Document:

Exhibit 10.3

 

Revised as of June 2005

 

RESTRICTED
STOCK UNIT AWARD AGREEMENT

UNDER

AXCELIS TECHNOLOGIES, INC.  2000 STOCK PLAN

 

1.                                       Grant of Restricted Stock Units.   Axcelis
Technologies, Inc. (hereinafter the “Company”), in the exercise of its
sole discretion pursuant to the Axcelis Technologies, Inc. 2000 Stock Plan
(the “Plan”), does on the grant date set forth below  (the “Award Date”) hereby award to the
recipient set forth below (the “Recipient”), the number of Restricted Stock
Units (“RSUs”) upon the terms and subject to the conditions hereinafter
contained:

 

	
  Award Date:

  	
   

  	
                  ,
  20  

  
	
  Name of Recipient:

  	
   

  	
                       

  
	
  Number of Restricted Stock Units:

  	
   

  	
                       

  

 

Capitalized terms used but not defined herein shall have the meanings
assigned to them in the Plan. RSUs represent the Company’s unfunded and
unsecured promise to issue shares of the Company’s common stock, $0.001 par
value (“Common Stock,” as defined in the Plan) at a future date, subject to the
terms of this Award Agreement and the Plan. Recipient has no rights under the
RSUs other than the rights of a general unsecured creditor of the Company.

 

2.                                       Vesting Schedule and Conversion of RSUs.

 

(a)                                  Subject
to the terms of this Award Agreement and the Plan and provided that Recipient
remains continuously employed throughout the vesting periods set out below, the
RSUs shall vest and be converted into an equivalent number of shares of Common
Stock that will be distributed to the Recipient as follows; provided that fractional
RSUs shall be converted into Common Stock as set out in Section 8(c) of
this Award Agreement:

 

	
  Vesting
  Date

  	
   

  	
  Percentage

  of RSUs

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

(b)                                 THE
RECIPIENT’S RIGHTS IN THE RSUs SHALL BE AFFECTED, WITH REGARD TO BOTH VESTING SCHEDULE AND
TERMINATION, BY LEAVES OF ABSENCE, CHANGES IN THE NUMBER OF HOURS WORKED,
PARTIAL DISABILITY, AND OTHER CHANGES IN RECIPIENT’S EMPLOYMENT STATUS AS
PROVIDED IN THE COMPANY’S CURRENT POLICIES IN SUCH MATTERS.  THESE POLICIES MAY CHANGE FROM TIME TO
TIME WITHOUT NOTICE IN THE COMPANY’S SOLE DISCRETION, AND RECIPIENT’S RIGHTS
WILL BE GOVERNED BY THE POLICIES IN EFFECT AT THE TIME OF ANY EMPLOYMENT STATUS
CHANGE. CONTACT HUMAN

 

 

RESOURCES FOR A COPY OF THE MOST CURRENT POLICY STATEMENT AT ANY POINT
IN TIME.

 

(c)                                  The
vesting of the RSUs shall not accelerate upon a Change in Control (as defined
in the Plan), except as may be provided in a Change in Control Agreement
between the Company and the Recipient. 
Notwithstanding the foregoing, pursuant to the Plan, the Board may
accelerate the vesting of RSUs for conversion into Common Stock in its sole
discretion.

 

(d)                                 The
shares of Common Stock issued on conversion of vested RSUs shall be free of all
restrictions on transferability and forfeiture under this Award Agreement.  The number of shares of Common Stock to be
issued upon vesting shall be an equivalent number of shares of Common Stock for
the RSUs so vested, less any shares of Common Stock withheld to comply with tax
withholding as contemplated by Section 8 of this Award Agreement.

 

(e)                                  Pursuant
to the terms described in Section 8 and the other terms set forth herein,
one or more share certificates, registered in the name of the Recipient for the
appropriate number of shares of Common Stock, free of any restrictions set
forth in the Plan and this Award Agreement, except for any restrictions that
may be imposed by law, shall be delivered to the Recipient or, in case of the
Recipient’s death, to the Recipient’s Beneficiary.  Upon such issuance of shares
of Common Stock, the Recipient shall become a shareholder of the Company with
respect to the shares so issued and shall have all of the rights of a
shareholder, including, but not limited to, the right to vote such shares and
the right to receive dividends.

 

3.                                       Termination.   Unless terminated earlier under Section 4,
5, or 6 below, a Recipient’s rights under this Award Agreement with respect to
the RSUs issued under this Award Agreement shall terminate at the time such
RSUs are converted into Common Shares.

 

4.                                       Termination of Recipient’s Status as a Participant.  
Except as otherwise specified in Section 5 and 6 below, in the event of
Termination of Employment (as such term is defined in the Plan), Recipient’s
rights under this Award Agreement in any unvested RSUs shall immediately and
irrevocably terminate and unvested RSUs and the underlying shares of Common
Stock in respect of such RSUs shall be immediately and irrevocably forfeited.
For the avoidance of doubt, a Recipient will have undergone a Termination of
Employment at the time the Recipient’s actual employer ceases to be the Company
or a “Subsidiary” of the Company, as that term is defined in the Plan, and as
further described in Section 10(g) of this Award Agreement.

 

5.                                       Disability of Recipient.   Notwithstanding the
provisions of Section 4 above, in the event of Termination of Employment
of the Recipient as a result of Disability (as such term is defined in the
Plan), the next vesting date for the RSUs, set out in Section 2(a), above,
shall accelerate by twelve (12) months as of such date of termination. If
Recipient’s disability originally required him or her to take a short-term
disability leave which was later converted into long-term disability, then for
the purposes of the preceding sentence the date on which Recipient ceased
performing services shall be deemed to be the date of commencement of the
Disability. The Recipient’s rights in any unvested RSUs that remain unvested
after the application of this Section 5 shall terminate at the time
Recipient undergoes a Termination of Employment.

 

6.                                       Death of Recipient.   Notwithstanding the
provisions of Section 4 above, if, at the time of death of a Recipient,
such Recipient is an employee of the Company or a Subsidiary of the Company,
holding unvested RSUs, then the next vesting date for the RSUs, set out in Section 2(a) above,
shall accelerate by twelve (12) months as of the date of death.  The Recipient’s rights

 

2

 

in any unvested RSUs that remain after such
acceleration shall terminate at the time of the Recipient’s death.

 

7.                                       Value of Unvested RSUs.   In consideration of the
award of these RSUs, Recipient agrees that upon and following Termination of
Employment of the Recipient for any reason (whether or not in breach of
applicable laws), and regardless of whether Recipient is terminated with or
without cause, notice, or pre-termination procedure or whether Recipient
asserts or prevails on a claim that Recipient’s employment was terminable only
for cause or only with notice or pre-termination procedure, any unvested RSUs
under this Award Agreement shall be deemed to have a value of zero dollars
($0.00).

 

8.                                       Conversion of RSUs to Common Shares; Responsibility for Taxes.

 

(a)          Provided Recipient has
satisfied the requirements of Section 8(b) below, on the vesting of
any RSUs, such vested RSUs shall be converted into an equivalent number of
Common Stock that will be distributed to Recipient or, in the event of
Recipient’s death, to Recipient’s legal representative, as soon as practicable
after the vesting date (but in no event later than the date that is two and
one-half (2-1/2) months from the end of the calendar year in which the RSUs
vest).  The distribution to the
Recipient, or in the case of the Recipient’s death, to the Recipient’s legal
representative, of Common Stock in respect of the vested RSUs shall be
evidenced by a stock certificate, appropriate entry on the books of the Company
or of a duly authorized transfer agent of the Company, or other appropriate
means as determined by the Company. In the event ownership or issuance of
Common Stock is not feasible due to applicable exchange controls, securities
regulations, tax laws or other provisions of applicable law, as determined by
the Company in its sole discretion, Recipient, or in the event of Recipient’s
death, the Recipient’s legal representative, shall receive cash proceeds in an
amount equal to the value of the Common Stock otherwise distributable to
Recipient, net of the satisfaction of the requirements of Section 8(b) below,
to be paid as soon as practicable after the vesting date (but in no event later
than the date that is two and one-half (2-1/2) months from the end of the
calendar year in which the RSUs vest).

 

(b)         Regardless of any action
the Company or Recipient’s actual employer takes with respect to any or all
income tax (including federal, state and local taxes), social insurance,
payroll tax or other tax-related withholding (“Tax Related Items”), Recipient
acknowledges that the ultimate liability for all Tax Related Items legally due
by Recipient is and remains Recipient’s responsibility and that the Company
and/or the Recipient’s actual employer (i) make no representations or
undertakings regarding the treatment of any Tax Related Items in connection
with any aspect of the RSUs, including the grant of the RSUs, the vesting of
RSUs, the conversion of the RSUs into Common Stock or the receipt of an
equivalent cash payment, the subsequent sale of any Common Stock acquired at
vesting and the receipt of any dividends; and (ii) do not commit to
structure the terms of the grant or any aspect of the RSUs to reduce or
eliminate the Recipient’s liability for Tax Related Items.

 

Prior to the issuance of Common Stock upon
vesting of RSUs or the receipt of an equivalent cash payment as provided in Section 8(a) above,
Recipient shall pay, or make adequate arrangements satisfactory to the Company
or to the Recipient’s actual employer (in their sole discretion) to satisfy all
withholding obligations of the Company and/or the Recipient’s actual employer.
In this regard, Recipient authorizes the Company or the Recipient’s actual
employer to withhold all applicable Tax Related Items legally payable

 

3

 

by Recipient from Recipient’s wages or other
cash compensation payable to Recipient by the Company or the Recipient’s actual
employer. Alternatively, or in addition, if permissible under applicable law,
the Company or the Recipient’s actual employer may, in their sole discretion, (i) sell
or arrange for the sale of Common Stock to be issued on the vesting of RSUs to
satisfy the withholding obligation, and/or (ii) withhold in Common Shares,
provided that the Company and the Recipient’s actual employer shall withhold only
the amount of shares necessary to satisfy the minimum withholding amount.
Recipient shall pay to the Company or to the Recipient’s actual employer any
amount of Tax Related Items that the Company or the Recipient’s actual employer
may be required to withhold as a result of Recipient’s receipt of RSUs, the
vesting of RSUs, or the conversion of vested RSUs to Common Stock that cannot
be satisfied by the means previously described. Except where
applicable legal or regulatory provisions prohibit, the standard process for
the payment of a Recipient’s Tax Related Items shall be for the Company or the
Recipient’s actual employer to withhold in Common Stock only the amount of
shares necessary to satisfy the minimum withholding amount. The
Company may refuse to deliver Common Stock to Recipient if Recipient fails to
comply with Recipient’s obligation in connection with the Tax Related Items as
described herein.

 

(c)          In lieu of issuing
fractional Common Shares, on the vesting of a fraction of an RSU, the Company
shall round the shares down to the nearest whole share and any such share that
represents a fraction of a RSU will be included in a subsequent vest date, if
any.

 

(d)         Until the distribution to
Recipient of the Common Stock in respect to the vested RSUs is evidenced by a
stock certificate, appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company, or other appropriate means, Recipient
shall have no right to vote or receive dividends or any other rights as a
shareholder with respect to such Common Stock, notwithstanding the vesting of
RSUs. No adjustment will be made for a dividend or other right for which the
record date is prior to the date Recipient is recorded as the owner of the
Common Shares, except as provided in the Plan.

 

(e)          By accepting the Award
of RSUs evidenced by this Award Agreement, Recipient agrees not to sell any of
the Common Stock received on account of vested RSUs at a time when applicable
laws or Company policies prohibit a sale. This restriction shall apply so long
as Recipient is an employee, consultant or outside director of the Company or a
Subsidiary of the Company.

 

9.                                       Non-Transferability of RSUs.   Recipient’s right
in the RSUs awarded under this Award Agreement and any interest therein may not
be sold, pledged, assigned, hypothecated, transferred, or disposed of in any
manner, other than by will or by the laws of descent or distribution, prior to
the distribution of the Common Stock in respect of such RSUs. RSUs shall not be
subject to execution, attachment or other process.

 

10.                                 Acknowledgment
of Nature of Plan and RSUs.   In accepting the Award,
Recipient acknowledges that:

 

(a)          the Plan is established
voluntarily by the Company, it is discretionary in nature and may be modified,
amended, suspended or terminated by the Company at any time, as provided in the
Plan;

 

4

 

(b)         the Award of RSUs is
voluntary and occasional and does not create any contractual or other right to
receive future awards of RSUs, or benefits in lieu of RSUs even if RSUs have
been awarded repeatedly in the past;

 

(c)          all decisions with
respect to future awards, if any, will be at the sole discretion of the
Company;

 

(d)         Recipient’s participation
in the Plan is voluntary;

 

(e)          the future value of the
underlying Common Stock is unknown and cannot be predicted with certainty;

 

(f)            if Recipient receives
Common Stock, the value of such Common Stock acquired on vesting of RSUs may
increase or decrease in value;

 

(g)         notwithstanding any terms
or conditions of this Award Agreement to the contrary and consistent with Section 4,
above, in the event of Termination of Employment of the Recipient (whether or
not in breach of applicable laws), Recipient’s right to receive RSUs and vest
under the Plan, if any, will terminate effective as of the date that Recipient
is no longer actively employed and will not be extended by any notice period
mandated under applicable law; furthermore, in the event of Termination of
Employment (whether or not in breach of applicable laws), Recipient’s right to
receive Common Stock pursuant to RSUs that were vested as of the date of
termination after Termination of Employment, if any, will be measured by the
date of termination of Recipient’s active employment and will not be extended
by any notice period mandated under applicable law; the Committee shall have
the exclusive discretion to determine when Recipient is no longer actively
employed for purposes of the award of RSUs; and

 

(h)         Recipient acknowledges
and agrees that, regardless of whether Recipient is terminated with or without
cause, notice or pre-termination procedure or whether Recipient asserts or
prevails on a claim that Recipient’s employment was terminable only for cause
or only with notice or pre-termination procedure, Recipient has no right to,
and will not bring any legal claim or action for, (i) any damages for any
portion of the RSUs that have been vested and converted into Common Shares, or (ii) termination
of any unvested RSUs under this Award Agreement.

 

11.                                 No
Employment Right.   Recipient acknowledges that neither
the fact of this Award of RSUs nor any provision of this Award Agreement or the
Plan or the policies adopted pursuant to the Plan shall confer upon Recipient
any right with respect to employment or continuation of current employment with
the Company or with the Recipient’s actual employer, or to employment that is
not terminable at will. Recipient further acknowledges and agrees that neither
the Plan nor this Award of RSUs makes Recipient’s employment with the Company
or the Recipient’s actual employer for any minimum or fixed period, and that
such employment is subject to the mutual consent of Recipient and the Company
or the Recipient’s actual employer, and may be terminated by either Recipient
or the Company or the Recipient’s actual employer at any time, for any reason
or no reason, with or without cause or notice or any kind of pre- or
post-termination warning, discipline or procedure.

 

12.                                 Administration.  
The authority to manage and control the operation and administration of this
Award Agreement shall be vested in the Board (as such term is defined in the
Plan), and

 

5

 

the Board shall have all powers and
discretion with respect to this Award Agreement as it has with respect to the
Plan. Any interpretation of the Award Agreement by the Board and any decision
made by the Board with respect to the Award Agreement shall be final and
binding on all parties.

 

13.                                 Plan
Governs.   Notwithstanding anything in this Award
Agreement to the contrary, the terms of this Award Agreement shall be subject
to the terms of the Plan, and this Award Agreement is subject to all
interpretations, amendments, rules and regulations promulgated by the
Board from time to time pursuant to the Plan.

 

14.                                 Notices.  
Any written notices provided for in this Award Agreement that are sent by mail
shall be deemed received three business days after mailing, but not later than
the date of actual receipt. Notices shall be directed, if to Recipient, at the
Recipient’s address indicated by the Company’s records and, if to the Company,
at the Company’s principal executive office.

 

15.                                 Electronic
Delivery.   The Company may, in its sole discretion,
decide to deliver any documents related to RSUs awarded under the Plan or
future RSUs that may be awarded under the Plan by electronic means or request
Recipient’s consent to participate in the Plan by electronic means. Recipient
hereby consents to receive such documents by electronic delivery and agrees to
participate in the Plan through an on-line or electronic system established and
maintained by the Company or another third party designated by the Company.

 

16.                                 Acknowledgment.  
By Recipient’s acceptance as evidenced below, Recipient acknowledges that
Recipient has received and has read, understood and accepted all the terms,
conditions and restrictions of this Award Agreement and the Plan. Recipient
understands and agrees that this Award Agreement is subject to all the terms,
conditions, and restrictions stated in this Award Agreement and in the other
documents referenced in the preceding sentence, as the latter may be amended
from time to time in the Company’s sole discretion. Recipient further
acknowledges that Recipient must accept this Award Agreement in the manner
prescribed by the Company no later than the earlier of the first anniversary of
Award Date or the first vesting date specified in Section 2 of this Award
Agreement. If such acceptance is not obtained prior to such date, this award is
null and void.

 

17.                                 Board
Approval.   These RSUs have been awarded pursuant to the
Plan and accordingly this Award of RSUs is subject to approval by an authorized
committee of the Board of Directors. If this Award of RSUs has not already been
approved, the Company agrees to submit this Award for approval as soon as
practical. If such approval is not obtained, this award is null and void.

 

18.                                 Governing
Law.   This Award Agreement shall be governed by the laws
of the State of Delaware, U.S.A., without regard to Delaware laws that might
cause other law to govern under applicable principles of conflicts of law.

 

19.                                 Severability.  
If one or more of the provisions of this Award Agreement shall be held invalid,
illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby and the invalid, illegal or unenforceable provisions shall be
deemed null and void; however, to the extent permissible by law, any provisions
which could be deemed null and void shall first be construed, interpreted or
revised retroactively to permit this Award Agreement to be construed so as to
foster the intent of this Award Agreement and the Plan.

 

6

 

20.                                 Complete
Award Agreement and Amendment.   This Award Agreement and
the Plan constitute the entire agreement between Recipient and the Company
regarding RSUs. Any prior agreements, commitments or negotiations concerning
these RSUs are superseded. This Award Agreement may be amended only by written
agreement of Recipient and the Company, without consent of any other person.
Recipient agrees not to rely on any oral information regarding this Award of
RSUs or any written materials not identified in this Section 20.

 

EXECUTED as of the Award Date set forth above.

 

 

	
   

  	
  AXCELIS TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Lynnette C. Fallon, Executive Vice
  President, HR/Legal and

  General Counsel

  

 

7

 

RECIPIENT’S ACCEPTANCE:

 

I have read and fully understood this Award Agreement and, as
referenced in Section 16 above, I accept and agree to be bound by all of
the terms, conditions and restrictions contained in this Award Agreement and
the other documents referenced in it. I intend to express my acceptance of the
Award and this Award Agreement by signing a copy of this Award Agreement in the
space provided below.

 

	
   

  	
   

  
	
  Recipient Signature

  
	
   

  
	
   

  	
   

  
	
  Print Name

  
	
   

  
	
   

  	
   

  
	
  Date of Acceptance

  

 

8Exhibit 10.4

 

Revised as of June 2005

 

AXCELIS TECHNOLOGIES, INC.

RESTRICTED STOCK AGREEMENT

 

[Recipient Name]

 

{Date}

 

 

Axcelis Technologies, Inc.

108 Cherry Hill Drive

Beverly, MA  01915

Attention:  Corporate Secretary

 

RE:                              Award of Restricted Stock Under the Axcelis Technologies, Inc.
2000 Stock Plan

 

Dear Sirs:

 

The Compensation
Committee of the Board of Directors of Axcelis Technologies, Inc. (the “Company”)
has granted to the undersigned an award of restricted common shares of the
Company effective as of          
(the “Effective Date”) under the terms and conditions of the Company’s 2000
Stock Plan (the “Plan”) and this Award Agreement.  I hereby acknowledge receipt of a copy of the
Plan, and acknowledge and agree as follows:

 

1.                                      Acceptance.  I hereby accept the aforementioned award on
the terms and conditions provided in the Plan and this Agreement.

 

2.                                      Award
of Restricted Stock.  I acknowledge
that a total grant of          shares
of Common Stock of the Company (the “Restricted Stock”) has been awarded to me,
effective as of the Effective Date, contingent on the continuation of my
service with the Company for specified periods of time.  Subject to the following sentence, the
Restricted Stock shall be subject to forfeiture (and, if forfeited, immediately
shall be re-transferred to the Company) if my services to the Company are
terminated under any circumstances whatsoever (including, without limitation,
termination by reason of dismissal, resignation, divestiture of operations,
death, disability or retirement).  The
Compensation Committee of the Board of Directors of the Company (the “Committee”)
reserves the right to decide to what extent leaves of absence for government
service, illness, temporary disability, or other reasons shall not be deemed to
be an interruption of continuous service. 
Membership on the Board of Directors of the Company shall constitute
service to the Company.  This possibility
of forfeiture shall lapse with respect to:

 

•                                  percent
(   %) of the Restricted Stock (     shares)
at the close of business on         ;

 

 

•                                  percent
(   %) of the Restricted Stock (     shares)
at the close of business on         ;

 

•                                  percent
(   %) of the Restricted Stock (     shares)
at the close of business on         ;
and

 

•                                  percent
(   %) of the Restricted Stock (     shares)
at the close of business on         .

 

In the event that any shares of Restricted Stock are
forfeited for any reason, I will surrender to the Company any certificates
which I then hold evidencing such shares. 
I understand that I will not be entitled to any payment in respect of
shares so forfeited. The vesting of the Restricted Stock shall not accelerate
upon a Change in Control (as defined in the Plan), except as may be provided in
a Change in Control Agreement between the Company and myself.

 

3.                                      Transferability.  Until the possibility of forfeiture lapses
with respect to any share of Restricted Stock, such share shall be
non-transferable.  I agree not to make,
or attempt to make, any sale, assignment, transfer or pledge of any share of
Restricted Stock prior to the date on which the possibility of forfeiture with
respect to such share lapses.

 

4.                                      Legends,
etc.  I acknowledge that the
certificates for the Restricted Stock will bear a legend referring to this
Agreement and to the restrictions contained herein.  I further understand that the Company may
elect to retain such certificates in its possession as a means of enforcing these
restrictions.  In the event of a reorganization,
merger, consolidation, reclassification, recapitalization, combination or
exchange of shares, stock split, stock dividend, rights offering or other event
affecting the Company’s Common Stock, the number and class of the Restricted
Stock shall be equitably adjusted by the Committee so as to reflect such change.  Any new certificates for Restricted Stock
shall bear the legends referred to in this Paragraph 4.  No adjustment provided for in this Paragraph
4 shall require the Company to sell or transfer a fractional share.

 

5.                                      Tax
Treatment; Bonus Payment; Withholding. 
I acknowledge that the Company has provided me with information
regarding the tax treatment of the Restricted Stock and that I have been
advised to consult my personal tax adviser with respect to the federal income
tax consequences in my own case and with respect to the effects of applicable
state tax laws and any applicable tax laws of foreign jurisdictions.   In particular, the Company has explained my
option to file a Section 83(b) election under the Internal Revenue
Code.

 

I
hereby authorize the Company to withhold from any amounts otherwise payable to
me or any of my successors in interest such federal, state and local taxes as
may be required by law in connection with the award to me of Restricted Stock
or the lapse of the possibility of forfeiture thereof.  I agree that if such amounts are
insufficient, I will pay or make arrangements satisfactory to the Company for
payment of such taxes.  I understand that
the Company may defer the issuance to me of a certificate evidencing shares of
Restricted Stock, or the issuance of a new certificate evidencing the lapse of
the restrictions thereon, until such payment or provision has been made.

 

2

 

6.                                      No
Implied Obligation to Continue Services. 
I acknowledge that this award of Restricted Stock does not in any way
entitle me to continued employment with the Company or continued membership on
the Board of Directors of the Company for the period during which the
possibility of forfeiture continues or for any other period and does not limit
or restrict any right the Company otherwise may have to terminate my employment
or membership on the Board of Directors.

 

7.             Competition
by the Recipient.  I expressly
acknowledge and agree that in the event
that I voluntarily terminate my services to the Company or a subsidiary and
within one year after the vesting of any portion of the Restricted Stock enter
into an activity as employee, agent, officer, director, principal or proprietor
which, in the sole judgment of the Committee, is in competition with the
Company or a subsidiary, the amount of the total fair market value of such
vested Restricted Stock as of the vesting date shall inure to the benefit of the
Company, and I agree to promptly pay the same to the Company, unless the
Committee in its sole discretion shall determine that such action by me is not
inimical to the best interest of the Company or its subsidiaries.

 

8.                                      Definitions,
etc.  Unless otherwise expressly
provided herein, terms defined in the Plan shall have the same meanings when
used in this Agreement.  The use of the
masculine gender shall be deemed to include the feminine gender.  In the event of a conflict between this
Agreement and the Plan, this Agreement shall control.  This Agreement represents the entire
understanding between the parties on the subject hereof and shall be governed
in accordance with Delaware law.

 

 

	
  Very truly
  yours,

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  
	
   

  	
   

  
	
  Mailing Address:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  ACCEPTED:

  	
   

  
	
   

  	
   

  
	
  Axcelis
  Technologies, Inc.

  	
   

  
	
   

  
	
  By: 

  	
   

  	
   

  	
  Date:                  ,
  2

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  
						

 

3

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