2021 PROXY STATEMENT SUMMARY 2021 PROXY STATEMENT SUMMARY Your proxy is being solicited on behalf of the Board of Directors of Applied Materials, Inc. We are making this Proxy Statement available to shareholders beginning on January 28, 2021. This summary highlights information contained elsewhere in this Proxy Statement. We encourage you to read the entire Proxy Statement for more information prior to voting. Annual Meeting of Shareholders Date and Time: March 11, 2021, 11:00 a.m. Pacific Time Location: The Annual Meeting will be held online at www.virtualshareholdermeeting.com/AMAT2021 via a live webcast. You will not be able to attend the Annual Meeting in person. Please see “Virtual Annual Meeting” on the page v for additional information. Record Date: January 14, 2021 Voting: Shareholders as of the record date are entitled to vote. Each share of common stock is entitled to one vote for each director nominee and one vote for each of the proposals to be voted on. Attendance: Shareholders and their duly appointed proxies may attend the meeting. Proposals and Board Recommendations For More Information Board Recommendation Proposal 1 – Election of Directors Pages 1 to 6 ✓ FOR each Nominee Rani Borkar Gary E. Dickerson Yvonne McGill Judy Bruner Thomas J. Iannotti Scott A. McGregor Xun (Eric) Chen Alexander A. Karsner Aart J. de Geus Adrianna C. Ma Proposal 2 – Executive Compensation Page 20 ✓ FOR Approval, on an advisory basis, of the compensation of our named executive officers for fiscal year 2020 Proposal 3 – Ratification of Registered Accounting Firm Page 52 ✓ FOR Ratification of the appointment of KPMG LLP as our independent registered public accounting firm for fiscal year 2021 Proposal 4 – Approval of the Amended and Restated Employee Pages 54 to 60 ✓ FOR Stock Incentive Plan Approval of the amendment and restatement of the Employee Stock Incentive Plan to, among other changes, increase the number of shares of our common stock available for issuance under the plan by 10 million Proposal 5 – Approval of the Omnibus Employees’ Stock Pages 61 to 63 ✓ FOR Purchase Plan Approval of the amendment and restatement of the Employees’ Stock Purchase Plan to, among other changes, increase the number of shares of our common stock available for issuance under the plan by 11.3 million shares and rename the plan the Omnibus Employees’ Stock Purchase Plan Applied Materials, Inc. i For More Information Board Recommendation Proposal 6 – Shareholder Proposal Regarding Independent Pages 64 to 66 ✗ AGAINST Chair Policy Shareholder proposal to adopt a policy, and amend our governing documents as necessary, to require the Chairman of the Board to be independent whenever possible including the next Chairman of the Board transition Proposal 7 – Shareholder Proposal Regarding Executive Pages 67 to 68 ✗ AGAINST Compensation Program and Policy Shareholder proposal to improve the executive compensation program and policy to include CEO pay ratio and other factors Director Nominees Name and Occupation Age Director Since Independent Committees Rani Borkar 59 2020 ✓ Strategy and Investment Corporate Vice President, Azure Hardware Systems and Infrastructure, Microsoft Corporation Judy Bruner 62 2016 ✓ Audit (Chair) Executive Vice President, Administration and Chief Governance (Chair) Financial Officer, SanDisk Corporation (retired) Xun (Eric) Chen 51 2015 ✓ Compensation Managing Partner, SB Investment Advisers (US), Inc. Strategy and Investment Aart J. de Geus 66 2007 ✓ Strategy and Investment Chairman of the Board of Directors, Co-Chief Executive Officer, Synopsys, Inc. Gary E. Dickerson 63 2013 President and Chief Executive Officer, Applied Materials, Inc. Thomas J. Iannotti 64 2005 ✓ Compensation (Chair) Senior Vice President and General Manager, Enterprise Services, Hewlett-Packard Company (retired) Alexander A. Karsner 53 2008 ✓ Compensation Senior Strategist, X Governance Adrianna C. Ma 47 2015 ✓ Audit Chief Operating Officer, Index Ventures Strategy and Investment Yvonne McGill 53 2019 ✓ Audit Corporate Controller and Infrastructure Solutions Group Governance Chief Financial Officer, Dell Technologies Scott A. McGregor 64 2018 ✓ Strategy and Investment President and Chief Executive Officer, Broadcom (Chair) Corporation (retired) Audit ii 2021 Proxy Statement 2021 PROXY STATEMENT SUMMARY Board Practices and Composition Ensuring the Board is composed of directors who possess a wide variety of relevant skills, professional experience and backgrounds, bring diverse viewpoints and perspectives, and effectively represent the long-term interests of shareholders is a top priority of the Board and the Corporate Governance and Nominating Committee. Our Board composition reflects strong Board practices that support regular refreshment based on board needs and proactive succession planning. Director Nominee Expertise Key Attributes Independence 9 of 10 director nominees are independent Semiconductor Industry & Technology 8 Financial and Accounting 3 Global Business 10 Diverse Board Representation Strategy and Innovation 7 Operations and Infrastructure 8 50% of director nominees are ethnically and/or gender diverse1 Government Policy 1 50% • 4 director nominees are female M&A and Organizational Growth 5 • 3 director nominees are Asian Risk Management 6 Public Company Board Experience 8 Tenure Executive Leadership 8 > 10 years 3 directors 3 directors added to 4-10 years 4 directors the Board over last 3 years < 4 years 3 directors 1 Ethnically diverse means identification as a member of one of the ethnic groups listed in California Assembly Bill 979: Black, African American, Hispanic, Latino, Asian, Pacific Islander, Native American, Native Hawaiian or Alaska Native Board Practices Support Thoughtful Board Composition Board Composition to Support Company Strategy The Board and the Corporate Governance and Nominating Committee regularly evaluate the size and composition of the Board to ensure appropriate alignment with the Company’s evolving business and strategic needs. Policy on Board Diversity The Board is committed to having a Board that reflects diverse perspectives, including those based on gender, ethnicity, skills, experience at policy-making levels in areas that are relevant to the Company’s global activities, and functional, geographic or cultural background. The Board has adopted a Policy on Board Diversity as part of its Corporate Governance Guidelines, which highlights its commitment to actively seek out women and ethnically diverse director candidates. Annual Board Evaluations The Board conducts an annual self-assessment of the Board, Board Committees and individual directors to evaluate effectiveness. Board Refreshment The Board believes the fresh perspectives brought by new directors are critical to a forward-looking and strategic Board when appropriately balanced by the deep understanding of Applied’s business provided by longer-serving directors. Director Succession Planning The Corporate Governance and Nominating Committee reviews the short- and long-term strategies and interests of Applied to determine what current and future skills and experience are required of the Board in exercising its oversight function. Applied Materials, Inc. iii Corporate Governance We are committed to effective corporate governance that is informed by our shareholders, promotes the long-term interests of our shareholders, and strengthens Board and management accountability. Governance Highlights ✓ Annual Election of Directors ✓ Shareholder Right to Act by Written Consent ✓ Independent Chairman of the Board ✓ Shareholder Proxy Access ✓ Highly Independent Board (9 of 10 Director nominees) ✓ No Poison Pill and Committees ✓ Annual Board, Committee and Individual Evaluations ✓ No Supermajority Vote Requirements ✓ Robust Board Succession Planning ✓ Majority Voting for Directors ✓ Policy on Board Diversity ✓ Regular Executive Sessions of Independent Directors ✓ Active Shareholder Engagement Practices ✓ Stock Ownership Guidelines for Directors and Executives ✓ Shareholder Right to Call a Special Meeting ✓ Clawback Policy for Annual and Long-Term Incentive Plans Shareholder Engagement We believe that strong corporate governance should include regular engagement with our shareholders to enable us to understand and respond to shareholder concerns. We have a robust shareholder outreach program led by a cross- functional team that includes members of our Investor Relations, Global Rewards, ESG, Diversity and Inclusion, Environmental Health and Safety and Legal functions. Independent members of our Board are also involved, as appropriate. In the fall, we solicit feedback on our executive compensation program, corporate governance practices, and sustainability and diversity and inclusion initiatives, as well as any matters voted on at our prior annual meeting. After the filing of our proxy statement, we engage again with our shareholders about important topics to be addressed at our annual meeting. Following our annual meeting, we review the results of the meeting and investor feedback, as well as evaluate emerging trends in corporate governance and other areas. We share feedback we receive from our shareholders with the Human Resources and Compensation Committee, Corporate Governance and Nominating Committee, and the full Board. See “Shareholder Engagement” on page 13 for more information. iv 2021 Proxy Statement 2021 PROXY STATEMENT SUMMARY Virtual Annual Meeting This year’s Annual Meeting will be held in a virtual format through a live webcast. You are entitled to participate