LETTER AGREEMENT
Exhibit 2.1
EXECUTION VERSION
August 23, 2021
VIA EMAIL
Magnachip Semiconductor Corporation
c/o Magnachip Semiconductor, Ltd.
VPLEX Bldg., 15F
000 Xxxxxxx-xx, Xxxxxxx-xx
Xxxxx 00000, Xxxxxxxx of Korea
Attention: Xxxxxxxx X. Xxx, General Counsel
Email: xxxxxxxx.xxx@xxxxxxxxx.xxx
cc: | Xxxx, Weiss, Rifkind, Xxxxxxx & Xxxxxxxx LLP |
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Attention: Xxxx X. Fieldston
Xxxxxxx X. Xxxxxx
Email: xxxxxxxxxx@xxxxxxxxx.xxx
xxxxxxx@xxxxxxxxx.xxx
Re: Extension of Termination Date; Company Stockholders Meeting
Dear Sir:
This Letter Agreement (this “Letter Agreement”) is made in reference to that certain Agreement and Plan of Merger, dated as of March 25, 2021 (as it may be amended, supplemented or modified from time to time, the “Merger Agreement”), by and among South Dearborn Limited, an exempted company incorporated in the Cayman Islands with limited liability (“Parent”), Michigan Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), and Magnachip Semiconductor Corporation, a Delaware corporation (the “Company”). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Merger Agreement.
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1. Termination Date. The words “(other than with respect to the Specified
Circumstance)” in clauses “(ii),” “(iii),” “(iv)” and “(v)” of
Section 7.2(a) of the Merger Agreement shall be replaced with “(other than: (A) Section 6.1(a); and
(B) with respect to the Specified Circumstance)”.
2. Closing. The words “initial Termination Date” in two places in Section 1.2 of the Merger Agreement shall be replaced with “the date that would have been the Termination Date absent the extension referred to in this sentence”.
3. Ratification of the Merger Agreement. Except as otherwise expressly provided herein, all of the terms and conditions of the Merger Agreement are ratified and shall remain unchanged and continue in full force and effect.
4. Counterparts. This Letter Agreement may be executed in counterparts, each of which shall constitute an original and all of which, when taken together, shall constitute one and the same agreement.
5. Governing Law. This Letter Agreement, and any dispute, claim, legal action, suit, proceeding or controversy arising out of or relating hereto, shall be governed by, and construed in accordance with, the Law of the State of Delaware, without regard to conflict of law principles (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware.
[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, this Letter Agreement has been executed as of the date first above written.
PARENT: | ||
SOUTH DEARBORN LIMITED | ||
By: | /s/ Zhang Yuanjie | |
Name: Zhang Yuanjie | ||
Title: Director | ||
MERGER SUB: | ||
MICHIGAN MERGER SUB, INC. | ||
By: | /s/ Zhang Yuanjie | |
Name: Zhang Yuanjie | ||
Title: Director |
[Signature Page to Letter Agreement]
ACKNOWLEDGED AND AGREED: | ||
| ||
MAGNACHIP SEMICONDUCTOR CORPORATION | ||
By: | /s/ Xxxxxxxx Xxx | |
Name: Xxxxxxxx Xxx | ||
Title: Chief Compliance Officer, General Counsel and Secretary |