annual Bonus shall not constitute Good Reason. 
 (c) Section 5(a) of the Employment
Agreement is hereby amended and replaced in its entirety by the following: 
 Without Cause. In the event of the termination of the
Executive’s employment during the Employment Period by the Company without Cause (including a deemed termination without Cause as provided in Section 3(f) herein), in addition to the Executive’s accrued but unused vacation and Base
Salary through the Date of Termination (to the extent not theretofore paid), the Executive shall be entitled to a lump-sum payment, payable as soon as practicable following the six-month anniversary of the Date of Termination, equal to the excess of
(i) two times the sum of (A) the highest rate of the Executive’s annualized Base Salary in effect at any time up to and including the Date of Termination and (B) the Executive’s Annual Bonus determined based on the
performance of the Company and/or the Executive in the year immediately preceding the Date of Termination (provided that if such Annual Bonus was paid in more than one installment during the year (“Installments”) the amount included
in the lump-sum payment pursuant to this clause shall be the aggregate amount of such Installments) over (ii) any portion of the Executive’s Annual Bonus paid as one or more Installments during the year in which the Date of Termination
occurs and prior to the Date of Termination; provided that the payments and benefits provided herein are subject to and conditioned upon the Executive executing a valid general release and waiver (in the form reasonably acceptable to the Company),
waiving all claims the Executive may have against the Company, its successors, assigns, affiliates, executives, officers and directors, and such payments and benefits are subject to and conditioned upon the Executive’s compliance with the
Restrictive Covenants provided in Sections 8 and 9 hereof. Except as provided in this Section 5(a) and Sections 2(d), 6 and 9(c), to the extent applicable, the Company shall have no additional obligations under this Agreement. 
 (d) Except as specifically provided herein, all other terms and conditions provided in the Employment Agreement shall remain in full force
and effect. 
  

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 Please acknowledge your agreement to the foregoing by signing in the appropriate space below. This letter agreement shall
not be effective unless executed by each of the parties hereto. A facsimile of a signature shall be deemed to be and have the same force and effect as an original. 
  

	
	 Sincerely,

	
	 /s/ KEITH D. JACKSON

	 Keith D. Jackson

	 President and Chief Executive Officer

 Agreed, Acknowledged and Executed on September 1, 2006: 
  

	
	 /s/ WILLIAM L. GEORGE

	 William L. George

  

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