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Axcelis Technologies, Inc.
Named Executive Officer Base Compensation at March 14, 2011
This Exhibit discloses the current understandings with respect to base compensation between Axcelis Technologies, Inc. (the "Company") and each of:
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- the Company's principal executive officer (Mary G. Puma),
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- the Company's principal financial officer (Jay Zager), and
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- the three most highly compensated other executive officers serving as executive officers at December 31, 2010.
These executive officers are referred to herein as "named executive officers" or "NEOs."
Other than in the case of Mary G. Puma, the Company has not entered into any written agreements with its named executive officers addressing the amount of base salary due to the executive. The Company's Amended and Restated Employment Agreement with Ms. Puma ("Puma Employment Agreement") is listed as Exhibit 10.11 to this Form 10-K (incorporated by reference to Exhibit 10.3 to the Company's Form 10-Q for the quarter ended September 30, 2007 filed on November 8, 2007).
The Company maintains that all executive officers, other than Ms. Puma, are employees at will and that the Company has no obligation to continue their employment, other in cases where such obligation arises under the Change of Control Agreements described in our Proxy Statement and filed as an Exhibit to this Form 10-K.
In the course of the employment relationship with each NEO, the Company communicates to the named executive officer the amount of base salary approved by the Compensation Committee of the Board of Directors, which compensation is subject to change in the discretion of the Compensation Committee of the Board of Directors. The following table sets forth the annual base salary as communicated to the named executive officers of the Company as in effect on March 14, 2011:
Named Executive Officer | Title | Base Salary | ||||
|---|---|---|---|---|---|---|
Mary G. Puma | President and Chief Executive Officer | $ | 500,000 | |||
Jay Zager | Executive VP and Chief Financial Officer | $ | 350,000 | |||
Matthew Flynn | Executive VP, Global Customer Operations | $ | 350,000 | |||
Lynnette C. Fallon | Executive VP HR/Legal and General Counsel | $ | 305,000 | |||
Kevin Brewer | Executive VP, Operations | $ | 300,000 | |||