<SEC-DOCUMENT>0001104659-20-067500.txt : 20200529
<SEC-HEADER>0001104659-20-067500.hdr.sgml : 20200529
<ACCEPTANCE-DATETIME>20200529121007
ACCESSION NUMBER:		0001104659-20-067500
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20200529
DATE AS OF CHANGE:		20200529
EFFECTIVENESS DATE:		20200529

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AXCELIS TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001113232
		STANDARD INDUSTRIAL CLASSIFICATION:	SPECIAL INDUSTRY MACHINERY, NEC [3559]
		IRS NUMBER:				341818596
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238770
		FILM NUMBER:		20925471

	BUSINESS ADDRESS:	
		STREET 1:		108 CHERRY HILL DRIVE
		CITY:			BEVERLY
		STATE:			MA
		ZIP:			01915
		BUSINESS PHONE:		978-787-4000

	MAIL ADDRESS:	
		STREET 1:		108 CHERRY HILL DRIVE
		CITY:			BEVERLY
		STATE:			MA
		ZIP:			01915

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EATON SEMICONDUCTOR EQUIPMENT INC
		DATE OF NAME CHANGE:	20000501
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2020919d1_s8.htm
<DESCRIPTION>S-8
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As filed with the Securities and Exchange
Commission on May 29, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 6.25in">REGISTRATION NO. 333
-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 6.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AXCELIS TECHNOLOGIES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 30%">Delaware</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 10%">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; width: 40%">34-1818596</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">of incorporation or organization)</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Identification No.)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>108 Cherry Hill Drive, Beverly, Massachusetts
01915</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices
and Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AXCELIS TECHNOLOGIES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2020</B> <B>EMPLOYEE STOCK PURCHASE
PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LYNNETTE C. FALLON</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Axcelis Technologies, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>108 Cherry Hill Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beverly, Massachusetts 01915</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(617) 787-4000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number, including</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>with copies to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MEGAN N. GATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Mintz, Levin, Cohn, Ferris, Glovsky and
Popeo, P.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">One Financial Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Boston, Massachusetts 02111</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(617) 542-6000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the Registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition
of&nbsp;&ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging
growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt">Large accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt">Accelerated filer <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt">Smaller reporting company <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt">Emerging growth company <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate
by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2pt; width: 23%">Title of securities <BR>to be registered <BR></TD>
<TD STYLE="padding-top: 2pt; width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">&nbsp;</TD>
<TD STYLE="padding-top: 2pt; width: 19%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2pt">Amount to be <BR>
registered <SUP>(1)</SUP> </TD>
<TD STYLE="padding-top: 2pt; width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">&nbsp;</TD>
<TD STYLE="padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; width: 19%; text-align: center; padding-bottom: 2pt">Proposed maximum <BR>
offering price<BR>
 per share <SUP>(2)</SUP> &nbsp;</TD>
<TD STYLE="padding-top: 2pt; width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">&nbsp;</TD>
<TD STYLE="padding-top: 2pt; width: 19%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2pt">Proposed maximum <BR>
aggregate offering price <SUP>(2)</SUP></TD>
<TD STYLE="padding-top: 2pt; width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt">&nbsp;</TD>
<TD STYLE="padding-top: 2pt; width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2pt">Amount of <BR>registration fee <BR></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt">Common Stock, $.001 par value</TD>
<TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt">&nbsp;</TD>
<TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: center; padding-bottom: 2pt">1,000,000 shares</TD>
<TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt">&nbsp;</TD>
<TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: center; padding-bottom: 2pt">$26.38</TD>
<TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt">&nbsp;</TD>
<TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: center; padding-bottom: 2pt">$26,380,000</TD>
<TD STYLE="padding-top: 2pt; font-size: 10pt; padding-bottom: 2pt">&nbsp;</TD>
<TD STYLE="padding-top: 2pt; font-size: 10pt; text-align: center; padding-bottom: 2pt">$3,424.12</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">The number of shares of common stock, par value $.001 per share (&ldquo;Common Stock&rdquo;),
                                                            stated above consists of the aggregate number of shares which may be issued under the Axcelis Technologies, Inc. 2020
                                                            Employee Stock Purchase Plan (the &ldquo;Plan&rdquo;). The maximum number of shares which may be issued pursuant to the Plan
                                                            is subject to adjustment in accordance with certain stock splits, stock dividends, and other provisions of the Plan.
                                                            Accordingly, pursuant to Rule&nbsp;416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this
                                                            registration statement covers, in addition to the number of shares stated above, an indeterminate number of shares which may
                                                            be issuable after the operation of any such stock splits, stock dividends, and other provisions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Pursuant to Rules&nbsp;457(c)&nbsp;and 457(h)&nbsp;under the Securities Act, the proposed
                                                            maximum offering price per share and the maximum aggregate offering price for the shares have been estimated solely for the
                                                            purpose of calculating the registration fee on the basis of the average of the high and low prices of the Registrant&rsquo;s
                                                            Common Stock, as reported by the Nasdaq Global Select Market, on <FONT STYLE="font-size: 10pt">May 26, 2020</FONT>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXPLANATORY NOTE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with
the instructional note to Part I of Form S-8 as promulgated by the Securities and Exchange Commission, the information specified
by Part I of Form S-8 has been omitted from this Registration Statement on Form S-8 for offers of Common Stock pursuant to the
Plan. The documents containing the information specified in Part I will be delivered to the participants in the Plan covered by
this Registration Statement as required by Rule 428(b)(1) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 3.</B></TD><TD STYLE="text-align: justify"><B>Incorporation of Documents by Reference.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents filed by the Registrant
with the Commission are incorporated herein by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000155837020001858/acls-20191231x10k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000155837020001858/acls-20191231x10k.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed
with the Commission on March 2, 2020 (File No. 000-30941);</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000104746920001907/a2240881zdef14a.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000104746920001907/a2240881zdef14a.htm" STYLE="-sec-extract: exhibit">The portions of the Registrant&rsquo;s definitive Proxy Statement for its Annual Meeting of Stockholders
held on May 19, 2020, filed on March 30, 2020, that are considered &ldquo;filed&rdquo; and not &ldquo;furnished&rdquo; under the
Exchange Act (File No. 000-30941); </A></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000155837020005335/acls-20200331x10q.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000155837020005335/acls-20200331x10q.htm" STYLE="-sec-extract: exhibit">The Registrant's Quarterly Report on Form 10-Q for the
period ended March 31, 2020, filed with the Commission on May 6, 2020 (File No. 000-30941);</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000110465920064733/tm2020196-1_8ka.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000110465920064733/tm2020196-1_8ka.htm" STYLE="-sec-extract: exhibit">The Registrant's Current Report on Form 8-K filed with
the Commission on May 21, 2020, as amended (File No. 000-30941); and</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000095012800000946/e8-a12g.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Symbol">&middot;</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000095012800000946/e8-a12g.txt" STYLE="-sec-extract: exhibit">The description of the Common Stock contained in the Registrant&rsquo;s Registration Statement
on Form 8-A filed under Section 12(g) of the Exchange Act on July 3, 2000, including any further amendment or report filed hereafter
for the purpose of updating such description (File No. 000-30941).</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All reports and other
documents filed by the Registrant with the Commission after the date hereof pursuant to Sections 13(a), 13(c), 14 and 15(d) of
the Exchange Act after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration
Statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the respective dates of filing of such
reports and documents (the &ldquo;Incorporated Documents&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement contained
herein or in any Incorporated Document shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained in any subsequently filed Incorporated Document modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of
this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 4.</B></TD><TD STYLE="text-align: justify"><B>Description of Securities.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 5.</B></TD><TD STYLE="text-align: justify"><B>Interests of Named Experts and Counsel.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 6.</B></TD><TD STYLE="text-align: justify"><B>Indemnification of Directors and Officers.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Incorporated by reference
from the Registrant&rsquo;s Restated Certificate of Incorporation, as adopted November 2, 2017 and filed with the Commission on
November 3, 2017 and the Registrant&rsquo;s Bylaws, as amended as of May 13, 2014 and filed with the Commission on Form 8-K on
May 19, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 7.</B></TD><TD STYLE="text-align: justify"><B>Exemption from Registration Claimed.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 8.</B></TD><TD STYLE="text-align: justify"><B>Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following exhibits
are filed as a part of or incorporated by reference into this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: center">Exhibit <BR>
    Number</TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 88%; text-align: center">Exhibit Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000155837017008078/acls-20170930ex31a83feb6.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000155837017008078/acls-20170930ex31a83feb6.htm" STYLE="-sec-extract: exhibit">Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to Registrant&rsquo;s Form 10-Q, File No. 000-30941, filed with the Commission on November 3, 2017).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000110465914040101/a14-8383_4ex3d1.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1113232/000110465914040101/a14-8383_4ex3d1.htm" STYLE="-sec-extract: exhibit">Bylaws of the Registrant, as amended as of May 13, 2014 (incorporated by reference to Exhibit 3.1 to Registrant&rsquo;s Form 8-K, File No. 000-30941, filed with the Commission on May 19, 2014).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm2020919d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1*</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2020919d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. as to the legality of shares being registered. </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm2020919d1_ex5-1.htm">23.1*</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2020919d1_ex5-1.htm">Consent of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. (included in opinion of counsel filed as Exhibit 5.1).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm2020919d1_ex23-2.htm">23.2*</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2020919d1_ex23-2.htm">Consent of Ernst &amp; Young LLP. </A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="#a_001">24.1*</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="#a_001">Power of Attorney to file future amendments (set forth on the signature page of this Registration Statement).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm2020919d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1*</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2020919d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Axcelis Technologies, Inc.
    2020 Employee Stock Purchase Plan, adopted by the stockholders on May 19, 2020.</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 9.</B></TD><TD STYLE="text-align: justify"><B>Undertakings.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represents a fundamental change in the information set
forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><I>Provided,
however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration Statement is on Form S-8 and the information
required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the
Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated
by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under
the Securities Act of 1933, each filing of the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The
Registrant</I>. Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Beverly, Massachusetts on
the 29th day of May, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: small-caps 10pt Times New Roman, Times, Serif">AXCELIS TECHNOLOGIES, INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Mary G. Puma&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Mary G. Puma, <I>Chief Executive Officer and President</I></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>POWER OF ATTORNEY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each person whose signature
appears below constitutes and appoints Mary G. Puma, Kevin J. Brewer, and Lynnette C. Fallon, and each of them singly, his or her
true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each of them singly, for him
or her and in his or her name, place and stead, and in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement on Form S-8 of <FONT STYLE="font-variant: small-caps">AXCELIS TECHNOLOGIES, INC.</FONT>,
and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission,
granting to the attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and
thing requisite or necessary to be done in or about the premises, as fully to all intents and purposes as he or she might or could
do in person, hereby ratifying and confirming all that the attorneys-in-fact and agents or any of each of them or their substitute
may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; width: 39%"><B>Signature </B></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center; width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; width: 38%"><B>Title </B></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center; width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; width: 19%"><B>Date </B></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">/s/ Mary G. Puma<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black"> Mary G. Puma</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">Chief Executive Officer and President (principal executive officer) and Director</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">May 29, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">/s/ Kevin J. Brewer<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: black"> Kevin J. Brewer</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">Executive Vice President and Chief Financial Officer (principal accounting and financial officer)</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">May 29, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top"><HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black"> Tzu-Yin Chiu</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">Director</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">May 29, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">/s/ Richard J. Faubert<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black"> Richard J. Faubert</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">Director</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">May 29, 2020</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="text-align: center; vertical-align: top">/s/ R. John Fletcher<HR SIZE="1" NOSHADE ALIGN="CENTER" COLOR="Black" STYLE="width: 100%"> R. John Fletcher</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">Director</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">May 29, 2020</TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">/s/ Arthur L. George, Jr.<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black"> Arthur L. George, Jr.</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">Director</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">May 29, 2020</TD></TR>
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: bottom">/s/ Joseph P. Keithley<BR> <HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black"> Joseph P. Keithley</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">Director</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="text-align: center">May 29, 2020</TD></TR>
<TR>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: bottom; width: 39%">/s/ John T. Kurtzweil<BR> <HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black"> John T. Kurtzweil</TD>
<TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 38%">Director</TD>
<TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
<TD STYLE="width: 19%; text-align: center">May 29, 2020</TD></TR>
<TR>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: bottom">/s/ Thomas St. Dennis<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black"> Thomas St. Dennis</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">Director</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="text-align: center">May 29, 2020</TD></TR>
<TR>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: bottom">/s/ Jorge Titinger<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black"> Jorge Titinger</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">Director</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="text-align: center">May 29, 2020</TD></TR>
</TABLE>



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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2020919d1_ex5-1.htm
<DESCRIPTION>EXHIBIT-5.1
<TEXT>
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<P STYLE="text-align: right; margin: 0 0 0 8in"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 45%; padding-top: 2.9pt; padding-right: 1.45pt; padding-left: 1.45pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-top: 1px; padding-right: 1.45pt; padding-left: 1px; font-size: 10pt"><IMG SRC="tm2020919d1_ex5-1img01.jpg" ALT="" STYLE="height: 107px; width: 84px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; padding-top: 2.9pt; padding-right: 1.45pt; padding-left: 1.45pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">One Financial Center</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Boston, MA 02111</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">617 542 6000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">mintz.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.75in; text-align: justify">May 29, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Axcelis Technologies, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>108 Cherry Hill Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Beverly, MA 01915</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as
legal counsel to Axcelis Technologies, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), in connection with the
preparation and filing with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) of a Registration Statement
on Form S-8 (the &ldquo;Registration Statement&rdquo;), pursuant to which the Company is registering the issuance under the
Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), of an aggregate of 1,000,000 shares (the
&ldquo;Shares&rdquo;) of the Company&rsquo;s common stock, $0.001 par value per share (&ldquo;Common Stock&rdquo;), in
accordance with the terms of the 2020 Employee Stock Purchase Plan (the &ldquo;Plan&rdquo;). This opinion is being rendered
in connection with the filing of the Registration Statement with the Commission. All capitalized terms used herein and not
otherwise defined shall have the respective meanings given to them in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
this opinion, we have examined the Company&rsquo;s Restated Certificate of Incorporation and Bylaws, as amended, each as currently
in effect; such other records of the corporate proceedings of the Company and certificates of the Company&rsquo;s officers as we
have deemed relevant; and the Registration Statement and the exhibits thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In our examination,
we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted
to us as originals, the conformity to original documents of all documents submitted to us as copies, the authenticity of the originals
of such copies, and the truth and correctness of any representations and warranties contained therein. In addition, we have assumed
that the Company will receive any required consideration in accordance with the terms of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinion expressed
herein is limited to the General Corporation Law of the State of Delaware and we express no opinion with respect to the laws of
any other jurisdiction. No opinion is expressed herein with respect to the qualification of the Shares under the securities or
blue sky laws of any state or any foreign jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please note that we
are opining only as to the matters expressly set forth herein, and no opinion should be inferred as to any other matters. This
opinion is based upon currently existing statutes, rules, regulations and judicial decisions, and we disclaim any obligation to
advise you of any change in any of these sources of law or subsequent legal or factual developments which might affect any matters
or opinions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<DIV STYLE="padding: 7pt 0in 0in; border-top: Black 0.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Boston&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los
Angeles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San
Francisco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">MINTZ,
LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.</FONT></P>

</DIV>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MINTZ</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 29, 2020</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page
2</P>


</TD>
    <TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="tm2020919d1_ex5-1img02.jpg" ALT=""></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon the foregoing,
we are of the opinion that the Shares, when issued and delivered in accordance with the terms of the Plan, will be validly issued,
fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We understand that
you wish to file this opinion with the Commission as an exhibit to the Registration Statement in accordance with the requirements
of Item 601(b)(5) of Regulation S-K promulgated under the Securities Act, and we hereby consent thereto. In giving this consent,
we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the
rules and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>/s/ Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>tm2020919d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT 23.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by
reference in this Registration Statement on Form S-8 pertaining to the Axcelis Technologies, Inc. 2020 Employee Stock
Purchase Plan of our reports dated March 2, 2020, with respect to the consolidated financial
statements and schedule of Axcelis Technologies, Inc. and the effectiveness of internal control over financial reporting of
Axcelis Technologies, Inc. included in its Annual Report (Form 10-K) for the year ended December 31, 2019, filed with the
Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, Massachusetts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 29, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>tm2020919d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AXCELIS TECHNOLOGIES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>2020 EMPLOYEE STOCK PURCHASE PLAN</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>As adopted by the Board of Directors
on August 15, 2019<BR>
and by the Stockholders on May 19, 2020</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration: none"><I>Adopted
effective July 1, 2020</I></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PURPOSE</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The purpose of this Plan is to provide an
opportunity for Employees of Axcelis Technologies, Inc. (the &quot;Company&quot;) and its Designated Subsidiaries, to purchase
Common Stock of the Company and thereby to have an additional incentive to contribute to the prosperity of the Company. It is the
intention of the Company that the Plan qualifies as an &quot;Employee Stock Purchase Plan&quot; under Section 423 of the Internal
Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>DEFINITIONS</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Board</U>&quot;</B>
shall mean the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Code</U>&quot;</B>
shall mean the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein shall be a reference to
any successor or amended section of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Committee</U>&quot;</B>
shall mean the committee appointed by the Board in accordance with Section 14 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Common
Stock</U>&quot;</B> shall mean the Common Stock of the Company, or any stock into which such Common Stock may be converted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Compensation</U>&quot;</B>
shall mean:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Regular earnings/base pay;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Overtime pay, including California &#8220;Doubletime&#8221; pay and
Axcelis &#8220;Long Hours Pay;&#8221; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Paid time off, including Axcelis Time Management pay (but not the
payment of accrued and unused ATM on termination of employment), Sick Time pay, and Holiday pay.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All other payments by the Company to the Employee are not &#8220;Compensation,&#8221;
subject to the Committee&#8217;s authority to change the definition of &#8220;Compensation&#8221; pursuant to the last sentence
of this provision. Specifically, but without limitation, &#8220;Compensation&#8221; <I>does not include:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(A) any variable pay (including without limitation
sales incentive compensation, such as commissions and MBOs, patent awards, spot bonuses, AIM bonuses, holiday bonuses, sign-on
bonuses, relocation bonuses, referral bonuses, and payments under the Axcelis Management Incentive Plan, Axcelis Asian Incentive
Plans, Axcelis European Incentive Plan, or any successors to such plans or any other similar management bonuses or incentive payment);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(B) shift or lead premiums or differentials, non-worked
pay for compressed shifts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(C) short term or long term disability pay, severance
pay, retirement recognition payments, pay in lieu of ATM or other paid time off, whether on termination of employment or otherwise;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(D) &#8220;beeper&#8221; or &#8220;on-call&#8221;
pay, allowances for cars, cost-of-living, housing, internet, other goods and services, expat tax-related payments, relocation reimbursement,
and tuition reimbursement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The Committee shall have the authority to change the forms of
pay included in the definition of Compensation on a prospective basis; any such change shall be documented in writing and made
available to participants together with this plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Company</U>&quot;</B>
shall mean Axcelis Technologies, Inc., a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Designated
Subsidiary</U>&quot;</B> shall mean a Subsidiary that has been designated by the Committee as eligible to participate in the Plan
with respect to its Employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Employee</U>&quot;</B>
shall mean an individual classified as an employee (within the meaning of Code Section 3401(c) and the regulations thereunder)
by the Company or a Designated Subsidiary on the Company&#8217;s or such Designated Subsidiary&#8217;s payroll records during the
relevant participation period. Employees shall not include individuals classified as independent contractors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Entry
Date</U>&quot;</B> shall mean the first Trading Day of an Offering Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>&quot;<U>Fair Market Value</U>&quot;</B> shall be the closing sales price for the Common Stock (or the closing bid, if no sales
were reported) as quoted on the NASDAQ Stock Market, or other principal securities market on which the Common Stock is traded,
on the date of determination if that date is a Trading Day, or if the date of determination is not a Trading Day, the last market
Trading Day prior to the date of determination, as reported in <I>The Wall Street Journal</I> or such other source as the Committee
deems reliable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>&#8220;<U>Offering Period</U>&#8221; </B>shall mean the period of six (6) months commencing on the first Trading Day on or about
July 1 of every year and terminating on the last Trading Day in the period ending six (6) months later. Subsequent Offering Periods,
if any, shall run consecutively after the termination of the preceding Offering Period. The duration and timing of Offering Periods
may be changed or modified by the Committee, subject to the limitations set forth in Section 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>&quot;<U>Participant</U>&quot;</B> shall mean a participant in the Plan as described in Section 5 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;
<B>&quot;<U>Plan</U>&quot;</B> shall mean the Axcelis Technologies, Inc. Employee Stock Purchase Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>&quot;<U>Purchase Date</U>&quot;</B> shall mean the last Trading Day of each Offering Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>&#8220;<U>Purchase Price</U>&#8221;</B> shall mean 85% of the Fair Market Value of a share of Common Stock on the Purchase Date;
provided however, that the Purchase Price may be adjusted by the Committee pursuant to Section 7.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">(q)<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Stockholder</U>&quot;</B>
shall mean a record holder of shares entitled to vote shares of Common Stock under the Company's by-laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">(r)<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Subsidiary</U>&quot;</B>
shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, as described
in Code Section 424(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>&#8220;<U>Trading Day</U>&#8221; </B>shall mean a day on which U.S. national stock exchanges are open for trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ELIGIBILITY</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth herein, any Employee regularly employed on a full&#45;time or part-time basis by the Company or by any Designated
Subsidiary on an Entry Date shall be eligible to participate in the Plan with respect to the Offering Period commencing on such
Entry Date, provided that the Committee may establish administrative rules requiring that employment commence some minimum period
(e.g., one pay period) prior to an Entry Date to be eligible to participate with respect to the Offering Period beginning on that
Entry Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may also determine that a designated group of highly compensated Employees are ineligible to participate in the Plan
so long as the excluded category fits within the definition of &#8220;highly compensated employee&#8221; in Code Section 414(q).
No Employee may participate in the Plan if immediately after an option is granted the Employee owns or is considered to own (within
the meaning of Code Section 424(d)), shares of stock, including stock which the Employee may purchase by conversion of convertible
securities or under outstanding options granted by the Company, possessing five percent (5%) or more of the total combined voting
power or value of all classes of stock of the Company or of any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Employees who participate in the Plan shall have the same rights and privileges under the Plan except for differences which may
be mandated by local law and which are consistent with Code Section 423(b)(5); provided, however, that any affiliate of the Company
whose Employees are not granted options under this Plan may adopt a separate &#8220;sub-plan&#8221; in accordance with the provisions
of Section 15 which is not designed to qualify under Code section 423 and the Employees participating thereunder need not have
the same rights and privileges as Employees participating in the Code section 423 Plan. The Board may impose restrictions on eligibility
and participation of Employees who are officers and directors to facilitate compliance with federal or state securities laws or
foreign laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>OFFERING
PERIODS</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 34.2pt">The Plan shall be
implemented by consecutive Offering Periods with a new Offering Period commencing on the first Trading Day on or after the
date six (6) months from the first date of the immediately preceding Offering Period, or on such other date as the Committee
shall determine, and continuing thereafter for six (6) months or until terminated pursuant to Section 13 hereof. Unless
otherwise determined by the Committee, the Plan will operate with successive six (6) month Offering Periods commencing at
July 1 and January 1. The Committee shall have the power to change the duration of future Offering Periods, without
Stockholder approval, and without regard to the expectations of any Participants if such change is announced at least five
(5) days prior to the scheduled beginning of the first Offering Period to be affected thereafter<B>, </B>provided, however,
that an Offering Period shall in no event be longer than twenty-seven (27) months or such longer period as may be consistent
with Section 423 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PARTICIPATION</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Employee who is eligible to participate in the Plan in accordance with Section 3 may become a Participant by completing and submitting,
on a date prescribed by the Committee prior to an applicable Entry Date (unless a later date is set by the Committee), a completed
payroll deduction authorization and Plan enrollment form provided by the Company or by following an electronic or other enrollment
process as prescribed by the Committee. An eligible Employee may authorize payroll deductions at the rate of any whole percentage
of the Employee's Compensation, not to exceed ten percent (10%) of the Employee's Compensation. As determined by the Committee,
payroll deductions may begin at a date after the effective date of the Plan and shall continue through subsequent Offering Periods
pursuant to Section 5.4 until the Participant&#8217;s termination, subject to modification by the Participant as provided in Section
5.3, and unless participation is earlier withdrawn by the Participant as provided in Section 5.2. All payroll deductions may be
held by the Company and commingled with its other corporate funds where administratively appropriate. No interest shall be paid
or credited to the Participant with respect to such payroll deductions. The Company shall maintain a separate bookkeeping account
for each Participant under the Plan and the amount of each Participant's payroll deductions shall be credited to such account.
A Participant may not make any additional payments into such account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
procedures established by the Committee, a Participant may withdraw from the Plan during an Offering Period, by completing
and filing a new payroll deduction authorization and Plan enrollment form with the Company or by following electronic or
other procedures prescribed by the Committee, prior to a date set by the Committee that precedes the Purchase Date. If a
Participant withdraws from the Plan during an Offering Period, his or her accumulated payroll deductions will be refunded to
the Participant without interest. The Committee may establish rules limiting the frequency with which Participants may
withdraw and re-enroll in the Plan and may impose a waiting period on Participants wishing to re-enroll following
withdrawal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Participant may change his or her rate of contribution through payroll deductions during the periods specified by the Committee
by filing a new payroll deduction authorization and Plan enrollment form or by following electronic or other procedures prescribed
by the Committee. If a Participant has not followed such procedures to change the rate of contribution, the rate of contribution
shall continue at the originally elected rate throughout the Offering Period and future Offering Periods. In accordance with Section
423(b)(8) of the Code, the Committee may reduce a Participant&#8217;s payroll deductions to zero percent (0%) at any time during
an Offering Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic
Re-Enrollment. At the termination of each Offering Period, each Participant who continues to be eligible to participate
pursuant to Section 3 shall be automatically re-enrolled in the next Offering Period, unless the Participant has advised the
Company otherwise in accordance with Section 5.2 and Section 5.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>TERMINATION
OF EMPLOYMENT</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">In the event any Participant terminates
employment with the Company or any of its Designated Subsidiaries for any reason (including death) prior to the expiration of an
Offering Period, the Participant's participation in the Plan shall terminate and all amounts credited to the Participant's account
shall be paid to the Participant or, in the case of death, to the Participant&#8217;s heirs or estate, without interest. Whether
a termination of employment has occurred shall be determined by the Committee. The Committee may also establish rules regarding
when leaves of absence or changes of employment status will be considered to be a termination of employment, including rules regarding
transfer of employment among Designated Subsidiaries, Subsidiaries and the Company, and the Committee may establish termination
of employment procedures for this Plan which are independent of similar rules established under other benefit plans of the Company
and its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>OFFERING</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to adjustment as set forth in Section 10, the maximum number of shares of Common Stock which may be issued pursuant to
the Plan shall be 1,000,000 shares. If, on a given Purchase Date, the number of shares with respect to which options are to be
exercised exceeds the number of shares then available under the Plan, the Company shall make a pro rata allocation of the shares
remaining available for purchase in as uniform a manner as shall be practicable and as it shall determine to be equitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any Offering Period, each Participant shall be granted, as of such Participant&#8217;s Entry Date, an option for each
Offering Period to purchase that number of whole shares of Common Stock (not to exceed 500 shares per Offering Period) which may
be purchased with the payroll deductions accumulated on behalf of such Participant during each such Offering Period at the purchase
price specified in Section 7.3 below, subject to the additional limitation that no Participant participating in the Section 423
Plan shall be granted an option to purchase Common Stock under the Plan at a rate which exceeds U.S. twenty-five thousand dollars
(U.S. $25,000) of the Fair Market Value of such Common Stock (determined at the time such option is granted) for each calendar
year in which such option is outstanding at any time. The foregoing sentence shall be interpreted so as to comply with Code Section
423(b)(8).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purchase price under each option shall a percentage (not less than eighty&#45;five percent (85%)) established by the Committee
(&quot;Designated Percentage&quot;) of the Fair Market Value of the Common Stock on the Purchase Date on which the Common Stock
is purchased. The Committee may change the Designated Percentage with respect to any future Offering Period, but not below eighty-five
percent (85%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PURCHASE
OF STOCK</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">Upon the Purchase Date, a Participant's
option shall be exercised automatically for the purchase of that number of whole and fractional shares of Common Stock which the
accumulated payroll deductions credited to the Participant's account at that time shall purchase at the applicable price specified
in Section 7.3. Notwithstanding the foregoing, the Company or its designee may make such provisions and take such action as it
deems necessary or appropriate for the withholding of taxes and/or social insurance which the Company or its Designated Subsidiary
is required by law or regulation of any governmental authority to withhold. Each Participant, however, shall be responsible for
payment of all individual tax liabilities arising under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PAYMENT
AND DELIVERY</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">As soon as practicable after the
exercise of an option, the Company shall deliver to the Participant a record of the Common Stock purchased and the balance of any
amount of payroll deductions credited to the Participant's account not used for the purchase, except as specified below. The Committee
may permit or require that shares be deposited directly with a broker designated by the Committee or to a designated agent of the
Company, and the Committee may utilize electronic or automated methods of share transfer. The Committee may require that shares
be retained with such broker or agent for a designated period of time and/or may establish other procedures to permit tracking
of disqualifying dispositions of such shares. The Company shall retain the amount of payroll deductions used to purchase Common
Stock as full payment for the Common Stock and the Common Stock shall then be fully paid and non-assessable. No Participant shall
have any voting, dividend, or other Stockholder rights with respect to shares subject to any option granted under the Plan until
the shares subject to the option have been purchased and delivered to the Participant as provided in this Section 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>RECAPITALIZATION</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">If after the grant of an option,
but prior to the purchase of Common Stock under the option, there is any increase or decrease in the number of outstanding shares
of Common Stock because of a stock split, stock dividend, combination or recapitalization of shares subject to options, the number
of shares to be purchased pursuant to an option, the price per share of Common Stock covered by an option and the maximum number
of shares specified in Section 7.1 may be appropriately adjusted by the Board, and the Board shall take any further actions which,
in the exercise of its discretion, may be necessary or appropriate under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">The Board's determinations under
this Section 10 shall be conclusive and binding on all parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>MERGER,
LIQUIDATION, OTHER CORPORATE TRANSACTIONS</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">In the event of Stockholder approval
of a liquidation or dissolution of the Company, the Offering Period will terminate immediately, unless otherwise provided by the
Board in its sole discretion, and all outstanding options shall automatically terminate and the amounts of all payroll deductions
will be refunded without interest to the Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">In the event of a sale of all
or substantially all of the assets of the Company, the acquisition by a person (including any entity or group) of beneficial ownership
of a majority of the Company&#8217;s outstanding capital stock (based on voting power, but excluding any acquisition by the Company,
its affiliate, employee benefit plans of the Company or its affiliate, and any underwriter holding securities temporarily pursuant
to an offering), or the merger or consolidation of the Company with or into another corporation, then in the sole discretion of
the Board, (1) each option shall be assumed or an equivalent option shall be substituted by the successor corporation or parent
or subsidiary of such successor corporation, (2) a date established by the Board on or before the date of consummation of such
merger, consolidation or sale shall be treated as a Purchase Date, and all outstanding options shall be exercised on such date,
or (3) all outstanding options shall terminate and the accumulated payroll deductions will be refunded without interest to the
Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>TRANSFERABILITY</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">Options granted to Participants
may not be voluntarily or involuntarily assigned, transferred, pledged, or otherwise disposed of in any way, and any attempted
assignment, transfer, pledge, or other disposition shall be null and void and without effect. If a Participant in any manner attempts
to transfer, assign or otherwise encumber his or her rights or interests under the Plan, other than as permitted by the Code, such
act shall be treated as an election by the Participant to discontinue participation in the Plan pursuant to Section 5.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>AMENDMENT
OR TERMINATION OF THE PLAN</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">13.1&nbsp;&nbsp;&nbsp;&nbsp;The
Plan shall continue until terminated in accordance with Section 13.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">13.2&nbsp;&nbsp;&nbsp;
The Board may, in its sole discretion, insofar as permitted by law, terminate or suspend the Plan, or revise or amend it in any
respect whatsoever, except that, without approval of the Stockholders, no such revision or amendment shall materially increase
the number of shares subject to the Plan, other than an adjustment under Section 10 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ADMINISTRATION</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">The Board shall appoint a
Committee to serve as the administrator of the Plan, consisting of at least two members who will serve for such period of
time as the Board may specify and whom the Board may remove at any time. The Committee will have the authority and
responsibility for the day-to-day administration of the Plan, the authority and responsibility specifically provided in this
Plan and any additional duty, responsibility and authority delegated to the Committee by the Board, which may include any of
the functions assigned to the Board in this Plan. The Committee may delegate to one or more individuals the day-to-day
administration of the Plan. The Committee shall have full power and authority to promulgate any rules and regulations which
it deems necessary for the proper administration of the Plan, to interpret the provisions and supervise the administration of
the Plan, to make factual determinations relevant to Plan entitlements and to take all action in connection with
administration of the Plan as it deems necessary or advisable, consistent with the delegation from the Board. Decisions of
the Board and the Committee shall be final and binding upon all participants. Any decision reduced to writing and signed by a
majority of the members of the Committee shall be fully effective as if it had been made at a meeting of the Committee duly
held. The Company shall pay all expenses incurred in the administration of the Plan. No Board or Committee member shall be
liable for any action or determination made in good faith with respect to the Plan or any option granted hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>COMMITTEE
RULES FOR FOREIGN JURISDICTIONS</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">The Committee may adopt rules
or procedures relating to the operation and administration of the Plan to accommodate the specific requirements of local laws and
procedures. Without limiting the generality of the foregoing, the Committee is specifically authorized to adopt rules and procedures
regarding handling of payroll deductions, payment of interest, conversion of local currency, payroll tax, withholding procedures
and handling of stock certificates which vary with local requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">The Committee may also adopt &#8220;sub-plans&#8221;
separate from this Plan for purposes of Code Section 423 applicable to particular affiliates of the Company, which sub-plans may
be designed to be outside the scope of Code section 423. Notwithstanding the foregoing, the shares of Common Stock issued under
any sub-plan shall be aggregated with the shares of Common Stock issued under this Plan and such aggregate number of shares shall
be subject to the maximum number set forth under Section 7.1 hereof. The rules of such sub-plans may take precedence over other
provisions of this Plan, with the exception of Section 7.1, but unless otherwise superseded by the terms of such sub-plan, the
provisions of this Plan shall govern the operation of such sub-plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SECURITIES
LAWS REQUIREMENTS</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">The Company shall not be under
any obligation to issue Common Stock upon the exercise of any option unless and until the Company has determined that: (i) it and
the Participant have taken all actions required to register the Common Stock under the Securities Act of 1933, or to perfect an
exemption from the registration requirements thereof; (ii) any applicable listing requirement of any stock exchange on which the
Common Stock is listed has been satisfied; and (iii) all other applicable provisions of state, federal and applicable foreign law
have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNMENTAL
REGULATIONS</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">This Plan and the Company's obligation
to sell and deliver shares of its stock under the Plan shall be subject to the approval of any governmental authority required
in connection with the Plan or the authorization, issuance, sale, or delivery of stock hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NO
ENLARGEMENT OF EMPLOYEE RIGHTS</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">Nothing contained in this Plan
shall be deemed to give any Employee the right to be retained in the employ of the Company or any Designated Subsidiary or to interfere
with the right of the Company or Designated Subsidiary to discharge any Employee at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING
LAW</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-indent: 0.5in">This Plan shall be governed by
Delaware law, without regard to that State&#8217;s choice of law rules.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"><B>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>EFFECTIVE
DATE</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By resolution of the Board of Directors
on August 15, 2019, this Plan was adopted to be effective July 1, 2020, subject to approval by the Stockholders of the Company
within 12 months before or after Board approval, in accordance with Code section 423(b)(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REPORTS</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Individual accounts shall be maintained
for each Participant in the Plan. Statements of account shall be given to Participants at least annually, which statements shall
set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance,
if any.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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