AXCELIS TECHNOLOGIES INC appointed Russell J. Low, Ph.D. as new CEO

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


(c) Appointment of Chief Executive Officer. On May 11, 2023, following the 2023 Annual Meeting of Stockholders (the "Annual Meeting"), the Board of Directors of Axcelis Technologies, Inc. (the "Company") appointed Russell J. Low, Ph.D., age 52, as the Company's Chief Executive Officer and President.


Prior to this appointment, Dr. Low served as the Company's Executive Vice President, Global Customer and Engineering Operations, since 2021. From 2016 until 2021, Dr. Low served as Executive Vice President, Engineering at the Company. Dr. Low's compensation for 2020, 2021 and 2022 is set forth in the Company's definitive proxy statement (the "Proxy Statement") for the Annual Meeting filed with the Securities and Exchange Commission (the "Commission") on March 31, 2023.


Dr. Low's current annual base salary is $550,333 and he is eligible to earn a cash incentive under the 2023 Axcelis Management Incentive Plan for a target amount equal to 87% of his actual base pay in 2023 and 100% of his actual base pay thereafter. Dr. Low has received prior equity awards from the Company and will participate in the Company's 2023 annual equity program with a grant date anticipated on May 15, 2023. The Company has entered into an employment agreement, dated as of May 11, 2023 (the "Employment Agreement"), with Dr. Low that establishes a minimum annual base and cash incentive compensation and provides for separation pay in the event of a termination "without cause" or for "good reason" (each as defined in the Employment Agreement). The Employment Agreement has an initial term through January 1, 2025, and will automatically renew on January 1, 2025 and each January 1st thereafter unless terminated by either party on nine months' prior notice. The Employment Agreement supersedes the Executive Separation Pay Agreement between Dr. Low and the Company, the form of which was filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019. The foregoing description of Dr. Low's Employment Agreement is qualified in its entirety by reference to Exhibit 10.1 hereto.


The Company has entered into a new change of control agreement (the "Change of Control Agreement") with Dr. Low, increasing the separation pay due on the dual trigger of a change of control and termination of employment to a multiple of two times his then current base and target bonus. The foregoing description of the Change of Control Agreement is qualified in its entirety by reference to the form of change of control agreement with the Company's executive officers filed as Exhibit 10.6 to the Company's Annual Report on Form 10-K for the year ended December 31, 2016 and incorporated herein by reference.


Coincident with the commencement of Dr. Low's promotion to Chief Executive Officer and President, Mary G. Puma, our former Chief Executive Officer and President, assumed the position of Executive Chairperson of the Board of Directors of the Company, a position she is expected to hold until the 2024 Annual Meeting of Stockholders.