Applied Materials, Inc. Vesting Acceleration of Certain Employee Stock Options (August 2005)
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Summary
Applied Materials, Inc.'s Human Resources and Compensation Committee approved the immediate vesting of certain unvested employee stock options with exercise prices above $17.85 per share, effective August 5, 2005. This acceleration does not apply to stock options held by the company's most senior executive officers, non-employee directors, or consultants. The agreement aims to benefit eligible employees by allowing earlier exercise of these out-of-the-money options.
EX-10.48 6 f15204exv10w48.htm EXHIBIT 10.48 exv10w48
Exhibit 10.48
Vesting Acceleration of Certain Stock Options
On August 4, 2005, the Human Resources and Compensation Committee of the Board of Directors of Applied Materials, Inc. (“Applied”) approved the vesting acceleration of certain unvested, out-of-the-money stock options outstanding under Applied’s employee stock option plans effective August 5, 2005. Stock options held by Applied’s most senior executive officers, namely James C. Morgan, Michael R. Splinter, Nancy H. Handel, Franz Janker and David N.K.Wang; non-employee directors; and consultants were not included in the vesting acceleration. Vesting was accelerated for stock options that had exercise prices greater than $17.85 per share, which was the closing price of Applied common stock on August 5, 2005.
