ACLS Axcelis Technologies Inc - 8-K

Item 5.02   Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Resignation of Chief Financial Officer

On March 10, 2026, James Coogan, Chief Financial Officer of Axcelis
Technologies, Inc. (the “Company”) notified the Company of his intent to resign his position as Chief Financial Officer of
the Company, to be effective April 24, 2026.

Mr. Coogan’s resignation of employment did not result from any
disagreement with the Company on any matter relating to the Company’s financial statements, operations, policies, or practices.

Appointment of Interim Chief Financial Officer

On March 12, 2026, the Board of Directors (the “Board”)
appointed David Ryzhik, age 46, to the position of Interim Chief Financial Officer, to be effective March 12, 2026. In connection with
such appointment, the Compensation Committee approved the following compensation for Mr. Ryzhik in respect of his service as the Interim
Chief Financial Officer: (i) an increase in Mr. Ryzhik’s monthly base salary of $8,750; (ii) an increase in Mr. Ryzhik’s
annual bonus opportunity of $27,242 per month; and (iii) the grant or grants of time-based restricted stock units (RSUs) with an aggregate
grant date fair value of $400,000.

Mr. Ryzhik is a seasoned finance and investor relations executive with
more than 20 years of experience across multiple industries. He has served as Senior Vice President of Investor Relations and Corporate
Strategy at Axcelis since July 2024 to the present. Prior to joining Axcelis, Mr. Ryzhik was Vice President of Investor Relations at MKS
Instruments from October 2019 to June 2024 and previously served as a Senior Equity Research Analyst at Susquehanna International Group
and as a Senior Research Associate at Brean Capital. Earlier in his career, he held financial roles in public administration with the
New York City Mayor’s Office of Management & Budget and the New York City Fire Department. Mr. Ryzhik holds a Master of Business
Administration in Financial Management and a Bachelor of Business Administration in Finance and Accounting from Pace University’s
Lubin School of Business and serves as a board member of the National Investor Relations Institute’s Boston Chapter.

There is no arrangement or understanding between Mr. Ryzhik and any
other person pursuant to which he was appointed as the Company’s Interim Chief Financial Officer. Mr. Ryzhik does not have any family
relationship with any director or other executive officer of the Company, or any person nominated or chosen by the Company to become a
director or executive officer, and Mr. Ryzhik is not a party to any transactions that would require disclosure under Item 404(a) of Regulation
S-K.

Item 7.01. Regulation FD Disclosure.

On March 12, 2026, the Company issued a press release announcing the
appointment of Mr. Ryzhik as the Company’s Interim Chief Financial Officer. A copy of the press release is attached as Exhibit 99.1
and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) The following exhibits are furnished with this Current Report on
Form 8-K.

Exhibit

No.

Description

99.1

Axcelis Technologies, Inc. Press Release, dated
March 12, 2026.

104

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