Applied Materials, Inc. Termination of Salary Reduction for Named Executive Officers

Contract Categories: Human Resources › Compensation Agreements
Summary

Applied Materials, Inc. ended a temporary 20% reduction in the annual base salaries of its named executive officers, which had been in effect since February 9, 2009. The company's Human Resources and Compensation Committee approved the termination of this salary reduction, restoring the executives' regular base pay effective November 2, 2009. This action is part of a broader effort to return all employees to their standard pay levels.

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EX-10.63 2 f53510exv10w63.htm EX-10.63 exv10w63
Exhibit 10.63
Termination of Reduction in Named Executive Officer Salaries
On February 12, 2009, Applied Materials, Inc. (“Applied”) announced a twenty percent (20%) reduction in the annual base salaries of each of its named executive officers (“NEOs”), effective February 9, 2009.
On September 15, 2009, the Human Resources and Compensation Committee of Applied’s Board of Directors approved the termination of the 20% reduction in the annual base salaries of each of Applied’s NEOs, effective November 2, 2009. This termination is part of a broader program to restore employees to their regular base pay.