[slide 1]
Exhibit D: Organizational Charts & Corporate Structure
Exhibit D to Joint Voluntary Notice
CFIUS Case No. CFIUS-023-07-3841
Organizational Charts & Corporate Structure — Pre-Closing and Post-Closing
Filed: July 14, 2023
Prepared by Calderwood & Harkness LLP on behalf of Halcyon Semiconductor Aktiengesellschaft and Marlowe Asset Management Photonics Inc.
[slide 2]
Table of Contents
Slide 3: Pre-Closing Corporate Structure — Halcyon Semiconductor AG (Acquiror)
Slide 4: Pre-Closing Ownership Structure — Marlowe Asset Management Photonics Inc. (Target)
Slide 5: Pre-Closing VPI Board of Directors & Key Management
Slide 6: Acquisition Vehicle — Halcyon US Holdings Inc.
Slide 7: Post-Closing Corporate Structure — Combined Organization
Slide 8: Post-Closing VPI Board Composition & Governance (NSA Framework)
Slide 9: Key Entity Detail & Jurisdictions
[slide 3]
Pre-Closing Corporate Structure — Halcyon Semiconductor AG (Acquiror)
Halcyon Semiconductor AG (HSAG) — publicly traded (XETRA: HLC); Dresden, Germany; HRB 28416; LEI 5299007KXQ2M4GHILZ38; market cap €14.8B; FY2022 revenue €6.12B; EBITDA €1.37B
CEO: Dr. Maximilian Ehrhardt; CFO: Katarina Brückner; General Counsel: Stefan Lohse
100% → Halcyon US Inc. (Delaware; EIN 81-3056429; Austin, TX; ~320 employees; fabless design center; no classified work; no ITAR/EAR-controlled activities)
100% → Halcyon US Holdings Inc. (Delaware acquisition vehicle; EIN 93-2841067; formed June 5, 2023)
Other non-U.S. subsidiaries (including Halcyon Semiconductor (Shanghai) Co., Ltd.) — see Exhibit C for full description
[slide 4]
Pre-Closing Ownership Structure — Marlowe Asset Management Photonics Inc. (Target)
VPI — Delaware C-corp (incorporated 2/14/2009); EIN 26-4371885; CAGE 7VK92; DUNS 07-812-4493; HQ Colorado Springs, CO; Fab Albuquerque, NM
Dr. Nathan Trevorrow & family trusts — 22.4% (Founder, CEO, Board Chair; TS/SCI)
Marissa Sung-Avila — 4.1% (Co-Founder, President & COO; SECRET)
Ridgecrest Ventures Fund III, L.P. — 31.7% (Series B lead; Menlo Park, CA; Board designee: Franklin Yee)
Cascadian Capital Partners Growth Fund II, L.P. — 24.3% (Series C lead; Seattle, WA; Board designee: Olivia Hartmann)
Employee option pool — 11.8%; Other angel investors — 5.7%
FY2022 revenue $287.4M; EBITDA $61.2M; 486 employees (212 with active U.S. government clearances)
[slide 5]
Pre-Closing VPI Board of Directors & Key Management
Board (5): Dr. Nathan Trevorrow (Chair), Marissa Sung-Avila, Franklin Yee (Ridgecrest), Olivia Hartmann (Cascadian), Adrienne Delacroix (independent, SECRET)
CEO: Dr. Nathan Trevorrow — former DARPA program manager; TS/SCI clearance
President & COO: Marissa Sung-Avila — former U.S. Army signal corps officer; SECRET clearance
CFO: Derek Wainsborough, CPA — no security clearance
VP, Government Programs & FSO: Col. (Ret.) Bryce Hendrickson, USAF — TS/SCI; FSO for CAGE 7VK92
212 of 486 employees (43.6%) hold active U.S. government security clearances
[slide 6]
Acquisition Vehicle — Halcyon US Holdings Inc.
Halcyon US Holdings Inc. — Delaware C-corp; EIN 93-2841067; formed June 5, 2023; sole purpose: acquisition vehicle for 100% equity acquisition of VPI
Registered agent: National Registered Agents of Delaware, Dover, DE
100% owned by HSAG (direct subsidiary)
Transaction: Stock Purchase Agreement executed June 10, 2023 — acquiring 100% of VPI equity
Purchase price: $1.42B cash (cash-free/debt-free; NWC target $34.6M)
Earnout: up to $85M (CY2024: $50M; CY2025: $35M); max aggregate consideration $1.505B
Financing: $900M senior secured term loan (Meridian National Bank admin agent; Atlas Commercial Lending AG and Pacific Basin Credit Corp. co-lead arrangers) + $520M HSAG equity (balance sheet cash + €300M Rheinische Handelsbank AG revolver draw)
[slide 7]
Post-Closing Corporate Structure — Combined Organization
Halcyon Semiconductor AG (XETRA: HLC) — publicly traded German parent; no change in public ownership
↓ 100% ownership
Halcyon US Holdings Inc. (Delaware) — direct parent of VPI post-closing
↓ 100% ownership
Marlowe Asset Management Photonics Inc. (Delaware) — retains separate legal existence, SECRET FCL, CAGE 7VK92, DDTC Reg. M-24817, all government contracts, and IP portfolio
Sibling: Halcyon US Inc. (Austin, TX) — remains operationally independent from VPI
VPI facilities: HQ Colorado Springs, CO; 45,000 sq. ft. GaN-on-SiC fab in Albuquerque, NM (FCL up to SECRET)
[slide 8]
Post-Closing VPI Board Composition & Governance Framework
Reconstituted VPI Board (5 members):
— 3 Security Board Members: U.S. citizens with TS/SCI eligibility, including an independent Security Director
— 2 HSAG Designees: no access to classified information
Government Security Committee (GSC) — 3 Security Board Members; exclusive authority over classified/ITAR programs, personnel & facility security
FSO: Col. (Ret.) Bryce Hendrickson (retained; TS/SCI)
Key personnel retention: Trevorrow, Sung-Avila, Hendrickson — 24 months post-closing (or GSC/DCSA-approved replacements)
Third-party monitor: Whitmore Compliance Group LLC (Gerald Whitmore, former FBI); annual audits; $1.2M/year payable by HSAG
[slide 9]
Key Entity Detail & Jurisdictions — Reference Table
Halcyon Semiconductor AG — Aktiengesellschaft (public); Germany (Saxony); HRB 28416; LEI 5299007KXQ2M4GHILZ38; XETRA: HLC
Halcyon US Holdings Inc. — Delaware C-corp; EIN 93-2841067; formed 6/5/2023; Dover, DE
Halcyon US Inc. — Delaware C-corp; EIN 81-3056429; Austin, TX
Marlowe Asset Management Photonics Inc. — Delaware C-corp; EIN 26-4371885; inc. 2/14/2009; CAGE 7VK92; DDTC Reg. M-24817; DUNS 07-812-4493
Ridgecrest Ventures Fund III, L.P. — Delaware LP; GP: Ridgecrest Ventures Management LLC
Cascadian Capital Partners Growth Fund II, L.P. — Delaware LP; GP: Cascadian Capital Partners Management LLC
Halcyon Semiconductor (Shanghai) Co., Ltd. — Chinese subsidiary (consumer-grade power management ICs only; no GaN or defense activities)