<PAGE>

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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                               ----------------

                                  FORM 10-K/A

(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

    For the fiscal year ended March 31, 2000.

                                       OR

[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

    For the transition period from               to               .

                        Commission file number 001-14165

                               ----------------

                                IXYS CORPORATION
             (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                            <C>
                  Delaware                                      770140882-5
       (State or other jurisdiction of                       (I.R.S. Employer
       incorporation or organization)                       identification No.)
</TABLE>

             3540 Bassett Street Santa Clara, California 95054-2704
             (Address of principal executive offices and zip code)

                                 (408) 982-0700
              (Registrant's telephone number, including area code)

                               ----------------

          Securities registered pursuant to Section 12(b) of the Act:

<TABLE>
<CAPTION>
             Title of each class                 Name of each exchange on which registered
             -------------------                 -----------------------------------------


<S>                                            <C>
                    None
</TABLE>

          Securities registered pursuant to Section 12(g) of the Act:
                                (Title of class)

                          Common Stock, $.01 par value

                               ----------------

   Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 13 of 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [_]

   Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendments to this Form 10-K. Yes [X] No [_]

   The aggregate market value of the voting stock held by non-affiliates of the
registrant as of June 30, 2000 was approximately $159,443,614.75.* The number
of shares of the Registrant's Common Stock outstanding as of June 30, 2000 is
12,178,383.
--------
*  Based on a closing price of $53.375 per share of the Registrants' Common
   Stock on June 30, 2000 held by executive officers, directors and
   stockholders whose ownership exceeds 5% of the Common Stock outstanding at
   June 30, 2000. Exclusion of such shares should not be construed to indicate
   that any such person possesses the power, direct or indirect, to direct or
   cause the direction of the management or policies of the of the registrant
   or that such person is controlled by or under common control with the
   Registrant.

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE>

                           ANNUAL REPORT ON FORM 10-K

                    FOR THE FISCAL YEAR ENDED MARCH 31, 2000

                               TABLE OF CONTENTS

<TABLE>
<S>                                                                        <C>
PART I

ITEM 1.BUSINESS...........................................................   1

PART II

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS.............................................   2

ITEM 8.FINANCIAL STATEMENTS...............................................   5

PART III

ITEM 11. EXECUTIVE COMPENSATION...........................................   7

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS...................  10

PART IV

ITEM 14.EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 10-
 K........................................................................  11
</TABLE>
<PAGE>

                                     PART I

ITEM 1.BUSINESS

   The first sentence of the first paragraph under the heading "Other Products"
is hereby amended and restated to read in its entirety:

     "IXYS markets its proprietary DCB (direct copper bond) substrates to a
  variety of customers, including those in the power semiconductor industry,
  and uses DCB in the manufacturing of its modules."

                                       1
<PAGE>

                                    PART II

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

Overview

   IXYS was founded in 1983 to design, develop and market power semiconductors
used primarily in controlling energy in motor drives and power conversion.
IXYS' target market includes segments of the power semiconductor market that
require medium to higher power semiconductors, with a particular emphasis on
higher power semiconductors, which are those capable of processing greater than
500 watts of power.

   IXYS has been an innovator in power MOS semiconductor products and
technologies since its inception. IXYS pioneered the high voltage, high current
MOSFET and IGBT technologies and was the industry's first developer and
manufacturer of a 1,000 volt, 100 amp IGBT, which has proven to be superior in
reliability and performance to traditional bipolar Darlington transistors.

   In 1989, IXYS acquired from ABB AG its semiconductor operation in
Lampertheim, Germany. Now called IXYS Semiconductor GmbH, the power
semiconductor operation in Lampertheim is recognized for pioneering work in DCB
packaging technology. The group also developed a line of FREDs that
significantly reduce energy losses in motor control and UPS applications. IXYS
Semiconductor GmbH provides IXYS with a strong foothold in the European Union
("EU") and positions IXYS to take advantage of tariff and import incentives to
EU-based entities.

   In January 1993, in answer to continuing operational losses, IXYS underwent
a reorganization of its upper level management structure. Subsequent cost
cutting in its US operations as well as in its Lampertheim facility allowed
IXYS to operate more efficiently and achieve profitability.

   In 1995, IXYS reincorporated in Delaware. Also in 1995, ABB AG converted
approximately $10.5 million in debt owed to it by IXYS into IXYS Series B
Preferred Stock.

   In January 1998, IXYS completed the purchase of the Lampertheim facility
previously leased from ABB AG. This facility is approximately 170,000 square
feet and houses IXYS' Lampertheim offices and manufacturing operations. ABB AG
leases some office space in this facility. IXYS feels that the Lampertheim
facility is sufficient to serve its needs in the module and bipolar product
lines at least through fiscal 2001.

   On September 23, 1998, IXYS Corporation merged with Paradigm, a Delaware
corporation that designs and markets fast SRAM products, in a transaction
accounted for as a reverse merger. In the merger, Paradigm issued 11,513,821
shares of its common stock in exchange for all outstanding shares of IXYS
Corporation capital stock. At the conclusion of the merger, IXYS Corporation
stockholders held approximately 96% of the combined company, and the historic
accounting records of IXYS Corporation became those of the combined company.
Accordingly, Paradigm formally changed its name to "IXYS Corporation."

Results of Operations--Years Ended March 31, 2000 and March 31, 1999

   Net Revenue. IXYS' net revenues for fiscal 2000 were $76.6 million, a 15.2%
increase from revenues of $66.5 million in 1999. The increase is primarily
related to approximately a 7% increase in units shipped in 2000 as compared to
1999, and approximately 8% increase in average selling prices. International
net revenue represents $47.6 million for fiscal 2000 or 62% of total net
revenue as compared to $42.8 million for fiscal 1999 or 65% of net revenue.

   Gross Margin. IXYS' gross margin was 36% in 2000 as compared to 32% in 1999.
The increase was primarily due to higher average selling prices and greater
revenue earned during the year. Gross margin for products sold by IXYS' German
division for fiscal 2000 was 24% as compared to 22% in 1999. Gross margin for
products sold by IXYS' domestic division for fiscal 2000 was 41% as compared to
34% in fiscal 1999.

                                       2
<PAGE>

   Research, Development and Engineering ("R&D"). For fiscal 2000, R&D was $4.7
million or 6.1% of net revenues as compared to $4.2 million or 6.3% of net
revenues, for fiscal 1999. The R&D expenses increase was due to higher
engineering headcount in fiscal 2000 and an increase in the number of R&D
projects.

   Selling, General, Administrative Expenses ("SG&A"). For the fiscal year
2000, SG&A was $11.5 million (14.9% of net sales) as compared to $20.3 million
(30.4% of net sales) in fiscal year 1999. The decrease reflects $10.4 million,
amortization and writeoff of goodwill related to the acquisition of Paradigm in
fiscal 1999.

   Interest Expense. During fiscal 2000, interest expense was $417,000 as
compared to $993,000 in fiscal 1999. The decrease in interest expense is due to
lower interest rates for the year as well as repayment of loans throughout
fiscal 2000.

   Other Income (Expense), Net. Other income (expense) fiscal in 2000 was
$(199,000) as compared to $669,000 in 1999.

   Provision/Benefit For Income Taxes. The 2000 provision for income taxes
reflects an effective tax rate of 36% in 2000, as compared to the 1999
provision for an effective income tax rate of 29% (excluding the effect of non-
deductible write-off in connection with the acquisition of Paradigm).

Results of Operations--Years Ended March 31, 1999 and March 31, 1998

   Net Revenue. IXYS' net revenues for fiscal 1999 were $66.5 million, a 17.0%
increase from revenues of $56.9 million in 1998. The increase is primarily
related to approximately a 39% increase in units shipped in 1999 as compared to
1998, offset by approximately 16% decrease in average selling prices.
International net revenue represents $42.8 million for fiscal 1999 or 65% of
total net revenue as compared to $35.8 million for fiscal 1998 or 63% of net
revenue.

   Gross Margin. IXYS' gross margin for 1999 was 32% in 1999 as compared to 33%
in 1998. The decrease in gross margin is due to average selling prices which,
in response to competition, declined at a somewhat faster rate than IXYS'
ability to reduce its cost of goods sold. Gross margin for products sold by
IXYS' German division for 1999 was 22% as compared to 25% in 1998. Gross margin
for products sold by IXYS' domestic division for 1999 was 34% as compared to
42% in 1998.

   Research, Development and Engineering ("R&D"). For the fiscal year ended
1999 R&D was $4.2 million or 6.3% of net revenues as compared to $3.3 million
or 5.8% of net revenues, for fiscal year 1998. R&D expenses increase was due to
higher engineering headcount in 1999.

   Selling, General, Administrative Expenses ("SG&A"). For the fiscal year
1999, SG&A was $20.3 million (30.4% of net sales) as compared to $8.4 million
(14.7% of net sales) in fiscal year 1998. The increase reflects $10.4 million,
amortization and writeoff of goodwill related to the acquisition of Paradigm or
15.6% of net sales. SG&A excluding the amortization and writeoff of goodwill
related to the acquisition of Paradigm was $9.9 million, or 14.8% of net sales.

   Interest Expense.  During 1999, interest expense was $993,000 as compared to
$431,000 compared to in 1998. The increase in interest expense is due to higher
average borrowings in 1999 as compared to 1998.

   Other Income (Expense), Net. Other income (expense) in fiscal 1999 was
$669,000 as compared to $3.5 million in fiscal 1998, which included $3.7
million attributable to the settlement of the patent claim made by Harris
Corporation.

                                       3
<PAGE>

Liquidity and Capital Resources

   IXYS has financed its operations to date through the private sale of equity,
lease financing and bank borrowings. As of March 31, 2000, the cash and cash
equivalents were $9.5 million, an increase of $2.4 million from cash and cash
equivalents of $7.1 million at March 31, 1999. The increase in cash and cash
equivalents was primarily due to net income.

   There are two line of credit facilities available to IXYS. In the United
States, IXYS has a line of credit with a U.S. bank that consists of a $5.0
million commitment amount which is available through December 2000. The line
bears interest at the bank's prime rate (9.0% at March 31, 2000). The line is
collateralized by certain assets and contains certain general and financial
covenants. At March 31, 2000, we had drawn $2.1 million against such line of
credit.

   In Germany, IXYS has two lines of credit with German banks that, as of March
31, 2000, consisted of:

  .  DM 1.5 million ($734,574) commitment amount with an outstanding balance
     of DM 1.5 million ($734,574), bearing interest at 3.5% at March 31,
     2000. This line of credit is secured by compensating balances.

  .  DM 5.0 million ($2.5 million) commitment amount without any outstanding
     balance. This line supports a letter of credit facility.

   The accounts receivable at March 31, 2000 were $16.9 million, an increase of
43.7% as compared to March 31, 1999. The inventories at March 31, 2000 were
$21.4 million, an increase of 6.5% as compared to March 31, 1999. Net plant and
equipment at March 31, 2000 were $10.2 million, a decrease of 9.7% as compared
to March 31, 1999.

   IXYS evaluates the acquisition of businesses, products or technologies that
complement IXYS' business. Any such transactions, if consummated, may use a
portion of IXYS' working capital or require the issuance of equity securities,
which may result in further dilution to IXYS' stockholders.

   IXYS believes that cash generated from operations, if any, and banking
facilities will be sufficient to meet its cash requirements through fiscal
2001. To the extent that funds generated from operations, together with bank
facilities are insufficient to meet its capital requirements, IXYS will be
required to raise additional funds. No assurance can be given that additional
financing will be available on acceptable terms. The lack of such financing if
needed, would have a material adverse effect on IXYS' business, financial
condition and results of operations.

New Accounting Standards

   In June 1998, the Financial Accounting Standards Board ("FASB") issued SFAS
No. 133. "Accounting for Derivative Instruments and Hedging Activities." The
Statement will require us to recognize all derivatives on the balance sheet at
fair value. SFAS No. 133 requires that derivative instruments used to hedge be
identified specifically as to assets, liabilities, firm commitments or
anticipated transactions and measured as to effectiveness and ineffectiveness
when hedging changes in fair value or cash flows. Derivative instruments that
do not qualify as either a fair value or cash flow hedge will be valued at fair
value with the resultant gain or loss recognized in current earnings. Changes
in the effective portion of fair value hedges will be recognized in current
earnings along with the change in fair value of the hedged item. Changes in the
effective portion of the fair value of cash flow hedges will be recognized in
other comprehensive income until realization of the cash flows of the hedged
item through current earnings. Any ineffective portion of hedges will be
recognized in current earnings.

   In June 1999, the FASB issued SFAS No. 137, "Deferral of the Effective Date
of FASB Statement No. 133," to defer for one year the effective date of
implementation of SFAS No. 133. SFAS No. 133, as amended by SFAS No. 137, is
effective for fiscal years beginning after June 15, 2000, with earlier
application

                                       4
<PAGE>

encouraged. We are in the process of evaluating the requirements of SFAS Nos.
133, but do not expect this pronouncement to materially impact our financial
position or results of operations.

   In December 1999, the SEC issued Staff Accounting Bulletin No. 101 ("SAB
101"), "Revenue Recognition in Financial Statements." SAB 101 summarizes
certain of the SEC's views in applying generally accepted accounting principles
to revenue recognition in financial statements. In March 2000, the SEC issued
SAB No. 101A, to defer for one quarter the effective date of implementation of
SAB No. 101 with earlier application encouraged. We do not expect the adoption
of SAB 101 to have a material effect on our financial position or results of
operations.

   In March 2000, The Financial Accounting Standards Board ("FAB") issued FASB
interpretation No. 44 "Accounting for Certain Transactions Involving Stock
Compensation an interpretation of APB Opinion No. 25." This interpretation has
provisions that are effective on staggered dates, some of which began after
December 15, 1998 and others that become effective after June 30, 2000. The
adoption of this interpretation did not and will not have a material impact on
the financial statements.

Year 2000 Conversion

   IXYS has not experienced any known material adverse impacts on our current
products, internal information systems, and non-information technology systems
(equipment and systems) as a result of the Year 2000 issue. IXYS made capital
expenditures and incurred related expenses of approximately $330,000 to prepare
ourselves for the Year 2000 conversion. No system projects were deferred in
relation to the Year 2000 issue.

ITEM 8. FINANCIAL STATEMENTS

                                IXYS CORPORATION

                         INDEX TO FINANCIAL STATEMENTS

                                    CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
Audited Financial Statements
  Consolidated Statement of Comprehensive Income...........................   6
</TABLE>

                                       5
<PAGE>

                                IXYS CORPORATION

                 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                 (in thousands)

<TABLE>
<CAPTION>
                                                        Year Ended March 31,
                                                        -----------------------
                                                         1998    1999     2000
                                                        ------  -------  ------
<S>                                                     <C>     <C>      <C>
Net income............................................  $6,084  $(5,238) $6,899
Other comprehensive income, net of tax:
  Foreign currency translation adjustments............    (540)     405  (1,167)
                                                        ------  -------  ------
  Comprehensive income................................  $5,544  $(4,833) $5,732
                                                        ------  -------  ------
</TABLE>

                                       6
<PAGE>

                                    PART III

ITEM 11. EXECUTIVE COMPENSATION

Director And Executive Compensation

   Directors currently receive no cash compensation from IXYS for their
services as members of the IXYS Board, but are reimbursed for certain expenses
in connection with attendance at IXYS Board and Committee meetings. IXYS' 2000
Non-Employee Directors' Equity Incentive Plan (the "Directors' Plan"),
effective during fiscal 2000, provides for the grant of options to non-employee
directors pursuant to a discretionary grant mechanism administered by the IXYS
Board. These options vest over a period of time, to be determined in each case
by the IXYS Board, so long as the optionee remains a non-employee director of
IXYS.

   The following table sets forth certain compensation awarded or paid by IXYS
during the fiscal year ended March 31, 2000 to its President and Chief
Executive Officer and IXYS' other executive officers who earned more than
$100,000 during the fiscal year ended March 31, 2000 (collectively, the Named
Executive Officers):

                           Summary Compensation Table

<TABLE>
<CAPTION>
                              Annual
                           Compensation
                          ---------------
                                                                         Securities
Name and Principal                                       Other Annual    Underlying    All Other
Position                  Year Salary($)  Bonus($)(1) Compensation($)(2) Options(#) Compensation($)
------------------        ---- ---------- ----------- ------------------ ---------- ---------------
<S>                       <C>  <C>        <C>         <C>                <C>        <C>
Nathan Zommer...........  2000 357,420(3)   124,300         15,605        240,000       2,110(4)
  President and Chief     1999 200,004      257,700         16,597         31,300      11,607(5)
  Executive Officer       1998 200,004      267,800         18,710            --        2,200(4)

Arnold Agbayani.........  2000 189,190(3)    48,000         12,693         20,000       2,830(4)
  Vice President,         1999 128,004      171,600         15,238         17,400      10,229(6)
  Finance and             1998 128,004      171,600         12,839            --        2,830(4)
  Administration, Chief
  Financial Officer and
  Secretary

Richard Fassler(7)......  2000 111,907       43,013            --          70,000         --
  Former Vice President,  1999 100,848       28,411          7,800          7,000         --
  Sales and Marketing     1998  90,250       41,405          7,800            --          --

Peter Ingram............  2000 154,578       19,294          1,752         90,000         --
  Vice President,         1999 153,961       25,851          6,893         12,200         --
  European Operations     1998 151,483          --           6,373            --          --

Kevin McDonough(8)......  2000 120,346        3,000            --         120,000         --
  Vice President, U.S.    1999 110,822        3,000            --           4,300         --
  Operations              1998  23,692        2,000          1,800            --          --
</TABLE>
--------
(1)Represents annual bonus earned for performance in the specified fiscal year.

(2)Represents car allowance.

(3)Includes retroactive payments made during fiscal year 2000 attributable to
  base salary increases in fiscal year 1999.

(4)Represents premiums paid for group term life insurance.

(5)Includes $2,110 premiums paid for group term life insurance and $9,497 tax
  gross-up paid by us.

(6)Includes $2,830 premiums paid for group term life insurance and $7,399 tax
  gross-up paid by us.

(7)Mr. Fassler left our company in January 2000.

(8)Mr. McDonough joined us in January 1998.

                                       7
<PAGE>

                       Option Grants In Last Fiscal Year

<TABLE>
<CAPTION>
                                                                         Potential
                                                                    Realizable Value at
                                                                      Assumed Annual
                            # of    # of Total                        Rates of Stock
                         Securities  Options                        Price Appreciation
                         Underlying Granted in Exercise                for Term (3)
                          Options     Fiscal   Price Per Expiration -------------------
          Name            Granted    Year (1)  Share (2)    Date       5%       10%
          ----           ---------- ---------- --------- ---------- -------- ----------
<S>                      <C>        <C>        <C>       <C>        <C>      <C>
Nathan Zommer...........  240,000      16.3%    $4.675    11/18/09  $706,860 $1,783,980
 President and Chief
 Executive Officer

Arnold Agbayani.........   20,000       1.4       4.25    11/18/09    53,550    135,150
 Secretary, Vice
 President, Finance and
 Administration

Richard Fassler.........   70,000       4.8       4.25    11/18/00   187,425    473,025
 Former Vice President,
 Sales and Marketing

Peter H. Ingram.........   30,000       2.0       4.25    11/18/09    80,325    202,725
 Vice President,           34,628       2.4       7.25     1/20/10   158,163    399,174
 European Operations       25,372       1.7       7.25     1/20/10   115,886    292,475

Kevin McDonough.........   35,000       2.4       4.25    11/18/09    93,712    236,512
 Vice President, U.S.      35,002       2.4       7.25     1/20/10   159,871    403,485
 Operations                49,998       3.4       7.25     1/20/10   228,365    576,351
</TABLE>
--------
(1.) Based on an aggregate of 1,470,000 options granted to employees and
     consultants of IXYS in fiscal 2000 including the Named Executive Officers.
(2.)  Exercise prices are equal to the closing price of IXYS Common Stock on
      the Nasdaq Small Cap Market on the date of grant, except Mr. Zommer's
      option was priced 10% above such closing price.
(3.) The potential realizable value is calculated based on the term of the
     option at its time of grant (10) years and is calculated by assuming that
     the stock price on the date of grant appreciates at the indicated annual
     rate compounded annually for the entire term of the option and that the
     option is exercised and sold on the last day of its term for the
     appreciated price. The 5% and 10% assumed rates of appreciation are
     derived from the rules of the Securities and Exchange Commission and do
     not represent our estimate or projection of the future IXYS Common Stock
     price.

                                       8
<PAGE>

Aggregated Option Exercises in Last Fiscal Year and Fiscal Year-End Option
Values

   The following table sets forth information with respect to the number of
securities underlying unexercised options held by the Named Executive Officers
as of March 31, 2000 and the value of unexercised in-the-money options as of
March 31, 2000:

<TABLE>
<CAPTION>
                         Number of                Number of Securities     Value of Unexercised In-The
                          Shares                 Underlying Unexercised    Money Options at March 31,
                         Acquired               Options at March 31, 2000           2000 (2)
                            On        Value     ------------------------- -----------------------------
          Name           Exercise  Realized (1) Exercisable Unexercisable Exercisable Unexercisable (1)
          ----           --------- ------------ ----------- ------------- ----------- -----------------
<S>                      <C>       <C>          <C>         <C>           <C>         <C>
Nathan Zommer...........     --          --       99,905       265,040     $675,676      $2,379,777
 President and Chief
 Executive Officer

Arnold Agbayani.........     --          --       33,759        35,511      236,995         338,654
 Secretary, Vice
 President, Finance

Richard Fassler.........   1,050      $4,856      16,622           --        62,739             --
 Former Vice President,
 Sales and Marketing

Peter A. Ingram.........     --          --       21,642       100,512      186,424         762,604
 Vice President,
 European Operations

Kevin McDonough.........     --          --          860        88,440        8,762         897,607
 Vice President, U.S.
 Operations
</TABLE>
--------
(1.) The value realized is based on the fair market value of IXYS Common Stock
     on the date of exercise minus the exercise price.
(2.) The valuations are based on the fair market value of IXYS Common Stock on
     March 31, 2000 of $13.563 minus the exercise price of the options.

Employment Contracts

   IXYS entered into an employment agreement, dated as of January 1, 1995, with
Dr. Nathan Zommer, Chief Executive Officer of IXYS. The agreement provides for,
among other things, salaries, bonuses and car allowances as determined by the
IXYS Board. Under the terms of the agreement, IXYS agrees to maintain term life
insurance in the amount of $1,000,000. In addition, the agreement provides that
if IXYS terminates Dr. Zommer's employment without cause, Dr. Zommer shall be
entitled to receive as severance his monthly salary, incremented one month per
year of service to IXYS, to a maximum of twelve months. The agreement also
provides Dr. Zommer with a paid annual physical exam and the limited services
of a financial advisor.

   The agreement was amended on July 1, 1998 to extend its term to January 31,
2004. In the amended agreement, Dr. Zommer's annual bonus is 40% of his base
salary, which was increased to $285,000. In addition, he is eligible for an
incentive bonus of three times his base annual salary in the event of certain
transactions significantly affecting IXYS, including a reorganization,
consolidation, merger and sale of IXYS stock or assets. If his employment
terminates within a year after a change of control event, Dr. Zommer is
entitled to receive severance equal to three times his average annual
compensation, continued benefits for 18 months and accelerated vesting of all
option shares.

   IXYS entered into an employment agreement, dated as of January 1, 1995, with
Mr. Arnold Agbayani, Chief Financial Officer of IXYS. The agreement provides
for, among other things, salaries, bonuses and car

                                       9
<PAGE>

allowances as determined by the IXYS Board. Under the terms of the agreement,
IXYS agrees to maintain term life insurance in the amount of $1,000,000. In
addition, the agreement provides that if IXYS terminates Mr. Agbayani's
employment without cause, Mr. Agbayani shall be entitled to receive as
severance his monthly salary, incremented one month per year of service to
IXYS, to a maximum of twelve months. The agreement also provides Mr. Agbayani
with a paid annual physical exam and the limited services of a financial
advisor.

   The agreement was amended on July 1, 1998 to extend its term to January 31,
2004. In the amended agreement, Mr. Agbayani's annual bonus is 30% of his base
salary, which was increased to $160,000. In addition, he is eligible for an
incentive bonus of three times his annual base salary in the event of certain
transactions significantly affecting IXYS, including a reorganization,
consolidation, merger and sale of IXYS stock or assets. If his employment
terminates within a year after a change of control event, Mr. Agbayani is
entitled to receive severance equal to three times his average annual
compensation, continued benefits for 18 months and accelerated vesting of all
option shares.

Compensation Committee Interlocks and Insider Participation

   The Securities and Exchange Commission requires disclosure where an
executive officer of a company served or serves as a director or on the
compensation committee of another entity and an executive officer of such other
entity served or serves as a director or on the compensation committee of IXYS.
IXYS does not have any such interlocks. Decisions as to executive compensation
are made by the Compensation Committee. During fiscal year 2000, the
Compensation Committee was comprised entirely of non-employee directors.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Certain Transactions

   On September 14, 1995, the IXYS Board authorized stock grants (the "1995
Management Stock Awards"), made pursuant to certain Stock Purchase Agreements,
to Dr. Zommer, Mr. Agbayani, Richard Fassler, Yoram Hirsch, Peter Ingram, and
Robert Kane (each referred to as an "IXYS Executive" and collectively referred
to as "IXYS Executives"). Pursuant to the terms of such agreements, if an IXYS
Executive voluntarily terminates his employment with IXYS or is terminated for
cause (the "Termination"), IXYS has the right to repurchase from such IXYS
Executive any or all of his shares that remain unvested on the Termination
Date. In connection with the 1995 Management Stock Awards, an aggregate of
3,908,094 shares of IXYS Common Stock were granted at a price of $0.23 per
share to the IXYS Executives. Such shares were paid for by the IXYS Executives
with recourse promissory notes and vest on a five-year schedule. As of January
1, 1998, Dr. Zommer's and Mr. Agbayani's shares had fully vested. As of
December 31, 1999, Mr. Fassler's and Mr. Ingram's shares had fully vested. In
connection with Mr. Hirsch's and Mr. Kane's departures from IXYS, IXYS
exercised its purchase option with respect to 29,606 and 20,302 shares
respectively, pursuant to the terms of the Stock Purchase Agreements. See also
"Item 11. Executive Compensation."

   In November 1996, IXYS loaned approximately $75,000 to Dr. Zommer, in
exchange for a promissory note bearing a simple interest rate of 8.25% per
annum. The principal amount of the loan, plus any interest thereon, is due and
payable no later than November 12, 2001. In the event of Dr. Zommer's voluntary
termination or his termination for cause, the loan will be due and payable one
year from the date of his termination.

   IXYS has entered into indemnity agreements with certain officers and
directors which provide, among other things, that IXYS will indemnify such
officer or director, under the circumstances and to the extent provided
therein, for expenses, damages, judgments, fines and settlements he may be
required to pay in actions or proceedings which he is or may be made a party by
reason of his position as a director, officer or other agent of IXYS, and
otherwise to the full extent permitted under Delaware law and the Amended and
Restated Bylaws of IXYS. See also "Item 11. Executive Compensation--
Compensation Committee Interlocks and Insider Participation."

   ABB AG is a principal stockholder of IXYS. In fiscal 2000, IXYS generated
revenues of $653,000 from sales of products to ABB AG and to ABB AG's
affiliates for use as components in their products.

                                       10
<PAGE>

                                    PART IV

ITEM 14. Exhibits, Financial Statement Schedules, and Reports on Form 10-K

     (a) The following documents are filed as part of this Report on Form 10-
  K:

       (1) Financial Statements:

       Consolidated Statement of Comprehensive Income

     (b) Financial Statement Schedules

       (2) Financial Statements schedules have been omitted from this
    report because the information   is provided in the Financial
    Statements or is not applicable.


       (3) Exhibits


                                       11
<PAGE>

<TABLE>
<CAPTION>
 Exhibit No.                             Description
 -----------                             -----------
 <C>         <S>
    2.1      Agreement and Plan of Merger and Reorganization, dated as of March
             6, 1998 and amended April 10, 1998 and May 29, 1998, among
             Paradigm Technology, Inc., Paradigm Enterprises, Inc. and IXYS
             Corporation. (1)

    3.1      Amended and Restated Certificate of Incorporation of the
             Registrant. (1)

    3.2      Certificate of Amendment to Amended and Restated Certificate of
             Incorporation (regarding increased authorization and reverse stock
             split). (2)

    3.3      Certificate of Amendment to Amended and Restated Certificate of
             Incorporation (regarding name change). (2)

    4.2      Amended and Restated Bylaws of the Registrant. (3)

   10.1      First Amended Executive Employment Agreement, dated as of July 1,
             1998, by and between IXYS and Nathan Zommer. (1)

   10.2      First Amended Executive Employment Agreement, dated as of July 1,
             1998, by and between IXYS and Arnold Agbayani. (1)

   10.3      Wafer Foundry Agreement, dated as of June 21, 1995, as amended on
             March 28, 1996 and March 13, 1998, by and between IXYS and Samsung
             Electronics Co. (1)

   10.4      Lampertheim Contractual Purchase Deed and Conveyance, dated as of
             February 26, 1997. (1)

   10.5      Loan Agreement, dated as of February 27, 1997, by and between IXYS
             and Commerzbank, Aktiengesellschaft, Mannheim Branch. (1)

   10.6      Loan and Security Agreement, dated as of December 24, 1997, by and
             between IXYS and Bank of the West. (1)

   10.7      Form of Indemnity Agreement between IXYS and its directors. (3)

   10.8      The Paradigm 1994 Stock Option Plan, as amended. (3)

   10.9      The IXYS 1999 Equity Incentive Plan. (4)

   10.10     The IXYS 1999 Employee Stock Purchase Plan. (4)

   10.11     The IXYS 1999 Non-Employee Directors' Equity Incentive Plan. (4)

   10.12     Amendment of Lease by and between Mission West Properties, L.P.
             and IXYS Corporation, dated as of September 30, 1998. (4)

   10.13     Registration and Stockholder Rights Agreement, by and between
             IXYS, Asea Brown Boveri AG, and Asea Brown Boveri, Inc., dated
             September 23, 1998. (2)

   10.14*    Letter of Credit Agreement by and between IXYS and Commerzbank.

   23.1**    Consent of PricewaterhouseCoopers LLP.

   24.1      Power of Attorney. (6)

   27.1**    Financial Data Schedule.
</TABLE>

     (b) Financial Statement Schedules.

     (c) IXYS has filed no reports on Form 8-K during the last quarter of this
fiscal year.
--------
*To be filed by amendment.
**previously filed.
(1) Filed as an Annex or Exhibit to the Joint Proxy Statement/Prospectus
    forming part of the Registration Statement on Form S-4 of Paradigm
    Technology, Inc., as amended (333-57003) and incorporated herein by
    reference.

                                       12
<PAGE>

(2) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the period
    ended September 30, 1998 and incorporated herein by reference.
(3) Filed as an Exhibit to the Quarterly Report on Form 10-Q for the period
    ended December 31, 1998 and incorporated herein by reference.
(4) Filed on an Exhibit to the Annual Report on Form 10-K for year ended March
    31, 1999 and incorporated herein by reference.
(5) Filed on an Exhibit to Quarterly Report on Form 10-Q for the period ended
    December 31, 1999 and incorporated herein by reference.
(6) Included in the signature page of this Report on Form 10-K.

                                       13
<PAGE>

                                   SIGNATURES

   Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this amendment to a report
to be signed on its behalf by the undersigned, thereunto duly authorized.

                                          IXYS Corporation

                                                 /s/ Arnold P. Agbayani
                                          By: _________________________________
                                                   Arnold P. Agbayani
                                               Vice President, Finance and
                                                     Chief Financial
                                                  Officer and Secretary

Dated: September 28, 2000

                                       14