Diagramatically:

+------+                             +---------------+
|Source|---> }                { ---> |Relocatable OBJ|---> }               
+------+     }                {      +---------------+     }                                                      
   :         }  Translators   {               :            }
   :         } -------------> {               :            }
   :         }                {               :            }  Linker  +---------------+  Locator  +------------+  OBJ2HEX  +---------+
+------+     }                {      +---------------+     } -------->|Relocatable OBJ|---------->|Absolute OBJ|---------->|Intel HEX|                                                        
|Source|---> }                { ---> |Relocatable OBJ|---> }          +---------------+           +------------+           +---------+               
+------+                             +---------------+     }
                                                           }
                                           +---------+     }
                                           |Libraries|---> }
                                           +---------+



'C',                              External References                 Linker resolves             Locator fixes the        Hex File represents
Assembler,                        are not yet known                   external references,        Relocatable OBJ          the pure binary, executable
Pascal, etc                       - hence 0000 "dummies"              and combines                to absolute              code - no data, and no
                                                                      individual OBJs into        addresses                no debug information.
                                                                      one single, relocatable     
                                                                      OBJ

Note that the Keil Linkers (like many modern linkers) combine the functions of both Linker and Locator.

Note thet the OBJ files are not executable by a real processor - they contain addition information required by the Linker & Locator, plus symbol & debug information.
To be executed by a real processor, the Absolute Object file must be converted to Hex, pure binary, or similar.

However, a Simulator can load the Absolute Object file - it separates out the symbol & debug information from the executable code.