Amendment to Employment Agreement between Lam Research Corporation and Douglas R. Bettinger

Contract Categories: Human Resources › Employment Agreements
Summary

Lam Research Corporation and Douglas R. Bettinger have amended their employment agreement, effective November 30, 2018. The amendment sets Mr. Bettinger's annual base salary at $640,000, with a target bonus equal to 100% of his base salary, and eligibility for a long-term incentive program with a $3,000,000 target award. Additionally, Mr. Bettinger will receive a one-time grant of restricted stock units valued at $8,000,000, vesting over four years, subject to continued employment. All other terms of the original agreement remain in effect.

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EX-10.1 2 ex101amdmttocfoempagreement.htm EX 10.1 AMDMT TO CFO EMP AGRMT Exhibit
Exhibit 10.1


AMENDMENT TO EMPLOYMENT AGREEMENT
This AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is entered into effective November 30, 2018 (the “Effective Date”), by and between Lam Research Corporation, a Delaware corporation (the “Company”), and Douglas R. Bettinger (the “Executive”).

Recitals
WHEREAS, the Executive and the Company (the “Parties”) previously entered into an employment agreement effective January 1, 2018 (the “Employment Agreement” and, as amended hereby, the “Agreement”); and
WHEREAS, in order to provide clarity about Executive’s short-term and long-term variable compensation program participation levels, the Parties desire to amend the Employment Agreement.
NOW, THEREFORE, in consideration of the promises and mutual covenants herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
Agreement
Consistent with Sections 3(a) and 3(b) of this Employment Agreement, as part of the Company’s focal process in 2019, Executive’s Base Compensation shall be adjusted to an annual rate of $640,000; his target award opportunity shall be 100% of Base Compensation; and he shall be eligible to participate in the Company’s Long-Term Incentive Program with a target award opportunity of $3,000,000.
A new Section 3(g) is added to the Employment Agreement as follows:
(g) One Time RSU Grant. On November 30, 2018, Executive shall receive a grant of Restricted Stock Units (“RSUs”) with a value of $8,000,000 (as the date of grant). The RSUs shall vest over a period of four (4) years, subject to continued employment, at a rate of 25% on November 30, 2019, and the remaining 75% on a pro-rated basis on the last day of every month thereafter over the next 36 months. The RSUs will be subject to the terms of the Company’s equity plan and standard Award Agreement (except as revised by the terms of this Agreement).”
IN WITNESS WHEREOF, the Parties have duly executed this Amendment effective as of the day and year first written above.
Lam Research Corporation                /s/ Doug Bettinger
/s/ Sarah O’Dowd                    Douglas R. Bettinger
Name:    Sarah O’Dowd                    Date: 11-30-18
Title:    Chief Legal Officer
Date:    11-30-18






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