Document:

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                                                                   Exhibit 10.11

                                  XICOR, INC.

                          CHANGE OF CONTROL AGREEMENT

      This Change of Control Agreement (the "Agreement") is made and entered
into effective as of March 12, 2004 (the "Effective Date"), by and between
Geraldine Hench (the "Employee") and Xicor, Inc., a California corporation (the
"Company").

                                R E C I T A L S

      A.    The Company is considering the possibility of a Change of Control.
The Board of Directors of the Company (the "Board") recognizes that such
consideration can be a distraction to the Employee and can cause the Employee to
consider alternative employment opportunities.

      B.    The Board believes that it is in the best interests of the Company
and its shareholders to provide the Employee with an incentive to continue her
employment and to maximize the value of the Company upon a Change of Control for
the benefit of its shareholders.

      C.    In order to provide the Employee with enhanced financial security
and sufficient encouragement to remain with the Company notwithstanding the
possibility of a Change of Control, the Board believes that it is imperative to
provide the Employee with certain benefits upon a Change of Control.

                                   AGREEMENT

      In consideration of the mutual covenants herein contained and the
continued employment of Employee by the Company through the date of a Change of
Control, the parties agree as follows:

      1.    Definition of Change of Control. "Change of Control" shall mean:

            (a)   the consummation of the transaction covered by the Agreement
and Plan of Merger by and among Intersil Corporation, New Castle Merger Sub
Corp., New Castle Sub LLC and the Company, or

            (b)   following the Effective Date the occurrence of any of the
following events:

                  (i)   Any "person" (as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended) becomes the
"beneficial owner" (as defined in Rule 13d-3 under said Act), directly or
indirectly, of securities of the Company representing fifty percent (50%) or
more of the total voting power represented by the Company's then outstanding
voting securities; or

                  (ii)  The consummation of a merger or consolidation of the
Company with any other corporation, other than a merger or consolidation which
would result in the voting
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securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) at least fifty percent (50%) of the total
voting power represented by the voting securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation; or

                  (iii) The consummation of the sale, lease or other disposition
by the Company of all or substantially all the Company's assets.

      2.    Term of Agreement. This Agreement shall terminate upon the date that
all obligations of the parties hereto under this Agreement have been satisfied
or, if earlier, on the date, prior to a Change of Control, Employee is no longer
employed by the Company.

      3.    At-Will Employment. The Company and the Employee acknowledge that
the Employee's employment is and shall continue to be at-will, as defined under
applicable law.

      4.    Change in Control Benefits.

            (a)   Change of Control. On a Change of Control, Employee's position
with the Company will be eliminated, and if Employee signs and does not revoke
the standard form release of claims with the Company, then the Employee shall
receive the following benefits from the Company:

                  (i)   Cash Payment. The Employee shall receive a lump-sum
severance payment (less applicable withholding taxes) equal to $330,000 within
two weeks following the Change of Control.

                  (ii)  Accrued Wages and Vacation; Expenses. The Company shall
also pay the Employee (a) any unpaid base salary due for periods prior to the
date of termination; (b) all of the Employee's accrued and unused paid-time off
through the date of termination; and (c) following submission of proper expense
reports by the Employee, reimbursement for all expenses reasonably and
necessarily incurred by the Employee in connection with the business of the
Company prior to termination in conformity with the Company's business expense
reimbursement policy. These payments shall be made promptly upon termination and
within the period of time mandated by law but in no event later than 14 days
following the Change of Control (or, with respect to business expense
reimbursements only, within 14 days following Employee's submission of expense
reports).

                  (iii) Management Incentive Bonus Payment. In the event the
Change of Control is prior to the payment of the Management Incentive Bonus,
Employee shall be entitled to receive 100% of the target bonus prorated through
the date of the Change of Control.

                  (iv)  Option Vesting Acceleration. All of the Employee's then
outstanding options to purchase shares of the Company's Common Stock (the
"Options") shall immediately vest 100% and became exercisable.

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                  (v)   Post-Termination Exercise Period.

                        (1)   1990 Plan Options Other than ##s R004776 &
R004777. The Company acknowledges and agrees that, by virtue of Employee's job
being eliminated, all outstanding options granted to her under the 1990
Incentive and Non-Incentive Stock Option Plan (the "Plan") other than options ##
R004776 and R004777 shall be treated under the provisions relating to a
termination as a result of a RIF (as such term is defined in the Plan) and,
accordingly, shall remain exercisable until the earlier of (A) one-year from the
date of termination of employment, or (B) the original 10-year option term.

                        (2)   Options ## R004776 and R004777. The
post-termination exercise period of Employee's options # R004776 and # R004777
will be extended to the earlier of (A) one-year from the date of termination of
employment, or (B) the original 10-year option term.

            (b) Exclusive Remedy. With respect to Employee's termination of
employment on or after the Change of Control, the provisions of this Section 4
are intended to be and are exclusive and in lieu of any other rights or remedies
to which the Employee or the Company may otherwise be entitled, whether at law,
tort or contract, in equity, or under this Agreement, including under any
severance plans or practices of the Company. The Employee shall be entitled to
no benefits, compensation or other payments or rights upon termination of
employment on or following a Change in Control other than those benefits
expressly set forth in this Section 4.

      5.    Golden Parachute Excise Tax Full Gross-Up. In the event that the
benefits provided for in this Agreement or otherwise payable to the Employee
constitute "parachute payments" within the meaning of Section 280G of the
Internal Revenue Code of 1986, as amended (the "Code") and will be subject to
the excise tax imposed by Section 4999 of the Code, then the Employee shall
receive (i) a payment from the Company sufficient to pay such excise tax, plus
(ii) an additional payment from the Company sufficient to pay the excise tax and
federal and state income and employment taxes arising from the payments made by
the Company to Employee pursuant to this sentence. Unless the Company and the
Executive otherwise agree in writing, the determination of Executive's excise
tax liability and the amount required to be paid under this Section 5 shall be
made in writing by the Company's independent auditors who are primarily used by
the Company immediately prior to the Change of Control (the "Accountants"). For
purposes of making the calculations required by this Section 5, the Accountants
may make reasonable assumptions and approximations concerning applicable taxes
and may rely on reasonable, good faith interpretations concerning the
application of Sections 280G and 4999 of the Code. The Company and the Employee
shall furnish to the Accountants such information and documents as the
Accountants may reasonably request in order to make a determination under this
Section. The Company shall bear all costs the Accountants may reasonably incur
in connection with any calculations contemplated by this Section 5.

      6.    Successors.

            (a)   Company's Successors. Any successor to the Company (whether
direct or indirect and whether by purchase, lease, merger, consolidation,
liquidation or otherwise) to all or substantially all of the Company's business
and/or assets shall assume the Company's obligations

                                      -3-
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under this Agreement and agree expressly to perform the Company's obligations
under this Agreement in the same manner and to the same extent as the Company
would be required to perform such obligations in the absence of a succession.
For all purposes under this Agreement, the term "Company" shall include any
successor to the Company's business and/or assets which executes and delivers
the assumption agreement described in this subsection (a) or which becomes bound
by the terms of this Agreement by operation of law.

            (b)   Employee's Successors. Without the written consent of the
Company, Employee shall not assign or transfer this Agreement or any right or
obligation under this Agreement to any other person or entity. Notwithstanding
the foregoing, the terms of this Agreement and all rights of Employee hereunder
shall inure to the benefit of, and be enforceable by, Employee's personal or
legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees.

      7.    Notices. Notices and all other communications contemplated by this
Agreement shall be in writing and shall be deemed to have been duly given when
personally delivered or when mailed by U.S. registered or certified mail, return
receipt requested and postage prepaid. In the case of the Employee, mailed
notices shall be addressed to him or her at the home address which he or she
most recently communicated to the Company in writing. In the case of the
Company, mailed notices shall be addressed to its corporate headquarters, and
all notices shall be directed to the attention of its Secretary.

      8.    Arbitration.

            (a)   Any dispute or controversy arising out of, relating to, or in
connection with this Agreement, or the interpretation, validity, construction,
performance, breach, or termination thereof, shall be settled by binding
arbitration to be held in Santa Clara County, California, in accordance with the
National Rules for the Resolution of Employment Disputes then in effect of the
American Arbitration Association (the "Rules"). The arbitrator may grant
injunctions or other relief in such dispute or controversy. The decision of the
arbitrator shall be final, conclusive and binding on the parties to the
arbitration. Judgment may be entered on the arbitrator's decision in any court
having jurisdiction.

            (b)   The arbitrator(s) shall apply California law to the merits of
any dispute or claim, without reference to conflicts of law rules. The
arbitration proceedings shall be governed by federal arbitration law and by the
Rules, without reference to state arbitration law. Employee hereby consents to
the personal jurisdiction of the state and federal courts located in California
for any action or proceeding arising from or relating to this Agreement or
relating to any arbitration in which the parties are participants.

            (c)   EMPLOYEE HAS READ AND UNDERSTANDS THIS SECTION, WHICH
DISCUSSES ARBITRATION. EMPLOYEE UNDERSTANDS THAT SUBMITTING ANY CLAIMS ARISING
OUT OF, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT, OR THE
INTERPRETATION, VALIDITY, CONSTRUCTION, PERFORMANCE, BREACH OR TERMINATION
THEREOF TO BINDING ARBITRATION, CONSTITUTES A

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WAIVER OF EMPLOYEE'S RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL
DISPUTES RELATING TO ALL ASPECTS OF THE EMPLOYER/EMPLOYEE RELATIONSHIP,
INCLUDING BUT NOT LIMITED TO, THE FOLLOWING CLAIMS:

                  (i)   ANY AND ALL CLAIMS FOR WRONGFUL DISCHARGE OF EMPLOYMENT;
BREACH OF CONTRACT, BOTH EXPRESS AND IMPLIED; BREACH OF THE COVENANT OF GOOD
FAITH AND FAIR DEALING, BOTH EXPRESS AND IMPLIED; NEGLIGENT OR INTENTIONAL
INFLICTION OF EMOTIONAL DISTRESS; NEGLIGENT OR INTENTIONAL MISREPRESENTATION;
NEGLIGENT OR INTENTIONAL INTERFERENCE WITH CONTRACT OR PROSPECTIVE ECONOMIC
ADVANTAGE; AND DEFAMATION.

                  (ii)  ANY AND ALL CLAIMS FOR VIOLATION OF ANY FEDERAL STATE OR
MUNICIPAL STATUTE, INCLUDING, BUT NOT LIMITED TO, TITLE VII OF THE CIVIL RIGHTS
ACT OF 1964, THE CIVIL RIGHTS ACT OF 1991, THE AGE DISCRIMINATION IN EMPLOYMENT
ACT OF 1967, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE FAIR LABOR
STANDARDS ACT, THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, AND LABOR CODE
SECTION 201, et seq;

                  (iii) ANY AND ALL CLAIMS ARISING OUT OF ANY OTHER LAWS AND
REGULATIONS RELATING TO EMPLOYMENT OR EMPLOYMENT DISCRIMINATION

      9.    Miscellaneous Provisions.

            (a)   No Duty to Mitigate. The Employee shall not be required to
mitigate the amount of any payment contemplated by this Agreement, nor shall any
such payment be reduced by any earnings that the Employee may receive from any
other source.

            (b)   Waiver. No provision of this Agreement may be modified, waived
or discharged unless the modification, waiver or discharge is agreed to in
writing and signed by the Employee and by an authorized officer of the Company
(other than the Employee). No waiver by either party of any breach of, or of
compliance with, any condition or provision of this Agreement by the other party
shall be considered a waiver of any other condition or provision or of the same
condition or provision at another time.

            (c)   Integration. This Agreement and any outstanding stock option
agreements referenced herein represent the entire agreement and understanding
between the parties as to the subject matter herein and supersede all prior or
contemporaneous agreements, whether written or oral, with respect to this
Agreement and any stock option agreement.

            (d)   Choice of Law. The validity, interpretation, construction and
performance of this Agreement shall be governed by the internal substantive
laws, but not the conflicts of law rules, of the State of California.

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            (e)   Severability. The invalidity or unenforceability of any
provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision hereof, which shall remain in full force
and effect.

            (f)   Employment Taxes. All payments made pursuant to this Agreement
shall be subject to withholding of applicable income and employment taxes.

            (g)   Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original, but all of which together will
constitute one and the same instrument.

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IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case
of the Company by its duly authorized officer, as of the day and year first
above written.

COMPANY:                                      Xicor, Inc.

                                              By: /s/ Louis DiNardo
                                                  ------------------------------

                                              Title: President and CEO
                                                     ---------------------------

EMPLOYEE:                                            /s/ Geraldine Hench
                                             -----------------------------------
                                             Geraldine Hench

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                                                                   EXHIBIT 10.17

                                    AXT, INC.
                       CODE OF BUSINESS CONDUCT AND ETHICS

1. POLICY STATEMENT

         We are committed to being a good corporate citizen and it is our policy
to conduct our business affairs honestly and in an ethical manner. That goal
cannot be achieved unless each of our employees individually accepts his or her
responsibility to promote integrity and ethical conduct in all of his or her
activities. Activities that may call into question AXT's reputation or integrity
should be avoided. The provisions of this Code cannot anticipate every situation
that may pose an ethical or moral issue, and AXT understands that not every
situation is black and white. The key to compliance with the Code is exercising
good judgment. This means following the spirit of this Code and the law, doing
the "right" thing and acting ethically even when the law is not specific.

         Supervisors set an example for other employees and are often
responsible for directing the actions of others. Every supervisor is expected to
take necessary actions to ensure compliance with this Code, to provide guidance
and assist employees in resolving questions concerning the Code and to permit
employees to express any concerns regarding compliance with this Code. No one
has the authority to order another employee to act contrary to this Code.

         The Code outlines the broad principles of legal and ethical business
conduct under which we do business. The Code is intended to supplement, but not
to replace, our Employee Handbook and any policies that we have established.
Every person who works for AXT, its affiliates or subsidiaries, is expected to
understand and comply with the provisions of this Code.

         Violations of the Code of Business Conduct and Ethics, including
failures to report potential violations by others, will be viewed as a
disciplinary matter that may result in personnel action, including termination
of employment. If you believe that a violation of this Code of Business Conduct
and Ethics has occurred, please contact your supervisor, or the Chairman of our
Nominating and Corporate Governance Committee of the Board of Directors at
Chairman, Nominating and Corporate Governance Committee, c/o AXT, Inc., 4281
Technology Drive, Fremont, CA 94538. If you are concerned about maintaining
anonymity, you may also send correspondence to the Chairman of our Audit
Committee of the Board of Directors, in accordance with our Whistle-Blowing and
Complaint Policy, at the following address: Chairman of the Audit Committee of
the Board of Directors, c/o AXT, Inc., 4281 Technology Drive, Fremont, CA 94538.

2. COMPLIANCE WITH LAWS AND REGULATIONS

         AXT is committed to full compliance with the laws and regulations of
the cities, states and countries in which it operates. Numerous federal, state
and local laws and regulations define and establish obligations with which AXT,
its employees and agents must comply. Violation of governing laws and
regulations may subject AXT to significant risk of fines, penalties and damaged
reputation. All of our employees are expected to comply with applicable laws,
rules and regulations when performing duties for AXT. Under certain
circumstances, local country law may establish requirements that differ from
this Code, and in such situations employees should comply with all local country
laws. An employee or agent who violates laws or regulations in performing duties
for AXT risks individual indictment, prosecution and penalties, and civil
actions and penalties, and may subject AXT to the same risks and penalties. An
employee who violates these laws or this Code may be subject to immediate
disciplinary action, including possible termination of employment or affiliation
with AXT.

3. FULL, FAIR, ACCURATE, TIMELY AND UNDERSTANDABLE DISCLOSURE

         It is of critical importance to AXT that all disclosure in reports and
documents that we file with the Securities and Exchange Commission be fair,
accurate, timely and understandable. You may be called upon to provide
information to assist AXT in these responsibilities consistent with your role
within AXT, and to assure that our public reports are complete, fair and
understandable. We expect all of our employees to take this responsibility

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seriously, and to provide prompt and accurate answers to all inquiries made to
you in connection with the preparation of our public reports and disclosure.

4. SPECIAL ETHICS OBLIGATIONS FOR EMPLOYEES WITH FINANCIAL REPORTING
RESPONSIBILITIES

         Our Chief Executive Officer, Chief Financial Officer, controller and
other members of our Finance Department each bear a special responsibility for
promoting integrity throughout AXT. Our Chief Executive Officer and Chief
Financial Officer and other members of our Finance Department have a
responsibility to foster a culture throughout AXT as a whole that ensures the
fair and timely reporting of our financial results and condition. Because of
this special role, our Chief Executive Officer, Chief Financial Officer,
controller and other members of our Finance Department are bound by the
following Financial Officer Code of Ethics, and by accepting the Code of
Business Conduct and Ethics each agrees that he or she will:

         o        Act with honesty and integrity, including the ethical handling
                  of actual or apparent conflicts of interest between personal
                  and professional relationships.

         o        Comply with rules and regulations of federal, state,
                  provincial and local governments, and other appropriate
                  private and public regulatory agencies applicable to the
                  performance of his or her duties to AXT.

         o        Comply with our established accounting procedures, our system
                  of internal controls and generally accepted accounting
                  principles.

         o        Provide information that is accurate, complete, objective,
                  relevant, timely and understandable to ensure full, fair,
                  accurate, timely and understandable disclosure in reports and
                  documents that we file with, or submits to, governmental
                  agencies and in other public communications made by us.

         o        Respect the confidentiality of proprietary information
                  acquired in the course of his or her work except when
                  authorized or otherwise legally obligated to disclose.
                  Proprietary information acquired in the course of one's work
                  will not be used for personal advantage.

5. CONFLICTS OF INTEREST AND CORPORATE OPPORTUNITIES

         There are certain situations and activities that may create a conflict
between your interests and those of AXT. You should avoid any relationship,
influence or activity that would cause a conflict of interest, or appear to
cause a conflict of interest, with your duties and responsibilities at AXT. This
includes situations in which your personal, family or financial interests
conflict or appear to conflict with those of AXT. You should not take for your
own benefit opportunities discovered in the course of employment that you have
reason to know would benefit AXT. Sometimes a conflict of interest will develop
unexpectedly. If you feel that you have a conflict, actual or potential, you
should report the details to your supervisor. Although not all actual or
potential activity creating a conflict of interest is automatically prohibited,
you should disclose all details of the conflict to your supervisor, and if
possible obtain written approval from your supervisor before participating in
any such activity.

         Since it isn't always easy to spot potential conflicts of interests,
set forth below are some examples of actual or potential conflicts, although it
is not possible to list every possible potential conflict, and you are
encouraged to consult with your supervisor before taking action if you are
uncertain whether an activity may constitute a conflict of interest.

         o        you, or a member of your family, receive improper personal
                  benefits as a result of your position in AXT;

         o        you use Company's property for your personal benefit;

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         o        you engage in activities that interfere with your loyalty to
                  AXT or your ability to perform Company duties or
                  responsibilities effectively;

         o        you work simultaneously (whether as an employee or a
                  consultant) for a competitor, customer or supplier;

         o        you, or a member of your family, have a financial interest in
                  a customer, supplier, or competitor which is significant
                  enough to cause divided loyalty with AXT or the appearance of
                  divided loyalty (the significance of a financial interest
                  depends on many factors, such as size of investment in
                  relation to your income, net worth and/or financial needs,
                  your potential to influence decisions that could impact your
                  interests, and the nature of the business or level of
                  competition between AXT and the supplier, customer or
                  competitor);

         o        you, or a member of your family, acquire an interest in
                  property (such as real estate, patent or other intellectual
                  property rights or securities) in which you have reason to
                  know AXT has, or might have, a legitimate interest;

         o        you, or a member of your family, receive a loan or a guarantee
                  of a loan from a customer, supplier or competitor (other than
                  a loan from a financial institution made in the ordinary
                  course of business and on an arm's-length basis);

         o        you divulge or use AXT's confidential information - such as
                  financial data, customer information, or computer programs -
                  for your own personal or business purposes;

         o        you make gifts or payments, or provide special favors, to
                  customers, suppliers or competitors (or their immediate family
                  members) with a value significant enough to cause the
                  customer, supplier or competitor to make a purchase, or take
                  or forego other action, which is beneficial to AXT and which
                  the customer, supplier or competitor would not otherwise have
                  taken; or

         o        you are given the right to buy stock in other companies or you
                  receive cash or other payments in return for promoting the
                  services of an advisor, such as an investment banker, to AXT.

         You should not give or receive valuable gifts, payments, special favors
or other consideration to or from customers, suppliers or competitors beyond
those extended in normal business, and you should not make payments or promises
to influence someone else's acts or decisions. You must observe all government
restrictions on gifts and entertainment, including the restrictions of the
Foreign Corrupt Practices Act, which makes it illegal to offer payment, promise
to pay, or authorize payment of any money, gifts, or things of value to any
foreign official, or any foreign political party, candidate or official, for the
purpose of (i) influencing any act, or failure to act, in the official capacity
of that foreign official or party; or (ii) inducing the foreign official or
party to use influence to affect a decision of a foreign government or agency,
in order to obtain or retain business for anyone, or direct business to anyone.

         Although we encourage you to participate in industry and civic
associations, you should be sensitive to possible conflicts with our business
interests, if, for instance, the association takes a position adverse to our
interests. As a general rule employees may not accept a position as an outside
director of any current or likely competitor of AXT.

6. REPORTING VIOLATIONS OF COMPANY POLICIES AND RECEIPT OF COMPLAINTS REGARDING
FINANCIAL REPORTING OR ACCOUNTING ISSUES

         If you become aware of conduct by an officer, director, employee or
contract worker which you believe in good faith is a potential violation of this
Code, you should notify your own or any other AXT supervisor, the Chief
Executive Officer, or the Chief Financial Officer as soon as possible. You
should also report any complaint or concern regarding AXT's accounting, internal
accounting controls, or auditing matters, or any concerns regarding

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questionable accounting or auditing matters. Supervisors are required to refer
all reports of possible violations to the Chief Executive Officer, the Chief
Financial Officer or the Chair of the Audit Committee.

         All reports of complaints or concerns shall be recorded in a log,
indicating the description of the matter reported, the date of the report and a
brief summary of the disposition. The log shall be maintained by the Chief
Financial Officer and shall be reviewed periodically with the Audit Committee.
Allegations of violations of the Code should be made only in good faith and not
to embarrass or put someone in a false light. If you become aware of a suspected
or potential violation don't try to investigate or resolve it on your own.
Prompt disclosure under this Code is vital to ensuring a timely and thorough
investigation and resolution. You are expected to cooperate in internal or
external investigations or alleged violations of the Code.

         In response to every report made in good faith and subsequently
determined to concern activity outside the Code, AXT will undertake an effective
and thorough investigation, and if improper conduct is found, AXT will take
appropriate disciplinary and remedial action. Compliance procedures are set
forth in Appendix B to this Code. AXT will attempt to keep its discussions with
any person reporting a violation confidential to the extent reasonably possible
without compromising the effectiveness of the investigation. If you believe your
report is not properly explained or resolved, you may take your concern or
complaint to the Audit Committee of the Board of Directors.

         It is our policy that there be no intentional retaliation against any
person who provides truthful information to a Company or law enforcement
official concerning a possible violation of any law, regulation or Company
policy, including this Code. Persons who retaliate may be subject to civil,
criminal and administrative penalties, as well as disciplinary action, up to and
including termination of employment. In cases in which you report a suspected
violation in good faith and are not engaged in the questionable conduct, we will
attempt to keep our discussions with you confidential to the greatest extent
possible. In the course of our investigation, we may find it necessary to share
information with others on a "need to know" basis. No retaliation shall be taken
against you for reporting alleged violations while acting in good faith.

7. COMPLIANCE PROCEDURES

         o        Compliance Officer. The Corporate Compliance Officer is the
                  Chief Financial Officer. The Compliance Officer's
                  responsibility is to ensure communication, training,
                  monitoring, and overall compliance with the Code. The
                  Compliance Officer will, with the assistance and cooperation
                  of AXT's officers, directors and Supervisors, foster an
                  atmosphere where employees are comfortable in communicating
                  and reporting concerns and possible Code violations.

         o        Access to the Code. AXT shall ensure that employees, officers
                  and directors may access the Code on AXT's website. In
                  addition, each current employee will be provided with a copy
                  of the Code. New employees will receive a copy of the Code as
                  part of their new hire information. From time to time, AXT
                  will sponsor employee training programs in which the Code and
                  other Company policies and procedures will be discussed.

         o        Monitoring. Supervisors are the "go to" persons for employee
                  questions and concerns relating to the Code. Supervisors or
                  supervisors will immediately report any violations or
                  allegations of violations to the Compliance Officer.
                  Supervisors will work with the Compliance Officer in assessing
                  areas of concern, potential violations, any needs for
                  enhancement of the Code or remedial actions to effect the
                  Code's policies and overall compliance with the Code and other
                  related policies.

         o        Internal Investigation. When an alleged violation of the Code
                  is reported, AXT shall take prompt and appropriate action in
                  accordance with the law and regulations and otherwise
                  consistent with good business practice. If the suspected
                  violation appears to involve either a possible violation of
                  law or an issue of significant corporate interest, or if the
                  report involves a complaint or concern of any person, whether
                  employee, a stockholder or other interested person regarding
                  AXT's financial disclosure, internal accounting controls,
                  questionable auditing or accounting matters or practices or
                  other issues relating to AXT's accounting or auditing, then
                  the manager or investigator should immediately notify the
                  Compliance Officer, who, in turn, shall notify the Chair of
                  the Audit Committee. If a suspected

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                  violation involves any director or executive officer or if the
                  suspected violation concerns any fraud, whether or not
                  material, involving management or other employees who have a
                  significant role in AXT's internal controls, any person who
                  received such report should immediately report the alleged
                  violation to the Compliance Officer and, in every such case,
                  the Chair of the Audit Committee. The Compliance Officer or
                  the Chair of the Audit Committee, as applicable, shall assess
                  the situation and determine the appropriate course of action,
                  including the conduct of an investigation, as appropriate.

         o        Disciplinary Actions. Subject to the following sentence, the
                  Compliance Officer, after consultation with the Manager of
                  Human Resources, shall be responsible for implementing the
                  appropriate disciplinary action in accordance with AXT's
                  policies and procedures for any employee who is found to have
                  violated the Code. If a violation has been reported to the
                  Audit Committee or another committee of the Board, that
                  Committee shall be responsible for determining appropriate
                  disciplinary action. Any violation of applicable law or any
                  deviation from the standards embodied in this Code will result
                  in disciplinary action, up to and including termination of
                  employment. In addition to imposing discipline upon employees
                  involved in non-compliant conduct, AXT also will impose
                  discipline, as appropriate, upon an employee's supervisor, if
                  any, who directs or approves such employees' improper actions,
                  or is aware of those actions but does not act appropriately to
                  correct them, and upon other individuals who fail to report
                  known non-compliant conduct. In addition to imposing its own
                  discipline, AXT will bring any violations of law to the
                  attention of appropriate law enforcement personnel.

         o        Retention of Reports and Complaints. All reports and
                  complaints made to or received by the Compliance Officer or
                  the Chair of the Audit Committee relating to violations of
                  this Code shall be logged into a record maintained for this
                  purpose by the Compliance Officer and this record of such
                  report shall be retained for five years.

         o        Required Government Reporting. Whenever conduct occurs that
                  requires a report to the government, the Compliance Officer
                  shall be responsible for complying with such reporting
                  requirements.

         o        Corrective Actions. Subject to the following sentence, in the
                  event of a violation of the Code, the manager and the
                  Compliance Officer should assess the situation to determine
                  whether the violation demonstrates a problem that requires
                  remedial action as to Company policies and procedures. If a
                  violation has been reported to the Audit Committee or another
                  committee of the Board, that committee shall be responsible
                  for determining appropriate remedial or corrective actions.
                  Such corrective action may include providing revised public
                  disclosure, retraining Company employees, modifying Company
                  policies and procedures, improving monitoring of compliance
                  under existing procedures and other action necessary to detect
                  similar non-compliant conduct and prevent it from occurring in
                  the future. Such corrective action shall be documented, as
                  appropriate.

8. PUBLICATION OF THE CODE OF BUSINESS CONDUCT AND ETHICS; AMENDMENTS AND
WAIVERS OF THE CODE OF BUSINESS CONDUCT AND ETHICS

         The most current version of this Code will be posted and maintained on
AXT's website. Any substantive amendment or waiver of this Code for executive
officers or directors may be made only after approval by a committee comprised
of a majority of AXT's independent directors and will be promptly disclosed to
shareholders.

                                       5

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