SUPPORT AGREEMENT
Exhibit 2.2
This SUPPORT AGREEMENT (this “Agreement”), dated as of December 5, 2009, is by and
between IXYS Corporation, a Delaware corporation (“Parent”) and the individual set forth on
Schedule A hereto (the “Stockholder”).
WHEREAS, as of the date hereof, the Stockholder is the holder of the number of shares of
common stock, par value $0.01 per share (“Common Stock”), of Zilog, Inc., a Delaware
corporation (the “Company”), set forth opposite the Stockholder’s name on Schedule A (all
such shares set forth on Schedule A, together with any shares of Common Stock of the
Company that are hereafter issued to or otherwise acquired or owned by the Stockholder prior to the
termination of this Agreement being referred to herein as the “Subject Shares”);
WHEREAS, Parent, Zanzibar Acquisition, Inc., a Delaware corporation and a wholly owned
subsidiary of Parent (“Merger Sub”), and the Company propose to enter into an Agreement and
Plan of Merger, dated as of the date hereof (the “Merger Agreement”), which provides, among
other things, for the merger of Merger Sub with and into the Company, with the Company continuing
as the surviving corporation (the “Merger”), upon the terms and subject to the conditions
set forth in the Merger Agreement (capitalized terms used but not otherwise defined herein shall
have the respective meanings ascribed to such terms in the Merger Agreement); and
WHEREAS, as a condition to its willingness to enter into the Merger Agreement, Parent has
required that the Stockholder, and as an inducement and in consideration therefor, the Stockholder
(in the Stockholder’s capacity as a holder of the Subject Shares) has agreed to, enter into this
Agreement.
NOW, THEREFORE, in consideration of the foregoing and the respective representations,
warranties, covenants and agreements set forth below and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be
legally bound, do hereby agree as follows:
ARTICLE I
VOTING AGREEMENT; GRANT OF PROXY
VOTING AGREEMENT; GRANT OF PROXY
The Stockholder hereby covenants and agrees that:
1.1. Voting of Subject Shares. At every meeting of the holders of Company Common
Stock (the “Company Stockholders”) called, and at every adjournment or postponement
thereof, the Stockholder shall, or shall cause the holder of record on any applicable record date
to, vote the Stockholder’s Subject Shares (i) in favor of (A) adoption of the Merger Agreement and
(B) approval of any proposal to adjourn or postpone the meeting to a later date, if there are not
sufficient votes for the adoption of the Merger Agreement on the date on which such meeting is
held; (ii) against any Acquisition Proposal; and (iii) in favor of any other matter necessary for
consummation of the transactions contemplated by the Merger Agreement, which is considered at any
such meeting of the Company Stockholders, and in connection therewith to execute any documents
reasonably requested by Parent that are necessary or appropriate in order to effectuate the
foregoing.
1.2. No Inconsistent Arrangements. Except as provided hereunder or under the Merger
Agreement, the Stockholder shall not, directly or indirectly, (i) create any Encumbrance other than
restrictions imposed by applicable Legal Requirement or pursuant to this Agreement on any Subject
Shares, (ii) transfer, sell, assign, gift or otherwise dispose of (collectively,
“Transfer”), or enter into any contract with respect to any Transfer of the Subject Shares
or any interest therein, (iii) grant or permit the grant of any proxy, power of attorney or other
authorization in or with respect to the Subject Shares, (iv) deposit or permit the deposit of the
Subject Shares into a voting trust or enter into a voting agreement or arrangement with respect to
the Subject Shares, or (v) take or permit any other action that would in any way restrict, limit or
interfere with the performance of the Stockholder’s obligations hereunder or the transactions
contemplated hereby or otherwise make any representation or warranty of the Stockholder herein
untrue or incorrect. Notwithstanding the foregoing, the Stockholder may make Transfers of Subject
Shares by will, operation of law, Transfers for estate planning purposes or Transfers for
charitable purposes or as charitable gifts or donations, in which case the Subject Shares shall
continue to be bound by this Agreement and provided that each transferee agrees in writing to be
bound by the terms and conditions of this Agreement.
1.3. No Exercise of Appraisal Rights. The Stockholder agrees not to exercise any
appraisal rights or dissenter’s rights in respect of the Stockholder’s Subject Shares that may
arise with respect to the Merger.
1.4. Documentation and Information. The Stockholder shall permit and hereby
authorizes Parent to publish and disclose in all documents and schedules filed with the SEC, and
any press release or other disclosure document that Parent reasonably determines to be necessary in
connection with the Merger and any transactions contemplated by the Merger Agreement, the
Stockholder’s identity and ownership of the Subject Shares and the nature of the Stockholder’s
commitments and obligations under this Agreement.
1.5. Irrevocable Proxy. The Stockholder hereby revokes (or agrees to cause to be
revoked) any proxies that the Stockholder has heretofore granted with respect to the Subject
Shares. The Stockholder hereby irrevocably appoints Parent as attorney-in-fact and proxy for and
on behalf of the Stockholder, for and in the name, place and stead of the Stockholder, to: (a)
attend any and all meetings of the Company Stockholders, (b) vote, express consent or dissent or
issue instructions to the record holder to vote the Stockholder’s Subject Shares in accordance with
the provisions of Section 1.1 at any and all meetings of the Company Stockholders or in connection
with any action sought to be taken by written consent of the Company Stockholders without a meeting
and (c) grant or withhold, or issue instructions to the record holder to grant or withhold,
consistent with the provisions of Section 1.1, all written consents with respect to the Subject
Shares at any and all meetings of the Company Stockholders or in connection with any action sought
to be taken by written consent without a meeting. Parent agrees not to exercise the proxy granted
herein for any purpose other than the purposes described in this Agreement. The foregoing proxy
shall be deemed to be a proxy coupled with an interest, is irrevocable (and as such shall survive
and not be affected by the death, incapacity, mental illness or insanity of the Stockholder, as
applicable) until the termination of the Merger Agreement and shall not be terminated by operation
of law or upon the occurrence of any other event other than the termination of this Agreement
pursuant to Section 4.2. The Stockholder authorizes such attorney and proxy to substitute any
other Person to act hereunder, to revoke any substitution and to file this proxy and any
substitution or revocation with the Secretary of the Company. The Stockholder hereby affirms that
the proxy set forth in this Section 1.5 is given in connection with and granted in consideration of
and as an inducement to Parent and Merger Sub to enter into the Merger Agreement
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and that such proxy is given to secure the obligations of the Stockholder under Section 1.1. The proxy set
forth in this Section 1.5 is executed and intended to be irrevocable, subject, however, to its
automatic termination upon the termination of this Agreement pursuant to Section 4.2.
ARTICLE II
REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS
REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS
The Stockholder represents and warrants to Parent that:
2.1. Authorization; Binding Agreement. The Stockholder has full legal capacity,
right and authority to execute and deliver this Agreement and to perform his obligations hereunder
and to consummate the transactions contemplated hereby. The Stockholder has full power and
authority to execute, deliver and perform this Agreement. This Agreement has been duly and validly
executed and delivered by the Stockholder, and constitutes a valid and binding obligation of the
Stockholder enforceable against the Stockholder in accordance with its terms, subject to the
effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other
similar laws relating to or affecting creditors’ rights generally and general equitable principles
(whether considered in a proceeding in equity or at law).
2.2. Non-Contravention. The execution and delivery of this Agreement by the
Stockholder does not, and the performance by the Stockholder of the Stockholder’s obligations
hereunder and the consummation by the Stockholder of the transactions contemplated hereby will not,
except as may be required by federal securities law, require any consent, approval, order,
authorization or other action by, or filing with or notice to, (i) to the actual knowledge of the
Stockholder, any Governmental Body, and (ii) any other Person, constitute a default (with or
without the giving of notice or the lapse of time or both) under, or give rise to any right of
termination, cancellation or acceleration under any contract, agreement or other instrument binding
on the Stockholder or, to the actual knowledge of the Stockholder applicable Legal Requirement, in
each case, whether individually or in the aggregate, that would reasonably be expected to prevent
or materially delay or impair the consummation by the Stockholder of the transactions contemplated
by this Agreement or otherwise negatively impact Stockholder’s ability to perform its obligations
hereunder.
2.3. Ownership of Subject Shares; Total Shares. The Stockholder is the record or
beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of the Stockholder’s Subject
Shares and has good and marketable title to the Subject Shares free and clear of any Encumbrance
(including any restriction on the right to vote or otherwise transfer the Subject Shares), except
as (i) provided hereunder, (ii) pursuant to any applicable restrictions on transfer under the
Securities Act, and (iii) subject to any risk of forfeiture with respect to any shares of Common
Stock granted to the Stockholder under an employee benefit plan of the Company. The Subject Shares
listed on Schedule A opposite the Stockholder’s name constitute all of the shares of Common
Stock of the Company owned by the Stockholder as of the date hereof. Except pursuant to this
Agreement, no Person has any contractual or other right or obligation to purchase or otherwise
acquire any of the Stockholder’s Subject Shares.
2.4. Voting Power. Except as set forth on Schedule A, the Stockholder has
full voting power, with respect to the Stockholder’s Subject Shares, and full power of disposition,
full power to issue
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instructions with respect to the matters set forth herein and full power to agree to all of
the matters set forth in this Agreement, in each case with respect to all of the Stockholder’s
Subject Shares. None of the Stockholder’s Subject Shares are subject to any proxy, voting trust or
other agreement or arrangement with respect to the voting of the Subject Shares, except as provided
hereunder.
2.5. Reliance. The Stockholder has had the opportunity to review the Merger
Agreement and this Agreement with counsel of the Stockholder’s own choosing. The Stockholder
understands and acknowledges that Parent and Merger Sub are entering into the Merger Agreement in
reliance upon the Stockholder’s execution, delivery and performance of this Agreement.
2.6 Absence of Litigation. With respect to the Stockholder, as of the date hereof,
there is no action, suit, investigation or proceeding pending against, or, to the knowledge of the
Stockholder, threatened against, the Stockholder or any of the Stockholder’s properties or assets
(including the Subject Shares) that could reasonably be expected to prevent, delay or impair the
ability of the Stockholder to perform its obligations hereunder or to consummate the transactions
contemplated hereby.
2.7. Finders’ Fees. No investment banker, broker, finder or other intermediary is
entitled to a fee or commission from Parent, Merger Sub or the Company in respect of this Agreement
based upon any arrangement or agreement made by or on behalf of the Stockholder.
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER
REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER
Parent represents and warrants to the Stockholders that:
3.1. Organization; Authorization. Parent is duly organized, validly existing and in
good standing under the laws of the State of Delaware. The consummation of the transactions
contemplated hereby are within Parent’s corporate powers and have been duly authorized by all
necessary corporate actions on the part of Parent. Parent has full power and authority to execute,
deliver and perform this Agreement.
3.2. Binding Agreement. This Agreement has been duly authorized, executed and
delivered by Parent, and constitutes a valid and binding obligation of Parent enforceable against
Parent in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’
rights generally and general equitable principles (whether considered in a proceeding in equity or
at law).
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ARTICLE IV
MISCELLANEOUS
MISCELLANEOUS
4.1. Notices. All notices, requests and other communications to either party
hereunder shall be in writing (including facsimile transmission) and shall be given, (i) if to
Parent, in accordance with the provisions of the Merger Agreement and (ii) if to the Stockholder,
to the Stockholder’s address or facsimile number set forth on a signature page hereto, or to such
other address or facsimile number as such party may hereafter specify for the purpose by notice to
the other party hereto.
4.2. Termination. This Agreement shall terminate automatically, without any notice
or other action by any Person, upon the earlier of (i) the termination of the Merger Agreement in
accordance with its terms and (ii) the Effective Time. Upon termination of this Agreement, neither
party shall have any further obligations or liabilities under this Agreement; provided, however,
that (x) nothing set forth in this Section 4.2 shall relieve either party from liability for any
intentional breach of this Agreement prior to termination hereof, and (y) the provisions of this
Article IV shall survive any termination of this Agreement.
4.3. Amendments and Waivers. Any provision of this Agreement may be amended or
waived if such amendment or waiver is in writing and is signed, in the case of an amendment, by
each party to this Agreement or, in the case of a waiver, by the party against whom the waiver is
to be effective. No failure or delay by either party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any other right, power or
privilege.
4.4. Expenses. All costs and expenses incurred in connection with this Agreement
shall be paid by the party incurring such cost or expense.
4.5. Binding Effect; Benefit; Assignment. The provisions of this Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their respective successors
and assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies,
obligations or liabilities hereunder upon any person other than the parties hereto and their
respective successors and assigns. Neither party may assign, delegate or otherwise transfer any of
its rights or obligations under this Agreement without the consent of the other party hereto,
except that Parent may transfer or assign its rights and obligations under this Agreement, in whole
or from time to time in part, to one or more of its Affiliates at any time; provided, that such
transfer or assignment shall not relieve Parent of any of its obligations hereunder.
4.6. Governing Law; Venue. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware without regard to its rules of conflict of laws.
Parent and the Stockholder hereby irrevocably and unconditionally consents to submit to the
exclusive jurisdiction of the courts of Delaware Court of Chancery, or if no such state court has
proper jurisdiction, then the Federal court of the U.S. located in the State of Delaware, and
appellate courts therefrom, (collectively, the “Delaware Courts”) for any litigation
arising out of or relating to this Agreement and the transactions contemplated hereby (and agrees
not to commence any litigation relating thereto except in such courts), waives any objection to the
laying of venue of any such litigation in the Delaware Courts and agrees not to plead or claim in
any Delaware Court that such litigation brought therein has been brought in any inconvenient forum.
Each of the parties hereto agrees (i) to the extent such party is not otherwise subject to service
of process in the State of
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Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for
acceptance of legal process and (ii) that service of process may also be made on such party by
prepaid certified mail with a proof of mailing receipt validated by United States Postal Service
constituting evidence of valid service. Service made pursuant to (i) or (ii) above shall have the
same legal force and effect as if served upon such party personally within the State of Delaware.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY
THIS AGREEMENT.
4.7. Counterparts. The parties may execute this Agreement in one or more
counterparts, each of which will be deemed an original and all of which, when taken together, will
be deemed to constitute one and the same agreement. Any signature page hereto delivered by
facsimile machine or by e-mail (including in portable document format (pdf), as a joint
photographic experts group (jpg) file, or otherwise) shall be binding to the same extent as an
original signature page, with regard to any agreement subject to the terms hereof or any amendment
thereto and may be used in lieu of the original signatures for all purposes. Each party that
delivers such a signature page agrees to later deliver an original counterpart to the other party
that requests it.
4.8. Entire Agreement. This Agreement constitutes the entire agreement between the
parties with respect to the subject matter of this Agreement and supersedes all prior agreements
and understandings, both oral and written, between the parties with respect to its subject matter.
4.9. Severability. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction or other Governmental Body to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so
long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner materially adverse to either party. Upon such a determination, the parties shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties
as closely as possible in an acceptable manner in order that the transactions contemplated hereby
be consummated as originally contemplated to the fullest extent possible.
4.10. Specific Performance. The parties hereto agree that Parent would be
irreparably damaged if for any reason any Stockholder fails to perform any of its obligations under
this Agreement and that Parent may not have an adequate remedy at law for money damages in such
event. Accordingly, Parent shall be entitled to specific performance and injunctive and other
equitable relief to prevent breaches of this Agreement or to enforce specifically the performance
of the terms and provisions hereof in any Delaware Court, in addition to any other remedy to which
they are entitled at law or in equity, in each case without posting bond or other security, and
without the necessity of proving actual damages.
4.11. Headings. The Section headings contained in this Agreement are inserted for
convenience only and shall not affect in any way the meaning or interpretation of this Agreement.
4.12. No Presumption. This Agreement shall be construed without regard to any
presumption or rule requiring construction or interpretation against the party drafting or causing
any instrument to be drafted.
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4.13. Further Assurances. Parent and the Stockholder will execute and deliver, or
cause to be executed and delivered, all further documents and instruments and use their respective
reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done,
all things necessary, proper or advisable under applicable Legal Requirements, to perform their
respective obligations as expressly set forth under this Agreement.
4.14. Interpretation. Unless the context otherwise requires, as used in this
Agreement: (i) “or” is not exclusive; (ii) “including” and its variants mean “including, without
limitation” and its variants; (iii) words defined in the singular have the parallel meaning in the
plural and vice versa; (iv) words of one gender shall be construed to apply to each gender; and (v)
the terms “Article,” “Section” and “Schedule” refer to the specified Article, Section or Schedule
of or to this Agreement.
4.15 Capacity as Stockholder. The Stockholder signs this Agreement solely in the
Stockholder’s capacity as a Stockholder of the Company, and not in the Stockholder’s capacity as a
director, officer or employee of the Company or any of its Subsidiaries or in the Stockholder’s
capacity as a trustee or fiduciary of any employee benefit plan or trust. Notwithstanding anything
herein to the contrary, nothing herein shall in any way restrict a director or officer of the
Company in the exercise of his or her fiduciary duties as a director or officer of the Company or
in his or her capacity as a trustee or fiduciary of any employee benefit plan or trust or prevent
or be construed to create any obligation on the part of any director or officer of the Company or
any trustee or fiduciary of any employee benefit plan or trust from taking any action in his or her
capacity as such director, officer, trustee or fiduciary.
4.16 No Agreement Until Executed. Irrespective of negotiations among the parties or
the exchanging of drafts of this Agreement, this Agreement shall not constitute or be deemed to
evidence a contract, agreement, arrangement or understanding between the parties hereto unless and
until (a) the board of directors of the Company has approved, for purposes of any applicable
anti-takeover laws and regulations, and any applicable provision of the Company’s organizational
documents, the possible acquisition of the Company by Parent pursuant to the Merger Agreement, (b)
the Merger Agreement is executed by all parties thereto, and (c) this Agreement is executed by all
parties hereto.
[SIGNATURE PAGE FOLLOWS]
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The parties are executing this Agreement on the date set forth in the introductory clause.
IXYS CORPORATION |
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By: | ||||
Name: | ||||
Title: | ||||
STOCKHOLDER |
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By: | ||||
Name: | ||||
Title: | ||||
[Signature Page to Support Agreement]
Schedule A
Name of Stockholder | No. Shares | |