Axcelis Technologies Reports Officer Compensatory Arrangements

TL;DR

**Axcelis Technologies just filed an 8-K about executive compensation, so keep an eye on how that impacts their financials and leadership.**

AI Summary

Axcelis Technologies, Inc. filed an 8-K on February 29, 2024, reporting an event that occurred on February 28, 2024. The filing pertains to Item 5.02, "Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers," and Item 9.01, "Financial Statements and Exhibits." The company, based in Beverly, Massachusetts, with IRS Number 34-1818596, operates in the special industry machinery sector.

Why It Matters

This filing indicates changes or updates to the compensation of Axcelis Technologies' officers, which can influence executive motivation and the company's financial outlook.

Risk Assessment

Risk Level: low — The filing is primarily administrative, reporting on compensatory arrangements, which typically carries low immediate risk unless specific details reveal significant negative changes.

Key Players & Entities

• Axcelis Technologies, Inc. (company) — Registrant
• February 28, 2024 (date) — Date of earliest event reported
• February 29, 2024 (date) — Filing date
• 34-1818596 (dollar_amount) — IRS Employer Identification No.
• 000-30941 (dollar_amount) — Commission File Number

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value ACLS Nasdaq Global Select M
• $160,000 — e for a number of units with a value of $160,000 that will vest as to 25% of the units o
• $80,000 — e for a number of units with a value of $80,000 vesting one year after the date of gran

Filing Documents

• tm246619d1_8k.htm (8-K) — 31KB
• tm246619d1_ex99-1.htm (EX-99.1) — 7KB
• tm246619d1_ex99-1img001.jpg (GRAPHIC) — 2KB
• tm246619d1_ex99-1img002.jpg (GRAPHIC) — 2KB
• 0001104659-24-029398.txt ( ) — 216KB
• acls-20240228.xsd (EX-101.SCH) — 3KB
• acls-20240228_lab.xml (EX-101.LAB) — 33KB
• acls-20240228_pre.xml (EX-101.PRE) — 22KB
• tm246619d1_8k_htm.xml (XML) — 3KB

02 Departure of Directors or Certain Officers; Election of

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (d) Election of Directors. On February 28, 2024, pursuant to Section 6.1 of Article Third of the Restated Certificate of Incorporation of Axcelis Technologies, Inc. (the "Company") and Section 2.2 of the Bylaws of the Company, the Board of Directors of the Company expanded the number of members of the Board of Directors to eleven. Immediately thereafter, pursuant to Section 6.3 of Article Third of the Restated Certificate of Incorporation of the Company and Section 2.4 of the Bylaws of the Company, the Board of Directors elected Gregory B. Graves and Necip Sayiner to fill the vacancies on the Board for a term ending at the 2024 Annual Meeting of Stockholders. The Company's press release regarding these new directors is attached as Exhibit 99.1 to this Current Report on Form 8-K. Information about Mr. Graves's and Dr. Sayiner's committee assignments is incorporated by reference from Item 8.01 below. Each of Mr. Graves and Dr. Sayiner will participate in the Company's non-employee director compensation arrangements, a description of which appears under the heading "Director Compensation" in the proxy statement for the Company's 2023 annual meeting of stockholders and is incorporated herein by reference. On February 29, 2024, upon recommendation of the Nominating and Governance Committee and the Compensation Committee, the full Board of Directors approved the grant of two restricted stock unit awards to each of Mr. Graves and Dr. Sayiner on March 15, 2024. One of the RSU awards, a new director grant, will be for a number of units with a value of $160,000 that will vest as to 25% of the units on each of the first four anniversaries of the date of grant, assuming continuation of service. The second RSU award is a pro-rated 2023 annual director grant and will be for a number of units with a value of $80,000 vesting

01 Other Events

Item 8.01 Other Events. On February 28, 2024, the Board of Directors of the Company : appointed Gregory B. Graves, John T. Kurtzweil, Necip Sayiner, Jorge Titinger and Dipti Vachani to serve as the Compensation Committee of the Board of Directors, with Mr. Titinger designated as Chairperson thereof; appointed Joseph P. Keithley, John T. Kurtzweil, Jorge Titinger, Gregory B. Graves and Jeanne Quirk to serve as the Audit Committee of the Board of Directors, with Mr. Kurtzweil designated as Chairperson thereof; appointed Thomas St. Dennis, Tzu-Yin Chiu, Necip Sayiner, and Dipti Vachani to serve as the Technology and New Product Development Committee of the Board of Directors, with Mr. St. Dennis designated as Chairperson thereof; and appointed Joseph P. Keithley, Thomas St. Dennis, Tzu-Yin Chiu and Jeanne Quirk to serve as the Nominating and Governance Committee of the Board of Directors, with Mr. Keithley designated as Chairperson thereof. Such elections and appointments are to serve until the next annual meeting of the Board of Directors and until such director's successor has been elected and qualified, or until such director's earlier death, resignation or removal.

01.Financial Statements and Exhibits

Item 9.01.Financial Statements and Exhibits (d)Exhibits Exhibit No. Description 99.1 Press Release dated February 28, 2024. Filed herewith. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 29, 2024 Axcelis Technologies, Inc. By: /s/ Lynnette C. Fallon Lynnette C. Fallon Executive Vice President HR/Legal and General Counsel

View Full Filing

View this 8-K filing on SEC EDGAR