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<SEC-DOCUMENT>0001206774-07-001063.txt : 20070419
<SEC-HEADER>0001206774-07-001063.hdr.sgml : 20070419
<ACCEPTANCE-DATETIME>20070419172205
ACCESSION NUMBER:		0001206774-07-001063
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070413
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
FILED AS OF DATE:		20070419
DATE AS OF CHANGE:		20070419

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMTECH SYSTEMS INC
		CENTRAL INDEX KEY:			0000720500
		STANDARD INDUSTRIAL CLASSIFICATION:	SPECIAL INDUSTRY MACHINERY, NEC [3559]
		IRS NUMBER:				860411215
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11412
		FILM NUMBER:		07776766

	BUSINESS ADDRESS:	
		STREET 1:		131 S CLARK DR
		CITY:			TEMPE
		STATE:			AZ
		ZIP:			85281
		BUSINESS PHONE:		6029675146

	MAIL ADDRESS:	
		STREET 1:		131 SOUTH CLARK DRIVE
		CITY:			TEMPE
		STATE:			AZ
		ZIP:			85281

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	QUARTZ ENGINEERING & MATERIALS INC
		DATE OF NAME CHANGE:	19870715
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>as120666.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<p  align="center"><font size="5" face="Times New Roman"><b>UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> </b></font>
<font size="3"><b>WASHINGTON, D.C.&#160; 20549</b></font></p>
<p  align="center">
<font size="5" face="Times New Roman"><b>FORM 8-K</b></font></p>
<p  align="center">
<font size="3" face="Times New Roman"><b>CURRENT REPORT<br> Pursuant to Section 13 or 15(d) of the <br> Securities Exchange Act of 1934</b></font></p>
<p  align="center">
<font size="3" face="Times New Roman"><b>April 13, 2007<br> Date of Report (Date of earliest event reported)</b></font></p>
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<font size="6" face="Times New Roman"><b>Amtech Systems, Inc.</b></font></p>  </td>
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<font size="1" face="Times New Roman"><b>(Exact name of registrant as specified in its charter)</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>Arizona</b></font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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<font size="2" face="Times New Roman"><b>000-11412</b></font></p>  </td>
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  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="32%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>86-0411215</b></font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman"><b>(State or other jurisdiction<br>   of incorporation)</b></font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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  <p  align="center">
<font size="1" face="Times New Roman"><b>(Commission<br>   File Number)</b></font></p>  </td>
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  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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<font size="1" face="Times New Roman"><b>(IRS Employer<br>   Identification No.)</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>131 South Clark Drive, Tempe, Arizona</b></font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="32%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>85281</b></font></p>  </td>
 </tr>
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  </td>
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  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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  <hr size="1" width="100%" noshade color=black>

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<font size="1" face="Times New Roman"><b>(Address of principal executive offices)</b></font></p>  </td>
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  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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  <p  align="center">
<font size="1" face="Times New Roman"><b>(Zip Code)</b></font></p>  </td>
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<br>
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  <td width="100%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman"><b>Registrant&#146;s telephone number, including   area code&nbsp;&nbsp;&nbsp;(480) 967-5146</b></font></p>  </td>
 </tr>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman"><b>Not applicable.</b></font></p>  </td>
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  <hr size="1" width="100%" noshade color=black>

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<font size="1" face="Times New Roman"><b>(Former name or former address, if changed since last   report.)</b></font></p>  </td>
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  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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  <hr size="2" width="21%" noshade color=black>

  </td>
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</table>

<p>
<font size="2" face="Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<i>see </i>General Instruction A.2. below): </font></p>
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<font size="2" face="Wingdings">o</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Written communications pursuant   to Rule 425 under Securities Act (17 CFR 230.425)</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="2" face="Wingdings">o</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Soliciting material pursuant to   Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Wingdings">o</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Pre-commencement communications   pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Wingdings">o</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Pre-commencement communications   pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  colspan="2" valign="top">
  <hr size="4" width="100%" noshade color=black>

  </td>
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<div style="page-break-before:always"></div>
<PAGE>
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  <p>
<font size="2" face="Times New Roman"><b>Item 5.02</b></font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman"><b>Departure of Directors or Principal Officers; Election of Directors;   Appointment of Certain Officers; Compensatory Arrangements of Certain   Officers.</b></font></p>  </td>
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<br>
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<font size="2" face="Times New Roman">(e)</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">On April 13,   2007, Amtech Systems, Inc. (the &#147;Company&#148;) entered into a new Employment   Agreement (the &#147;Agreement&#148;) with Jong S. Whang, the Company&#146;s Chief Executive   Officer.&#160; Below is a summary of the   terms and conditions of the Agreement.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><i>Term</i></font></p>  </td>
 </tr>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">The   Agreement provides for an &#147;Employment Period&#148; commencing on the date of the   Agreement and continuing for an initial term of three years.&#160; Thereafter, the Employment Period will   continue for successive one-year terms unless either the Company or Mr. Whang   provides written notice of termination of the Employment Period at least 120   days prior to the end of any given term. If Mr. Whang remains in the full   time employ of the Company beyond the Employment Period without any written   agreement, the Agreement will be deemed to continue on a month to month basis   and either party will have the right to terminate the Agreement at the end of   any ensuing calendar month with written notice of at least 30 days.</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman"><i>Base Salary</i></font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Pursuant to   the Agreement, Mr. Whang will receive an initial base salary of $250,000 per   annum (the &#147;Base Salary&#148;).&#160; The Base   Salary will be reviewed on an annual basis by the Compensation and Option   Committee of the Company&#146;s Board of Directors (the &#147;Compensation Committee&#148;)   and can be increased, but not decreased, in the discretion of the   Compensation Committee.</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman"><i>Incentive Compensation</i></font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Mr. Whang is   also entitled to an annual cash bonus for each fiscal year that will be   determined in accordance with an annual bonus plan adopted by the   Compensation Committee.&#160; The annual   bonus plan may not be less favorable to Mr. Whang than the bonus plan for   fiscal 2007 that was adopted by the Compensation Committee on December 8,   2006, the terms of which were included in the 8-K filed on December 14, 2006.</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman"><i>Stock Options</i></font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Any currently outstanding options held by
Mr. Whang will remain in full force and effect in accordance with the
Company&#146;s stock option plans and applicable stock option agreements.&#160;
Mr. Whang will also be issued an annual grant of stock options by the
Compensation Committee within 90 days after the end of each fiscal year during
the Employment Period.&#160; All of the options granted to Mr. Whang will be
&#147;Incentive Stock Options&#148; within the meaning of the Internal Revenue
Code of 1986, or if they do not qualify as Incentive Stock Options, they will be
non-qualified stock options.&#160; The amount and terms of the grants will be
determined by the Compensation Committee, but may not be any less favorable to
Mr. Whang than the terms of the options previously granted to Mr. Whang on
December 8, 2006.&#160; On that date, Mr. Whang was granted incentive stock
options to purchase 30,000 shares with an exercise price equal to the closing
price of the Company&#146;s stock on the grant date.&#160; The options expire 10
years from the date of grant and vest 25% per year on the first through fourth
anniversaries of the grant date.</font></p> </td>
 </tr>
</table>


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<PAGE>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman"><i>Benefits</i></font></p>  </td>
 </tr>
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  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Mr. Whang   will be entitled to participate in the benefit plans offered to executive   officers of the Company; however, he may elect to receive from the Company   cash in lieu of participating in such plans.&#160;   The Company will provide Mr. Whang with an annual automobile allowance   of not less than $12,000, a life insurance policy in the face amount of   $250,000 and such other benefits as the Company may deem appropriate from   time to time.</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman"><i>Termination</i></font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Mr. Whang&#146;s   employment is &#147;at will&#148; and either the Company or Mr. Whang can terminate the   Agreement at any time, with or without cause or good reason, upon 30 days   written notice.&#160; The Agreement can   also be terminated by the Company due to the disability of Mr. Whang after at   least 30 days&#146; written notice by the Company of its intention to terminate   his employment.</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman"><i>Severance</i></font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">If the   Company terminates the employment of Mr. Whang against his will and without   cause (including by giving notice of termination of the Agreement as   described above), or if Mr. Whang terminates his employment for good reason,   Mr. Whang is entitled to receive salary, incentive compensation and vacation   accrued through the date of termination, plus (i) an amount equal to two   years of Mr. Whang&#146;s Base Salary in effect on the date of termination; (ii) a   pro-rata portion of the amount of incentive compensation he would earn for   the fiscal year in which the termination occurs if the results of operations   of the Company for such fiscal year were annualized; and (iii) full vesting   of all outstanding stock options held by Mr. Whang.</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">If Mr. Whang   voluntarily terminates his employment other than for good reason, if the   Company terminates Mr. Whang&#146;s employment for cause, or if Mr. Whang&#146;s   employment is terminated due to his death or disability, Mr. Whang will be   entitled to receive salary and accrued vacation through the date of   termination only.&#160; However, in the   event Mr. Whang&#146;s employment is terminated due to his death or disability, he   will also be entitled to receive (i) a pro-rata portion of the amount of   incentive compensation he would earn for the fiscal year in which the   termination occurs if the results of operations of the Company for such   fiscal year were annualized, and (ii) full vesting of all outstanding stock   options held by him.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman"><i>Noncompetition</i></font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Mr. Whang   agreed that during the term of the Agreement he would not engage in certain   activities in which he would be competing with the Company or its   subsidiaries.&#160; He also agreed that for   a period of two years after the end of the term of the Agreement he would not   engage in certain activities in which he would be competing with the Company   or its subsidiaries and he would not own, directly or indirectly, more than a   5% interest in entities which compete with the Company or its subsidiaries.</font></p>  </td>
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<PAGE>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman"><i>Change in Control</i></font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">In the event   that Mr. Whang&#146;s employment with the Company is terminated either (i) by the   Company for any reason other than for cause during a pending change in   control of the Company or within one year following the occurrence of a   change in control, or (ii) by Mr. Whang for good reason within one year   following the occurrence of a change in control of the Company, then Mr.   Whang will be entitled to receive within 10 days of the date of termination   of his employment, in lieu of the severance payment otherwise payable:</font></p>  </td>
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<br>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">1)</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="2" face="Times New Roman">An amount   equal to three years of his Base Salary in effect on the date of termination   of his employment;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">2)</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">The maximum   amount of the incentive compensation which he could earn for the fiscal year   in which the termination occurs; and</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">3)</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Full vesting   of all outstanding stock options he holds.</font></p>  </td>
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</table>


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<br>


<p  align="center"><font size="2" face="Times New Roman"><b>SIGNATURES</b></font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">AMTECH   SYSTEMS, INC.</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="6%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="34%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Date:&#160; April 19, 2007</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">By:</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">/s/ Bradley   C. Anderson</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Name:&#160; </font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Bradley C.   Anderson</font></p>  </td>
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  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">Title:</font></p>  </td>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">Vice   President and Chief Financial Officer</font></p>  </td>
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</table>

<p><font size=1 face="Times New Roman">&nbsp;</font></p>



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