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Filing Details

Accession Number:: 0001181431-10-062092
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-12-15 20:55:31
Reporting Period:: 2010-12-13

Filing Date:: 2010-12-15
Accepted Time:: 2010-12-15 20:55:31
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
836106	Novellus Systems Inc	NVLS	Special Industry Machinery, Nec (3559)	770024666

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1185713	Richard Hill	4000 North First Street San Jose CA 95134	Ceo	Yes	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2010-12-13	14,870	$33.01	217,917	No	4	S	Direct
Common Stock	Acquisiton	2010-12-13	6,000	$30.25	17,792	No	4	M	Indirect	By Spouse
Common Stock	Disposition	2010-12-13	6,000	$33.11	11,792	No	4	S	Indirect	By Spouse
Common Stock	Acquisiton	2010-12-13	375	$0.00	12,167	No	4	M	Indirect	By Spouse
Common Stock	Disposition	2010-12-13	138	$32.73	12,029	No	4	F	Indirect	By Spouse
Common Stock	Acquisiton	2010-12-13	125	$0.00	12,154	No	4	M	Indirect	By Spouse
Common Stock	Disposition	2010-12-13	46	$32.73	12,108	No	4	F	Indirect	By Spouse

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Direct
No	4	M	Indirect	By Spouse
No	4	S	Indirect	By Spouse
No	4	M	Indirect	By Spouse
No	4	F	Indirect	By Spouse
No	4	M	Indirect	By Spouse
No	4	F	Indirect	By Spouse

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Non Qualified Stock Option	Disposition	2010-12-13	6,000	$30.25	6,000	$30.25
Common Stock	Restricted Stock Unit	Disposition	2010-12-13	375	$0.00	375	$0.00
Common Stock	Restricted Stock Unit	Disposition	2010-12-13	125	$0.00	125	$0.00

Remaning Holdings	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
0	2010-12-15	No	4	M	Indirect
375		No	4	M	Indirect
625		No	4	M	Indirect

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	2,393	Indirect	By 401(k)

Footnotes

Shares sold pursuant to a 10b-5 Plan.
The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $32.90 to $33.14, inclusive. The reporting person undertakes to provide to Novellus Systems, Inc., any security holder of Novellus Systems, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
Amount reported includes shares subject to unvested Restricted Stock Awards.
The indirect holdings by Mrs. Hill include 2,142 estimated shares held in the Company 401K unitized stock fund. The balance is reported as of the last business day. The remaining shares are held in common stock.
The indirect holdings in the 401K are held in the Company unitized stock fund. The balance is reported as of the last business day.
The grant vests in four annual equal installments beginning December 15, 2001.
Each restricted stock unit represents a contingent right to receive one share of NVLS common stock.
The grant vests in four annual equal installments beginning December 13, 2008.
Subject to Mrs. Hill's continued employment, fifty percent (50%) of the shares will vest in four annual equal installments beginning December 13, 2008. The remaining fifty percent (50%) of the shares will vest upon achievement of specific revenue targets. If the performance conditions are not met by the target date, shares will be forfeited.