secwatch.observer — SEC 8-K summary
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Issuer:     AXCELIS TECHNOLOGIES INC (ACLS)
CIK:        0001113232
Form:       8-K
Filed at:   2023-04-18T23:59:59+00:00
Accession:  0001104659-23-046426
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 8.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Axcelis CEO Puma transitions to Exec Chairperson in May 2023, then Senior Advisor through July 2025
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- CEO Mary Puma to serve as CEO until first board meeting after 2023 annual meeting (by May 30, 2023), then Executive Chairperson until May 2024, then Senior Advisor through July 31, 2025.
- Base salary at least $669k/year unchanged; bonus target 100% of base salary for CEO and Exec Chair service years.
- PRSU grants: $1.5M target for 2023, $625k target for 2024, each vesting fully on Feb 28 of following year regardless of termination.
- Unvested equity awards accelerate at 2024 annual meeting: pre-2022 and 2022 PRSU fully vested, 2022 service-based award at least 75% vested.
- Termination without cause or for good reason entitles lump sum of remaining base pay through July 2025, plus bonus and equity acceleration.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1113232/000110465923046426/0001104659-23-046426-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1113232/000110465923046426/tm2313052d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-046426

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer