AXCELIS TECHNOLOGIES, INC.
EXECUTIVE SEPARATION AGREEMENT
THIS EXECUTIVE SEPARATION AGREEMENT, dated as of July1, 2005, is made by and between
Axcelis Technologies, Inc. (hereinafter referred to as the “Company”) and David W. Duff (hereinafter referred to
as “Executive”). In consideration of the mutual covenants contained herein, the parties agree as follows:
1. Termination of Active Employment; Separation Period . Executive’s active employment with
the Company will terminate not later than Friday, July 29, 2005 (the “Separation Commencement Date”). During
the period from July 30, 2005 through April 28, 2006, Executive will continue to provide services to the
Company on a part time basis from his home office. As described in Section 2, Executive will receive the salary
continuation and benefits during the period following the Separation Commencement Date and ending Friday,
April 28, 2006 (the “Separation Period”). It is understood that Executive may accept employment with a third
party during the Separation Period. During the Separation Period, the Executive shall:
1.1. engage in special projects mutually agreed upon with the Chief Executive Officer;
1.2. cooperate with the reasonable requests of the Company to support the transition of the
Executive’s duties to other Company personnel; and
1.3. continue to be an employee to the extent necessary to provide the benefits described in
At the end of the Separation Period, all aspects of Executive’s employment shall terminate (the Termination
2. Termination Compensation .
2.1. Axcelis Time Management (ATM ). Executive will receive a lump sum amount for his
ATM balance, following the commencement of the Separation Period (ATM will cease to accrue as of the
commencement of the Separation Period).
2.2. Salary Continuation . The Company will pay Executive,