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MTSN > SEC Filings for MTSN > Form 8-K on 5-Apr-2013All Recent SEC Filings

Show all filings for MATTSON TECHNOLOGY INC | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers, Financial Statements and Exhibi

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e) Entry into Material Compensatory Arrangements with Named Executive Officers

On April 2, 2013, Mattson Technology, Inc. (the "Company") entered into a Release Agreement with David Dutton, the Company's former Chief Executive Officer and President, which will be effective provided that Mr. Dutton does not revoke his acceptance of the agreement. The Release Agreement implements certain payments under the existing Severance and Executive Change in Control Agreement with Mr. Dutton by providing that Mr. Dutton will receive (i) a severance payment of $364,500 which comprises one year base salary as of February 19, 2013 (the "Separation Date"), after taking into account the voluntary 10% reduction in such salary taken by Mr. Dutton and the additional 10% reduction in such salary imposed by the Company's furlough program and (ii) reimbursement of COBRA coverage expenses for the earlier of the twelve months after the Separation Date, or until Mr. Dutton has secured other employment. The Release Agreement also confirms Mr. Dutton's separation from all of his roles at the Company as of the Separation Date. In addition, under the Release Agreement, Mr. Dutton has agreed to a customary release of any and all claims occurring up until and including the effective date of the Release Agreement.

A copy of Release Agreement between the Company and Mr. Dutton is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit                               Description
10.1                                    Release Agreement between Mattson
                                      Technology, Inc. and Mr. David Dutton

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