AXT INC — Director's Dealing 2014

May 15, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AXT INC (AXTI)
CIK: 0001051627
Period of Report: 2014-05-13

Reporting Person: Zhang Davis (President, JV Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-13	Common Stock	M	15	$1.18	Acquired	130503	Direct
2014-05-13	Common Stock	S	15	$2.25	Disposed	130488	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-13	Stock Options	$1.18	M	15	Disposed	2014-08-13	Common Stock (15)	Direct