Document:

seb_EX_10_8

		

			Exhibit 10.8

		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			SEABOARD CORPORATION POST-2018
		

		
			NONQUALIFIED DEFERRED COMPENSATION PLAN
		

		
			 
		

		
			Effective January 1, 2019
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

		

			 

		

		

		
			TABLE OF CONTENTS
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE I. PURPOSE AND EFFECTIVE DATE

					
1
				
	
					
						ARTICLE II. DEFINITIONS

					
1
				
	
					
						 

					
					
						2.1

					
					
						162(m) Excess Compensation

					
1
				
	
					
						 

					
					
						2.2

					
					
						Accont

					
1
				
	
					
						 

					
					
						2.3

					
					
						Beneficiary

					
1
				
	
					
						 

					
					
						2.4

					
					
						Board

					
1
				
	
					
						 

					
					
						2.5

					
					
						Change of Control

					
1
				
	
					
						 

					
					
						2.6

					
					
						Code

					
2
				
	
					
						 

					
					
						2.7

					
					
						Committee

					
2
				
	
					
						 

					
					
						2.8

					
					
						Company

					
2
				
	
					
						 

					
					
						2.9

					
					
						Company Contribution

					
2
				
	
					
						 

					
					
						2.10

					
					
						Company 162(m) Contribution

					
2
				
	
					
						 

					
					
						2.11

					
					
						Company 401(k) Excess Contribution

					
2
				
	
					
						 

					
					
						2.12

					
					
						Compensation

					
3
				
	
					
						 

					
					
						2.13

					
					
						Covered Employee

					
3
				
	
					
						 

					
					
						2.14

					
					
						Deferral

					
3
				
	
					
						 

					
					
						2.15

					
					
						Deferral Election

					
3
				
	
					
						 

					
					
						2.16

					
					
						Disability

					
3
				
	
					
						 

					
					
						2.17

					
					
						Distribution Preference Election

					
3
				
	
					
						 

					
					
						2.18

					
					
						Eligible Employee

					
3
				
	
					
						 

					
					
						2.19

					
					
						Employee

					
4
				
	
					
						 

					
					
						2.20

					
					
						Employer

					
4
				
	
					
						 

					
					
						2.21

					
					
						Investment Options

					
4
				
	
					
						 

					
					
						2.22

					
					
						Investment Return

					
4
				
	
					
						 

					
					
						2.23

					
					
						Participant

					
4
				
	
					
						 

					
					
						2.24

					
					
						Plan

					
4
				
	
					
						 

					
					
						2.25

					
					
						Plan Year

					
4
				
	
					
						 

					
					
						2.26

					
					
						Related Company

					
4
				
	
					
						 

					
					
						2.27

					
					
						Separation from Service

					
4
				
	
					
						 

					
					
						2.28

					
					
						Unforeseeable Emergency

					
5
				
	
					
						ARTICLE III. PARTICIPATION

					
5
				
	
					
						 

					
					
						3.1

					
					
						Participation For Deferrals

					
5
				
	
					
						 

					
					
						3.2

					
					
						Participation for Company 401(k) Excess Contributions

					
5
				
	
					
						ARTICLE IV. DEFERRAL ELECTIONS

					
5
				
	
					
						 

					
					
						4.1

					
					
						Method

					
5
				
	
					
						 

					
					
						4.2

					
					
						Irrevocable

					
5
				
	
					
						 

					
					
						4.3

					
					
						Deferral Election

					
6
				
	
					
						 

					
					
						4.4

					
					
						Special Rule for Deferral Election for First Year of Eligibility

					
6
				
	
					
						 

					
					
						4.5

					
					
						Minimum Annual Deferral

					
6
				
	
					
						 

					
					
						4.6

					
					
						Cancellation of Deferral Election on Account of Unforeseeable Emergency

					
6
				

		 

		

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						ARTICLE V. COMPANY CONTRIBUTIONS

					
6
				
	
					
						 

					
					
						5.1

					
					
						Company 401(k) Excess Contribution

					
6
				
	
					
						 

					
					
						5.2

					
					
						Company 162(m) Contribution

					
7
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE VI. ACCOUNTS AND INVESTMENT RETURN

					
7
				
	
					
						 

					
					
						6.1

					
					
						Account Adjustments for Deferrals, Company Contributions and Distributions

					
7
				
	
					
						 

					
					
						6.2

					
					
						Account Adjustments for Investment Return

					
7
				
	
					
						 

					
					
						6.3

					
					
						Vesting

					
7
				
	
					
						ARTICLE VII. DISTRIBUTIONS

					
7
				
	
					
						 

					
					
						7.1

					
					
						Distribution Preference Elections

					
7
				
	
					
						 

					
					
						7.2

					
					
						Subject to Mandatory Distribution Provisions and 162(m) Payment Delay

					
8
				
	
					
						 

					
					
						7.3

					
					
						Election Form

					
8
				
	
					
						 

					
					
						7.4

					
					
						Time of Initial Election or Deemed Election

					
8
				
	
					
						 

					
					
						7.5

					
					
						Subsequent Distribution Preference Election

					
8
				
	
					
						 

					
					
						7.6

					
					
						Mandatory Distribution Upon Separation from Service

					
9
				
	
					
						 

					
					
						7.7

					
					
						Mandatory Distribution Upon Change of Control

					
9
				
	
					
						 

					
					
						7.8

					
					
						Mandatory Distribution Upon Disability

					
9
				
	
					
						 

					
					
						7.9

					
					
						Mandatory Distribution Upon Death

					
9
				
	
					
						 

					
					
						7.10

					
					
						Distribution Upon Unforeseeable Emergency

					
9
				
	
					
						 

					
					
						7.11

					
					
						Adjustments to Accounts

					
9
				
	
					
						ARTICLE VIII. AMENDMENT OR TERMINATION

					
9
				
	
					
						ARTICLE IX ADMINISTRATION

					
10
				
	
					
						 

					
					
						9.1

					
					
						Committee

					
10
				
	
					
						 

					
					
						9.2

					
					
						Delegation

					
10
				
	
					
						 

					
					
						9.3

					
					
						Information to be Furnished

					
10
				
	
					
						 

					
					
						9.4

					
					
						Committee’s Decision Final

					
10
				
	
					
						 

					
					
						9.5

					
					
						Remuneration and Expenses

					
10
				
	
					
						 

					
					
						9.6

					
					
						Indemnification of Committee Member

					
10
				
	
					
						 

					
					
						9.7

					
					
						Resignation or Removal of Committee Member

					
11
				
	
					
						 

					
					
						9.8

					
					
						Interested Committee Member

					
11
				
	
					
						ARTICLE X. CLAIMS PROCEDURE

					
11
				
	
					
						 

					
					
						10.1

					
					
						Claim

					
11
				
	
					
						 

					
					
						10.2

					
					
						Denial of Claim

					
11
				
	
					
						 

					
					
						10.3

					
					
						Review of Claim

					
11
				
	
					
						 

					
					
						10.4

					
					
						Final Decision

					
11
				
	
					
						ARTICLE XI MISCELLANEOUS

					
12
				
	
					
						 

					
					
						11.1

					
					
						Captions

					
12
				
	
					
						 

					
					
						11.2

					
					
						Company Action

					
12
				
	
					
						 

					
					
						11.3

					
					
						Terms

					
12
				
	
					
						 

					
					
						11.4

					
					
						Governing Law

					
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						11.5

					
					
						Nonassignability

					
12
				
	
					
						 

					
					
						11.6

					
					
						Tax Obligations

					
12
				
	
					
						 

					
					
						11.7

					
					
						Not a Contract of Employment

					
12
				
	
					
						 

					
					
						11.8

					
					
						Participant Cooperation

					
13
				
	
					
						 

					
					
						11.9

					
					
						Successors

					
13
				
	
					
						 

					
					
						11.10

					
					
						Unsecured General Creditor

					
13
				
	
					
						 

					
					
						11.11

					
					
						Validity

					
13
				
	
					
						 

					
					
						11.12

					
					
						Waiver of Notice

					
13
				
	
					
						APPENDIX A

					
14
				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

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			SEABOARD CORPORATION POST-2018
		

		
			NONQUALIFIED DEFERRED COMPENSATION PLAN
		

			
	
			
				Article I
			
PURPOSE AND EFFECTIVE DATE

		
			Seaboard Corporation (the “Company”) hereby adopts the Seaboard Corporation Post-2018 Nonqualified Deferred Compensation Plan (the “Plan”) effective January 1, 2019.  The purpose of the Plan is to aid in attracting and retaining certain key employees of Seaboard Corporation and participating affiliated companies by providing to them an opportunity for supplemental retirement income.  The Company intends for the Plan to comply with the final Treasury regulations issued under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).  The Plan is intended to be an arrangement that is unfunded and maintained primarily for the purpose of providing supplemental retirement income to a select group of management or highly compensated employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended, and the Plan is intended to satisfy the requirements of Section 409A of the Code, and the Plan shall be interpreted and administered accordingly.
		

			
	
			
				Article II
			
DEFINITIONS

		
			For purposes of this Plan, the following words and phrases shall have the meaning indicated, unless the context clearly indicates otherwise:
		

		
			2.1   162(m) Excess Compensation means that portion of any bonus payable to any Covered Employee for services rendered in any calendar year which would, if paid, cause such Covered Employee’s Compensation for such calendar year to exceed the $1,000,000 deduction limit under Internal Revenue Code Section 162(m) if paid currently.  
		

		
			2.2   Account means the bookkeeping account maintained by the Committee for a Participant to which is credited Deferrals and Company Contributions, and to which is charged distributions, and which is adjusted to reflect earnings and losses, all as herein provided.  Any reference herein to a distribution of the Participant’s Account shall mean a payment of an amount equal to the amount credited to the Participant’s Account. 
		

		
			2.3   Beneficiary means one or more persons, trusts, estates or other entities, designated by a Participant, in accordance with procedures established by the Committee, to receive any remaining balance in the Participant’s Account upon the death of the Participant.  If no designation by the Participant is effective, then the Participant’s Beneficiary shall be the Participant’s surviving spouse if any, but if none then the Participant’s estate. 
		

		
			2.4   Board means the board of directors of Seaboard Corporation.
		

		
			2.5   Change of Control means an event or transaction described below; provided, however, an event or transaction described below will not be a Change of Control for purposes of a payment event under the Plan unless it constitutes a change in the ownership or effective control 

		 

 

		

			 

		

of the Company, or in the ownership of a substantial portion of the assets of the Company, within the meaning of Code Section 409A(a)(2)(A)(v):
		

		
			(a) The acquisition by any unrelated person or entity of more than fifty percent (50%) of either the outstanding shares of common stock or the combined voting power of the Company’s then outstanding voting securities entitled to vote generally in the election of directors;
		

		
			(b) The sale to an unrelated person or entity of Company assets that have a total gross fair market value of more than eighty-five percent (85%) of the total gross fair market value of all of the assets of the Company immediately prior to such sale;
		

		
			(c) The acquisition, whether by reorganization, merger, consolidation, purchase or similar transaction, by any person or entity or more than one person or entity acting as a group of more than 50% of the combined voting power entitled to vote generally in the election of directors of the Company or the entity in which the Company was reorganized, merged or consolidated into;
		

		
			(d) The acquisition by any person or entity (other than by any descendant of Otto Bresky, Senior or any trust established primarily for the benefit of any descendant of Otto Bresky, Senior or any other related person or entity) of more than fifty percent (50%) of either the membership interests or the combined voting power of Seaboard Flour, LLC at any time when Seaboard Flour, LLC owns 50% or more of the Company.
		

		
			For purposes of determining whether there has been a Change of Control under this Section 2.5, the attribution of ownership rules under Code Section 318(a) shall apply.  Also for purposes of determining whether there has been a Change of Control, “Company” means only Seaboard Corporation and any successors to the business of Seaboard Corporation.
		

		
			2.6   Code  means the Internal Revenue Code of 1986, any amendments thereto, and any regulations issued thereunder.  
		

		
			2.7   Committee  means the Committee, which may consist of one person, designated from time to time by the Company to administer the Plan.
		

		
			2.8   Company means Seaboard Corporation, a Delaware corporation, and any successors to the business of Seaboard Corporation.  
		

		
			2.9   Company Contribution means Company 162(m) Contributions and/or Company 401(k) Excess Contributions that are made pursuant to this Plan. 
		

		
			2.10   Company 162(m) Contribution means the amount credited by the Company to a Participant’s Account pursuant to Section 5.2.
		

		
			2.11   Company 401(k) Excess Contribution means the amount determined in accordance with Article V that is an obligation of the Employer and that is credited to a 

		 

		

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Participant’s Account.  The Company 401(k) Excess Contribution may consist of a “matching contribution” and an “excess contribution.”
		

		
			2.12   Compensation means the total amount payable to the Participant by the Employer for the Participant’s services during a calendar year subject to the following provisions of this Section 2.12.  Compensation specifically excludes:  (a) reimbursements or other expense allowances, fringe benefits (cash and noncash), moving expenses, and welfare benefits; (b) any benefits accrued or paid under the Seaboard Corporation Executive Retirement Plan, as amended; (c) any amount of taxable income recognized by the Participant upon the exercise of an option under any option plan or program maintained by the Company; (d) any amount of taxable income recognized by the Participant as a result of a distribution under this Plan; and (e) any amount allocated or paid under the Seaboard Corporation Executive Deferred Compensation Plan, as amended.  For purposes of determining the amount of the Company 401(k) Excess Contribution that is the excess contribution for a particular Plan Year, Compensation does not include the amount of a Participant’s Deferral for such Plan Year, but Compensation does include the amount of any elective contributions made by the Participant during the same period as such Plan Year pursuant to a plan maintained by the Company where such amount is not includable in gross income due to the provisions of Code Sections 125, 401(k) or 132(f).  Compensation shall not include a Participant’s Compensation payable for any period prior to the time the Participant becomes eligible to participate in the Retirement Savings Plan for Seaboard Corporation, as amended. 
		

		
			2.13   Covered Employee  shall have the meaning given to that term in Internal Revenue Code Section 162(m).
		

		
			2.14   Deferral  means the portion of the salary or bonus payable to a Participant that is deferred for a Plan Year pursuant to a Deferral Election by the Participant and is credited to the Participant’s Account.  
		

		
			2.15   Deferral Election means an election made hereunder by a Participant to defer salary or bonus payable to the Participant and earned after the date of the Deferral Election as determined hereunder. 
		

		
			2.16   Disability    means the Participant is (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (ii) by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan sponsored by the Company.  
		

		
			2.17   Distribution Preference Election  means the election made or deemed made by a Participant governing the time of payment of benefits hereunder to the Participant. 
		

		
			2.18   Eligible Employee  means an Employee who is a member of a select group of management or highly compensated employees, taking into account for this purpose all employees of all Related Companies; however, an Employee who has been designated by the Board as an 

		 

		

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Executive for purposes of the Annual Deferral Amount, or for purposes of both the Annual Deferral Amount and the Company Discretionary Contribution, under the Seaboard Corporation Executive Deferred Compensation Plan, as amended, for a year coinciding with a Plan Year under this Plan, shall not be an Eligible Employee for such Plan Year.    
		

		
			2.19   Employee  means any individual who is a salaried employee of an Employer.
		

		
			2.20   Employer  means the Company and any of its subsidiaries or affiliates that participate in this Plan with the consent of the Company, and any successors to the business of any such participating subsidiaries or affiliates.  The subsidiaries or affiliates participating in this Plan as of the effective date are listed on Appendix A attached hereto.
		

		
			2.21   Investment Options  means the investment options selected by the Committee from time to time among which a Participant may direct the investment of his or her Account in accordance with procedures established by the Committee.
		

		
			2.22   Investment Return  means the amount of earnings, gains or losses applicable to the Participant’s Account as measured by the Investment Options applicable pursuant to the Participant’s direction or as otherwise provided herein.
		

		
			2.23   Participant  means any Eligible Employee who is designated as eligible to participate in the Plan for purposes of Deferrals and who makes a Deferral Election as provided in Section 3.1.  Participant also means any Eligible Employee who satisfies the requirements for participation for purposes of Company 401(k) Excess Contributions as provided in Section 3.2. Participant also means any Eligible Employee who is a Covered Employee. Participant also means any individual for whom an Account is maintained hereunder.  
		

		
			2.24   Plan means the Seaboard Corporation Post-2018 Nonqualified Deferred Compensation Plan, as set forth herein and as from time to time amended. 
		

		
			2.25   Plan Year means the 12-month period beginning January 1 and ending December 31. 
		

		
			2.26   Related Company means any corporation which is a member of a controlled group of corporations (as defined in Code Section 414(b)) that includes the Company or any corporation or other entity with whom the Company is considered a single employer under Code Section 414(c).
		

		
			2.27   Separation from Service means the Participant’s termination of employment with the Company.  Whether a termination of employment has occurred shall be determined based on whether the facts and circumstances indicate the Participant and Company reasonably anticipate that no further services will be performed by the Participant for the Company; provided, however, that a Participant shall be deemed to have a termination of employment if the level of services he or she would perform for the Company after a certain date permanently decreases to no more than twenty percent (20%) of the average level of bona fide services performed for the Company (whether as an employee or independent contractor) over the immediately preceding 36-month period (or the full period of services to the Company if the Participant has been providing services to the Company for less than 36 months).  For this purpose, a Participant is not treated as having 

		 

		

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a Separation from Service while he or she is on a military leave, sick leave, or other bona fide leave of absence, if the period of such leave does not exceed six (6) months, or if longer, so long as the Participant has a right to reemployment with the Company under an applicable statute or by contract.  Where used in this Section 2.27, the term Company includes any Related Company.
		

		
			2.28   Unforeseeable Emergency means an unanticipated emergency that is caused by an event beyond the control of the Participant that would result in severe financial hardship to the Participant resulting from (i) a sudden and unexpected illness or accident of the Participant or a dependent of the Participant, (ii) a loss of the Participant’s property due to casualty, or (iii) such other extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined in the sole discretion of the Committee.
		

			
	
			
				Article III
			
PARTICIPATION

		
			3.1   Participation for Deferrals.  The Committee will designate those Eligible Employees who are eligible to make Deferral Elections for a particular Plan Year.  Such designation will be by written communication to such Eligible Employees and will be effective on the date of such written communication.  Once an Eligible Employee has been designated under this Section 3.1, he or she may make a Deferral Election for the first Plan Year stated in such written designation and for each subsequent Plan Year until the first to occur of (1) the Participant’s Separation from Service, or (2) a written notice from the Committee delivered prior to the first day of the Plan Year for which it is effective advising the Participant that he or she is no longer eligible to make a Deferral Election.  
		

		
			3.2   Participation for Company 401(k) Excess Contributions.    Any Eligible Employee who has satisfied the requirements for eligibility to participate in the Retirement Savings Plan for Seaboard Corporation, as amended from time to time (the “401(k) Plan”) for a Plan Year and whose Compensation for a Plan Year is in excess of the maximum amount of compensation determined pursuant to Code Section 401(a)(17) that is permitted to be taken into account under the 401(k) Plan for the plan year of the 401(k) Plan that ends within such Plan Year, will be a Participant for purposes of the Company 401(k) Excess Contribution for that Plan Year.  
		

			
	
			
				Article IV
			
DEFERRAL ELECTIONS

		
			4.1   Method.    A Deferral Election shall be made in writing on a form provided by the Committee and shall be submitted to the Committee in such manner as the Committee determines.  A Deferral Election will not be valid unless it is submitted to the Committee in the manner required. 
		

		
			4.2   Irrevocable.  Except as otherwise provided in Section 4.6, a Deferral Election will become irrevocable on the last day established by the Committee (in accordance with the provisions hereunder) for submitting the Deferral Election to the Committee; provided, however, in the case of a Deferral Election that is submitted under Section 4.4 after the first day of a Plan Year, the Deferral Election shall become irrevocable at the time the Deferral Election is submitted to the Committee.  
		

		
			

		 

		

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			4.3   Deferral Election.    A Participant’s Deferral Election for a Plan Year must be made at such time as the Committee determines, but in no event later than the last day of the Plan Year preceding the Plan Year for which the Deferral Election is effective.  A Participant’s Deferral Election for a Plan Year with respect to salary shall apply to salary payable in the Plan Year for which the election is made.  A Participant’s Deferral Election for a Plan Year with respect to bonus shall apply to bonus earned in the Plan Year for which the election is made.
		

		
			4.4   Special Rule for Deferral Election for First Year of Eligibility.    Subject to the last sentence of this Section 4.4, an Eligible Employee who is designated under Section 3.1 for the first time, may elect to make Deferrals provided he or she submits a Deferral Election to the Committee by such time as the Committee determines, but in no event later than 30 days after the date the Eligible Employee first becomes eligible to participate for Deferrals under Section 3.1.  A Deferral Election made under this Section 4.4 after the first day of a Plan Year and applicable to salary, shall apply only with respect to salary earned after the date the Deferral Election becomes irrevocable.  A Deferral Election under this Section 4.4 after the first day of a Plan Year applicable to a bonus payable to the Participant, shall apply only to the amount of the Participant’s bonus that is deemed to be payable for services performed after the Deferral Election shall be determined by multiplying the total bonus payable by a fraction, the denominator of which is the total number of days in the performance period for which the bonus is payable, and the numerator of which is the number of days remaining in such performance period after the date the Participant’s Deferral Election becomes irrevocable.  Notwithstanding the preceding provisions of this Section 4.4, if at the time an Eligible Employee becomes first eligible as a Participant for Deferrals under Section 3.1, the Eligible Employee is or has been eligible to participate in any nonqualified deferred compensation plan of a Related Company that is subject to Code Section 409A and that is required by Code Section 409A to be aggregated with this Plan with respect to Deferrals, then the Participant’s Deferral Election will only be effective if it is submitted to the Committee at the time provided in Section 4.3.  
		

		
			4.5   Minimum Annual Deferral.  Notwithstanding the foregoing provisions of this Article IV, a Participant may not make a Deferral Election for a Plan year unless the Participant’s Deferral Election for such Plan Year provides for a Deferral amount that is determined by the Committee to be at least $10,000.  Such determination will be made by the Committee prior to the date the Deferral Election becomes irrevocable hereunder.  
		

		
			4.6   Cancellation of Deferral Election on Account of Unforeseeable Emergency.  In the event a Participant requests a distribution pursuant to Section 7.10 due to an Unforeseeable Emergency, or the Participant requests a cancellation of the Deferral Election of the Participant due to an Unforeseeable Emergency, and the Committee determines that the Participant’s Unforeseeable Emergency may be relieved all or in part through the cancellation of the Participant’s current Deferral Election, then such Deferral Election shall be cancelled as soon as administratively practicable following such determination by the Committee.
		

			
	
			
				Article V
			
COMPANY CONTRIBUTIONS

		
			5.1   Company 401(k) Excess Contribution.  As soon as administratively feasible after the last day of each Plan Year a Company 401(k) Excess Contribution will be credited to the 

		 

		

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Accounts of those Participants determined by the Committee under Section 3.2.  The amount of a Company 401(k) Excess Contribution credited on behalf of a Participant for a Plan Year will equal the sum of (a) the Company matching contribution, if any, which is 3% of the Participant’s Deferral for such Plan Year, and (b) the Company excess contribution, if any, which is 3% of the Participant’s Compensation for the Plan Year that is in excess of the maximum amount of compensation determined pursuant to Code Section 401(a)(17) that is permitted to be taken into account under the 401(k) Plan for the plan year of the 401(k) Plan that ends within such Plan Year.
		

		
			5.2   Company 162(m) Contribution.    The Company, in its discretion, may elect to credit a contribution to the Account of a Participant who is a Covered Employee in an amount up to his or her 162(m) Excess Compensation for any Plan Year in lieu of paying such 162(m) Excess Contribution to said Participant.
		

			
	
			
				Article VI
			
ACCOUNTS AND INVESTMENT RETURN

		
			6.1   Account Adjustments for Deferrals, Company Contributions and Distributions.    All Deferrals of a Participant with respect to a Plan Year will be credited to the Participant’s Account as soon as administratively feasible after the date on which the Deferral would have been paid in cash absent the Deferral Election applicable to such Deferral.  All Company Contributions made on behalf of a Participant with respect to a Plan Year will be credited to the Participant’s Account at such time or times as determined by the Committee.  Any distribution from a Participant’s Account will be charged to the Account as of the time of the distribution. 
		

		
			6.2   Account Adjustments for Investment Return.    A Participant’s Account will be deemed invested in one or more Investment Options as directed or deemed directed by the Participant pursuant to procedures established by the Committee.  At such times as determined by the Committee, and at such time as provided under Section 7.11, the Investment Return will be credited (in the case of net earnings) or charged (in the case of net losses) to the Participant’s Account.
		

		
			6.3   Vesting.    A Participant will be fully vested in his or her Account at all times.
		

			
	
			
				Article VII
			
DISTRIBUTIONS 

		
			7.1   Distribution Preference Elections.    A Participant shall make, or be deemed to make, a separate Distribution Preference Election with respect to each Plan Year.  A Distribution Preference Election will apply to the distribution of all Deferrals and Company Contributions allocated to the Participant’s Account with respect to a Plan Year, as adjusted thereafter for Investment Return.  The Distribution Preference Election will designate the date for the payment by the Employer to the Participant of the amounts subject to the Distribution Preference Election.  Except as provided in Section 7.2, payment by the Employer will be made during the 90-day period commencing upon the distribution date designated in the applicable Distribution Preference Election.  The form of payment will be a lump sum payment, unless limited by Section 7.2 due to a 162(m) Payment Delay.  
		

		
			

		 

		

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			7.2   Subject to Mandatory Distribution Provisions and 162(m) Payment Delay. Any Distribution Preference Election hereunder, whether an actual election or a deemed election, shall be subject to the mandatory distribution provisions of Sections 7.6,  7.7,  7.8 and 7.9; provided, however, no amount shall be paid under the mandatory distribution provisions of Section 7.6,  7.8 and 7.9 (i.e., all of the mandatory distribution provisions except on account of a Change of Control) or any Distribution Preference Election if the distributed amount would not be deductible under Code Section 162(m) (a "162(m) Payment Delay").  In accordance with Treasury regulation Section 1.409A-2(b)(7)(i), any amount subjected to a 162(m) Payment Delay shall be paid in the Participant's first taxable year that the Company reasonably anticipates, or should reasonably anticipate, that if the amount were distributed during such year, the deduction of such payment would not be barred by application of Code Section 162(m).  Any amount  that is payable on account of a Participant's Separation from Service and is subject to a 162(m) Payment Delay shall (i) not be paid earlier than the first day of the seventh month following the month of the Participant's Separation from Service and (ii) unless paid earlier, be paid in full as soon as administratively feasible after the beginning of the sixth anniversary of the Participant’s Separation from Service (regardless of such payment's nondeductibility).  
		

		
			7.3   Election Form.  A Distribution Preference Election (other than a deemed election) must be made in writing on a form provided by the Committee and shall be submitted to the Committee in such manner as the Committee determines.  A Distribution Preference Election will not be valid unless it is submitted to the Committee in the manner required.  
		

		
			7.4   Time of Initial Election or Deemed Election.  If a Participant makes a Deferral Election for a Plan Year, then at the time the Participant makes the Deferral Election the Participant may also make a Distribution Preference Election.  If the Participant fails to make a Distribution Preference Election at such time, or if the Participant does not make a Deferral Election for a Plan Year but a Company Contribution is made on behalf of the Participant for such Plan Year, then the Participant shall be deemed to have made a Distribution Preference Election applicable to all amounts allocated to the Participant’s Account for such Plan Year, as adjusted thereafter for Investment Return, of a lump sum payment payable during the 90-day period commencing on the first day of the sixth Plan Year following the year for which the Deferral Election is made.
		

		
			7.5   Subsequent Distribution Preference Election.    A Participant may change any existing Distribution Preference Election (whether it was made by the Participant or deemed made by the Participant) by filing a subsequent Distribution Preference Election with the Committee; provided, however, a subsequent Distribution Preference Election will not be effective unless it satisfies all of the following requirements:
		

		
			(a) A subsequent Distribution Preference Election may not take effect until at least twelve months after the date on which it is filed by the Participant.
		

		
			(b) A subsequent Distribution Preference Election may not be filed less than twelve (12) months prior to the designated distribution date under the existing Distribution Preference Election.
		

		
			

		 

		

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			(c) The payment that is subject to the subsequent Distribution Preference Election may not be made earlier than five (5) years after the date such payment would have been made absent such subsequent Distribution Preference Election.
		

		
			7.6   Mandatory Distribution Upon Separation from Service.    In the event of a Participant’s Separation from Service, then unless the Participant’s Account is to be distributed earlier under another provision of this Article VII, the Participant’s Account will be distributed by the Employer to the Participant in a lump sum payment during the seventh month following the month in which the Participant has a Separation from Service.  
		

		
			7.7   Mandatory Distribution Upon Change of Control.    In the event of a Change of Control, then unless the Participant’s Account is to be distributed earlier under another provision of this Article VII, the Participant’s Account will be distributed by the Employer to the Participant in a lump sum payment within 90 days following the Change of Control. 
		

		
			7.8   Mandatory Distribution Upon Disability.    In the event of the Disability of the Participant, then unless the Participant’s Account is to be distributed earlier under another provision of this Article VII, the Participant’s Account will be distributed by the Employer to the Participant in a lump sum payment within 90 days following the determination of such Disability.  
		

		
			7.9   Mandatory Distribution Upon Death.    In the event of the death of the Participant, then the Participant’s Account will be distributed by the Employer to the Participant’s Beneficiary in a lump sum payment within 90 days following the Participant’s death. 
		

		
			7.10   Distribution Upon Unforeseeable Emergency.    If the Committee determines that a Participant has an Unforeseeable Emergency, then upon the written request of the Participant the Committee may direct the Employer to distribute to the Participant an amount that shall not exceed the amount necessary to satisfy such emergency need plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which the such emergency is or may be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship.  
		

		
			7.11   Adjustments to Accounts.    At any time a Participant’s entire Account is to be distributed hereunder, the Participant’s Account shall be adjusted, as provided in Section 6.1 and Section 6.2, prior to the date of distribution and as near as administratively feasible to the date of distribution.
		

			
	
			
				Article VIII
			
AMENDMENT OR TERMINATION

		
			The Board may, in its sole discretion, at any time and from time to time, amend, in whole or in part, any of the provisions of the Plan or may terminate it as a whole or with respect to any Participant or group of Participants; provided, however, no amendment or termination shall accelerate or postpone the time of any distributions hereunder except to the extent allowed under Code Section 409A.
		

		
			

		 

		

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				Article IX
			
ADMINISTRATION

		
			9.1   Committee. The Board will appoint, or delegate the appointment of, a Committee to administer the Plan.  The Committee will act by a majority of its members except to the extent it has delegated responsibilities hereunder.  The Committee will have the following powers, rights and duties in addition to those granted to it elsewhere in the Plan:
		

		
			(a) To adopt such rules of procedure and regulations as, in its opinion, may be necessary for the proper and efficient administration of the Plan and as are consistent with the provisions of the Plan.
		

		
			(b) To enforce the Plan in accordance with its terms and with such applicable rules and regulations as may be adopted.
		

		
			(c) To construe and interpret the Plan in the Committee’s sole discretion, and to determine all questions arising under the Plan, including the power to determine the rights of Participants and their beneficiaries and the amount of their respective benefits.
		

		
			(d) To maintain and keep adequate records concerning the Plan and concerning its proceedings and acts in such form and detail as the Committee may decide.
		

		
			(e) To direct all payments of benefits under the Plan. 
		

		
			9.2   Delegation.  In exercising its authority to control and manage the operation and administration of the Plan, the Committee may employ agents and counsel (who may also be employed by the Company) and delegate to them such powers as the Committee deems desirable.
		

		
			9.3   Information to be Furnished.  The Employer shall furnish the Committee or its delegates such data and information as may be required.  The records of the Employer as to a Participant's Separation from Service, Compensation, Beneficiary designation and elections hereunder will be conclusive on all persons unless determined to be incorrect.
		

		
			9.4   Committee’s Decision Final.  Any interpretation of the Plan and any decision on any matter within the discretion of the Committee made in good faith is binding on all persons.  A misstatement or other mistake of fact shall be corrected when it becomes known, and the Committee shall make such adjustment on account thereof as it considers equitable and practicable.
		

		
			9.5   Remuneration and Expenses.  No remuneration shall be paid to any Committee member for services hereunder.  All expenses of a Committee member incurred in the performance of the administration of the Plan shall be reimbursed by the Company.
		

		
			9.6   Indemnification of Committee Member.  The Committee and the individual members thereof shall be indemnified by the Company against any and all liabilities, losses, costs, and expenses (including fees and expenses) of whatsoever kind and nature which may be imposed on, incurred by or asserted against the Committee or the members by reason of the performance 

		 

		

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of a Committee function if the Committee or such members did not act dishonestly or in willful or negligent violation of the law or regulations under which such liability, loss, cost or expense arises.
		

		
			9.7   Resignation or Removal of Committee Member.  A Committee member may resign at any time by giving ten (10) days advance written notice to the Company and the other Committee members. The Company may remove a Committee member by giving advance written notice to him or her, and the other Committee members.
		

		
			9.8   Interested Committee Member.  A member of the Committee may not decide or determine any matter or question concerning his or her own benefits under the Plan. 
		

			
	
			
				Article X
			
CLAIMS PROCEDURE

		
			This Article X applies to any person claiming a benefit other than a benefit relating to a Disability.  Any claim for benefits under this Plan relating to a Disability shall be governed by separate claims procedures from those provided in Article X, which separate procedures shall be available upon request to the Committee.
		

		
			10.1   Claim.  Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under the Plan shall present the request in writing to the Committee which shall respond in writing as soon as practicable.
		

		
			10.2   Denial of Claim.  If the claim or request is denied, the written notice of denial shall be made within ninety (90) days of the date of receipt of such claim or request by the Committee and shall state:
		

		
			(a) The reason for denial, with specific reference to the Plan provisions on which the denial is based.
		

		
			(b) A description of any additional material or information required and an explanation of why it is necessary.
		

		
			(c) An explanation of the Plan's claim review procedure.
		

		
			10.3   Review of Claim.  Any person whose claim or request is denied or who has not received a response within ninety (90) days may request review by notice given in writing to the Committee within sixty (60) days of receiving a response or one hundred fifty (150) days from the date the claim was received by the Committee. The claim or request shall be reviewed by the Committee who may, but shall not be required to, grant the claimant a hearing. On review, the claimant may have representation, examine pertinent documents, and submit issues and comments in writing.
		

		
			10.4   Final Decision.  The decision on review shall normally be made within sixty (60) days after the Committee's receipt of a request for review. If an extension of time is required for a hearing or other special circumstances, the claimant shall be notified and the time limit shall be one hundred twenty (120) days after the Committee's receipt of a request for review.  The 

		 

		

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decision shall be in writing and shall state the reasons and relevant plan provisions. All decisions on review shall be final and bind all parties concerned.
		

			
	
			
				Article XI
			
MISCELLANEOUS

		
			11.1   Captions.  The captions of articles, sections, paragraphs and subparagraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.
		

		
			11.2   Company Action.  Except as may be specifically provided herein, any action required or permitted to be taken by the Company may be taken on behalf of the Company by any officer of the Company.
		

		
			11.3   Terms.  Where the context permits, words in the plural shall include the singular, and words in the singular shall include the plural.
		

		
			11.4   Governing Law.  Except to the extent governed by the Employee Retirement Income Security Act of 1974, as amended, the provisions of this Plan shall be construed and interpreted according to the laws of the state of Kansas.
		

		
			11.5   Nonassignability.  Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly hereby declared to be unassignable and nontransferable.  No part of the amounts payable shall, prior to actual payment, be subject to seizure or separation for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant's or another person's bankruptcy or insolvency.
		

		
			11.6   Tax Obligations.    The Employer will withhold from that portion of the Participant’s Compensation that is not being deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes on Deferrals and Company 401(k) Excess Contributions.  The Employer will withhold from any payments made to a Participant under the Plan all federal, state and local income, employment and other taxes required to be withheld by the Employer in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Employer.
		

		
			11.7   Not a Contract of Employment.    The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between any Employer and any Participant or any Eligible Employee.  Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, unless otherwise expressly provided in a written employment agreement.  Nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of any Employer or to interfere with the right of an Employer to discipline or discharge the Participant at any time.
		

		
			

		 

		

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			11.8   Participant Cooperation.  A Participant will cooperate by furnishing any and all information requested in order to facilitate the payment of benefits hereunder and such other action as may be requested by the Committee or the Company or the Employer.
		

		
			11.9   Successors.  The provisions of this Plan shall bind the Company, the Employer  and their successors and assigns.  The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of the Company or the Employer, and successors of any such corporation or other business entity.
		

		
			11.10  Unsecured General Creditor.  Participants and their beneficiaries, heirs, successors, and assigns will have no secured interest or claim in any property or assets of any Related Company whether or not such assets are held in a trust that may be used for the purpose of paying benefits hereunder.  For purposes of the Plan, any and all of any Related Company’s assets shall be, and remain, the general, unpledged, assets of the Related Company. The Employer's obligation under the Plan shall be merely that of an unfunded and unsecured promise of the Employer to pay money in the future.  No Employer shall have any obligation under this Plan with respect to individuals other than that Employer's employees. 
		

		
			11.11  Validity.  In case any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted herein.
		

		
			11.12  Waiver of Notice. Any notice required under the Plan may be waived by the person entitled to notice.
		

		
			The Company hereby agrees to the provisions of this Plan, and, in witness thereof, the Company causes this Plan to be, executed on this 28th day of December, 2018.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SEABOARD CORPORATION

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Steven J. Bresky

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Steven J. Bresky

				
	
					
						 

					
					
						 

					
					
						 

					
					
						President

				
	
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

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			APPENDIX A
		

		
			PARTICIPATING EMPLOYERS
		

		
			Seaboard Corporation
		

		
			Seaboard Foods LLC
		

		
			Seaboard Power Management, Inc.
		

		
			 
		

		
			 
		

		 

		

			14EX-10.20

 Exhibit 10.20 

EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT, dated January 1, 2019 (the “Agreement”), between Semiconductor Components Industries, LLC
(the “Company”), with offices at 5005 East McDowell Road, Phoenix, Arizona 85008, and Simon Keeton (the “Executive”). 

RECITALS 
 WHEREAS,
the Executive has been employed by the Company since July 16, 2007 and has been employed by the Company in a key officer position since October 11, 2010; 

WHEREAS, in connection with the Executive’s employment, the Executive and Company executed a Key Officer and Severance and Change
of Control Agreement dated June 1, 2017 (the “Severance and CoC Agreement”); 
 WHEREAS, in connection with the
Executive’s Promotion (as defined below), the Executive and the Company will enter into this Agreement which will supersede the Severance and CoC Agreement. 

NOW, THEREFORE, it is hereby agreed as follows: 

1.     Employment, Duties and Agreements. 

(a)    The Company hereby agrees to employ the Executive via a promotion (the “Promotion”) as its
Executive Vice President and General Manager of the Power Solutions Group effective January 1, 2019, and the Executive hereby accepts such positions and agrees to serve the Company in such capacity during the employment period described in
Section 3 hereof (the “Employment Period”). The Executive shall report to the Office of the Chief Executive Officer (the “Office of the CEO”) of the Company and shall have such duties and responsibilities as
the Office of the CEO may reasonably determine from time to time as are consistent with the Executive’s position as Executive Vice President and General Manager of the Power Solutions Group. During the Employment Period, the Executive shall be
subject to, and shall act in accordance with, all reasonable instructions and directions of the Office of the CEO and all applicable policies and rules of the Company. 

(b)    During the Employment Period, excluding any periods of vacation and sick leave to which the Executive is entitled,
the Executive shall devote his full working time, energy and attention to the performance of his duties and responsibilities hereunder and shall faithfully and diligently endeavor to promote the business and best interests of the Company. 

(c)    During the Employment Period, the Executive may not, without the prior written consent of the Company, directly or
indirectly, operate, participate in the management, operations or control of, or act as an executive, officer, consultant, agent or representative of, any type of business or service (other than as an executive of the Company), provided that it
shall not be a violation of the foregoing for the Executive to manage his personal, financial and legal affairs so long as such activities do not interfere with the performance of his duties and responsibilities to the Company as provided hereunder.

  
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 2.     Compensation.     

(a)     As compensation for the agreements made by the Executive herein and the performance by the Executive of his
obligations hereunder, during the Employment Period, the Company shall pay the Executive, pursuant to the Company’s normal and customary payroll procedures, a base salary at the rate of $385,000 per annum (the “Base Salary”).
The Board of Directors of the Company and/or its Compensation Committee (both or either herein may be referred to as the “Board”) shall review the Executive’s Base Salary from time to time. 

(b)     In addition to the Base Salary, during the Employment Period, the Executive shall be eligible to participate in a
discretionary bonus program established and approved by the Board for employees of the Company or its affiliates in similar positions to the Executive (the “Program”) and, pursuant to the Program, the Executive may earn a bonus (the
“Bonus”) on an annual or other performance period basis (a “Performance Cycle”) up to 70% of Base Salary earned and paid during the applicable Performance Cycle or an additional amount as approved by the
Board under the Program and in each case based on certain performance criteria; provided that the Executive is actively employed by the Company on the date the Bonuses are paid under the Program, except as provided in Section 5(a)
herein. The Bonus may be paid annually or more frequently depending upon the Performance Cycle, as determined by the Board and pursuant to the Program. The Bonus will be specified by the Board, and the Bonus will be reviewed at least annually by the
Board. 
 (c)     During the Employment Period: (i) except as specifically provided herein, the Executive shall be
entitled to participate in all savings and retirement plans, practices, policies and programs of the Company which are made available generally to other senior executive officers of the Company; and (ii) except as specifically provided herein,
the Executive and/or the Executive’s family, as the case may be, shall be eligible for participation in, and shall receive all benefits under, all welfare benefit plans, practices, policies and programs provided by the Company which are made
available generally to other senior executive officers of the Company (for the avoidance of doubt, such plans, practices, policies or programs shall not include any plan, practice, policy or program which provides benefits in the nature of severance
or continuation pay). 
 (d)     During the Employment Period, the Company shall provide the Executive with a car
allowance of $1,200 per month. 
 (e)     During the Employment Period, the Company shall reimburse the Executive up to
$10,000 annually for actual financial planning expenses, without any tax gross-ups. 
 (f)
    During the Employment Period, the Executive shall be entitled to at least four (4) weeks of paid vacation time for each calendar year in accordance with the Company’s normal and customary policies and procedures now
in force or as such policies and procedures may be modified with respect to senior executive officers of the Company. 
 (g)
    During the Employment Period, the Company shall reimburse the Executive for all reasonable business expenses upon the presentation of statements of such expenses in accordance with the Company’s normal and customary
policies and procedures now in force or as such policies and procedures may be modified with respect to senior executive officers of the Company. 

3.    Employment Period. 

The Company shall employ Executive on the terms and subject to the conditions of this Agreement commencing as of the date of the execution of
this Agreement (the “Effective Date”). Executive shall be considered an “at-will” employee, which means that Executive’s employment may be

  
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terminated by the Company or by the Executive at any time for any reason or no reason at all. The period during which Executive is employed by the Company pursuant to this Agreement shall be
referred to as the “Employment Period.” The Executive’s employment hereunder may be terminated during the Employment Period upon the earliest to occur of the following events (at which time the Employment Period shall be
terminated): 
 (a)    Death. The Executive’s employment hereunder shall terminate upon his death. 

(b)    Disability. The Company shall be entitled to terminate the Executive’s employment hereunder for
“Disability” if, as a result of the Executive’s incapacity due to physical or mental illness or injury, after any accommodation required by law, the Executive shall have been unable to perform his duties hereunder for a period
of ninety (90) consecutive days, and within thirty (30) days after Notice of Termination (as defined in Section 4 below) for Disability is given following such 90-day period the Executive shall
not have returned to the performance of his duties on a full-time basis. 
 (c)    Cause. The Company may
terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement, the term “Cause” shall mean: (i) a material breach by the Executive of this Agreement; (ii) the failure by the Executive to
reasonably and substantially perform his duties hereunder (other than as a result of physical or mental illness or injury); (iii) the Executive’s willful misconduct or gross negligence which is materially injurious to the Company; and
(iv) the commission by the Executive of a felony or other serious crime involving moral turpitude. In the case of clauses (i) and (ii) above, the Company shall provide notice to the Executive indicating in reasonable detail the events or
circumstances that it believes constitute Cause hereunder and, if such breach or failure is reasonably susceptible to cure, provide the Executive with a reasonable period of time (not to exceed thirty (30) days) to cure such breach or failure.
If, subsequent to the Executive’s termination of employment hereunder for other than Cause, it is determined in good faith by the Board that the Executive’s employment could have been terminated for Cause (except for a termination under
(ii) of the above definition of Cause), the Executive’s employment shall, at the election of the Board, be deemed to have been terminated for Cause retroactively to the date the events giving rise to Cause occurred. 

(d)    Without Cause. The Company may terminate the Executive’s employment hereunder during the Employment
Period without Cause. 
 (e)    Voluntarily. The Executive may voluntarily terminate his employment hereunder
(other than for Good Reason), provided that the Executive provides the Company with notice of his intent to terminate his employment at least three months in advance of the Date of Termination (as defined in Section 4 below). 

(f)    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) without the Executive’s
written consent, reducing the Executive’s salary, as in effect immediately prior to such reduction, while at the same time not proportionately reducing the salaries of the other comparable officers of the Company; or (iii) without the
Executive’s written consent, a material and continued diminution of the Executive’s duties and responsibilities hereunder, unless the Executive is provided with comparable duties and responsibilities in a comparable position (i.e., a
position of equal or greater duties and responsibilities); provided that in either (i), (ii), or (iii) above, the Executive shall notify the Company within thirty (30) days after the event or events which the Executive believes
constitute Good Reason hereunder and shall describe in such notice in reasonable detail such event or events and provide the Company a thirty (30) day period after delivery of such notice to cure such breach or diminution. 

  
 3 

 4.    Termination Procedure. 

(a)    Notice of Termination. Any termination of the Executive’s employment by the Company or by the Executive
during the Employment Period (other than a termination on account of the death of Executive) shall be communicated by written “Notice of Termination” to the other party hereto in accordance with Section 11(a). 

(b)    Date of Termination. “Date of Termination” shall mean: (i) if the Executive’s
employment is terminated by his death, the date of his death; (ii) if the Executive’s employment is terminated pursuant to Section 3(b), thirty (30) days after Notice of Termination, provided that the Executive shall not have
returned to the performance of his duties hereunder on a full-time basis within such thirty (30) day period; (iii) if the Executive voluntarily terminates his employment, the date specified in the notice given pursuant to Section 3(e)
herein which shall not be less than three months after the Notice of Termination is delivered to the Company; (iv) if the Executive terminates his employment for Good Reason pursuant to Section 3(f) herein, thirty (30) days after
Notice of Termination; and (v) if the Executive’s employment is terminated for any other reason, the date on which a Notice of Termination is given or any later date (within thirty (30) days, or any alternative time period agreed upon
by the parties, after the giving of such notice) set forth in such Notice of Termination. 
 5.    Termination
Payments. 
 (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), the Executive shall be entitled to: (i) any accrued but unused vacation; (ii) Base Salary through
the Date of Termination (to the extent not theretofore paid); (iii) the continuation of Base Salary (as in effect immediately prior to the termination) for twelve (12) months following the Date of Termination which, subject to the restrictions
set forth below, shall be paid in accordance with the Company’s ordinary payroll practices in effect from time to time and which shall begin on the first payroll period immediately following the date on which the general release and waiver
described below in this Section 5(a) becomes irrevocable; (iv) any earned but not paid Bonus for the Performance Cycle immediately preceding the Date of Termination; and (v) a pro-rata portion
of the Bonus, if any, for the Performance Cycle in which the Date of Termination occurs (based on the achievement of the applicable performance criteria and related to the applicable Performance Cycle as described in Section 2(b)).
Notwithstanding the foregoing, the amount of payment set forth in (iii) above during the six-month period following the Date of Termination shall not exceed the severance pay exception limitation amount
set forth in Treasury Regulation Section 1.409A-1(b)(9)(iii)(A) (any amount that is payable during such six-month period that is in excess of the separation pay
exception limitation shall be paid in a single lump sum on the six-month anniversary of the Date of Termination). If the Company determines in good faith that the separation pay exception set forth in Treasury
Regulation Section 1.409A-1(b)(9)(iii) does not apply as of the Date of Termination, the amount set forth in (iii) above shall be paid (a) in an initial lump sum equal to six months’ base
salary (net of applicable taxes and withholdings) on the six-month anniversary of the Date of Termination and (b) thereafter in installments in accordance with the Company’s ordinary payroll
practices. The amounts set forth in (i) and (ii) above, shall be paid in accordance with applicable law on the Date of Termination. The amounts set forth in (iv) and (v) above shall be paid as soon as is reasonably practicable after the
close of the accounting books and records of the Company for the relevant performance period at the same time bonuses are paid to other active employees, but in no event will payment be made for any performance period ending on December 31
before January 1 or after March 15 of the year following the year in which the performance period ends. If payment by such date is administratively impracticable, payment may be made at a later date as permitted under Treasury Regulation Section 1.409A-1(b)(4)(ii). In addition, in the event of a termination by the Company without Cause under this Section 5(a) (including a deemed termination without Cause as provided in Section 3(f)
herein): (1) if the Executive elects to continue the Company’s 

  
 4 

 
group health plans pursuant to his rights under COBRA, the Company shall pay the Executive’s COBRA continuation premiums until the earlier of (x) the date the Executive receives group
health benefits from another employer or (y) the one-year anniversary of the Date of Termination; and (2) the Company will provide the Executive with outplacement services from vendors designated by
the Company for a period of six (6) months following the Date of Termination, at a cost not to exceed $5,000. Notwithstanding the foregoing, to receive the termination related payments and benefits described in this Section 5, within the
time periods described below, the Executive must execute (and not revoke) a general release and waiver (in a form reasonably acceptable to the Company) waiving all claims the Executive may have against the Company, its affiliates (including, without
limitation, Parent (as defined below)), successors, assigns, executives, officers and directors, and others. The release shall be provided to the Executive on or before the date that is five (5) days following the Date of Termination and the
Executive shall have twenty-one (21) days following the date on which the release is given to the Executive to sign and return the release to the Company. The release must be executed and returned to the
Company within the time period described in the release and it must not be revoked by the Executive during the seven (7) day revocation period that will be described in the release. Notwithstanding anything in this Agreement to the contrary, if
the Company concludes that the severance payments described in Section 5(a) constitute a “deferral of compensation” within the meaning of the Section 409A Regulations, and if the consideration period that will be described in the
release, plus the seven (7) day revocation period that will be described in the release, spans two (2) calendar years, the severance payments shall not begin until the second calendar year. Except as provided in this Section 5(a), the
Company shall have no additional obligations under this Agreement. 
 (b)    Cause, Disability, Death or Voluntarily
other than for Good Reason. If the Executive’s employment is terminated during the Employment Period by: (i) the Company for Cause; (ii) voluntarily by the Executive other than for Good Reason; or (iii) as a result of the
Executive’s death or Disability, the Company shall pay the Executive or the Executive’s estate, as the case may be, within thirty (30) days following the Date of Termination the Executive’s accrued but unused vacation and his
Base Salary through the Date of Termination (to the extent not theretofore paid). Except as provided in this Section 5(b), the Company shall have no additional obligations under this Agreement. 

(c)    Change in Control. If within twenty-four (24) months following a Change in Control (as defined herein),
(i) the Company terminates the Executive’s employment without Cause or (ii) the Executive terminates employment with the Company for Good Reason, then, in addition to all of the benefits provided to the Executive under Section 5(a) of
this Agreement, notwithstanding any provision in any applicable option grant agreement or restricted stock unit award agreement where the award vests based solely on the passage of time between the Company (or Parent (as defined below)) and the
Executive: (i) any outstanding but unvested options and any restricted stock units where the award vests based solely on the passage of time granted on or prior to the Effective Date and any unvested options and/or restricted stock units
granted in connection with the Executive’s Promotion shall fully vest upon the Date of Termination; and (ii) all options (both vested and unvested) granted on or prior to the Effective Date or in connection with the Executive’s
Promotion will remain fully exercisable until the first to occur of (1) the one-year anniversary of the Date of Termination, and (2) either the tenth anniversary or the seventh anniversary of the
grant date of such options, depending upon what the relevant option grant agreement specify with regard to an option’s term or expiration date; provided, however, that if the Company determines in good faith that the extension of the
option’s exercise period results in the options being considered non-qualified deferred compensation subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
such extension shall not take effect. In addition, the Executive shall be entitled to an amount equal to the total target Bonus (as defined above) under the Bonus Program in effect as of the Date of Termination; provided that if Bonuses are paid
semi-annually as of the Date of Termination the Executive shall be entitled to an amount equal to two (2) times the total target Bonus for the Performance Cycle in which the Date of Termination occurs, with such amount paid as soon as is
reasonably practicable after the close of the accounting books and records 
 of 

  
 5 

 
the Company for the relevant Performance Cycle at the same time bonuses are paid to other active employees, but in no event will payment be made for any Performance Cycle ending on
December 31 before January 1 or after March 15 of the year following the year in which the Performance Cycle ends. If payment by such date is administratively impracticable, payment may be made at a later date as permitted under
Treasury Regulation Section 1.409A-1(b)(4)(ii). For purposes of this Agreement, a “Change in Control” shall have the meaning set forth in the ON Semiconductor Corporation Amended and Restated
Stock Incentive Plan, as it may be amended from time-to-time. For the avoidance of doubt, the equity award vesting provisions described in this Section 5(c) do not
apply to performance-based restricted stock or performance-based restricted stock unit awards and such awards shall continue to be governed by the Amended and Restated Stock Incentive Plan, as it may be amended from time to time and any other
related equity grant or award agreement document. 
 6.    Legal Fees. 

In the event of any contest or dispute between the Company and the Executive with respect to this Agreement or the Executive’s employment
hereunder, each of the parties shall be responsible for their respective legal fees and expenses. 
 7.    Non-Solicitation. 
 The Executive recognizes that the Company’s employees are a valuable asset to
the Company and represent a substantial investment of Company time and resources. Accordingly, during the Employment Period and for one (1) year thereafter, the Executive hereby agrees not to, directly or indirectly, solicit or assist any other
person or entity in soliciting any employee of ON Semiconductor Corporation (the “Parent”), the Company or any of their subsidiaries to perform services for any entity (other than the Parent, the Company or their subsidiaries), or attempt
to induce any such employee to leave the employment of the Parent, the Company or their subsidiaries. 

8.    Confidentiality; Non-Compete;
Non-Disclosure; Non-Disparagement. 

(a)    During the Employment Period and thereafter, the Executive shall hold in strict confidence any proprietary or
Confidential Information related to the Parent, the Company and their affiliates. For purposes of this Agreement, “Confidential Information” shall mean all information of the Parent, the Company or any of their affiliates (in whatever
form) which is not generally known to the public, including without limitation any inventions, processes, methods of distribution, customer lists or customers’ or trade secrets. “Confidential Information” does not include information
that: (i) is or becomes part of the public domain through no fault of the Executive; (ii) is already known to the Executive and has been identified by the Executive to the Company in writing prior to the commencement of the
Executive’s employment with Company; or (iii) is subsequently lawfully received by the Executive from a third party not subject to confidentiality restrictions. 

(b)    During the Executive’s employment with Company, and at all times thereafter, the Executive will (i) keep
confidential and not divulge, furnish or make accessible to any person any Confidential Information; and (ii) use the Confidential Information solely for the purpose of performing the Executive’s duties of employment and not for the
Executive’s own benefit or the benefit of any other Person. Promptly after the Date of Termination, or at any time upon request by Company, the Executive shall return to Company any Confidential Information (in hard copy and electronic formats)
in the Executive’s possession. 
 (c)    With the limited exceptions noted below, the Executive shall be permitted
to disclose Confidential Information to the extent, but only to the extent, (i) Company provides its express prior written consent to such disclosure; (ii) it is necessary to perform the duties of the Executive’s

  
 6 

 
employment; or (iii) as required by law; provided, that prior to making any disclosure of Confidential Information required by law (whether pursuant to a subpoena, government investigative
demand, or other similar process), the Executive must notify Company of the Executive’s intent to make such disclosure, so that Company may seek a protective order or other appropriate remedy and may participate with the Executive in
determining the amount and type of Confidential Information, if any, which must be disclosed to comply with applicable law. 

(d)    There are limited exceptions to the above confidentiality requirement if the Executive 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 Agreement does not limit the Executive’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 Agreement shall prevent the Executive from the disclosure of 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 Executive files a lawsuit alleging retaliation by Company for reporting a
suspected violation of law, the Executive may disclose Confidential Information or trade secrets related to the suspected violation of law or alleged retaliation to the Executive’s attorney and use the Confidential Information or trade secrets
in the court proceeding if the Executive or the Executive’s attorney: (i) files any document containing Confidential Information or trade secrets under seal; and (ii) does not disclose Confidential Information or trade secrets, except
pursuant to court order. The Company provides this notice in compliance with, among other laws, the Defend Trade Secrets Act of 2016. 

(e)    The Executive and the Company agree that the Parent, the Company, and their affiliates would likely suffer
significant harm from the Executive competing with any or all of the Parent, the Company or their affiliates for a certain period of time after the Date of Termination. Accordingly, the Executive agrees that the Executive will not, for a period of
one (1) year following the Date of Termination, directly or indirectly, become employed by, engage in business with, serve as an agent or consultant to, become a partner, member, principal, stockholder or other owner (other than a holder of
less than 1% of the outstanding voting shares of any publicly held company) of, or otherwise perform services for (whether or not for compensation) any Competitive Business (as defined below) in or from any location in the United States (the
“Restricted Territory”); provided, however, that if (and only if) required by a court of competent jurisdiction for the provisions of this section to remain valid and enforceable against the Executive, the Restricted Territory means the
state of Arizona. For purposes of this Agreement, “Competitive Business” shall mean any individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or government agency or political
subdivision thereof that is engaged in, or otherwise competes or has demonstrated a potential for competing with the Business (as defined below) for customers of the Company or its affiliates anywhere in the world. For purposes of this Agreement,
“Business” shall mean the design, marketing and sale of semiconductors in the power, analog, digital signal processing, mixed signal, advanced logic, discrete and custom devices, data management semiconductors, memory and standard
semiconductor components and integrated circuits offered by any or all of the Parent, the Company or their affiliates for use in electronic products, appliances and automobiles, computing, consumer and industrial electronics, wireless
communications, networking, military and aerospace and medical end-user markets. 
 (f)
    Upon the termination of the Employment Period, the Executive shall not take, without the prior written consent of the Company, any drawing, blueprint, specification or other document (in whatever form) of the Parent, the
Company or their affiliates, which is of a confidential nature relating to 

  
 7 

 
the Parent, the Company or their affiliates, or, without limitation, relating to any of their methods of distribution, or any description of any formulas or secret processes and will return any
such information (in whatever form) then in the Executive’s possession. 
 (g)    During the Employment Period and
at all times thereafter, the Executive agrees that the Executive will not make (or cause or encourage others to make) statements that unlawfully defame or disparage the Parent, the Company, their affiliates and their officers, directors, members or
executives. The Executive hereby agrees to cooperate with the Company in refuting any defamatory or disparaging remarks by any third party made in respect of the Parent, the Company, their affiliates or their directors, members, officers or
executives. 
 9.    Injunctive Relief. 

It is impossible to measure in money the damages that will accrue to the Company in the event that the Executive breaches any of the
restrictive covenants provided in Sections 7 and 8 hereof. In the event that the Executive breaches any such restrictive covenant, the Company shall be entitled to an injunction restraining the Executive from violating such restrictive covenant
(without posting any bond or other security). If the Company shall institute any action or proceeding to enforce any such restrictive covenant, the Executive hereby waives the claim or defense that the Company has an adequate remedy at law and
agrees not to assert in any such action or proceeding the claim or defense that the Company has an adequate remedy at law. The foregoing shall not prejudice the Company’s right to require the Executive to account for and pay over to the
Company, and the Executive hereby agrees to account for and pay over, the compensation, profits, monies, accruals or other benefits derived or received by the Executive as a result of any transaction constituting a breach of any of the restrictive
covenants provided in Sections 7 or 8 hereof. If the Executive is in breach of any of the provisions of Section 7 or 8 above, then the time periods set forth in Sections 7 or 8 will be extended by the length of time during which the Executive
is in breach of any of such provisions. 
 10.    Representations. 

(a)    The parties hereto hereby represent that they each have the authority to enter into this Agreement, and the
Executive hereby represents to the Company that the execution of, and performance of duties under, this Agreement shall not constitute a breach of or otherwise violate any other agreement to which the Executive is a party. 

(b)    The Executive hereby represents to the Company that he will not utilize or disclose any confidential information
obtained by the Executive in connection with his former employment with respect to this duties and responsibilities hereunder. 

  
 8 

 11.    Miscellaneous. 

(a)    Any notice or other communication required or permitted under this Agreement shall be effective only if it is in
writing and shall be deemed to be given when delivered personally or four days after it is mailed by registered or certified mail, postage prepaid, return receipt requested or one day after it is sent by a reputable overnight courier service and, in
each case, addressed as follows (or if it is sent through any other method agreed upon by the parties): 
 If to the Company: 

Semiconductor Components Industries, LLC 

Attention: General Counsel 
 5005
East McDowell Road 
 Phoenix, Arizona 85008 

If to the Executive, to the address for the Executive on file with the Company at the time of the notice, 

or to such other address as any party hereto may designate by notice to the others. 

(b)    This Agreement shall constitute the entire agreement among the parties hereto with respect to the Executive’s
employment hereunder, and supersedes and is in full substitution for any and all prior understandings or agreements with respect to the Executive’s employment including, but not limited to, the Severance and CoC Agreement (it being understood
that, except as otherwise expressly stated in this Agreement, stock options and restricted stock units awards granted to the Executive shall be governed by the relevant plan and any other related grant or award agreement and any other related
documents). 
 (c)    This Agreement may be amended only by an instrument in writing signed by the parties hereto, and
any provision hereof may be waived only by an instrument in writing signed by the party or parties against whom or which enforcement of such waiver is sought. The failure of any party hereto at any time to require the performance by any other party
hereto of any provision hereof shall in no way affect the full right to require such performance at any time thereafter, nor shall the waiver by any party hereto of a breach of any provision hereof be taken or held to be a waiver of any succeeding
breach of such provision or a waiver of the provision itself or a waiver of any other provision of this Agreement. 

(d)    The parties hereto acknowledge and agree that each party has reviewed and negotiated the terms and provisions of
this Agreement and has had the opportunity to contribute to its revision. Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement.
Rather, the terms of this Agreement shall be construed fairly as to both parties hereto and not in favor or against either party. 

(e)    (i) This Agreement is binding on and is for the benefit of the parties hereto and their respective successors,
assigns, heirs, executors, administrators and other legal representatives. Neither this Agreement nor any right or obligation hereunder may be assigned by the Executive. 

(ii) The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume this Agreement in the same manner and to the same extent that the Company would have been required to perform it if no such succession had taken place. As used in the
Agreement, the “Company” shall mean both the Company as defined above and any such successor that assumes this Agreement, by operation of law or otherwise. 

(f)    Any provision of this Agreement (or portion thereof) which is deemed invalid, illegal or unenforceable in any
jurisdiction shall, as to that jurisdiction and subject to this Section, be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions thereof in such jurisdiction or rendering
that or any other provisions of this Agreement invalid, illegal, or unenforceable in any other jurisdiction. If any covenant should be deemed invalid, illegal or unenforceable because its scope is considered excessive, such covenant shall be
modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable. No waiver of any provision or violation of this Agreement by Company shall be implied by
Company’s forbearance or failure to take action. 

  
 9 

 (g)    The Company may withhold from any amounts payable to the
Executive hereunder all federal, state, city or other taxes that the Company may reasonably determine are required to be withheld pursuant to any applicable law or regulation, (it being understood, that the Executive shall be responsible for payment
of all taxes in respect of the payments and benefits provided herein). 
 (h)    The payments and other consideration to
the Executive under this Agreement shall be made without right of offset. 
 (i)    (i) Notwithstanding anything set
forth herein to the contrary, no amount payable pursuant to this Agreement on account of the Executive’s termination of employment which constitutes a “deferral of compensation” within the meaning of the Treasury Regulations issued
pursuant to Section 409A of the Code (“Section 409A Regulations”) shall be paid unless and until the Executive has incurred a “separation from service” within the meaning of the Section 409A
Regulations. Furthermore, to the extent that the Executive is a “specified employee” within the meaning of the Section 409A Regulations as of the date of the Executive’s separation from service, no amount that constitutes a
deferral of compensation that is payable on account of the Executive’s separation from service shall be paid to the Executive before the date (“Delayed Payment Date”) which is the first day of the seventh month after the date
of the Executive’s separation from service or, if earlier, the date of the Executive’s death following such separation from service. All such amounts that would, but for this subsection, become payable prior to the Delayed Payment Date
will be accumulated and paid on the Delayed Payment Date. 
 (ii) The Company intends that income provided to Executive pursuant to this
Agreement will not be subject to taxation under Section 409A of the Code. The provisions of this Agreement shall be interpreted and construed in favor of satisfying any applicable requirements of Section 409A of the Code and the
Section 409A Regulations. However, the Company does not guarantee any particular tax effect for income provided to Executive pursuant to this Agreement. In any event, except for the Company’s responsibility to withhold applicable
income and employment taxes from compensation paid or provided to the Executive, the Company shall not be responsible for the payment of any applicable taxes on compensation paid or provided to the Executive pursuant to this Agreement.
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, without reducing the amounts of any benefits due to the Executive hereunder. 

(j)    By signing this Agreement, the Executive agrees to be bound by, and comply with the terms of the compensation
recovery policy or policies (and related practices) of the Company or its affiliates as such may be in effect from time-to-time. 

(k)    This Agreement shall be governed by and construed in accordance with the laws of the State of Arizona without
reference to its principles of conflicts of law. 
 (l)    This Agreement may be executed in several counterparts, each
of which shall be deemed an original, but all of which shall constitute one and the same instrument. 
 (m)    The
headings in this Agreement are inserted for convenience of reference only and shall not be a part of or control or affect the meaning of any provision hereof. 

  
 10 

 12.    Section 280G of the Internal Revenue Code. 

(a)    Sections 280G and 4999 of the Internal Revenue Code may place significant tax burdens on both the Executive and the
Company if the total payments made to the Executive due to certain change in control events described in Section 280G of the Internal Revenue Code (the “Total Change in Control Payments”) equal or exceed the Executive’s 280G Cap.
For this purpose, the Executive’s “280G Cap” is equal to the Executive’s average annual compensation in the five (5) calendar years preceding the calendar year in which the change in control event occurs (the “Base
Period Income Amount”) times three (3). If the Total Change in Control Payments equal or exceed the 280G Cap, Section 4999 of the Internal Revenue Code imposes a 20% excise tax (the “Excise Tax”) on all amounts in excess of one
(1) times the Executive’s Base Period Income Amount. In determining whether the Total Change in Control Payments will equal or exceed the 280G Cap and result in the imposition of an Excise Tax, the provisions of Sections 280G and 4999 of
the Internal Revenue Code and the applicable Treasury Regulations will control over the general provisions of this Section 12. All determinations and calculations required to implement the rules set forth in this Section 12 shall take into
account all applicable federal, state, and local income taxes and employment taxes (and for purposes of such calculations, the Executive shall be deemed to pay income taxes at the highest combined federal, state and local marginal tax rates for the
calendar year in which the Total Change in Control Payments are to be made, less the maximum federal income tax deduction that could be obtained as a result of a deduction for state and local taxes (the “Assumed Taxes”)). 

(b)    Subject to the “best net” exception described in Section 12(c), in order to avoid the imposition of
the Excise Tax, the total payments to which the Executive is entitled under this Agreement or otherwise will be reduced to the extent necessary to avoid equaling or exceeding the 280G Cap, with such reduction first applied to the cash severance
payments that the Executive would otherwise be entitled to receive pursuant to this Agreement and thereafter applied in a manner that will not subject the Executive to tax and penalties under Section 409A of the Internal Revenue Code. 

(c)    If the Executive’s Total Change in Control Payments minus the Excise Tax and the Assumed Taxes (payable with
respect to the amount of the Total Change in Control Payments) exceeds the 280G Cap minus the Assumed Taxes (payable with respect to the amount of the 280G Cap), then the total payments to which the Executive is entitled under this Agreement or
otherwise will not be reduced pursuant to Section 12(b). If this “best net” exception applies, the Executive shall be fully responsible for paying any Excise Tax (and income or other taxes) that may be imposed on the Executive
pursuant to Section 4999 of the Internal Revenue Code or otherwise. 
 (d)    The Company will engage a law firm, a
certified public accounting firm, and/or a firm of reputable executive compensation consultants (the “Consultant”) to make any necessary determinations and to perform any necessary calculations required in order to implement the rules set
forth in this Section 12. The Consultant shall provide detailed supporting calculations to both the Company and the Executive and all fees and expenses of the Consultant shall be borne by the Company. If the provisions of Section 280G and
4999 of the Internal Revenue Code are repealed without succession, this Section 12 shall be of no further force or effect. In addition, if this provision does not apply to the Executive for whatever reason, this Section shall be of no further
force or effect. 

  
 11 

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

	
	Semiconductor Components Industries, LLC
	
	/s/ KEITH JACKSON    
	Name: Keith Jackson
	Title: Chief Executive Officer
	
	/s/ SIMON KEETON    
	Simon Keeton

  
 12

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