Gregory Redinbo
AXCELIS TECHNOLOGIESAbout Gregory Redinbo
Axcelis EVP, Marketing & Applications since September 6, 2022; first joined Axcelis in May 2021 and served in a non-executive role until his promotion . During his tenure as NEO, Axcelis delivered record revenue of $1.13B in 2023 and $1.02B in 2024, with PRSU performance achievements of 135% (2023) and 150% (2024) reflecting strong execution on operational goals . Company TSR for a $100 investment stood at $289.92 in 2024 (peer group $269.24), after $538.13 in 2023, illustrating volatility amid sector cycles .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Axcelis Technologies | EVP, Marketing & Applications | Sep 6, 2022 – Present | PRSUs tied to operational initiatives earned at 150% for 2024, underscoring execution on quality, customer, product and market penetration goals . |
| Axcelis Technologies | Senior role (non-executive) | May 2021 – Sep 2022 | Contributed prior to promotion; PRSU program framework (operational goals) continued post-promotion . |
External Roles
- Not disclosed in the company’s proxy materials for this executive.
Fixed Compensation
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Base salary ($) | 160,000 | 277,796 | 310,000 | 325,000 (5% raise vs. 2023) |
| AMI target (% of base) | — | — | 60% | 60% |
| AMI payout ($) | 260,000 | 310,604 | 209,343 | 132,990 |
Notes:
- 2024 AMI was funded at 68.2% based on revenue, operating profit, and gross margin results . 2023 AMI funded at 112.55% .
Performance Compensation
Annual PRSUs and Service RSUs (structure and 2024 grants)
| Grant year | Award type | Grant date | Target shares (#) | Max/Earned shares (#) | Grant-date fair value ($) | Vesting |
|---|---|---|---|---|---|---|
| 2024 | PRSU | May 15, 2024 | 2,849 | 4,274 earned (150% of target) | 321,766 | 50% Feb 28, 2025; 50% Feb 28, 2026 |
| 2024 | Service RSU | May 15, 2024 | 2,849 | — | 321,766 | 25% annually over 4 years (to May 2028), service-based |
| 2023 | PRSU | May 15, 2023 | 2,404 (target outstanding at YE’23) | 135% of target earned; 50% vest Feb 2024, 50% Feb 2025 | — | As noted |
PRSU performance metrics and weighting
- 2024 PRSUs: 10 operational goals, two weighted 25% and eight weighted 12.5%; 150% earned (all goals achieved) .
- 2023 PRSUs: 10 operational goals, each weighted 15%; 135% earned (9 of 10 goals) .
Annual cash incentive (AMI) metrics and results
| Metric | Weight | 2023 Targets (25%/100%/200%) | 2023 Actual/Score | 2024 Targets (25%/100%/200%) | 2024 Actual/Score |
|---|---|---|---|---|---|
| Revenue ($mm) | 50% | 848.38 / 1,060.47 / 1,219.54 | $1,130.6 / 144.1% | 881.19 / 1,101.48 / 1,266.70 | $1,017.9 / 71.5% |
| Operating profit pre-AMI ($mm) | 25% | 169.18 / 266.56 / 331.18 | $286.9 / 131.5% | 174.26 / 279.11 / 359.16 | $223.4 / 60.2% |
| Gross margin (pre-AMI) | 25% | 43.9% / 44.5% / 45.0% | 43.94% / 30.49% | 43.9% / 45.7% / 46.7% | 45.0% / 69.7% |
| Total score | 112.55% | 68.2% |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 9,898 shares owned as of Mar 17, 2025; 1,956 additional shares subject to exercisable rights by May 16, 2025; <1% of class . |
| Outstanding unvested RSUs at 12/31/2024 | 11,473 service RSUs ($801,619 at $69.87) and 2,849 PRSUs at target ($199,060) . |
| Outstanding unvested RSUs at 12/29/2023 | 11,451 service RSUs ($1,485,080 at $129.69) and 2,404 PRSUs at target ($311,775) . |
| 2024 stock vested | 6,074 shares vested; value realized $735,545 (some shares withheld for tax) . |
| Pledging/hedging | Prohibited for directors and executive officers . |
| Ownership guidelines | Other executive officers must hold the lesser of 16,250 shares or shares equal to 150% of base salary; 5-year compliance window; encouraged to retain 50% of net shares until met . |
| Policy on options | No option repricing/buybacks; no option grants outstanding at YE 2024 . |
Vesting/calendar overhang indicators:
- 2024 PRSUs earned 4,274 shares; 50% (2,137) vested Feb 28, 2025; 50% (2,137) vest Feb 28, 2026, subject to service .
- 2024 service RSUs: 25% of 2,849 (712) vest annually 2025–2028, subject to service .
- 2023 PRSUs: earned 135% of target; 50% vested Feb 2024 and 50% Feb 2025 .
Employment Terms
| Provision | Term |
|---|---|
| Executive Separation Pay Agreement | If terminated without cause after ≥1 year of employment: 12 months base salary, 12 months COBRA premium waiver, $15,000 transition assistance; auto-renews annually unless notice by April 1 . |
| Estimated separation payout (as of Dec 31, 2024) | $325,000 cash; $15,000 transition; $37,689 COBRA = $377,689 total . |
| Change-of-Control (double trigger) | 1.5x (salary + target bonus) cash; no excise tax gross-up; auto-renew annually unless notice by April 1 . |
| Estimated CoC payout (as of Dec 31, 2024) | $975,000 cash; $444,314 equity acceleration; total $1,419,314 . |
| Clawback | Dodd-Frank compliant clawback for 3 years after restatement; broader clawback of 12 months of incentive comp for policy violations . |
| Perqs/retirement | No executive perquisites beyond broad-based programs; 401(k) match; no nonqualified deferred comp plan . |
| Hedging/pledging | Prohibited . |
Compensation Structure vs. Performance
- Mix and pay-for-performance: 2024 NEO equity split evenly between service RSUs and PRSUs; for Redinbo, 2024 grants were two equal-value RSUs: 2,849 PRSU target (150% earned) and 2,849 service RSUs (4-year vesting) .
- Annual incentive alignment: AMI uses revenue (50%), operating profit (25%), and gross margin (25%); below-target funding in 2024 (68.2%), above-target in 2023 (112.55%), consistent with end-market cyclicality .
- Performance rigor: PRSUs tied to operational milestones (quality, uptime, customer wins, logic orders, technology feasibility, product releases, Japan penetration); achieved 10/10 in 2024 (150% payout) and 9/10 in 2023 (135%) .
Say-on-Pay & Peer Group
- Say-on-Pay approval: 93.8% (2024 meeting), signaling strong shareholder support .
- Peer group and benchmarking: Compensation targeted to median of peers/survey. 2023 peer set (12–14 companies including Cohu, FormFactor, Onto, Ultra Clean, Veeco); updated Aug 2024 (added Entegris, IPG Photonics, MKS, Novanta, OSI; removed 3D Systems, Varex) .
Risk Indicators & Governance
- No related-party transactions requiring disclosure in 2024; independence and governance policies robust (board refresh, anti-hedging/pledging, no option repricing) .
- Enterprise Risk Management coverage of cyclical and geopolitical risks; human capital emphasis on retention and succession .
Performance & Track Record
| Indicator | 2023 | 2024 |
|---|---|---|
| Revenue ($mm) | 1,130.6 | 1,017.9 |
| PRSU achievement | 135% (9/10 goals) | 150% (10/10 goals) |
| AMI funding | 112.55% | 68.2% |
| TSR ($100 initial) | $538.13 company vs $225.75 peers | $289.92 company vs $269.24 peers |
Detailed Grant and Vesting Schedules (Incentive Tables)
| Year | Award | Grant date | Shares/Value | Key terms |
|---|---|---|---|---|
| 2024 | PRSU | May 15, 2024 | 2,849 tgt; $321,766 | 10 goals (2×25%, 8×12.5%); 150% earned; vest 50% Feb 2025 / 50% Feb 2026 . |
| 2024 | Service RSU | May 15, 2024 | 2,849; $321,766 | Service vesting 25% per year to May 2028 . |
| 2023 | PRSU | May 15, 2023 | 2,404 tgt (YE outstanding) | 10 goals (15% each); 135% earned; vest 50% Feb 2024 / 50% Feb 2025 . |
Multi‑Year Compensation (Summary Table)
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Salary ($) | 160,000 | 277,796 | 310,000 | 325,000 |
| Stock awards ($) | 416,900 | 319,368 | 615,376 | 643,532 |
| Non‑equity incentive ($) | 260,000 | 310,604 | 209,343 | 132,990 |
| All other comp ($) | 134,800 | 9,150 | 3,400 | 4,331 |
| Total ($) | 971,700 | 916,919 | 1,138,119 | 1,105,854 |
Compensation Committee & Controls
- Independent Compensation Committee; Pearl Meyer as independent advisor; strong clawback, double-trigger CoC, no excise tax gross-ups, no special perquisites .
Investment Implications
- Near-term vesting supply: Material PRSU vesting in 2025 (50% of 2024 PRSUs earned; plus remaining 50% of 2023 PRSUs), alongside ongoing 4-year service RSU cadence, may create periodic tax-related selling pressure but also tightens retention via multi-year schedules .
- Pay-for-performance alignment: Below-target cash AMI in 2024 (68.2%) and above-target PRSUs (150%) show a structure that rewards operational progress even amid softer top-line, aligning incentives with long-term strategic milestones .
- Alignment and governance: Prohibition on pledging/hedging, robust stock ownership guidelines, and high Say-on-Pay support (93.8%) indicate favorable alignment with shareholders and reduced governance red flags .
- Downside protection and cost in change scenarios: Double-trigger 1.5x CoC terms for Redinbo are moderate; estimated CoC and separation payouts as of 12/31/24 were ~$1.42M and ~$0.38M, respectively, with no excise tax gross-up .
Overall: Incentive design appears disciplined and retention-effective (multi-year RSU/PRSU structure), with 2024 results highlighting both cyclicality sensitivity (cash plan) and operational delivery (PRSUs). Ownership, governance, and severance constructs are shareholder-friendly and unlikely to create undue risk.