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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (8926)	2/17/2004 9:05:16 PM
From: Proud_Infidel	Respond to of 25522

Applied Materials President Emeritus Gets $8.5 Million From Options Tuesday February 17, 5:27 pm ET WASHINGTON -(Dow Jones)- Applied Materials Inc. (NasdaqNM:AMAT - News) President Dan Maydan realized $8.5 million on exercising stock options in 2003, according to proxy materials filed late Tuesday with the Securities and Exchange Commission (News - Websites) . The company also reported in the proxy filing that for the third year in a row it didn't award performance bonuses to executives. The company said it has specific performance targets for its bonus plan that weren't achieved in 2003. Maydan, who has been president emeritus of Applied Materials since April 2003, served as the company's president from December 1993. He acquired 542,000 common shares on exercise. At the end of the year, he had 1.4 million exercisable options remaining. The new contract for Michael Splinter, who took over the position of president and chief executive in April 2003, provides for an annual base salary of $900,000 an annual target bonus of 175% of the base salary multiplied by certain performance measures, Applied Materials said in the SEC filing. Maydan's base salary in 2003 was $576,924, and in 2002 he was paid a base salary of $719,712, according to the filing. The company's Chairman James Morgan, also former chief executive, gained $4.8 million from exercising options in 2003, according to the filing. Morgan acquired 560,000 common shares upon exercising the options. At the end of the year, he had 17.8 million exercisable options remaining. Morgan's salary for 2003 was $684,615, down from $854,058 in 2002, when he served as the company's chief executive.