ON SEMICONDUCTOR CORP
1ST AMENDMENT TO THE ON SEMICONDUCTOR 2007 EXECUTIVE INCENTIVE PLAN
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<DESCRIPTION>1ST AMENDMENT TO THE ON SEMICONDUCTOR 2007 EXECUTIVE INCENTIVE PLAN
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Exhibit 10.1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>FIRST AMENDMENT TO THE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ON SEMICONDUCTOR </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>2007 EXECUTIVE INCENTIVE PLAN </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">ON
Semiconductor Corporation (&#147;Company&#148;), approved and adopted the ON Semiconductor 2007 Executive Incentive Plan (&#147;Plan&#148;) which became effective as of January&nbsp;1, 2007. By this instrument, the Company desires to amend the Plan
to ensure that it complies with the requirements of Section&nbsp;409A of the Internal Revenue Code of 1986 (&#147;Code&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. The
provisions of this First Amendment shall be effective as of January&nbsp;1, 2008 (&#147;Effective Date&#148;), provided however, that the Plan shall be operated in good faith compliance with Section&nbsp;409A of the Code for periods beginning
January&nbsp;1, 2005 through the Effective Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. Section&nbsp;3(A) of the Plan is hereby amended by replacing clause (vii)&nbsp;in its
entirety with the following: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(vii) accelerate the payment of Awards only as permitted under Section&nbsp;162(m) of the
Code, provided however, that if the payment of any Award hereunder becomes subject to the requirements of Section&nbsp;409A of the Code, no acceleration shall be permitted under this provision; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. Section&nbsp;6 of the Plan is hereby amended replacing paragraph E in its entirety with the following: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">E. The Awards under this Plan shall be paid to each Participant as soon as is reasonably practicable after the close of the accounting
books and records of the Company for the relevant Performance Period, but in no event will payment be made for any Performance Period ending on December&nbsp;31 before January&nbsp;1 or after March&nbsp;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 Treas. Reg. &#167; 1.409A-1(b)(4)(ii). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. This First Amendment shall amend only the provisions of the Plan as set forth herein. Those provisions of the Plan not expressly amended shall be
considered in full force and effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, the Company has caused this First Amendment to be executed by its duly authorized
representative on this 16th day of August, 2007. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">ON SEMICONDUCTOR CORPORATION</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/S/ G. SONNY CAVE</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">G. Sonny Cave, Senior Vice President and</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">General Counsel</FONT></TD></TR>
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