Document:

Summary of Base Salary and Incentive Compensation  (00113830.DOC;1)

Exhibit 10.2

Summary of

Base Salary and Incentive Compensation with Named Executive Officers

Incentive Compensation for 2004 and Base Salary for 2005

     On January 25, 2005, the Human Resources and Compensation Committee (the "Committee") of the Board of Directors of Helix Technology Corporation (the "Company") approved the following executive compensation: 

	

Name
	
2005

Base Salary
	
2004

Incentive Compensation

	
Robert J. Lepofsky1
	
n/a
	
$130,000

	
James Gentilcore2
	
$375,000
	
$75,000

	
Jay Zager3
	
$262,500
	
$60,000

	
Robert E. Anastasi4
	
$290,000
	
$70,000

	
Mark E. Jalbert5
	
$207,000
	
$50,000

	 	 	 

1Mr. Lepofsky served as the Company's President and Chief Executive Officer until his retirement on December 31, 2004.  Mr. Lepofsky continues as a Director of the Company and effective January 1, 2005 was appointed Chairman of the Board of Directors.  As a non-employee Director, Mr. Lepofsky is entitled to the director compensation described in our 2005 Director Compensation Program, which is filed as part of our Current Report on Form 8-K dated December 14, 2004.

2Mr. Gentilcore, previously our Executive Vice President and Chief Operating Officer,  became our President and Chief Executive Officer effective on January 1, 2005, see our Current Reports of Form 8-K dated November 17, 2004 and December 14, 2004.  At such time, Mr. Gentilcore was also appointed to our Board of Directors.

3Mr. Zager served as our Senior Vice President and Chief Financial Officer until February 28, 2005.  At such time, our Corporate Controller Paul Kawa became Interim Chief Financial Officer, see below.

4Mr. Anastasi is our Executive Vice President.

5Mr. Jalbert is our Senior Vice President.  

     In addition, on March 10, 2005, the Committee increased Paul Kawa's 2005 base salary from $167,000 to $200,000 in connection with his appointment as Interim Chief Financial Officer.

2005 Executive Performance Compensation

     In December 2004, the Company adopted the Executive Performance Compensation Program (see our Current Report of Form 8-K, dated December 14, 2004),

which it amended on April 27, 2005 (see Exhibit 10.3 hereto) (as amended, the "Program").

     On April 27, 2005, in accordance with the terms of the Program, the Committee approved the selection of the following persons identified in our 2005 proxy statement as a "Named Executive Officer" to participate in the Program for the 2005 performance year.  The names of such persons, the 2005 performance criteria approved by the Committee and the relative weighting of such criteria is set forth below.  The payment of incentive compensation, if any, depends on the level of achievement of these performance goals as described in more detail in the Program.

	

Name
	
Performance Criteria

and Relative Weighting
	
Maximum 2005 Bonus Opportunity

	
Robert E. Anastasi
	

	Performance criteria relative to peer companies (60%)
	Various financial metrics relating to business (20%)
	Performance criteria regarding global operations strategy and market initiatives (20%)

	
100% of 2005

base salary

	
James Gentilcore
	

	Performance criteria relative to peer companies (60%)
	Various corporate financial metrics (20%)
	Performance criteria regarding strategic initiatives (20%)

	
100% of 2005

base salary

	
Mark E. Jalbert
	

	Performance criteria relative to peer companies (20%)
	Various financial metrics relating to business (40%)
	Performance criteria regarding strategic initiatives (40%)

	
60% of 2005

base salary

	
Paul Kawa
	

	Performance criteria relative to peer companies (60%)
	Various corporate financial metrics (20%)
	Performance criteria regarding strategic initiatives (20%)

	
40% of 2005

base salary

Additional Information

     Additional information about compensation for our Named Executive Officers will be set forth in the Proxy Statement for our 2005 Annual Meeting of Stockholders, which will be filed with the SEC on or about May 2, 2005.Amendment to Executive Performance Compensation Program

HELIX

EXECUTIVE PERFORMANCE COMPENSATION PROGRAM

(As amended on April 27, 2005)

1.  Purpose

     Helix Technology Corporation (the "Company") has historically paid key employees discretionary annual cash bonuses and periodically awarded them stock options.  To better align total compensation with shareholders' interests and encourage employees to meet and exceed performance expectations, the Company has adopted this Executive Performance Compensation Program (the "Program") to provide key employees with the opportunity to earn a larger annual bonus generally payable in Company common stock ("Shares").  The payment of any award will be contingent upon the achievement of certain performance goals established at the beginning of each year for each individual.  Such goals and the resulting bonus will be set with the purpose of closely-linking bonus pay to the desired employee behavior and the achievement of the Company's business plans.  In addition, by basing the number of Shares awarded on the average stock price of the performance year rather than the date of payment, the Company will allow Participants (as defined below) to further share in any value created by their performance.  To help assure the creation of long-term shareholder value, each Participant will be required to retain the award Shares until certain Share ownership levels are attained.  Any stock awards are to be granted under the Company's 1996 Equity Incentive Plan, as amended (the "Equity Plan") and are subject to the terms and conditions of the Equity Plan.

2.  Effective Date

     The Program will be effective for the 2005 calendar year (i.e., for bonuses paid in 2006), and subsequent calendar years unless the Board determines otherwise.  Bonuses for 2004 (which are payable in 2005) will not be affected by the Program.

3.  Administration of Program

     The Program shall be administered by the Human Resources and Compensation Committee of the Board of Directors (the "Board") or such other committees as the Board may appoint satisfying the requirements to qualify for an exemption under Rule 16b-3 under the Securities Exchange Act of 1934 (the "Committee").  The Committee shall appoint a person (the "Program Administrator") to keep records of all elections of Participants and ensure timely payment of both the cash and equity elements of the Program according to the rules set forth below.  Notwithstanding the foregoing, the Program Administrator shall not have any authority over the administration of stock awards under the Program; the administration of such awards shall be governed by Section 3 of the Equity Plan.

4.  Eligibility and Participation

     All employees of the Company and its affiliates capable of contributing to the successful performance of the Company are eligible to become participants in the Program.  Each year, the

Committee will identify which employees will participate in the Program and will so advise those employees of their eligibility (each such employee, a "Participant").

5.  Awards

     (a)  General.

     Each Participant will be eligible to earn a bonus for a designated Company fiscal year (a "Performance Year").  A Participant's award will be earned based upon the attainment of written performance objectives approved in advance by the Committee.

     (b)  Maximum Award.

     Participants will be eligible for annual awards up to the following maximum amounts ("Maximum Amounts"):  executive officers, 100% of base salary; division leaders, 60% of base salary; and other senior staff, 40% of base salary.  Other employees designated as Participants will be eligible for awards in the discretion of the Committee.  Base salary as used for this purpose will be the base salary in effect for the Performance Year.

     (c)  Nature of Awards.

     All awards under the Program will be denominated in dollars and generally paid in Shares.  Participants will be permitted, however, to elect to receive up to 35% of any award in cash.  Any Shares awarded under the Program will be issued pursuant to the Equity Plan.

     (d)  Award Conditions.

     In the month of December preceding the Performance Year, the Committee or its designees will discuss with Participants the general business criteria and performance metrics that will affect the amount of the bonus to be paid in the second quarter after the close of the Performance Year.  No later than March 1st of the Performance Year (May 1st of the 2005 Performance Year), the Committee will announce to each Participant the specific performance goals that must be met that year for a bonus to be payable in the following year.  The performance goals for the five highest paid executive officers generally will be based upon one or more of the general business criteria: (i) increases in the price of Common Stock, (ii) market share, (iii) sales, (iv) revenue, (v) return on equity, assets, or capital, (vi) economic profit (economic value added), (vii) total shareholder return, (viii) costs, (ix) expenses, (x) margins, (xi) earnings or earnings per share, (xii) cash flow, (xiii) customer satisfaction, (xiv) operating profit, (xv) research and development, (xvi) product development, (xvii) manufacturing, or (xviii) any combination of the foregoing, including without limitation goals based on any measures relative to appropriate peer groups or market indices.  The performance goals of divisional leaders will be tied substantially to the performance of their divisions.  The performance goals of executive officers will be closely-aligned with Company-level performance factors.

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     (e)  Relationship of Bonus to Performance.

     The Committee will establish three (3) levels of performance for each Participant - Minimum, Target, and Stretch with corresponding bonus amounts.  Initially, these performances levels and bonus amounts will be established as follows:

	
Expected Performance Level
	
Estimated Level of Performance
	
Likelihood of Exceeding Level
	
Payout as a Percentage of Maximum Award

	
Minimum

(acceptable)
	
80% of target
	
80%
	
50%

	
Target

	
--
	
50%
	
75%

	
Stretch

	
120% of target
	
20%
	
100%

     No bonus will be paid for performance below the Minimum level.  Performance within the levels will be paid proportionately on a linear basis.

     (f)  Award Determination.

     On or before the later of (1) April 1st of the year following the Performance Year, or (2) 30 days after the receipt of the Company's audited financial statements, the Committee will determine the extent to which the performance goals have been satisfied and the dollar amount of the bonus.  Notwithstanding the attainment of the performance goals by a Participant, the Committee will have the discretion to adjust the amount of the bonus that is otherwise payable at a given level of performance to take into account such factors as the Committee may deem relevant.

     (g)  Election of Payment Form.

     After an award determination is made, each Participant will be given an opportunity to elect to receive up to 35% of the award in cash.  The number of Shares to be transferred to a Participant for the non-cash portion of the award will be determined by dividing the dollar amount of the remaining portion of the award by the average of the closing price of a Share on the last trading day of each month during the Performance Year.

     (h)  Timing of Payment.

     Payments will be made as soon as reasonably practical following the determination of the awards by the Committee.

6.  Tax Withholding

     All amounts paid under the Program are subject to income and employment tax withholding.  Participants may sell in the market place or (at the discretion of the Company) 

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back to the Company a sufficient number of Shares to cover tax withholding obligations on the portion of the award paid in Shares.  All tax withholding on amounts paid in cash must be satisfied by the cash portion of the award.

7.  Adjustments

     In the event of a merger, acquisition, sale of assets, or other corporate transaction, or in the case of any unexpected circumstances, or any unusual or material event (whether or not constituting a change in control of the Company), the Committee may make adjustments to the awards (including modification of the performance goals, the substitution of other consideration, the deferral of payments, and the reduction of the size of awards) as it determines appropriate.

8.  Effect of Termination of Employment

     No bonus shall be payable if a Participant fails for any reason to be employed by the Company through January 31st of the year following the Performance Year unless otherwise provided in a written employment, severance, or change in control agreement, or in the discretion of the Committee.  It will not be necessary for a Participant to be employed on the date that bonuses are paid.

9.  Share Retention Requirements

     As a condition to participation in the Program, and as a condition for eligibility to receive future awards, a Participant shall not sell any Shares received under the Program (other than Shares sold or surrendered to satisfy any tax withholding permitted by this Program) during the period of time that the Participant is employed by the Company unless the Participant would own after such proposed sale (disregarding any Shares that have been acquired by the Participant pursuant to other Company-sponsored programs) a sufficient number of Shares with a then fair market value of no less than the amount determined in accordance with the following schedule and based upon the Participant's employment classification as of the proposed date of sale:

     Executive officers                          200% of base salary

     Division leaders                              100% of base salary

     Senior staff                                       50% of base salary

Any sales or other disposition of Shares must be made in compliance with Section 16 of the Securities Exchange Act of 1934, the rules promulgated thereunder, and the Company's insider trading requirements.  Cash dividends paid with respect to any Shares awarded under the Program are not subject to any retention requirements.  The Committee may require a Participant to provide proof of ownership of Shares sufficient to satisfy the foregoing Share retention requirements in such form and at such times as the Committee determines is appropriate.

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10.  Effect Upon Other Equity Awards

     Effective January 1, 2005, the Company will generally grant stock options, stock appreciation rights, restricted stock, and other equity awards only in cases of new hires, in recognition of promotions or material changes in responsibility, for achieving significant milestones, or in connection with special corporate events.

11.  Delegation of Authority

     At the discretion of the Committee, all determinations for division leaders and below may be delegated to the Company's Chief Executive Officer or President.

12.  No Right To Employment

     No person shall have any claim or right to be granted an award.  Neither the Program nor any award hereunder shall be deemed to give any employee the right to continued employment or service or to limit the right of the Company to discharge any employee at any time.

13.  Non-Transferability

     A Participant may not assign, sell, encumber or otherwise transfer any rights or interest under the Program, except by will or the laws of descent and distribution.

14.  Amendment and Termination

     The Board may amend, suspend or terminate the Program or any portion thereof at any time, subject to such stockholder approval as the Board determines to be necessary or advisable to comply with any tax or regulatory requirement.

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