ON Semiconductor Corporation (NASDAQ:ON) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e) First Half of 2017 Cash Bonus Program for Certain
Executive Officers On February14, 2017, the Compensation
Committee (Committee) of the Board of Directors of ON
Semiconductor Corporation (Corporation) determined specific
parameters for the bonus plan under the Corporations semi-annual
cash incentive program for the first half of 2017 (Bonus
Program).
Cash bonuses under the Bonus Program will include two performance
components, with 80% of the bonus based on non-GAAP profit before taxes
(Non-GAAP Profit) and 20% of the bonus based on specified
performance measures related to the organizational unit or
department within the Corporation for which the award recipient
has primary responsibility (Organizational Performance Metric),
except that the Organizational Performance Metric for Mr.KeithD.
Jackson, President and Chief Executive Officer of the
Corporation, and Mr.Bernard Gutmann, Chief Financial Officer of
the Corporation, will be the average attainment of all
Organizational Performance Metrics. Under the Bonus Program,
attainment is capped at 200% and at 20% of Non-GAAP Profit. The specific
Organizational Performance Metrics for each listed named
executive officer other than Mr.Jackson and Mr.Gutmann are as
follows: Mr.Schromm non-GAAP gross margin (10%)
and quality (10%); Mr.Rolls revenue; and Mr.Rashid departmental
budget expenses.
Award opportunities for the
first half of 2017 under the Bonus Program (expressed as a
percentage of the officers base salary) for each of the named
executive officers has the threshold, target, and stretch amounts
listed below. The Committee reviews these officer award
opportunities from time-to-time.
|
Officer |
Title |
Current AwardOpportunity |
||
| KeithD. Jackson | President and Chief Executive Officer |
Threshold(0%) Target (150%) Maximum(300%) |
||
| Bernard Gutmann |
Executive Vice President and Chief Financial Officer and Treasurer |
Threshold(0%) Target (80%) Maximum(160%) |
||
| William A. Schromm | Executive Vice President and Chief Operating Officer |
Threshold(0%) Target (80%) Maximum(160%) |
||
| Paul E. Rolls | Executive Vice President, Sales and Marketing |
Threshold(0%) Target (75%) Maximum(150%) |
||
| Mamoon Rashid | Senior Vice President, Strategic Business Ventures |
Threshold(0%) Target (60%) Maximum(120%) |
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About ON Semiconductor Corporation (NASDAQ:ON)
ON Semiconductor Corporation offers a portfolio of analog, digital and mixed signal integrated circuits (ICs), standard products, image sensors and custom devices for customers to solve their design challenges in advanced electronic systems and products. The Company operates through four segments: Application Products Group, Image Sensor Group, Standard Products Group, and System Solutions Group. The Company’s power management and motor driver semiconductor components control, convert, protect and monitor the supply of power to the different elements within a range of electronic devices. Its custom application specific integrated circuits (ASICs) use analog, digital signal processing (DSP), mixed-signal and advanced logic capabilities for its automotive, medical, military/aerospace, consumer and industrial customers’ products. Its signal management semiconductor components provide clock management and data flow management for precision computing, communications and industrial systems. ON Semiconductor Corporation (NASDAQ:ON) Recent Trading Information
ON Semiconductor Corporation (NASDAQ:ON) closed its last trading session up +0.07 at 15.60 with 4,135,542 shares trading hands.
