[sheet: Signing Checklist]

Item No.	Category	Document Name	Description	Responsible Party	Counterparty / Recipient	Date of Execution / Delivery	Status	Original / Copy	Comments / Notes
1	Principal Transaction Documents	Agreement and Plan of Merger	Execution version of the Agreement and Plan of Merger among Halcyon Semiconductor Aktiengesellschaft, Halcyon Acquisition Sub, Inc., and Vectris Photonics, Inc.; reverse triangular merger under DGCL; $800,000,000 all-cash consideration (~$13.70 per fully diluted share); Vectris survives as wholly owned subsidiary of Halcyon; governed by Delaware law	Calderwood & Harkness LLP (Oliver Mackenzie / Derek Okonkwo)	All parties; copies to Whitfield, Prager & Loomis LLP (Catherine Whitfield)	August 10, 2023	Executed	Original — 3 counterparts	Signed by Dr. Katarina Breuer and Markus Ellinger (Halcyon/Merger Sub) and Dr. Anand Raghavan and Rebecca Lau (Vectris); includes all exhibits and schedules
2	Principal Transaction Documents	Disclosure Schedules to Merger Agreement	Disclosure schedules delivered by Vectris Photonics, Inc. pursuant to Article III of the Merger Agreement, including Schedules 3.1 (Organization), 3.4 (Capitalization — 51,200,000 basic shares; 58,394,160 fully diluted), 3.8 (Litigation), 3.10 (Intellectual Property — 187 issued U.S. patents, 43 pending applications), 3.14 (Material Contracts), and related schedules	Whitfield, Prager & Loomis LLP (Catherine Whitfield)	Halcyon / Calderwood & Harkness LLP	August 10, 2023	Delivered	Original	Reviewed and commented on by Derek Okonkwo and Tiffany Rosenthal; final version delivered at signing reflects agreed supplements
3	Principal Transaction Documents	Voting and Support Agreement	Voting and Support Agreement among Halcyon Semiconductor AG and Dr. Anand Raghavan (18.2%), Granite Peak Ventures Fund IV, L.P. (22.7%), and Nordhaven Capital Partners III, L.P. (14.5%) — collectively ~55.4% of Vectris outstanding shares; commitment to vote in favor of the Merger and against competing proposals; includes transfer restrictions and no-solicitation covenants	Calderwood & Harkness LLP / Whitfield, Prager & Loomis LLP	All signatories	August 10, 2023	Executed	Original — multiple counterparts	Signed by Dr. Anand Raghavan individually, Rhys Calloway on behalf of Granite Peak Ventures Fund IV, L.P. (via Granite Peak Ventures Management IV, LLC as GP), and Simone Achterberg on behalf of Nordhaven Capital Partners III, L.P. (via Nordhaven Capital GP III, LLC as GP)
4	Principal Transaction Documents	Escrow Agreement	Escrow Agreement among Halcyon Semiconductor AG, Vectris Photonics, Inc., and Ironclad National Bank, N.A. (escrow agent); $40,000,000 escrow fund (5% of $800M deal value) for indemnification claims; 18-month holdback period post-closing; governed by Delaware law	Calderwood & Harkness LLP (Derek Okonkwo)	All parties; Ironclad National Bank, N.A. (Thomas Hargreaves, Escrow Officer)	August 10, 2023	Executed	Original — 3 counterparts	Escrow agent fees and account details set forth in Exhibit A to the Escrow Agreement; indemnification cap of $120,000,000 (15% of deal value) referenced in recitals
5	Legal Opinions	Legal Opinion of Calderwood & Harkness LLP (Acquirer's Counsel)	Opinion letter addressed to Vectris Photonics, Inc. and Whitfield, Prager & Loomis LLP re: (i) due organization and valid existence of Halcyon Semiconductor AG, (ii) due incorporation and good standing of Halcyon Acquisition Sub, Inc. (DE File No. 7634291) in Delaware, (iii) due authorization, execution, delivery, and enforceability of the Merger Agreement and ancillary documents by Halcyon and Merger Sub, subject to customary assumptions, qualifications, and exceptions	Calderwood & Harkness LLP (Oliver Mackenzie)	Vectris Photonics, Inc. / Whitfield, Prager & Loomis LLP	August 10, 2023	Delivered	Original	Signed by Oliver Mackenzie; addresses New York and Delaware law matters; does not address German corporate law (separate opinion from German counsel, if any)
6	Legal Opinions	Legal Opinion of Whitfield, Prager & Loomis LLP (Target's Counsel)	Opinion letter addressed to Halcyon Semiconductor AG and Calderwood & Harkness LLP re: due organization, authorization, execution, delivery, and enforceability of the Merger Agreement by Vectris Photonics, Inc. (DE File No. 5918437)	Whitfield, Prager & Loomis LLP (Catherine Whitfield)	Halcyon / Calderwood & Harkness LLP	August 10, 2023	Delivered	Original	Delaware and California law opinion; subject to standard qualifications
7	Certificates — Acquirer	Secretary's Certificate of Halcyon Semiconductor AG	Certificate of the corporate secretary (or equivalent officer) of Halcyon Semiconductor AG certifying as to (i) incumbency and authority of officers executing the Merger Agreement and ancillary documents (Dr. Katarina Breuer, CEO; Markus Ellinger, CFO), (ii) resolutions of the Vorstand and Aufsichtsrat approving the Merger, and (iii) true and complete copies of organizational documents	Halcyon (Dr. Luisa Hartmann, General Counsel)	Vectris / Whitfield, Prager & Loomis LLP	August 10, 2023	Delivered	Original	Attaches certified copies of Halcyon Satzung (articles of association) and Aufsichtsrat resolution dated June 5, 2023 (chaired by Prof. Dr. Friedrich Wendt) authorizing pursuit and execution of the transaction
8	Certificates — Acquirer	Secretary's Certificate of Halcyon Acquisition Sub, Inc.	Certificate of the secretary of Halcyon Acquisition Sub, Inc. certifying as to (i) incumbency of Markus Ellinger as sole director, (ii) board resolutions authorizing execution of the Merger Agreement, (iii) certificate of incorporation (filed June 12, 2023, DE File No. 7634291), and (iv) bylaws	Halcyon / Calderwood & Harkness LLP	Vectris / Whitfield, Prager & Loomis LLP	August 10, 2023	Delivered	Original	Merger Sub incorporated solely for purposes of the reverse triangular merger; registered agent: Pinnacle Corporate Services, Inc., 1209 Orange Street, Wilmington, DE 19801
9	Certificates — Target	Secretary's Certificate of Vectris Photonics, Inc.	Certificate of the corporate secretary of Vectris Photonics, Inc. (Rebecca Lau, General Counsel & Corporate Secretary) certifying as to (i) incumbency and authority of officers executing the Merger Agreement (Dr. Anand Raghavan, CEO; Rebecca Lau, Secretary), (ii) resolutions of the Board of Directors approving the Merger, (iii) certificate of incorporation and bylaws	Vectris (Rebecca Lau) / Whitfield, Prager & Loomis LLP	Halcyon / Calderwood & Harkness LLP	August 10, 2023	Delivered	Original	Attaches Vectris Board resolutions; Vectris Board members: Dr. Anand Raghavan (Chair), Margaret Sørensen, Julian Tate, David Kwon, Dr. Elena Mirescu, Rhys Calloway, Simone Achterberg
10	Good Standing Certificates	Good Standing Certificate — Halcyon Acquisition Sub, Inc. (Delaware)	Certificate of Good Standing for Halcyon Acquisition Sub, Inc. from the Delaware Secretary of State	Calderwood & Harkness LLP (Tiffany Rosenthal)	Vectris / Whitfield, Prager & Loomis LLP	August 10, 2023	Delivered	Certified copy	Dated within 5 business days of signing; DE File No. 7634291
11	Good Standing Certificates	Good Standing Certificate — Vectris Photonics, Inc. (Delaware)	Certificate of Good Standing for Vectris Photonics, Inc. from the Delaware Secretary of State	Whitfield, Prager & Loomis LLP	Halcyon / Calderwood & Harkness LLP	August 10, 2023	Delivered	Certified copy	Dated within 5 business days of signing; DE File No. 5918437; registered agent: Capitol Corporate Services, LLC, 800 N. King Street, Suite 400, Wilmington, DE 19801
12	Good Standing Certificates	Good Standing Certificate — Vectris Photonics, Inc. (California)	Certificate of Good Standing / Certificate of Status for Vectris Photonics, Inc. from the California Secretary of State (foreign corporation qualification)	Whitfield, Prager & Loomis LLP	Halcyon / Calderwood & Harkness LLP	August 10, 2023	Delivered	Certified copy	Vectris HQ: 4750 Ridgepoint Drive, Suite 300, San Jose, CA 95134
13	Certificates — Acquirer	Form of Officer's Certificate of Halcyon Semiconductor AG (Closing Deliverable)	Form of Officer's Certificate to be delivered by Halcyon at closing, certifying bringdown of representations and warranties (no material adverse effect) and performance of covenants; prepared in blank for completion at closing	Calderwood & Harkness LLP (Derek Okonkwo)	To be delivered at closing to Vectris	August 10, 2023 (form agreed)	Executed as to Form	Draft / Form	Closing deliverable only; not yet executed in final; form attached as exhibit to Merger Agreement
14	Certificates — Target	Form of Officer's Certificate of Vectris Photonics, Inc. (Closing Deliverable)	Form of Officer's Certificate to be delivered by Vectris at closing, certifying bringdown of representations and warranties and performance of covenants; prepared in blank for completion at closing	Whitfield, Prager & Loomis LLP	To be delivered at closing to Halcyon	August 10, 2023 (form agreed)	Executed as to Form	Draft / Form	Closing deliverable only; not yet executed in final
15	Stockholder Consent	Form of Stockholder Written Consent — Vectris Photonics, Inc.	Form of Written Consent of the Stockholders of Vectris Photonics, Inc. for adoption of the Agreement and Plan of Merger and approval of the transactions contemplated thereby; for execution by stockholders holding a majority of outstanding shares	Calderwood & Harkness LLP (prepared for use by WPL)	Vectris stockholders / Whitfield, Prager & Loomis LLP	August 10, 2023 (form agreed)	Executed as to Form	Form	To be circulated to Vectris stockholders post-signing; Voting and Support Agreement signatories (collectively ~55.4%) expected to deliver promptly
16	Financial Advisor Materials	Fairness Opinion — Clearwater Zanthor & Co., LLC	Fairness opinion delivered by Clearwater Zanthor & Co., LLC (Diane Okoro, Lead Managing Director) to the Board of Directors of Vectris Photonics, Inc. as to the fairness, from a financial point of view, of the $800,000,000 merger consideration to Vectris stockholders	Clearwater Zanthor & Co., LLC	Vectris Board of Directors	August 10, 2023	Delivered	Copy received	Prepared for and addressed to Vectris Board; copy provided to Halcyon for information; Clearwater Zanthor office: 555 California Street, Suite 2800, San Francisco, CA 94104
17	Financial Advisor Materials	Ridgeline Partners Engagement Confirmation	Confirmation of engagement of Ridgeline Partners LLC (Nathaniel Cross, Lead Managing Director) as financial advisor to Halcyon; advisory fee of 0.40% of deal value ($3,200,000) plus success fee of 0.10% ($800,000), total $4,000,000 if closed	Ridgeline Partners LLC	Halcyon / Calderwood & Harkness LLP	August 10, 2023	Delivered	Copy	Ridgeline Partners, 383 Madison Avenue, 25th Floor, New York, NY 10179; Priya Narayanan (VP) on deal team
18	Financing Documents	Commitment Letter — Meridian Atlantic Bank, N.A.	Commitment letter dated August 8, 2023, from Meridian Atlantic Bank, N.A. (Sandra Feeney, Lead Banker) as administrative agent and lead arranger for $500,000,000 senior secured term loan facility (364-day bridge); Term SOFR + 225 bps; ticking fee of 20 bps on undrawn after 90 days post-signing (Nov 8, 2023); balance of $300,000,000 from Halcyon cash on hand	Meridian Atlantic Bank, N.A. / Kalder & Eames LLP (Philip Strand)	Halcyon / Calderwood & Harkness LLP	August 8, 2023	Executed (pre-signing)	Copy	Original executed August 8, 2023; copy delivered at signing; Meridian Atlantic Bank, 270 Park Avenue South, New York, NY 10003; financing counsel: Kalder & Eames LLP, 1 World Financial Center, Suite 3100, New York, NY 10281
19	Financing Documents	Commitment Letter Summary and Analysis Memorandum — Calderwood & Harkness	C&H memorandum dated August 9, 2023 analyzing the Meridian Atlantic term loan commitment letter, including key terms, conditions precedent, flex provisions, and market-out; prepared by Derek Okonkwo for Oliver Mackenzie and Dr. Luisa Hartmann	Calderwood & Harkness LLP (Derek Okonkwo)	Halcyon (Dr. Luisa Hartmann)	August 9, 2023	Delivered	Copy	Internal analysis; not a signing deliverable to Vectris but included in deal file
20	Insurance	R&W Insurance Policy — Binder / Application	Representations and warranties insurance policy application and binder; policy limit: $120,000,000 (equal to indemnification cap, 15% of $800M deal value); premium: $3,360,000 (2.8% rate-on-line); broker: Atlas Transactional Insurance Group, Inc. (Martin Cavallo); carrier: Pinnacle Specialty Underwriters, Ltd. (Fiona Brennan), 30 St Mary Axe, London EC3A 8BF, United Kingdom	Atlas Transactional Insurance Group, Inc. / Pinnacle Specialty Underwriters, Ltd.	Halcyon / Calderwood & Harkness LLP	August 10, 2023	Delivered	Copy	Final policy to be bound at closing; binder issued at signing; premium quoted but payable at closing
21	Regulatory Filings — Preparatory	Draft HSR Act Premerger Notification Form (Halcyon Filing)	Draft HSR Notification and Report Form prepared by Howard Bellamy and Calderwood & Harkness antitrust team for filing by Halcyon with FTC/DOJ; filing date targeted for August 18, 2023	Calderwood & Harkness LLP (Howard Bellamy)	FTC / DOJ	August 10, 2023 (draft finalized)	Pending Filing	Draft	To be filed August 18, 2023; filing fee applicable; NAICS codes and overlapping product markets (silicon photonics transceiver modules) included
22	Regulatory Filings — Preparatory	Draft EUMR Form CO Notification (Sections)	Draft sections of European Commission Form CO notification prepared by C&H antitrust team; filing targeted for August 25, 2023 (Case M.11247); covers affected markets including co-packaged optics chiplets (~38% combined EEA share)	Calderwood & Harkness LLP (Howard Bellamy)	European Commission DG Competition	August 10, 2023 (draft in progress)	Pending Filing	Draft	To be filed August 25, 2023; combined EEA market share estimated at ~38%
23	Organizational Documents — Acquirer	Certificate of Incorporation — Halcyon Acquisition Sub, Inc.	Certified copy of the Certificate of Incorporation of Halcyon Acquisition Sub, Inc. filed with the Delaware Secretary of State on June 12, 2023; DE File No. 7634291; registered agent: Pinnacle Corporate Services, Inc., 1209 Orange Street, Wilmington, DE 19801; sole incorporator and director: Markus Ellinger	Calderwood & Harkness LLP	Vectris / Whitfield, Prager & Loomis LLP	August 10, 2023	Delivered	Certified copy	Originally filed June 12, 2023; attached to Secretary's Certificate of Merger Sub (Item 8)
24	Organizational Documents — Target	Certificate of Incorporation — Vectris Photonics, Inc.	Certified copy of the Certificate of Incorporation (as amended) of Vectris Photonics, Inc.; DE File No. 5918437; registered agent: Capitol Corporate Services, LLC, 800 N. King Street, Suite 400, Wilmington, DE 19801	Whitfield, Prager & Loomis LLP	Halcyon / Calderwood & Harkness LLP	August 10, 2023	Delivered	Certified copy	Attached to Secretary's Certificate of Vectris (Item 9)

25	Organizational Documents — Target	Bylaws — Vectris Photonics, Inc.	Certified copy of the current Bylaws of Vectris Photonics, Inc.	Whitfield, Prager & Loomis LLP	Halcyon / Calderwood & Harkness LLP	August 10, 2023	Delivered	Certified copy	Attached to Secretary's Certificate of Vectris (Item 9)
26	Organizational Documents — Acquirer	Satzung (Articles of Association) — Halcyon Semiconductor AG	Certified English translation of the Satzung of Halcyon Semiconductor Aktiengesellschaft; Munich commercial register HRB 178254	Halcyon (Dr. Luisa Hartmann)	Vectris / Whitfield, Prager & Loomis LLP	August 10, 2023	Delivered	Certified copy / translation	Attached to Secretary's Certificate of Halcyon (Item 7); Halcyon HQ: Halcyon-Platz 1, 81739 München, Germany
27	Board Resolutions — Acquirer	Halcyon Aufsichtsrat Resolution — Approval of Acquisition (June 5, 2023)	Certified copy of the resolution of the Aufsichtsrat of Halcyon Semiconductor AG dated June 5, 2023, approving pursuit of the acquisition of Vectris for up to $800,000,000 and authorizing Dr. Katarina Breuer and Markus Ellinger to negotiate and execute definitive documentation; chaired by Prof. Dr. Friedrich Wendt	Halcyon (Dr. Luisa Hartmann)	Vectris / Whitfield, Prager & Loomis LLP	August 10, 2023	Delivered	Certified copy	Attached to Secretary's Certificate of Halcyon (Item 7)
28	Board Resolutions — Acquirer	Halcyon Vorstand Resolution — Approval of Merger Agreement	Certified copy of the resolution of the Vorstand of Halcyon Semiconductor AG approving the execution and delivery of the Merger Agreement and ancillary documents	Halcyon (Dr. Luisa Hartmann)	Vectris / Whitfield, Prager & Loomis LLP	August 10, 2023	Delivered	Certified copy	Attached to Secretary's Certificate of Halcyon (Item 7)
29	Board Resolutions — Acquirer	Halcyon Acquisition Sub, Inc. — Board Resolution Approving Merger	Written consent of Markus Ellinger as sole director of Halcyon Acquisition Sub, Inc. approving the execution and delivery of the Merger Agreement and the consummation of the Merger	Calderwood & Harkness LLP	Vectris / Whitfield, Prager & Loomis LLP	August 10, 2023	Delivered	Certified copy	Attached to Secretary's Certificate of Merger Sub (Item 8)
30	Board Resolutions — Target	Vectris Board Resolution — Approval of Merger Agreement and Recommendation	Certified copy of the resolutions of the Board of Directors of Vectris Photonics, Inc. (i) approving the Merger Agreement, (ii) declaring the Merger Agreement and the Merger advisable and fair to stockholders, (iii) recommending stockholder adoption, and (iv) approving the Escrow Agreement and Voting and Support Agreement	Whitfield, Prager & Loomis LLP (Catherine Whitfield)	Halcyon / Calderwood & Harkness LLP	August 10, 2023	Delivered	Certified copy	Attached to Secretary's Certificate of Vectris (Item 9); Board: Dr. Anand Raghavan, Margaret Sørensen, Julian Tate, David Kwon, Dr. Elena Mirescu, Rhys Calloway, Simone Achterberg
31	Ancillary Agreements	Exclusivity Agreement (Reference Copy)	Executed Exclusivity Agreement dated June 20, 2023, between Halcyon and Vectris providing for a 45-day exclusive negotiation period; governed by Delaware law; superseded in part by the Merger Agreement	Calderwood & Harkness LLP / Whitfield, Prager & Loomis LLP	Deal file	June 20, 2023	Executed (reference)	Copy	Pre-signing document; retained in signing binder for reference
32	Auditor Letters	Vectris Auditor Bring-Down Comfort Letter	Comfort letter or bring-down letter from Linden Ross & Co., LLP (Christine Park, Lead Engagement Partner) with respect to Vectris financial statements; 50 Fremont Street, Suite 1600, San Francisco, CA 94105	Linden Ross & Co., LLP	Halcyon / Calderwood & Harkness LLP	August 10, 2023	Delivered	Original	Covers FY2022 financials (revenue $312M, EBITDA $74M) and interim periods
33	Ancillary Agreements	Non-Competition and Non-Solicitation Agreement (Form)	Form of Non-Competition and Non-Solicitation Agreement for Vectris founders (including Dr. Anand Raghavan); 3-year post-closing restriction period; to be executed at closing	Calderwood & Harkness LLP (Tiffany Rosenthal)	To be executed by Vectris founders at closing	August 10, 2023 (form agreed)	Executed as to Form	Form	Closing deliverable; 3-year non-compete period for Vectris founders post-closing
34	Notices and Communications	Press Release — Joint Announcement of Merger Agreement	Joint press release issued by Halcyon Semiconductor AG and Vectris Photonics, Inc. announcing the execution of the definitive Agreement and Plan of Merger; $800,000,000 all-cash transaction; ~39.5% premium to unaffected price ($9.82 on May 19, 2023)	Halcyon / Vectris (joint, with counsel review)	Public	August 10, 2023	Issued	Final	Reviewed and approved by both Calderwood & Harkness LLP and Whitfield, Prager & Loomis LLP; references Halcyon FSE: HSAG and Nasdaq: HCYN (ADR); Vectris CUSIP 92553P108
35	Key Deal Terms Summary	Deal Term Sheet / Summary of Key Terms (Internal)	Internal summary of key merger terms: aggregate consideration $800M; per-share price ~$13.70 (58,394,160 fully diluted shares); reverse break-up fee 3.5% ($28M); target termination fee 3.0% ($24M); indemnification cap 15% ($120M); escrow 5% ($40M); no-shop with fiduciary-out; MAE carveout for changes in law; Outside Date March 10, 2024 (90-day auto-extension to June 10, 2024 if antitrust sole unsatisfied condition); Section 8.1(d) antitrust termination right; financing: $500M Meridian Atlantic term loan + $300M Halcyon cash	Calderwood & Harkness LLP (Derek Okonkwo / Tiffany Rosenthal)	Internal deal file	August 10, 2023	Final	Internal reference	Implied EV/Revenue ~2.6x; implied EV/EBITDA ~10.8x; Vectris ~1,450 employees

[sheet: Contact Directory]

Role	Entity	Key Contact	Title	Address	Email Placeholder
Acquirer	Halcyon Semiconductor Aktiengesellschaft	Dr. Katarina Breuer	CEO	Halcyon-Platz 1, 81739 München, Germany	[email]
Acquirer — General Counsel	Halcyon Semiconductor AG	Dr. Luisa Hartmann	General Counsel	Halcyon-Platz 1, 81739 München, Germany	[email]
Acquirer — CFO	Halcyon Semiconductor AG	Markus Ellinger	CFO; Sole Director, Merger Sub	Halcyon-Platz 1, 81739 München, Germany	[email]
Acquirer — Supervisory Board Chair	Halcyon Semiconductor AG	Prof. Dr. Friedrich Wendt	Chair, Aufsichtsrat	Halcyon-Platz 1, 81739 München, Germany	[email]
Merger Sub	Halcyon Acquisition Sub, Inc.	Markus Ellinger	Sole Director	c/o Pinnacle Corporate Services, Inc., 1209 Orange Street, Wilmington, DE 19801	[email]
Target — CEO	Vectris Photonics, Inc.	Dr. Anand Raghavan	Founder, CEO, Board Chair	4750 Ridgepoint Drive, Suite 300, San Jose, CA 95134	[email]
Target — COO	Vectris Photonics, Inc.	Margaret Sørensen	President & COO	4750 Ridgepoint Drive, Suite 300, San Jose, CA 95134	[email]
Target — CFO	Vectris Photonics, Inc.	Julian Tate	CFO	4750 Ridgepoint Drive, Suite 300, San Jose, CA 95134	[email]
Target — General Counsel	Vectris Photonics, Inc.	Rebecca Lau	General Counsel & Corporate Secretary	4750 Ridgepoint Drive, Suite 300, San Jose, CA 95134	[email]
Acquirer's Counsel	Calderwood & Harkness LLP	Oliver Mackenzie	Responsible Partner, M&A	599 Lexington Avenue, 38th Floor, New York, NY 10022	[email]
Acquirer's Counsel	Calderwood & Harkness LLP	Harrison Wexford	Billing Partner, M&A	599 Lexington Avenue, 38th Floor, New York, NY 10022	[email]
Acquirer's Counsel (Antitrust)	Calderwood & Harkness LLP	Howard Bellamy	Specialist Partner, Antitrust	1333 New Hampshire Avenue NW, Suite 700, Washington, DC 20036	[email]
Acquirer's Counsel	Calderwood & Harkness LLP	Derek Okonkwo	Lead Associate, M&A	599 Lexington Avenue, 38th Floor, New York, NY 10022	[email]
Acquirer's Counsel	Calderwood & Harkness LLP	Tiffany Rosenthal	Working Associate, M&A	599 Lexington Avenue, 38th Floor, New York, NY 10022	[email]
Target's Counsel	Whitfield, Prager & Loomis LLP	Catherine Whitfield	Lead M&A Partner	2600 Sand Hill Road, Suite 250, Menlo Park, CA 94025 / 51 West 52nd Street, New York, NY 10019	[email]
Target's Counsel (Antitrust)	Whitfield, Prager & Loomis LLP	Douglas Prager	Antitrust Partner	51 West 52nd Street, New York, NY 10019	[email]
Acquirer's Financial Advisor	Ridgeline Partners LLC	Nathaniel Cross	Lead Managing Director	383 Madison Avenue, 25th Floor, New York, NY 10179	[email]
Target's Financial Advisor	Clearwater Zanthor & Co., LLC	Diane Okoro	Lead Managing Director	555 California Street, Suite 2800, San Francisco, CA 94104	[email]
Escrow Agent	Ironclad National Bank, N.A.	Thomas Hargreaves	Escrow Officer	One Liberty Plaza, 165 Broadway, New York, NY 10006	[email]
Financing Source	Meridian Atlantic Bank, N.A.	Sandra Feeney	Lead Banker	270 Park Avenue South, New York, NY 10003	[email]
Financing Counsel	Kalder & Eames LLP	Philip Strand	Lead Partner (Finance)	1 World Financial Center, Suite 3100, New York, NY 10281	[email]
Acquirer's Auditor	Thornbury Wight LLP	Gavin Ashmore	Lead Engagement Partner	Theatinerstraße 15, 80333 München / 7 Times Square, New York, NY 10036	[email]
Target's Auditor	Linden Ross & Co., LLP	Christine Park	Lead Engagement Partner	50 Fremont Street, Suite 1600, San Francisco, CA 94105	[email]
R&W Insurance Broker	Atlas Transactional Insurance Group, Inc.	Martin Cavallo	Broker Contact	[address]	[email]

R&W Insurance Carrier	Pinnacle Specialty Underwriters, Ltd.	Fiona Brennan	Underwriter Contact	30 St Mary Axe, London EC3A 8BF, United Kingdom	[email]
Significant Shareholder (Target)	Granite Peak Ventures Fund IV, L.P.	Rhys Calloway	Managing Partner; Vectris Board Designee	3000 El Camino Real, Suite 400, Palo Alto, CA 94306	[email]
Significant Shareholder (Target)	Nordhaven Capital Partners III, L.P.	Simone Achterberg	Managing Partner; Vectris Board Designee	Keizersgracht 452, 1016 GD Amsterdam, Netherlands	[email]
Significant Shareholder (Target)	Stonebridge Institutional Investors, L.P.	Kenneth Morita	Portfolio Manager (Semiconductors)	200 Clarendon Street, 42nd Floor, Boston, MA 02116	[email]
Acquirer's DE Registered Agent	Pinnacle Corporate Services, Inc.	—	—	1209 Orange Street, Wilmington, DE 19801	—
Target's DE Registered Agent	Capitol Corporate Services, LLC	—	—	800 N. King Street, Suite 400, Wilmington, DE 19801	—

[sheet: Key Deal Parameters]

Parameter	Value	Notes / Reconciliation
Transaction Type	Reverse Triangular Merger (DGCL)	Merger Sub merges with and into Vectris; Vectris survives as wholly owned subsidiary of Halcyon
Aggregate Equity Consideration	$800,000,000	All cash
Vectris Basic Shares Outstanding	51,200,000	Common shares
Vectris In-the-Money Options/RSUs	7,194,160	Shares underlying options and RSUs
Vectris Fully Diluted Shares	58,394,160	51,200,000 + 7,194,160
Per-Share Merger Consideration	~$13.70	$800,000,000 ÷ 58,394,160 = $13.6996
Unaffected Share Price (May 19, 2023)	$9.82	Closing price on last unaffected trading day
Premium to Unaffected Price	~39.5%	($13.70 - $9.82) / $9.82
Implied EV/Revenue (FY2022)	~2.6x	$800M ÷ $312M revenue
Implied EV/EBITDA (FY2022)	~10.8x	$800M ÷ $74M EBITDA
Vectris FY2022 Revenue	$312,000,000
Vectris FY2022 EBITDA	$74,000,000
Halcyon FY2022 Revenue	€6,800,000,000
Halcyon Market Cap (at signing)	~€22,400,000,000
Financing — Meridian Atlantic Term Loan	$500,000,000	Senior secured; 364-day bridge; Term SOFR + 225 bps
Financing — Halcyon Cash on Hand	$300,000,000	$800M - $500M
Ticking Fee	20 bps on undrawn	Begins Nov 8, 2023 (90 days post-signing)
Reverse Break-Up Fee (Acquirer)	$28,000,000	3.5% of $800M
Target Termination Fee	$24,000,000	3.0% of $800M
Indemnification Cap	$120,000,000	15% of $800M
Escrow Amount	$40,000,000	5% of $800M; 18-month holdback; Ironclad National Bank escrow agent
R&W Insurance Policy Limit	$120,000,000	Equal to indemnification cap; 2.8% rate-on-line; premium $3,360,000
No-Shop Provision	Yes — effective from signing (Aug 10, 2023)	Subject to fiduciary-out for bona fide unsolicited Superior Proposals
MAE Carveout — Changes in Law	Yes	Specifically negotiated additional carveout

Non-Compete (Vectris Founders)	3 years post-closing
Outside Date	March 10, 2024	180 days post-signing; auto-extension of 90 days to June 10, 2024 if antitrust sole unsatisfied condition
Section 8.1(d) Antitrust Termination Right	Available	Failure to obtain required antitrust approvals by Outside Date
Governing Law	Delaware	Merger Agreement
Halcyon Tickers	FSE: HSAG / Nasdaq: HCYN (ADR)	ISIN: US40582R1095
Vectris CUSIP	92553P108	Common stock
C&H Engagement No.	1032-00005
Ridgeline Advisory Fee (Base)	$3,200,000	0.40% of $800M
Ridgeline Success Fee	$800,000	0.10% of $800M; total $4,000,000 if closed
Vectris Employees	~1,450
Vectris U.S. Patents (Issued)	187
Vectris U.S. Patents (Pending)	43
Combined U.S. Market Share (DOJ Theory)	~47%	Halcyon 19% + Vectris 28%; silicon photonics transceiver modules
Combined EEA Market Share (EC Theory)	~38%	Co-packaged optics chiplets

[sheet: Signing Checklist]
Item No. | Category | Document Name | Description | Responsible Party | Counterparty / Recipient | Date of Execution / Delivery | Status | Original / Copy | Comments / Notes
1 | Principal Transaction Documents | Agreement and Plan of Merger | Execution version of the Agreement and Plan of Merger among Halcyon Semiconductor Aktiengesellschaft, Halcyon Acquisition Sub, Inc., and Vectris Photonics, Inc.; reverse triangular merger under DGCL; $800,000,000 all-cash consideration (~$13.70 per fully diluted share); Vectris survives as wholly owned subsidiary of Halcyon; governed by Delaware law | Calderwood & Harkness LLP (Oliver Mackenzie / Derek Okonkwo) | All parties; copies to Whitfield, Prager & Loomis LLP (Catherine Whitfield) | August 10, 2023 | Executed | Original — 3 counterparts | Signed by Dr. Katarina Breuer and Markus Ellinger (Halcyon/Merger Sub) and Dr. Anand Raghavan and Rebecca Lau (Vectris); includes all exhibits and schedules
2 | Principal Transaction Documents | Disclosure Schedules to Merger Agreement | Disclosure schedules delivered by Vectris Photonics, Inc. pursuant to Article III of the Merger Agreement, including Schedules 3.1 (Organization), 3.4 (Capitalization — 51,200,000 basic shares; 58,394,160 fully diluted), 3.8 (Litigation), 3.10 (Intellectual Property — 187 issued U.S. patents, 43 pending applications), 3.14 (Material Contracts), and related schedules | Whitfield, Prager & Loomis LLP (Catherine Whitfield) | Halcyon / Calderwood & Harkness LLP | August 10, 2023 | Delivered | Original | Reviewed and commented on by Derek Okonkwo and Tiffany Rosenthal; final version delivered at signing reflects agreed supplements
3 | Principal Transaction Documents | Voting and Support Agreement | Voting and Support Agreement among Halcyon Semiconductor AG and Dr. Anand Raghavan (18.2%), Granite Peak Ventures Fund IV, L.P. (22.7%), and Nordhaven Capital Partners III, L.P. (14.5%) — collectively ~55.4% of Vectris outstanding shares; commitment to vote in favor of the Merger and against competing proposals; includes transfer restrictions and no-solicitation covenants | Calderwood & Harkness LLP / Whitfield, Prager & Loomis LLP | All signatories | August 10, 2023 | Executed | Original — multiple counterparts | Signed by Dr. Anand Raghavan individually, Rhys Calloway on behalf of Granite Peak Ventures Fund IV, L.P. (via Granite Peak Ventures Management IV, LLC as GP), and Simone Achterberg on behalf of Nordhaven Capital Partners III, L.P. (via Nordhaven Capital GP III, LLC as GP)
4 | Principal Transaction Documents | Escrow Agreement | Escrow Agreement among Halcyon Semiconductor AG, Vectris Photonics, Inc., and Ironclad National Bank, N.A. (escrow agent); $40,000,000 escrow fund (5% of $800M deal value) for indemnification claims; 18-month holdback period post-closing; governed by Delaware law | Calderwood & Harkness LLP (Derek Okonkwo) | All parties; Ironclad National Bank, N.A. (Thomas Hargreaves, Escrow Officer) | August 10, 2023 | Executed | Original — 3 counterparts | Escrow agent fees and account details set forth in Exhibit A to the Escrow Agreement; indemnification cap of $120,000,000 (15% of deal value) referenced in recitals
5 | Legal Opinions | Legal Opinion of Calderwood & Harkness LLP (Acquirer's Counsel) | Opinion letter addressed to Vectris Photonics, Inc. and Whitfield, Prager & Loomis LLP re: (i) due organization and valid existence of Halcyon Semiconductor AG, (ii) due incorporation and good standing of Halcyon Acquisition Sub, Inc. (DE File No. 7634291) in Delaware, (iii) due authorization, execution, delivery, and enforceability of the Merger Agreement and ancillary documents by Halcyon and Merger Sub, subject to customary assumptions, qualifications, and exceptions | Calderwood & Harkness LLP (Oliver Mackenzie) | Vectris Photonics, Inc. / Whitfield, Prager & Loomis LLP | August 10, 2023 | Delivered | Original | Signed by Oliver Mackenzie; addresses New York and Delaware law matters; does not address German corporate law (separate opinion from German counsel, if any)
6 | Legal Opinions | Legal Opinion of Whitfield, Prager & Loomis LLP (Target's Counsel) | Opinion letter addressed to Halcyon Semiconductor AG and Calderwood & Harkness LLP re: due organization, authorization, execution, delivery, and enforceability of the Merger Agreement by Vectris Photonics, Inc. (DE File No. 5918437) | Whitfield, Prager & Loomis LLP (Catherine Whitfield) | Halcyon / Calderwood & Harkness LLP | August 10, 2023 | Delivered | Original | Delaware and California law opinion; subject to standard qualifications
7 | Certificates — Acquirer | Secretary's Certificate of Halcyon Semiconductor AG | Certificate of the corporate secretary (or equivalent officer) of Halcyon Semiconductor AG certifying as to (i) incumbency and authority of officers executing the Merger Agreement and ancillary documents (Dr. Katarina Breuer, CEO; Markus Ellinger, CFO), (ii) resolutions of the Vorstand and Aufsichtsrat approving the Merger, and (iii) true and complete copies of organizational documents | Halcyon (Dr. Luisa Hartmann, General Counsel) | Vectris / Whitfield, Prager & Loomis LLP | August 10, 2023 | Delivered | Original | Attaches certified copies of Halcyon Satzung (articles of association) and Aufsichtsrat resolution dated June 5, 2023 (chaired by Prof. Dr. Friedrich Wendt) authorizing pursuit and execution of the transaction
8 | Certificates — Acquirer | Secretary's Certificate of Halcyon Acquisition Sub, Inc. | Certificate of the secretary of Halcyon Acquisition Sub, Inc. certifying as to (i) incumbency of Markus Ellinger as sole director, (ii) board resolutions authorizing execution of the Merger Agreement, (iii) certificate of incorporation (filed June 12, 2023, DE File No. 7634291), and (iv) bylaws | Halcyon / Calderwood & Harkness LLP | Vectris / Whitfield, Prager & Loomis LLP | August 10, 2023 | Delivered | Original | Merger Sub incorporated solely for purposes of the reverse triangular merger; registered agent: Pinnacle Corporate Services, Inc., 1209 Orange Street, Wilmington, DE 19801
9 | Certificates — Target | Secretary's Certificate of Vectris Photonics, Inc. | Certificate of the corporate secretary of Vectris Photonics, Inc. (Rebecca Lau, General Counsel & Corporate Secretary) certifying as to (i) incumbency and authority of officers executing the Merger Agreement (Dr. Anand Raghavan, CEO; Rebecca Lau, Secretary), (ii) resolutions of the Board of Directors approving the Merger, (iii) certificate of incorporation and bylaws | Vectris (Rebecca Lau) / Whitfield, Prager & Loomis LLP | Halcyon / Calderwood & Harkness LLP | August 10, 2023 | Delivered | Original | Attaches Vectris Board resolutions; Vectris Board members: Dr. Anand Raghavan (Chair), Margaret Sørensen, Julian Tate, David Kwon, Dr. Elena Mirescu, Rhys Calloway, Simone Achterberg
10 | Good Standing Certificates | Good Standing Certificate — Halcyon Acquisition Sub, Inc. (Delaware) | Certificate of Good Standing for Halcyon Acquisition Sub, Inc. from the Delaware Secretary of State | Calderwood & Harkness LLP (Tiffany Rosenthal) | Vectris / Whitfield, Prager & Loomis LLP | August 10, 2023 | Delivered | Certified copy | Dated within 5 business days of signing; DE File No. 7634291
11 | Good Standing Certificates | Good Standing Certificate — Vectris Photonics, Inc. (Delaware) | Certificate of Good Standing for Vectris Photonics, Inc. from the Delaware Secretary of State | Whitfield, Prager & Loomis LLP | Halcyon / Calderwood & Harkness LLP | August 10, 2023 | Delivered | Certified copy | Dated within 5 business days of signing; DE File No. 5918437; registered agent: Capitol Corporate Services, LLC, 800 N. King Street, Suite 400, Wilmington, DE 19801
12 | Good Standing Certificates | Good Standing Certificate — Vectris Photonics, Inc. (California) | Certificate of Good Standing / Certificate of Status for Vectris Photonics, Inc. from the California Secretary of State (foreign corporation qualification) | Whitfield, Prager & Loomis LLP | Halcyon / Calderwood & Harkness LLP | August 10, 2023 | Delivered | Certified copy | Vectris HQ: 4750 Ridgepoint Drive, Suite 300, San Jose, CA 95134
13 | Certificates — Acquirer | Form of Officer's Certificate of Halcyon Semiconductor AG (Closing Deliverable) | Form of Officer's Certificate to be delivered by Halcyon at closing, certifying bringdown of representations and warranties (no material adverse effect) and performance of covenants; prepared in blank for completion at closing | Calderwood & Harkness LLP (Derek Okonkwo) | To be delivered at closing to Vectris | August 10, 2023 (form agreed) | Executed as to Form | Draft / Form | Closing deliverable only; not yet executed in final; form attached as exhibit to Merger Agreement
14 | Certificates — Target | Form of Officer's Certificate of Vectris Photonics, Inc. (Closing Deliverable) | Form of Officer's Certificate to be delivered by Vectris at closing, certifying bringdown of representations and warranties and performance of covenants; prepared in blank for completion at closing | Whitfield, Prager & Loomis LLP | To be delivered at closing to Halcyon | August 10, 2023 (form agreed) | Executed as to Form | Draft / Form | Closing deliverable only; not yet executed in final
15 | Stockholder Consent | Form of Stockholder Written Consent — Vectris Photonics, Inc. | Form of Written Consent of the Stockholders of Vectris Photonics, Inc. for adoption of the Agreement and Plan of Merger and approval of the transactions contemplated thereby; for execution by stockholders holding a majority of outstanding shares | Calderwood & Harkness LLP (prepared for use by WPL) | Vectris stockholders / Whitfield, Prager & Loomis LLP | August 10, 2023 (form agreed) | Executed as to Form | Form | To be circulated to Vectris stockholders post-signing; Voting and Support Agreement signatories (collectively ~55.4%) expected to deliver promptly
16 | Financial Advisor Materials | Fairness Opinion — Clearwater Zanthor & Co., LLC | Fairness opinion delivered by Clearwater Zanthor & Co., LLC (Diane Okoro, Lead Managing Director) to the Board of Directors of Vectris Photonics, Inc. as to the fairness, from a financial point of view, of the $800,000,000 merger consideration to Vectris stockholders | Clearwater Zanthor & Co., LLC | Vectris Board of Directors | August 10, 2023 | Delivered | Copy received | Prepared for and addressed to Vectris Board; copy provided to Halcyon for information; Clearwater Zanthor office: 555 California Street, Suite 2800, San Francisco, CA 94104
17 | Financial Advisor Materials | Ridgeline Partners Engagement Confirmation | Confirmation of engagement of Ridgeline Partners LLC (Nathaniel Cross, Lead Managing Director) as financial advisor to Halcyon; advisory fee of 0.40% of deal value ($3,200,000) plus success fee of 0.10% ($800,000), total $4,000,000 if closed | Ridgeline Partners LLC | Halcyon / Calderwood & Harkness LLP | August 10, 2023 | Delivered | Copy | Ridgeline Partners, 383 Madison Avenue, 25th Floor, New York, NY 10179; Priya Narayanan (VP) on deal team
18 | Financing Documents | Commitment Letter — Meridian Atlantic Bank, N.A. | Commitment letter dated August 8, 2023, from Meridian Atlantic Bank, N.A. (Sandra Feeney, Lead Banker) as administrative agent and lead arranger for $500,000,000 senior secured term loan facility (364-day bridge); Term SOFR + 225 bps; ticking fee of 20 bps on undrawn after 90 days post-signing (Nov 8, 2023); balance of $300,000,000 from Halcyon cash on hand | Meridian Atlantic Bank, N.A. / Kalder & Eames LLP (Philip Strand) | Halcyon / Calderwood & Harkness LLP | August 8, 2023 | Executed (pre-signing) | Copy | Original executed August 8, 2023; copy delivered at signing; Meridian Atlantic Bank, 270 Park Avenue South, New York, NY 10003; financing counsel: Kalder & Eames LLP, 1 World Financial Center, Suite 3100, New York, NY 10281
19 | Financing Documents | Commitment Letter Summary and Analysis Memorandum — Calderwood & Harkness | C&H memorandum dated August 9, 2023 analyzing the Meridian Atlantic term loan commitment letter, including key terms, conditions precedent, flex provisions, and market-out; prepared by Derek Okonkwo for Oliver Mackenzie and Dr. Luisa Hartmann | Calderwood & Harkness LLP (Derek Okonkwo) | Halcyon (Dr. Luisa Hartmann) | August 9, 2023 | Delivered | Copy | Internal analysis; not a signing deliverable to Vectris but included in deal file
20 | Insurance | R&W Insurance Policy — Binder / Application | Representations and warranties insurance policy application and binder; policy limit: $120,000,000 (equal to indemnification cap, 15% of $800M deal value); premium: $3,360,000 (2.8% rate-on-line); broker: Atlas Transactional Insurance Group, Inc. (Martin Cavallo); carrier: Pinnacle Specialty Underwriters, Ltd. (Fiona Brennan), 30 St Mary Axe, London EC3A 8BF, United Kingdom | Atlas Transactional Insurance Group, Inc. / Pinnacle Specialty Underwriters, Ltd. | Halcyon / Calderwood & Harkness LLP | August 10, 2023 | Delivered | Copy | Final policy to be bound at closing; binder issued at signing; premium quoted but payable at closing
21 | Regulatory Filings — Preparatory | Draft HSR Act Premerger Notification Form (Halcyon Filing) | Draft HSR Notification and Report Form prepared by Howard Bellamy and Calderwood & Harkness antitrust team for filing by Halcyon with FTC/DOJ; filing date targeted for August 18, 2023 | Calderwood & Harkness LLP (Howard Bellamy) | FTC / DOJ | August 10, 2023 (draft finalized) | Pending Filing | Draft | To be filed August 18, 2023; filing fee applicable; NAICS codes and overlapping product markets (silicon photonics transceiver modules) included
22 | Regulatory Filings — Preparatory | Draft EUMR Form CO Notification (Sections) | Draft sections of European Commission Form CO notification prepared by C&H antitrust team; filing targeted for August 25, 2023 (Case M.11247); covers affected markets including co-packaged optics chiplets (~38% combined EEA share) | Calderwood & Harkness LLP (Howard Bellamy) | European Commission DG Competition | August 10, 2023 (draft in progress) | Pending Filing | Draft | To be filed August 25, 2023; combined EEA market share estimated at ~38%
23 | Organizational Documents — Acquirer | Certificate of Incorporation — Halcyon Acquisition Sub, Inc. | Certified copy of the Certificate of Incorporation of Halcyon Acquisition Sub, Inc. filed with the Delaware Secretary of State on June 12, 2023; DE File No. 7634291; registered agent: Pinnacle Corporate Services, Inc., 1209 Orange Street, Wilmington, DE 19801; sole incorporator and director: Markus Ellinger | Calderwood & Harkness LLP | Vectris / Whitfield, Prager & Loomis LLP | August 10, 2023 | Delivered | Certified copy | Originally filed June 12, 2023; attached to Secretary's Certificate of Merger Sub (Item 8)
24 | Organizational Documents — Target | Certificate of Incorporation — Vectris Photonics, Inc. | Certified copy of the Certificate of Incorporation (as amended) of Vectris Photonics, Inc.; DE File No. 5918437; registered agent: Capitol Corporate Services, LLC, 800 N. King Street, Suite 400, Wilmington, DE 19801 | Whitfield, Prager & Loomis LLP | Halcyon / Calderwood & Harkness LLP | August 10, 2023 | Delivered | Certified copy | Attached to Secretary's Certificate of Vectris (Item 9)
25 | Organizational Documents — Target | Bylaws — Vectris Photonics, Inc. | Certified copy of the current Bylaws of Vectris Photonics, Inc. | Whitfield, Prager & Loomis LLP | Halcyon / Calderwood & Harkness LLP | August 10, 2023 | Delivered | Certified copy | Attached to Secretary's Certificate of Vectris (Item 9)
26 | Organizational Documents — Acquirer | Satzung (Articles of Association) — Halcyon Semiconductor AG | Certified English translation of the Satzung of Halcyon Semiconductor Aktiengesellschaft; Munich commercial register HRB 178254 | Halcyon (Dr. Luisa Hartmann) | Vectris / Whitfield, Prager & Loomis LLP | August 10, 2023 | Delivered | Certified copy / translation | Attached to Secretary's Certificate of Halcyon (Item 7); Halcyon HQ: Halcyon-Platz 1, 81739 München, Germany
27 | Board Resolutions — Acquirer | Halcyon Aufsichtsrat Resolution — Approval of Acquisition (June 5, 2023) | Certified copy of the resolution of the Aufsichtsrat of Halcyon Semiconductor AG dated June 5, 2023, approving pursuit of the acquisition of Vectris for up to $800,000,000 and authorizing Dr. Katarina Breuer and Markus Ellinger to negotiate and execute definitive documentation; chaired by Prof. Dr. Friedrich Wendt | Halcyon (Dr. Luisa Hartmann) | Vectris / Whitfield, Prager & Loomis LLP | August 10, 2023 | Delivered | Certified copy | Attached to Secretary's Certificate of Halcyon (Item 7)
28 | Board Resolutions — Acquirer | Halcyon Vorstand Resolution — Approval of Merger Agreement | Certified copy of the resolution of the Vorstand of Halcyon Semiconductor AG approving the execution and delivery of the Merger Agreement and ancillary documents | Halcyon (Dr. Luisa Hartmann) | Vectris / Whitfield, Prager & Loomis LLP | August 10, 2023 | Delivered | Certified copy | Attached to Secretary's Certificate of Halcyon (Item 7)
29 | Board Resolutions — Acquirer | Halcyon Acquisition Sub, Inc. — Board Resolution Approving Merger | Written consent of Markus Ellinger as sole director of Halcyon Acquisition Sub, Inc. approving the execution and delivery of the Merger Agreement and the consummation of the Merger | Calderwood & Harkness LLP | Vectris / Whitfield, Prager & Loomis LLP | August 10, 2023 | Delivered | Certified copy | Attached to Secretary's Certificate of Merger Sub (Item 8)
30 | Board Resolutions — Target | Vectris Board Resolution — Approval of Merger Agreement and Recommendation | Certified copy of the resolutions of the Board of Directors of Vectris Photonics, Inc. (i) approving the Merger Agreement, (ii) declaring the Merger Agreement and the Merger advisable and fair to stockholders, (iii) recommending stockholder adoption, and (iv) approving the Escrow Agreement and Voting and Support Agreement | Whitfield, Prager & Loomis LLP (Catherine Whitfield) | Halcyon / Calderwood & Harkness LLP | August 10, 2023 | Delivered | Certified copy | Attached to Secretary's Certificate of Vectris (Item 9); Board: Dr. Anand Raghavan, Margaret Sørensen, Julian Tate, David Kwon, Dr. Elena Mirescu, Rhys Calloway, Simone Achterberg
31 | Ancillary Agreements | Exclusivity Agreement (Reference Copy) | Executed Exclusivity Agreement dated June 20, 2023, between Halcyon and Vectris providing for a 45-day exclusive negotiation period; governed by Delaware law; superseded in part by the Merger Agreement | Calderwood & Harkness LLP / Whitfield, Prager & Loomis LLP | Deal file | June 20, 2023 | Executed (reference) | Copy | Pre-signing document; retained in signing binder for reference
32 | Auditor Letters | Vectris Auditor Bring-Down Comfort Letter | Comfort letter or bring-down letter from Linden Ross & Co., LLP (Christine Park, Lead Engagement Partner) with respect to Vectris financial statements; 50 Fremont Street, Suite 1600, San Francisco, CA 94105 | Linden Ross & Co., LLP | Halcyon / Calderwood & Harkness LLP | August 10, 2023 | Delivered | Original | Covers FY2022 financials (revenue $312M, EBITDA $74M) and interim periods
33 | Ancillary Agreements | Non-Competition and Non-Solicitation Agreement (Form) | Form of Non-Competition and Non-Solicitation Agreement for Vectris founders (including Dr. Anand Raghavan); 3-year post-closing restriction period; to be executed at closing | Calderwood & Harkness LLP (Tiffany Rosenthal) | To be executed by Vectris founders at closing | August 10, 2023 (form agreed) | Executed as to Form | Form | Closing deliverable; 3-year non-compete period for Vectris founders post-closing
34 | Notices and Communications | Press Release — Joint Announcement of Merger Agreement | Joint press release issued by Halcyon Semiconductor AG and Vectris Photonics, Inc. announcing the execution of the definitive Agreement and Plan of Merger; $800,000,000 all-cash transaction; ~39.5% premium to unaffected price ($9.82 on May 19, 2023) | Halcyon / Vectris (joint, with counsel review) | Public | August 10, 2023 | Issued | Final | Reviewed and approved by both Calderwood & Harkness LLP and Whitfield, Prager & Loomis LLP; references Halcyon FSE: HSAG and Nasdaq: HCYN (ADR); Vectris CUSIP 92553P108
35 | Key Deal Terms Summary | Deal Term Sheet / Summary of Key Terms (Internal) | Internal summary of key merger terms: aggregate consideration $800M; per-share price ~$13.70 (58,394,160 fully diluted shares); reverse break-up fee 3.5% ($28M); target termination fee 3.0% ($24M); indemnification cap 15% ($120M); escrow 5% ($40M); no-shop with fiduciary-out; MAE carveout for changes in law; Outside Date March 10, 2024 (90-day auto-extension to June 10, 2024 if antitrust sole unsatisfied condition); Section 8.1(d) antitrust termination right; financing: $500M Meridian Atlantic term loan + $300M Halcyon cash | Calderwood & Harkness LLP (Derek Okonkwo / Tiffany Rosenthal) | Internal deal file | August 10, 2023 | Final | Internal reference | Implied EV/Revenue ~2.6x; implied EV/EBITDA ~10.8x; Vectris ~1,450 employees
[sheet: Contact Directory]
Role | Entity | Key Contact | Title | Address | Email Placeholder
Acquirer | Halcyon Semiconductor Aktiengesellschaft | Dr. Katarina Breuer | CEO | Halcyon-Platz 1, 81739 München, Germany | [email]
Acquirer — General Counsel | Halcyon Semiconductor AG | Dr. Luisa Hartmann | General Counsel | Halcyon-Platz 1, 81739 München, Germany | [email]
Acquirer — CFO | Halcyon Semiconductor AG | Markus Ellinger | CFO; Sole Director, Merger Sub | Halcyon-Platz 1, 81739 München, Germany | [email]
Acquirer — Supervisory Board Chair | Halcyon Semiconductor AG | Prof. Dr. Friedrich Wendt | Chair, Aufsichtsrat | Halcyon-Platz 1, 81739 München, Germany | [email]
Merger Sub | Halcyon Acquisition Sub, Inc. | Markus Ellinger | Sole Director | c/o Pinnacle Corporate Services, Inc., 1209 Orange Street, Wilmington, DE 19801 | [email]
Target — CEO | Vectris Photonics, Inc. | Dr. Anand Raghavan | Founder, CEO, Board Chair | 4750 Ridgepoint Drive, Suite 300, San Jose, CA 95134 | [email]
Target — COO | Vectris Photonics, Inc. | Margaret Sørensen | President & COO | 4750 Ridgepoint Drive, Suite 300, San Jose, CA 95134 | [email]
Target — CFO | Vectris Photonics, Inc. | Julian Tate | CFO | 4750 Ridgepoint Drive, Suite 300, San Jose, CA 95134 | [email]
Target — General Counsel | Vectris Photonics, Inc. | Rebecca Lau | General Counsel & Corporate Secretary | 4750 Ridgepoint Drive, Suite 300, San Jose, CA 95134 | [email]
Acquirer's Counsel | Calderwood & Harkness LLP | Oliver Mackenzie | Responsible Partner, M&A | 599 Lexington Avenue, 38th Floor, New York, NY 10022 | [email]
Acquirer's Counsel | Calderwood & Harkness LLP | Harrison Wexford | Billing Partner, M&A | 599 Lexington Avenue, 38th Floor, New York, NY 10022 | [email]
Acquirer's Counsel (Antitrust) | Calderwood & Harkness LLP | Howard Bellamy | Specialist Partner, Antitrust | 1333 New Hampshire Avenue NW, Suite 700, Washington, DC 20036 | [email]
Acquirer's Counsel | Calderwood & Harkness LLP | Derek Okonkwo | Lead Associate, M&A | 599 Lexington Avenue, 38th Floor, New York, NY 10022 | [email]
Acquirer's Counsel | Calderwood & Harkness LLP | Tiffany Rosenthal | Working Associate, M&A | 599 Lexington Avenue, 38th Floor, New York, NY 10022 | [email]
Target's Counsel | Whitfield, Prager & Loomis LLP | Catherine Whitfield | Lead M&A Partner | 2600 Sand Hill Road, Suite 250, Menlo Park, CA 94025 / 51 West 52nd Street, New York, NY 10019 | [email]
Target's Counsel (Antitrust) | Whitfield, Prager & Loomis LLP | Douglas Prager | Antitrust Partner | 51 West 52nd Street, New York, NY 10019 | [email]
Acquirer's Financial Advisor | Ridgeline Partners LLC | Nathaniel Cross | Lead Managing Director | 383 Madison Avenue, 25th Floor, New York, NY 10179 | [email]
Target's Financial Advisor | Clearwater Zanthor & Co., LLC | Diane Okoro | Lead Managing Director | 555 California Street, Suite 2800, San Francisco, CA 94104 | [email]
Escrow Agent | Ironclad National Bank, N.A. | Thomas Hargreaves | Escrow Officer | One Liberty Plaza, 165 Broadway, New York, NY 10006 | [email]
Financing Source | Meridian Atlantic Bank, N.A. | Sandra Feeney | Lead Banker | 270 Park Avenue South, New York, NY 10003 | [email]
Financing Counsel | Kalder & Eames LLP | Philip Strand | Lead Partner (Finance) | 1 World Financial Center, Suite 3100, New York, NY 10281 | [email]
Acquirer's Auditor | Thornbury Wight LLP | Gavin Ashmore | Lead Engagement Partner | Theatinerstraße 15, 80333 München / 7 Times Square, New York, NY 10036 | [email]
Target's Auditor | Linden Ross & Co., LLP | Christine Park | Lead Engagement Partner | 50 Fremont Street, Suite 1600, San Francisco, CA 94105 | [email]
R&W Insurance Broker | Atlas Transactional Insurance Group, Inc. | Martin Cavallo | Broker Contact | [address] | [email]
R&W Insurance Carrier | Pinnacle Specialty Underwriters, Ltd. | Fiona Brennan | Underwriter Contact | 30 St Mary Axe, London EC3A 8BF, United Kingdom | [email]
Significant Shareholder (Target) | Granite Peak Ventures Fund IV, L.P. | Rhys Calloway | Managing Partner; Vectris Board Designee | 3000 El Camino Real, Suite 400, Palo Alto, CA 94306 | [email]
Significant Shareholder (Target) | Nordhaven Capital Partners III, L.P. | Simone Achterberg | Managing Partner; Vectris Board Designee | Keizersgracht 452, 1016 GD Amsterdam, Netherlands | [email]
Significant Shareholder (Target) | Stonebridge Institutional Investors, L.P. | Kenneth Morita | Portfolio Manager (Semiconductors) | 200 Clarendon Street, 42nd Floor, Boston, MA 02116 | [email]
Acquirer's DE Registered Agent | Pinnacle Corporate Services, Inc. | — | — | 1209 Orange Street, Wilmington, DE 19801 | —
Target's DE Registered Agent | Capitol Corporate Services, LLC | — | — | 800 N. King Street, Suite 400, Wilmington, DE 19801 | —
[sheet: Key Deal Parameters]
Parameter | Value | Notes / Reconciliation
Transaction Type | Reverse Triangular Merger (DGCL) | Merger Sub merges with and into Vectris; Vectris survives as wholly owned subsidiary of Halcyon
Aggregate Equity Consideration | $800,000,000 | All cash
Vectris Basic Shares Outstanding | 51,200,000 | Common shares
Vectris In-the-Money Options/RSUs | 7,194,160 | Shares underlying options and RSUs
Vectris Fully Diluted Shares | 58,394,160 | 51,200,000 + 7,194,160
Per-Share Merger Consideration | ~$13.70 | $800,000,000 ÷ 58,394,160 = $13.6996
Unaffected Share Price (May 19, 2023) | $9.82 | Closing price on last unaffected trading day
Premium to Unaffected Price | ~39.5% | ($13.70 - $9.82) / $9.82
Implied EV/Revenue (FY2022) | ~2.6x | $800M ÷ $312M revenue
Implied EV/EBITDA (FY2022) | ~10.8x | $800M ÷ $74M EBITDA
Vectris FY2022 Revenue | $312,000,000
Vectris FY2022 EBITDA | $74,000,000
Halcyon FY2022 Revenue | €6,800,000,000
Halcyon Market Cap (at signing) | ~€22,400,000,000
Financing — Meridian Atlantic Term Loan | $500,000,000 | Senior secured; 364-day bridge; Term SOFR + 225 bps
Financing — Halcyon Cash on Hand | $300,000,000 | $800M - $500M
Ticking Fee | 20 bps on undrawn | Begins Nov 8, 2023 (90 days post-signing)
Reverse Break-Up Fee (Acquirer) | $28,000,000 | 3.5% of $800M
Target Termination Fee | $24,000,000 | 3.0% of $800M
Indemnification Cap | $120,000,000 | 15% of $800M
Escrow Amount | $40,000,000 | 5% of $800M; 18-month holdback; Ironclad National Bank escrow agent
R&W Insurance Policy Limit | $120,000,000 | Equal to indemnification cap; 2.8% rate-on-line; premium $3,360,000
No-Shop Provision | Yes — effective from signing (Aug 10, 2023) | Subject to fiduciary-out for bona fide unsolicited Superior Proposals
MAE Carveout — Changes in Law | Yes | Specifically negotiated additional carveout
Non-Compete (Vectris Founders) | 3 years post-closing
Outside Date | March 10, 2024 | 180 days post-signing; auto-extension of 90 days to June 10, 2024 if antitrust sole unsatisfied condition
Section 8.1(d) Antitrust Termination Right | Available | Failure to obtain required antitrust approvals by Outside Date
Governing Law | Delaware | Merger Agreement
Halcyon Tickers | FSE: HSAG / Nasdaq: HCYN (ADR) | ISIN: US40582R1095
Vectris CUSIP | 92553P108 | Common stock
C&H Engagement No. | 1032-00005
Ridgeline Advisory Fee (Base) | $3,200,000 | 0.40% of $800M
Ridgeline Success Fee | $800,000 | 0.10% of $800M; total $4,000,000 if closed
Vectris Employees | ~1,450
Vectris U.S. Patents (Issued) | 187
Vectris U.S. Patents (Pending) | 43
Combined U.S. Market Share (DOJ Theory) | ~47% | Halcyon 19% + Vectris 28%; silicon photonics transceiver modules
Combined EEA Market Share (EC Theory) | ~38% | Co-packaged optics chiplets

[sheet: Signing Checklist]

Record

Parties

Dates

Amounts