Document:

Exhibit 10.29

 

Director* Compensation Summary

 

2005 Annual
Retainer

 

$10,000 paid in equal
quarterly installments

 

Meeting Fees

 

For each meeting of the
board of directors of Greene County Bancshares, Inc. (the “Company”) a
director receives $600, including payment for up to two missed meetings.
Directors must be present at special meetings to be paid. 

 

For each meeting of the
board of directors of Greene County Bank (the “Bank”) a director receives $600,
including payment for up to two missed meetings.

 

Committee Meeting
Fees

 

Members of the Executive
Committee of the Bank’s board of directors receive $450 for each twice-monthly
meeting of the Executive Committee that they attend. Each of the two permanent
members of the Executive Committee, Messrs Bachman and Daniels, also receive an
annual retainer of $1,500, payable in equal quarterly installments.

 

Members of the joint
Audit Committee of the Bank’s and the Company’s boards of directors receive
$450 per meeting as well as an annual retainer fee of $1,500 paid in equal
quarterly installments. The chairman of the Audit Committee also receives an
annual retainer of $3,000.

 

Directors receive $300
per meeting for all other committee meetings attended.

 

Deferred
Compensation

 

Directors are permitted
to defer their director fees pursuant to deferred compensation plans adopted by
the Bank and the Company. Under the original deferred compensation plan,
interest is credited on the account balances of the participating directors
monthly by the Bank at an annual rate of 10% compounded monthly until a
separation from service, and, thereafter, at an annual rate of 7.5% compounded
monthly. Under the second plan, which was adopted in September 2004 and
then amended in December 2005 to comply Section 409A of the Internal
Revenue Code of 1986, as amended, directors are permitted to defer additional
board and committee meeting fees, beyond those being deferred under the
original plan, into certain investment vehicles, including a “deemed”
investment in the Company’s common stock.

 

Equity Incentives

 

Each director is eligible
to participate in the Company’s 2004 Long-Term Incentive Plan. 

 

*Includes directors that
are also employees of the Company or the Bank.

 

1

 

Named Executive Officer Compensation
Summary

 

The following 2006 base
salaries have been approved for payment to those persons who are expected to be
the Company’s named executive officers for the year ended December 31,
2006 and the following cash bonuses were paid for 2005 performance:

 

	
  Name

  	
   

  	
  Title

  	
   

  	
  Salary

  	
   

  	
  2005

  Bonus

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  R. Stan Puckett

  	
   

  	
  Chairman of the
  Board and Chief Executive Officer of the Company and the Bank

  	
   

  	
  $

  	
  265,000

  	
   

  	
  $

  	
  195,040

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kenneth R. Vaught

  	
   

  	
  President and
  Chief Operating Officer of the Company and the Bank

  	
   

  	
  $

  	
  225,000

  	
   

  	
  $

  	
  132,800

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  James E. Adams

  	
   

  	
  Senior Vice
  President, Chief Financial Officer and Assistant Secretary of the Company and
  the Bank

  	
   

  	
  $

  	
  175,000

  	
   

  	
  $

  	
  35,000

  	
  (1)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Steve L. Droke

  	
   

  	
  Senior Vice President
  and Chief Credit Officer of the Bank

  	
   

  	
  $

  	
  155,000

  	
   

  	
  $

  	
  40,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ronald E. Mayberry

  	
   

  	
  Regional
  President Sumner, Rutherford and Lawrence Counties

  	
   

  	
  $

  	
  172,000

  	
   

  	
  $

  	
  9,900

  	
   

  

 

(1) Reflects an
initial sign-on bonus paid on December 15, 2005.

 

Bonus

 

Each named executive
officer is also eligible to participate in the Company’s cash bonus plan. Any
bonus earned is typically paid in the first quarter of the year following the
year in which the bonus is earned.

 

Equity Based
Incentives

 

The named executive
officers are also eligible to participate in the Company’s 2004 Long-Term
Incentive Plan. 

 

Benefits

 

The named executive
officers are also eligible to participate in the Company’s and the Bank’s
broad-based benefit programs generally available to the Company’s and the Bank’s
employees, including the health, disability and life insurance programs and may defer
a portion of their base salary and bonus under the terms of a deferred
compensation plan available to the Company’s executive officers and members of
senior management.

 

2

 

Additional Information

 

The foregoing information
is summary in nature. Additional information regarding director and named
executive officer compensation will be included in the Company’s proxy
statement for the Company’s 2006 annual meeting.

 

3Exhibit 10.12

 

Axcelis Technologies, Inc.

Executive Officer Cash
Compensation at March 1, 2006

 

Base Salaries and Bonus Opportunities. Other than in the case of Mary G. Puma,
Axcelis Technologies, Inc. (the “Company”) has not entered into any written
agreements with its executive officers addressing the amount of base salary or
bonus opportunity due to the executive. The Company’s Employment Agreement with
Ms. Puma is filed as Exhibit 10.14 to this Form 10-K (incorporated by reference
to Exhibit 10.5 to the Company’s Registration Statement on Form S-1
(Registration No. 333-36330)). The Company maintains that all executive
officers, other than Ms. Puma, are employees at will and that the Company has
no obligation to pay base salary or bonuses, other than amounts accrued for
services rendered prior to termination of employment and other than in
circumstances where the Change of Control Agreements described below are
applicable.

 

In the course of the employment relationship
with each executive officer, the Company communicates to executive officers the
amount of base salary and a target bonus opportunity approved by the
Compensation Committee of the Board of Directors, which compensation is subject
to change in the discretion of the Compensation Committee of the Board of
Directors. In establishing this cash compensation, the Compensation
Committee applied its compensation philosophy to provide base salaries and
target bonus compensation within the 50th percentile of such
categories of compensation paid by similar companies for comparable positions,
based on market benchmarking data compiled by external consulting firms

 

The following table sets forth the annual base
salary and annual target bonus opportunity under the 2006 Axcelis Team
Incentive Plan as communicated to the executive officers of the Company as in
effect on March 1, 2006:

 

	Executive Officer
	 
	Title
	 
	Base Salary
	 
	ATI Target as

a % of Base

Salary
	 

	Mary G. Puma
	 
	President and Chief Executive Officer
	 
	$
	500,000
	 
	100
	%

	
  Lynnette C.
  Fallon

  	
   

  	
  Executive VP
  HR/Legal and General Counsel

  	
   

  	
  $

  	
  305,000

  	
   

  	
  60

  	
  %

  
	
  Stephen G.
  Bassett

  	
   

  	
  Executive VP
  and Chief Financial Officer

  	
   

  	
  $

  	
  276,000

  	
   

  	
  60

  	
  %

  
	
  Marc S.
  Levine

  	
   

  	
  Senior VP,
  Product Development

  	
   

  	
  $

  	
  250,000

  	
   

  	
  50

  	
  %

  
	
  Matthew
  Flynn

  	
   

  	
  Senior VP,
  Global Customer Operations

  	
   

  	
  $

  	
  275,000

  	
   

  	
  50

  	
  %

  
	
  Kevin Brewer

  	
   

  	
  Senior VP,
  Manufacturing Operations

  	
   

  	
  $

  	
  250,000

  	
   

  	
  50

  	
  %

  
	
  Donald
  Palette

  	
   

  	
  Senior VP,
  Finance and Controller

  	
   

  	
  $

  	
  215,000

  	
   

  	
  40

  	
  %

  
	
  Craig
  Halterman

  	
   

  	
  Senior VP,
  Chief Information Officer

  	
   

  	
  $

  	
  224,500

  	
   

  	
  40

  	
  %

  
	
  Mark
  Namaroff

  	
   

  	
  Senior VP,
  Marketing

  	
   

  	
  $

  	
  205,000

  	
   

  	
  40

  	
  %

  
	 
	 
	 
	 
	 
	 
	 
	 

 

The Axcelis Team Incentive Plan for Executive
Officers is filed as Exhibit 10.3 to this Form 10-K (incorporated by reference
to Exhibit 10.1 to the Company’s Report on Form 8-K filed with the Commission
on February 6, 2006).

 

A description of the implementation of such
plan for the fiscal year ending December 31, 2006 was described in the Company’s
Report on Form 8-K filed with the Commission on February 6, 2006).

 

 

Other Compensation Plans. Executives
also participate in benefit plans available to all employees, including an
Internal Revenue Code Section 401(k) plan, under which the Company made a
matching contribution to each participant in 2005, the 2000 Stock Plan and the
Employee Stock Purchase Plan, an Internal Revenue Code Section 423 plan which
allows employees to purchase Axcelis shares through salary deductions. The 2000 Stock Plan is filed as Exhibit 10.1
to this Form 10-K (incorporated by reference to Exhibit 10.2 to the Company’s
Report on Form 8-K filed June 28, 2005). The Employee Stock Purchase Plan, as
amended through May 12, 2005, is filed as Exhibit 10.2 to this Form 10-K
(incorporated by reference to Exhibit 10.1 to the Company’s Report on Form 10-Q
for the quarter ended September 30, 2005). Other than a tax and financial
planning reimbursement program capped at $5,500 per year, Axcelis offers no
material executive perquisites.

 

Change of Control Agreements. The Company has
entered into a Change of Control Agreement with each of our executive officers,
including Ms. Puma, to provide that severance compensation will be paid in a
lump sum within 30 days of a covered termination following a change in control,
as defined in the agreement. These Change of Control Agreements provide that
executive officers are entitled to severance compensation in the event there is
both (1) a change in control and (2) a termination of employment within three
years of that change in control for reasons other than voluntary resignation,
cause, death or disability. Under the Change of Control Agreement, a
resignation by an officer for reasons of a demotion or reduction in
compensation, benefits or position is a termination by us and is not a
voluntary resignation.

 

If severance compensation is payable, it would consist of a cash
payment equal to the sum of (a) the Company’s accrued obligations for base pay
and incentive compensation and (b) the amount determined by multiplying the
executive’s then salary and average bonus by three. For this purpose, an
executive’s average bonus is his or her current bonus opportunity multiplied by
the average of the individual performance scores given to the executive in the
last three years, but without taking into account company performance scores. In
the event such severance is payable, all unvested restricted stock units and
options held by the executive will become vested until termination or
expiration in accordance with their terms. We will also reimburse the executive
for the effects, including federal, state and local income tax consequences, of
any excise tax due on severance compensation.

 

In
these agreements, the
executives have agreed not to be engaged by, or own, any business competing
with any of the businesses conducted by the Company for a period of 12 months
following any termination of employment (whether or not following a change of
control). The executive also agreed not to solicit employees of the Company to
leave employment with the Company or solicit or induce customers of the Company
to cease doing business with the Company, during such period.

 

The
form of Change of Control Agreement currently in effect between the Company and
each of its executive officers is filed as Exhibit 10.5 to this Form 10-K
(incorporated by reference to Exhibit 10.1 to the Company’s Report on Form 10-Q
for the quarter ended June 30, 2005).

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