Document:

EX-10.9

 Exhibit 10.9 

PEPCO HOLDINGS, INC. 
 RESTRICTED STOCK UNIT AGREEMENT 
 (Performance-Based/162(m))

 THIS RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”) is effective this
                     day of                     ,
2013 (the “Date of Grant”), by and between Pepco Holdings, Inc. (the “Company”), and Kevin C. Fitzgerald, an employee of the Company (the “Participant”). 

WHEREAS, the Company has adopted the Pepco Holdings, Inc. 2012 Long-Term Incentive Plan, as it may be amended, amended and
restated and/or restated from time to time (the “Plan”). 
 WHEREAS, on
                    , 2013, the Committee granted to the Participant a Performance-Based Award under the Plan
of                      Restricted Stock Units (with a maximum award opportunity of
                     Restricted Stock Units) (the “RSU Award”). 
 WHEREAS, the Company desires to enter into an agreement with the Participant on the terms and conditions hereinafter set forth, evidencing the grant to the Participant of the RSU Award approved by
the Committee. 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and
valuable consideration, the Company and the Participant agree as follows: 
  

	 	1.	Restricted Stock Unit Award. 

  

	 	(a)	The Company hereby grants to the Participant the RSU Award consisting of
                     Restricted Stock Units (with a maximum award opportunity of
                     Restricted Stock Units), all as set forth on Schedule A attached hereto. The Restricted Stock Units granted by the RSU
Award are notional units of measurement denominated in shares of Stock (i.e., one Restricted Stock Unit is equivalent in value to one share of Stock, subject to the terms hereof). The Restricted Stock Units represent an unfunded, unsecured
contractual right. 

  

	 	(b)	The Restricted Stock Units granted by this RSU Award are subject to the terms and conditions set forth herein, including the performance-based vesting requirements set
forth on Schedule A attached hereto, and in the Plan. The performance period shall begin on January 1, 2013 and end on December 31, 2015 (the “Performance Period”), as described in more detail on Schedule
A attached hereto. The performance objectives and related business criteria with respect to the Performance Period (collectively, the “Performance Goals”) and other relevant information related to this RSU Award are set forth on
Schedule A attached hereto. 

  

	 	(c)	The restriction period of this RSU Award (the “Restriction Period”) shall be concurrent with the Performance Period. 

	 	(d)	The Committee has determined that this RSU Award is intended to be “performance-based compensation” as defined in Section 162(m) (“Section
162(m)”) of the Internal Revenue Code of 1986, as amended, including the Treasury Regulations promulgated thereunder (the “Code”). As such, this RSU Award shall be a Performance-Based Award under, and shall be subject to all of the
related terms, conditions, limitations and requirements of, Sections 7 and 8.C. of the Plan. 

  

	 	2.	Vesting. Except as may otherwise be provided by Section 25: 

(a) Subject to compliance with Section 13, the Restricted Stock Units under this RSU Award shall vest only
(i) except as provided in Section 3 hereof, to the extent that the Performance Goals are satisfied as provided in Schedule A, and (ii) except as otherwise provided in Sections 2(c), 2(d) or 3 hereof, if the Participant remains
continuously employed by the Company or a Subsidiary until the end of the Performance Period. 
 (b) Except as
otherwise provided by Sections 2(c), 2(d) or 3 hereof, if the employment of the Participant by the Company or any Subsidiary terminates prior to the end of the Restriction Period, this RSU Award shall be immediately forfeited in its entirety.

 (c) Upon (i) the Termination of the Participant’s employment without Cause, or (ii) the
Disability or death of the Participant during the Restriction Period and prior to any termination of the Participant’s employment with the Company or any Subsidiary, the number of Restricted Stock Units, if any, payable under this RSU Award
shall equal the number of Restricted Stock Units that otherwise would be paid, if any, following the Restriction Period (based on the achievement of the Performance Goals as determined under Section 1(b)), multiplied by a fraction, (A) the
numerator of which shall be the number of days in the Restriction Period during which the Participant was continuously employed by the Company or a Subsidiary, and (B) the denominator of which shall be (x) if the Participant was employed
by the Company or a Subsidiary on the first day of the Restriction Period, the total number of days in the Restriction Period, or (y) in all other cases, the total number of days within the Restriction Period equal to the period of time
beginning on the first day of such continuous employment and ending on the last day of the Restriction Period. The remaining portion of this RSU Award that does not vest in accordance with this Section 2(c) shall immediately be forfeited.

 (d) The Committee may, in its sole discretion, provide that, upon the retirement of the Participant (as
determined by the Committee in its sole discretion), all or part of the Restricted Stock Units covered by this RSU Award shall be payable under this RSU Award, subject to the satisfaction of the Performance Goals as provided in Schedule A.
Any such action by the Committee must be made in writing prior to the effective date of the Participant’s retirement. 
 Any portion of
this RSU Award as to which the vesting requirements of this Section 2 have been satisfied shall be payable in accordance with Section 5 hereof. 

  
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 3. Accelerated Vesting. Notwithstanding anything in this Agreement to the contrary
(but subject to compliance with the provisions of Section 18 hereof and except as may otherwise be provided in Section 25 hereof), if the Participant is terminated by the Company or a Subsidiary as an employee, or if the Participant
terminates such employment for Good Reason, in each case within 12 months following a Change in Control and within the Restriction Period, then without regard to the extent to which the Performance Goals are achieved, a portion of the target-level
number of Restricted Stock Units represented hereby shall vest and be payable in accordance with Section 5 hereof, which portion shall equal such number of Restricted Stock Units multiplied by a fraction, the numerator of which shall be the
number of days of the Performance Period that have elapsed as of such Change in Control (or, in the case of a termination of employment for Good Reason, as of the date of such termination), and the denominator of which shall be the total number of
days in the Performance Period. For purposes of this Section 3, it will have been assumed that all of the performance-based vesting requirements have been achieved at the target, or 100% level, as provided on Schedule A attached hereto.

 4. Dividend Equivalents. Dividend Equivalents under the Plan have been granted in conjunction with this RSU Award,
such that any dividend paid in cash on shares of Stock will be credited to the Participant as Dividend Equivalents as if the Restricted Stock Units represented hereby were outstanding shares of Stock. Such credit shall be made in the form of
additional whole and/or fractional Restricted Stock Units, based on the Fair Market Value of the Stock on the trading day immediately prior to the date of payment of any such dividend. All such additional Restricted Stock Units shall be subject to
the same vesting and forfeiture requirements applicable to the Restricted Stock Units in respect of which they were credited and shall be paid in accordance with Section 5 hereof. Notwithstanding anything in this Agreement to the contrary
(except Section 3), no dividends credited in the form of Restricted Stock Units shall be paid to the Participant with respect to Restricted Stock Units under this RSU Award if the Performance Goals with respect hereto have not been satisfied.

 5. Payment of Award. Except as otherwise provided by Section 25 hereof, payment of vested Restricted Stock
Units (which shall include Restricted Stock Units credited pursuant to Dividend Equivalents described in Section 4) shall be made within thirty (30) days following (i) the satisfaction of all of the applicable vesting requirements
under Section 2 hereof and the determination of the number of Restricted Stock Units, if any, payable under this RSU Award, or (ii) accelerated vesting under Section 3 hereof; provided, however, that the timing of
all payments hereunder shall be made in compliance with Section 18. The vested Restricted Stock Units shall be paid in the form of one share of Stock for each Restricted Stock Unit, minus deductions for applicable minimum statutory withholding
taxes as set forth in Section 11 of this Agreement. 
 6. Nontransferability of Award. None of the Restricted
Stock Units covered hereby (including any Dividend Equivalents described in Section 4) may be assigned or alienated, and shall not be subject to attachment or other legal process except (i) to the extent specifically mandated and directed
by applicable state or Federal statute; (ii) as provided in Section 11 this Agreement with respect to withholding of applicable taxes; or (iii) pursuant to a Permitted Transfer. Any attempted disposition of this RSU Award or the
Restricted Stock Units (or any interest herein) in violation of this Section 6 shall be null and void. 

  
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 7. Terms and Conditions. The terms and conditions included in the Plan are
incorporated herein by reference, and to the extent that any conflict or ambiguity may exist between the terms and conditions included in this Agreement and the terms and conditions included in the Plan, the terms and conditions included in the Plan
shall control. By execution of this Agreement, the Participant acknowledges receipt of a copy of the Plan and further agrees to be bound thereby and by the actions of the Committee and/or the Board pursuant to the Plan. 

8. No Rights as a Stockholder. The Restricted Stock Units granted pursuant to this RSU Award, whether or not vested, will not
confer any voting rights or any other rights of a stockholder of the Company upon the Participant, and the Participant will not acquire any voting rights or any other rights of a stockholder of the Company unless and until such Restricted Stock
Units have vested and shares of Stock underlying such Restricted Stock Units have been issued and delivered to the Participant. The Company shall not be required to issue or transfer any certificates representing shares of Stock upon vesting of the
RSU Award until all applicable requirements of any law, rule or regulation have been compiled with, and any required government agency approvals have been obtained. Further, no issue or transfer of such certificates shall occur until such shares of
Stock have been duly listed on any securities exchange on which the Stock may then be listed. 
 9. Stock Issuable Upon
Vesting. Upon vesting of the RSU Award and payment of Stock pursuant to Section 5 hereof, the Participant shall be provided with the certificate(s) or certificate number(s) evidencing ownership of the shares of such Stock, subject to the
implementation of an arrangement with the Participant to effectuate all necessary tax withholding. If the shares of Stock evidenced by such certificate(s) were not offered and sold to the Participant in a transaction registered under the Securities
Act of 1933, as amended (the “Securities Act”), the certificate(s) may include a legend noting that the Stock may not be sold or transferred by the Participant unless such Stock is registered for resale or unless the Participant meets an
exemption from registration under the Securities Act. The Company shall follow all requisite procedures to deliver such certificates to the Participant; provided, however, that such delivery may be postponed to enable the Company to comply with any
applicable procedures, regulations or listing requirements of any government agency, stock exchange, transfer agent or regulatory agency. 
 10. No Employment Right; Tenure. This Agreement shall not constitute a contract of employment between the Company or any Subsidiary and the Participant. The Participant’s right, if any, to
serve the Company as a director, officer, employee or otherwise shall not be enlarged or otherwise affected by this Agreement or his or her designation as a participant under the Plan. 

11. Tax Withholding. The Participant acknowledges this RSU Award may give rise to a tax liability and a withholding obligation
associated therewith, and that no shares of Stock shall be issuable to the Participant hereunder until such withholding obligation is satisfied in full. In accordance with Section 19.C. of the Plan, the Company or a Subsidiary may withhold up
to, but no more than, the minimum applicable statutory federal, state and/or local taxes (collectively, “Tax Withholding Requirements”) at such time and upon such terms and conditions as required by law or determined by the Company or a
Subsidiary. Subject to compliance with any requirements of applicable law, the Participant shall have all or any portion of any Tax Withholding Requirements that may be payable in respect of the RSU Award satisfied when due

  
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through the payment by the Participant of cash to the Company or a Subsidiary, funded by the disposition on the Participant’s behalf or for the Participant’s account of shares of Stock
which would otherwise be delivered to the Participant having an aggregate fair market value equal to the aggregate amount of such Tax Withholding Requirements. 
 12. Securities Law Compliance. The Company currently has an effective registration statement on file with the Securities and Exchange Commission with respect to the shares of Stock subject to the
RSU Award. The Company intends to maintain the effectiveness of this registration statement but has no obligation to the Participant to do so. If the registration statement ceases to be effective, the Participant will not be able to transfer or sell
shares of Stock, which were issued to the Participant pursuant to the RSU Award at a time that such registration statement was not effective, unless exemptions from registration under applicable securities laws are available. Such exemptions from
registration are very limited and might not be available. The Participant agrees that any resale of shares of Stock issued pursuant to the RSU Award shall comply in all respects with the requirements of all applicable securities laws, rules and
regulations (including, without limitation, the provisions of the Securities Act and the Securities Exchange Act of 1934, and the respective rules and regulations promulgated thereunder) and any other law, rule or regulation applicable thereto, as
such laws, rules, and regulations may be amended from time to time. The Company shall not be obligated to either issue shares of Stock or permit the resale of any such shares if such issuance or resale would violate any such requirements.

 13. Section 162(m) Compliance. Notwithstanding anything in this Agreement to the contrary (except Section 3)
but in addition to the provisions contained in the Plan and in this Agreement with respect to the payment of compensation intended to comply with Section 162(m): 
 (a) In no event shall this RSU Award vest in whole or in part unless the Committee has certified in writing that the Performance Goals hereunder shall have been satisfied, and the retirement, Disability
or death of the Participant shall serve only to reduce the number of Restricted Stock Units that may be received if and when such Performance Goals are satisfied. 
 (b) No adjustment that is otherwise permitted under this Agreement shall be made to this RSU Award in whole or in part if such adjustment would prevent the RSU Award (or any other Award, whether to the
Participant or any other participant in the Plan) from satisfying the requirements for “performance-based compensation” of Section 162(m). 
 14. Other Plans and Agreements. Any gain realized by the Participant pursuant to this Agreement shall not be taken into account as compensation in the determination of the Participant’s
benefits under any pension, savings, group insurance, or other benefit plan maintained by the Company or a Subsidiary, except as determined by the board of directors of such company or as expressly provided under the terms of such other plan. The
Participant acknowledges that receipt of this Agreement or any prior agreement under the Plan shall not entitle the Participant to any other benefits under the Plan or any plans maintained by the Company or a Subsidiary. 

  
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 15. Committee Authority. The Committee shall have complete discretion in the exercise
of its rights, powers, and duties under this Agreement and the Plan. Any interpretation or construction of any provision of, and the determination of any question arising under, this Agreement shall be made by the Committee in its sole discretion
and shall be final, conclusive, and binding. The Committee may designate any individual or individuals to perform any of its functions hereunder. 
 16. Changes in Capitalization. The Restricted Stock Units under this RSU Award shall be subject to the provisions of Section 19.H. of the Plan relating to adjustments for changes to the
Company’s capitalization. The RSU Award shall not affect the right of the Company or any Subsidiary to reclassify, recapitalize or otherwise change its capital or debt structure or to merge, consolidate, convey any or all of its assets,
dissolve, liquidate, windup or otherwise reorganize. 
 17. Governing Law. This Agreement shall be construed and enforced
in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof. 
 18.
Section 409A. This Agreement shall be interpreted to ensure, to the fullest extent possible, that the payments contemplated hereby constitute short-term deferrals as determined under Section 409A of the Code (“Section
409A”). Accordingly, except as otherwise provided in Section 7.D. of the Plan, in no event shall payment be made later than the 15th day of the third month after the end of the first calendar year in which the RSU Award is no longer
subject to a “substantial risk of forfeiture” within the meaning of Section 409A. However, if the RSU Award is determined to be subject to Section 409A and any payment is triggered by a separation from service, the payment will,
if the Participant is a specified employee (as determined under Section 409A) and to the extent required by Section 409A, be delayed until the date that is one day after the six month anniversary of such separation from service.

 19. Clawback Rules. If the Participant is subject to the provisions of (i) Section 304 of the Sarbanes-Oxley
Act of 2002; (ii) any policies adopted by the Company in accordance with rules that may be promulgated by the Securities and Exchange Commission pursuant to Section 10D of the Securities Exchange Act of 1934, as amended; and (iii) any
other existing or future applicable law, rule, regulation, stock exchange rule, or policy of the Board providing for the forfeiture or recoupment of equity-based compensation granted by the Company (individually or collectively, the “Clawback
Rules”), this Award and the Restricted Stock Units described herein, as well as any shares of Common Stock issued hereunder (and any proceeds from the sale or disposition thereof), are subject to potential forfeiture or “clawback” to
the fullest extent called for by the Clawback Rules. By accepting this Award, the Participant agrees to return to the Company the full amount required by the Clawback Rules. 
 20. Binding Effect. This Agreement shall inure to the benefit of, and be binding on, the Company and its successors and assigns, and the Participant and his or her heirs, administrators, executors,
other legal representatives and permitted assigns, whether so expressed or not. 
 21. No Waiver. No waiver of any
provision of this Agreement will be valid unless in writing and signed by the person against whom such waiver is sought to be enforced, nor will failure to enforce any right under this Agreement constitute a continuing waiver of the same or a waiver
of any other right hereunder. 

  
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 22. Further Assurances. The Participant hereby agrees to take whatever additional
action and execute and deliver all agreements, instruments and other documents the Company may deem necessary or advisable to carry out or effect any of the obligations or restrictions imposed on the Participant or the RSU Award pursuant to the
express provisions of the Agreement and/or the Plan. 
 23. Definition of Terms. Capitalized terms used herein but not
otherwise defined in this Agreement shall have the meanings ascribed to them under the Plan. 
 24. Entire Agreement.
Except as otherwise provided in Section 25, this Agreement and the Plan constitute the entire understanding and agreement between the parties hereto with regard to the subject matter hereof, and they supersede all other negotiations,
understandings and representations (if any) made by and between such parties. 
 25. Employment Agreement. To the extent
there is a conflict between the provisions of Section 2, 3 or 5 of this Agreement and that certain Employment Agreement, dated September 7, 2012, by and between the Company and the Participant (the “Employment Agreement”), the
terms of the Employment Agreement shall govern. 

  
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer, and the Participant has hereunder set his hand, all as of this          day of
                    , 2013. 
  

									
	ATTEST:	 		 	PEPCO HOLDINGS, INC.
					
	By:	 	 	 		 	By:	 	 
	Name:	 		 	Name:
	Title:	 		 	Title:
				
		 		 		 	 PARTICIPANT:

				
		 		 		 	 
				
		 		 		 	Printed Name:    Kevin C. Fitzgerald

  
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 SCHEDULE A 

TERMS, CONDITIONS AND PERFORMANCE-RELATED CRITERIAEX-10.1

 Exhibit 10.1 
 [2013 FORM OF PERFORMANCE BASED AWARD FOR 
 SENIOR VICE PRESIDENTS AND
ABOVE] 
 ON SEMICONDUCTOR CORPORATION 
 AMENDED AND RESTATED STOCK INCENTIVE PLAN 
 PERFORMANCE-BASED RESTRICTED
STOCK UNITS AWARD AGREEMENT 
 ON Semiconductor Corporation, a Delaware Corporation, (“Company”) hereby grants to
                     (“Grantee”), a Participant in the ON Semiconductor Corporation Amended and Restated Stock Incentive Plan, as
amended from time-to-time (“Plan”), a Performance-Based Restricted Stock Units Award (“Award”) for Units (“Units”) representing shares of the common stock of the Company (“Stock”). This agreement to grant
Stock Units (“Award Agreement” or “Grant Agreement”) is made effective as of the      day of         , 2013 (“Grant Date”). If Grantee is a
Covered Employee, this Award is designated as a “Performance Compensation Award” and as such is granted pursuant to Article 11 of the Plan. 
 RECITALS 
 A. The Board of Directors of the Company
(“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 (“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. 

D. To the extent not specifically defined herein or in the Grantee’s employment agreement or comparable agreement, as amended
from time to time (“Employment Agreement”), all capitalized terms used in this Award 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 Performance-Based Restricted Stock Units Award for              Units, representing the right to receive payment of the same
number of shares of Stock, subject to the terms and conditions of this Award Agreement and the provisions of the Plan, which terms are incorporated herein by reference. 
 2. Earning Units and Related Information. 
 2.1 Earning
Units. Subject to the terms and conditions set forth in this Grant Agreement, the Grantee shall be entitled to receive payment for the number of Units earned by 

 
the Grantee over the period that begins on January 1, 2013 and ends on December 31, 2013 (“Performance Measurement Period”). The number of Units earned pursuant to this Grant
Agreement is a function of the extent to which the corresponding Performance Goals described in the table below are achieved. 

PERFORMANCE GOALS 
  

					
	 Performance Level
	  	Adjusted Non-GAAP EBITDA
(in
Millions)	  	Percentage of Units Earned
	 Target
	  	$            	  	100%
	 Threshold or Below
	  	$            	  	0%

 If the Company’s Adjusted Non-GAAP EBITDA for the Performance Measurement Period equals or is less
than the Threshold performance level ($         million), no Units will be earned as of the end of the Performance Measurement Period. If the Company’s Adjusted Non-GAAP EBITDA for the Performance
Measurement Period exceeds the Threshold performance level ($         million) but is less than the Target performance level ($         million), the
number of Units earned as of the end of the Performance Measurement Period will be determined by applying straight line interpolation between the Threshold performance level ($         million) and
Target performance level ($         million). If the Company’s Adjusted Non-GAAP EBITDA for the Performance Measurement Period equals or exceeds the Target performance level
($         million), all of the Units will be earned as of the end of the Performance Measurement Period. Any Units that are unearned as of the end of the Performance Measurement Period will be
forfeited. The number of earned Units that will become vested shall be determined pursuant to paragraph 3 below. Whether the Performance Goals for the Performance Measurement Period have been achieved shall be determined by the Company or Committee,
as applicable, pursuant to paragraph 2.4 below. 
 2.2 Performance Goal Defined. For the purposes of this
Agreement “Adjusted Non-GAAP EBITDA” shall mean the Company’s (which includes SANYO Semiconductor related operations and activities and any merger and acquisition activity, and net income attributable to minority interest)
consolidated earnings, before interest (income or expense), taxes, depreciation and amortization (or “EBITDA”) for the Performance Measurement Period, calculated taking into account any timely adjustments made in accordance with paragraph
2.3. If the Committee determines that an alternative method would be more appropriate to achieve the objectives of this Award then such method shall be applied to determine Adjusted Non-GAAP EBITDA for the Performance Measurement Period; provided,
however, if the Grantee is a Covered Employee, the Committee’s determination must be made before the date that is 90 days after the commencement of the Performance Measurement Period. For purposes of this Agreement, the term “GAAP”
means United States generally accepted accounting principles consistently applied. 
 2.3 Adjustments to Non-GAAP
EBITDA. If applicable to the Company for purposes of calculating Non-GAAP EBITDA for the Performance Measurement Period, the Company, or Committee if the Grantee is a Covered Employee, shall adjust Non-GAAP EBITDA to exclude the following:
(i) restructuring, asset impairments and other, net; (ii) goodwill and intangible asset impairment; (iii) interest expense and interest income; (iv) income 

  
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tax provision; (v) net income attributable to non-controlling interests; (vi) depreciation and amortization; (vii) actuarial gains or losses on pension plans and other pension
benefits; (viii) gain or loss on acquisitions; (ix) gain or loss on debt repurchase, debt exchange, early extinguishment of debt, etc.; (x) expensing of inventory fair market value step up; (xi) extraordinary items;
(xii) non-cash SANYO Semiconductor Products Group integration related asset write-downs and impairments; and (xiii) unusual/non-recurring material items; provided, however, that if the Grantee is a Covered Employee any adjustment for
unusual/non-recurring material items shall not increase the amount payable for the Award. For the avoidance of doubt, Non-GAAP EBITDA, as adjusted, shall specifically include merger and acquisition related operations and activities of the Company,
including SANYO Semiconductor. Each of the preceding adjustments, if any, shall be made solely for the purpose of providing a consistent basis for the calculation of the Performance Goals in order to prevent the dilution or enlargement of the
Grantee’s rights with respect to the Award. 
 2.4 Final Determination of Performance Goals Attained. The
Company, or the Committee with respect to grants to employees who are Covered Employees, shall be responsible for determining in good faith whether, and to what extent, the Performance Goals set forth in this Grant Agreement have been achieved. The
Company, or the Committee, as applicable, may reasonably rely on information from, and representations by, individuals within the Company in making such determination and when made such determination shall be final and binding on the Grantee.

 3. Vesting of Earned Units. Subject to paragraph 4 below, the Units earned pursuant to paragraph 2.1 shall vest
on the following dates (each a “Vesting Date”) as follows: 
 3.1 One third of the Units earned pursuant to
paragraph 2.1 will vest on the date the Company files its Form 10-K for fiscal year 2013; 
 3.2 An additional one third
of the Units earned pursuant to paragraph 2.1 will vest on the second anniversary of the Grant Date; and 
 3.3 The final
one third of the Units earned pursuant to paragraph 2.1 will vest on the third anniversary of the Grant Date. 
 EXAMPLE OF
THE EARNING AND VESTING OF UNITS (for illustrative purposes only): Assume you are granted 900 Units. 
  

	 	•	 	 If the Company’s Adjusted Non-GAAP EBITDA for the Performance Measurement Period equals or is less than the Threshold performance level, no Units
will be earned and all 900 Units will be forfeited as of the end of the Performance Measurement Period. 

  

	 	•	 	 If the Company’s Adjusted Non-GAAP EBITDA for the Performance Measurement Period is 50% between the Threshold and Target performance levels (i.e.,
$         million of Adjusted Non-GAAP EBITDA), 450 Units will be earned as of the end of the Performance Measurement Period. The remaining 450 Units will be forfeited as of the end of the Performance
Measurement Period. The 450 earned Units will then vest as follows: (i) 150 Units will vest on the date the 

  
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Company files its Form 10-K for fiscal year 2013; (ii) 150 Units will vest on the second anniversary of the Grant Date; and (iii) 150 Units will vest on the third anniversary of the
Grant Date. Subject to paragraph 4.2, you must be employed on the relevant Vesting Date to receive payment with respect to the Units that are scheduled to vest on that Vesting Date. 

 

	 	•	 	 If the Company’s Adjusted Non-GAAP EBITDA for the Performance Measurement Period is 70% between the Threshold and Target performance levels (i.e.,
$         million of Adjusted Non-GAAP EBITDA), 630 Units will be earned as of the end of the Performance Measurement Period. The remaining 270 Units will be forfeited as of the end of the Performance
Measurement Period. The 630 earned Units will then vest as follows: (i) 210 Units will vest on the date the Company files its Form 10-K for fiscal year 2013; (ii) 210 Units will vest on the second anniversary of the Grant Date; and
(iii) 210 Units will vest on the third anniversary of the Grant Date. Subject to paragraph 4.2, you must be employed on the relevant Vesting Date to receive payment with respect to the Units that are scheduled to vest on that Vesting Date.

  

	 	•	 	 If the Company’s Adjusted Non-GAAP EBITDA for the Performance Measurement Period equals or exceeds 100% of the Target performance level (i.e.,
$         million or more of Adjusted Non-GAAP EBITDA), all 900 Units will be earned as of the end of the Performance Measurement Period. The 900 earned Units will then vest as follows: (i) 300
Units will vest on the date the Company files its Form 10-K for fiscal year 2013; (ii) 300 Units will vest on the second anniversary of the Grant Date; and (iii) 300 Units will vest on the third anniversary of the Grant Date. Subject to
paragraph 4.2, you must be employed on the relevant Vesting Date to receive payment with respect to the Units that are scheduled to vest on that Vesting Date. 

4. Termination of Employment. 
 4.1 General. Subject to the provisions of paragraph 4.2 below, if the Grantee terminates employment with the Company for any reason (including upon a termination for Cause), any unvested
Units will be canceled and forfeited as of the date of Grantee’s termination of employment. In other words, the Grantee must be employed by the Company on the relevant Vesting Date to receive any payment with respect to the Units that are
scheduled to vest on such Vesting Date. 
 4.2 Change in Control. In the event the Company terminates the
Grantee’s employment without Cause (including, if applicable, a termination for Good Reason as defined in the Grantee’s Employment Agreement or similar document) within two (2) years following a Change in Control, then all Units
earned pursuant to paragraph 2.1 but unvested shall become immediately vested. The Vesting Date for any such earned Units that vest pursuant to this paragraph 4.2 shall be the date of the Grantee’s termination of employment. 

5. Time and Form of Payment. Subject to the provisions of this Award Agreement and the Plan, as Units vest on the Vesting
Dates set forth in paragraph 3 or paragraph 4.2, 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 paragraph 21, the Company shall deliver the vested shares (if

  
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any) within 15 days of the applicable Vesting Date. 
 6.
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. 
 7. 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. 
 8. Delivery of Shares. No shares of Stock shall be delivered under
this Award Agreement until: (i) the Units vest pursuant to paragraph 3 or paragraph 4.2 above, as the case may be; (ii) approval of any governmental authority required in connection with the Award 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 or any other applicable federal or state securities laws or regulations; (iv) the Grantee has complied
with paragraph 14 below of this Award Agreement 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 Grantee no later than, the earlier of (i) ten (10) months
from the Grant Date (through and including the normal close of business of the Company for its headquarters location in Phoenix, Arizona on January 25, 2014); or (ii) the date preceding the first Vesting Date described in paragraph 3
of this Grant Agreement. 
 9. 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 of 1933 or any other applicable federal or state securities laws or regulations. 

10. 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. 

11. 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

  
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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. 

11.1 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. 

11.2 Consent to Electronic Delivery. The Grantee acknowledges that Grantee has read paragraph 11.1 and consents to the
electronic delivery of the Plan documents and any grant notice. The Grantee acknowledges that Grantee may receive from the Company a paper copy of any documents delivered electronically at no cost by contacting the Company by telephone or in
writing. 
 12. Administration. This Award 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 Award 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. 
 13. Continuation of Employment. This Grant Agreement shall not be
construed to confer upon the Grantee any right to continue employment with the Company and shall not limit the right of the Company, in its sole and absolute discretion, to terminate Grantee’s employment at any time. 

14. Responsibility for Taxes and Withholdings. Regardless of any action the Company or the Grantee’s actual employer
(“Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related items related to the Grantee’s participation in the Plan and legally applicable to the Grantee
(“Tax-Related Items”), the Grantee acknowledges that 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

  
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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 unless otherwise 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, the Grantee authorizes the Company and/or the Employer, or their respective agents, at the
Company’s discretion, 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 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); (iii) personal check or other cash equivalent acceptable to the Company; or (iv) any other means as determined appropriate by the Company or the Committee. 

The Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other
applicable withholding rates. 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. 
 15.
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. 

16. 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

  
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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. 
 17.
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. 

18. 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. 
 19. 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 Award, 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.

 20. 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. 
 21. Section 409A
Compliance. The Company believes, but does not and cannot warrant or guaranty, that the payments due pursuant to this Grant Agreement qualify for the short-term deferral exception to Section 409A of the Code as set forth in Treasury
Regulation Section 1.409A-1(b)(4). Notwithstanding anything to the contrary in this Grant Agreement, if the Company determines that neither the short-term deferral exception nor any other 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). In addition, if Grantee is a “specified employee” (as defined in Treasury Regulation Section 1.409A-1(i)) and any payments due pursuant to this Award 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. 
 22.
Confidentiality. The Grantee acknowledges and agrees that the terms of this 

  
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Award 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. If the Grantee violates this confidentiality provision, without waiving any other remedy available, the Company 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 for Cause. 
 23. 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. 
 24. 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 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, as a result of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended, and similar or related laws, rules
and regulations. 

  
 9 

 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. 
  

							
		 	ON SEMICONDUCTOR CORPORATION
			
		 	By:	 	  

		 		 	  

		 		 	Its:	 	  

		
		 	GRANTEE
			
		 	By:	 	  

  
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