Document:

exv10w54

 

Exhibit 10.54

APPLIED MATERIALS, INC.

STOCK PURCHASE PLAN

FOR OFFSHORE EMPLOYEES

(AS AMENDED THROUGH SEPTEMBER 11, 2007)

1. ESTABLISHMENT; PURPOSE

     Effective as of October 16, 1995, the Corporation hereby establishes the Applied Materials,
Inc. Employees’ Stock Purchase Plan for Offshore Employees on the following terms and conditions.
The Plan is intended to encourage ownership of Common Stock of the Corporation by selected Offshore
Employees of Affiliates of the Company (“Eligible Employees”) and to provide incentives for them to
exert maximum efforts for the success of the Corporation. By extending to Eligible Employees the
opportunity to acquire proprietary interests in the Corporation and to participate in its success,
the Plan may be expected to benefit the Corporation and its shareholders by making it possible to
attract and retain qualified employees.

2. DEFINITIONS

     The following words and phrases shall have the following meanings unless a different meaning
is plainly required by the context:

     2.1 “Affiliate” means any direct or indirect subsidiary of the Corporation which has been
designated by the Board as a corporation, employees of which may participate in the Plan.

     2.2 “Board” means the Board of Directors of the Corporation, as from time to time
constituted.

     2.3 “Common Stock” means the common stock of the Corporation.

     2.4 “Corporation” means Applied Materials, Inc., a Delaware Corporation.

     2.5 “Eligible Employee” means any Offshore Employee eligible to participate in the Plan
in accordance with Section 5.

     2.6 “Grant Date” means that date specified by the Board of the Committee for the granting
of options in an Offering under the Plan.

     2.7 “Offshore Employee” means a natural person employed by an Affiliate who is neither a
U.S. citizen nor a U.S. resident for U.S. tax purposes.

     2.8 “Option” means an option to acquire Common Stock under the terms of this Plan.

     2.9 “Participating Employee” means, with respect to each Offering under the Plan, any
Eligible Employee who has elected to participate in accordance with Section 7.

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     2.10 “Plan” means this Stock Purchase Plan for Offshore Employees as amended from time to
time.

     2.11 “Plan Administrator” means the employee or employees of the Corporation selected by
the Board or the Committee (if authorized by the Board under Section 4.3) to perform certain
ministerial duties in the administration of the Plan.

3. STOCK SUBJECT TO THE PLAN

     No more than 12,800,000 shares of Common Stock may be issued upon the exercise of Options
granted under the Plan, subject to adjustments as provided in Section 9, which may be unissued
shares, reacquired shares, or shares brought on the market. If any Option which shall have been
granted shall expire or terminate for any reason without having been exercised in full, the
unpurchased shares shall again become available for purposes of the Plan (unless the Plan shall
have been terminated).

4. ADMINISTRATION

     4.1 The Plan shall be administered by the Board except to the extent that the Board shall
delegate responsibility for the administration of the Plan as stated in Section 4.3.

     4.2 The Board shall have the plenary power, subject to and within the limits of the
express provisions of the Plan

          (a) To construe and interpret the Plan and Options granted under it, and to establish,
amend and revoke rules and regulations for its administration. The Board, in the exercise of this
power, shall generally determine all questions of policy and expediency that may arise, and may
correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any
instrument associated with the Plan, in such manner and to such extent as the Board shall deem
necessary to make the Plan fully effective.

          (b) To establish the terms of each Offering of Common Stock under the Plan.

     4.3 The Board, by resolution, may delegate responsibility for the administration of the
Plan or any part thereof, to a committee (the “Committee”) composed of members of the Board. The
Board may from time to time remove members from, or add members to, the Committee. Vacancies on the
Committee, howsoever caused, shall be filled by the Board. To the extent that responsibility for
the administration of the Plan is delegated to the Committee, the Committee shall have the powers
theretofore possessed by the Board, and to the extent that the Committee has been authorized to
act, all references in this Plan to the Board shall include the Committee, subject, however, to
such resolutions, not inconsistent with the provisions of the Plan, as, from time to time, may be
adopted by the Board. The Board at any time, by resolution, may revoke such delegation and re-vest
in the Board all or any part of the responsibility for the administration of the Plan.

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     4.4 The Board or Committee (if authorized by the Board) may delegate to the Plan
Administrator the responsibility to perform certain ministerial duties in the administration of the
Plan as are specified in the Plan. To the extent that the Board or Committee has not delegated such
duties to the Plan Administrator, all references in this Plan to Plan Administrator shall include
Board or Committee, as appropriate.

5. ELIGIBILITY

     The Committee shall designate the Eligible Employees who shall be eligible to participate in
any Offering under the Plan.

6. OFFERINGS

     During the term of the Plan, the Corporation will make one or more Offerings (“Offering”) in
which Options to purchase Common Stock will be granted to Eligible Employees under the Plan. The
terms and conditions of Options to be granted in any such Offering will be determined by the Board
under Section 7. In connection with any Offering, if the number of shares for which Eligible
Employees elect to participate shall be greater than the shares remaining available, the available
shares shall, at the end of the Offering Period, be allocated among the Participating Employees pro
rata on the basis of the number of shares for which each has elected to participate.

7. TERMS AND CONDITIONS OF OPTIONS

     7.1 Subject to the limitations herein contained, the Board shall determine the terms of
Options in each Offering all of which shall be granted on the same date (the “Grant Date”).

     7.2 The Option price per share for each Offering shall be as determined by the Board.

     7.3 The expiration date of the Options granted under each Offering shall be determined by
the Board on or prior to the Grant Date for such Offering.

     7.4 All Eligible Employees to whom Options are granted shall be entitled to purchase the
number of full shares as shall be established by the Board at the Grant Date. Each Eligible
Employee may elect to participate for less than the maximum number of shares which he or she is
entitled to purchase under his or her Option. If an Eligible Employee elects to participate for
less than the maximum number of shares which he or she is entitled to purchase, his or her Option
shall at that time terminate and become void to the extent of the number of shares for which he or
she does not elect to participate.

     7.5 Each Eligible Employee who desires to participate in an Offering shall elect to do so
by completing and delivering to the Plan Administrator or a person designated by the Plan
Administrator in a timely fashion such form or forms as may be prescribed by the Board.

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     7.6 A Participating Employee shall exercise his or her Option by delivering notice of
exercise to the Plan Administrator or a person designated by the Plan Administrator at such time
and in such form and manner as the Board shall prescribe.

     7.7 Upon exercise of an Option, full payment for the shares subject to the Option shall
be made in such form or manner as the Board shall fix.

     7.8 The Board may (but is not required to) establish on such terms and conditions as it
shall determine a payroll deduction system for the purchase of shares covered by the Options
hereunder. If there are payroll deductions under any Offering, the Corporation or an Affiliate
shall maintain a payroll deduction account for each Participating Employee. The Board may (but is
not required to) provide for interest at such rate as the Board shall determine to be credited to
the payroll deduction accounts.

     7.9 The Board shall establish rules, terms and conditions for each Offering governing the
exercise of outstanding Options in the event of a Participating Employee’s termination of
employment or change in employment status.

     7.10 The Corporation will seek to obtain from each regulatory committee or agency having
jurisdiction such authority as may be required to issue and sell shares of Common Stock to satisfy
Options granted under the Plan. Inability of the Corporation to obtain from any such regulatory
commission or agency authority which counsel for the Corporation deems necessary for the lawful
issuance and sale of its Common Stock to satisfy Options granted under the Plan, shall relieve the
Corporation from any liability for failure to issue and sell Common Stock to satisfy such Options
pending the time when such authority is obtained or is obtainable.

     7.11 Neither an Eligible Employee to whom an Option is granted under the Plan nor his or
her transferee shall have any rights as a stockholder with respect to any shares covered by his or
her Option until the date of the issuance of a stock certificate to him for such shares.

     7.12 Options granted under the Plan shall not be transferable, except by will or by the
laws of descent and distribution, and may be exercised during the lifetime of a Participating
Employee only by him.

     7.13 Each Option granted under the Plan shall be evidenced by such instrument or
documentation, if any, as the Board shall establish, which shall be dated the Grant Date and shall
comply with and be subject to the terms and conditions of the Plan.

     7.14 Nothing in the Plan or in any Option granted under the Plan shall confer on any
Participating Employee any right to continue in the employ of the Corporation or any of its
Affiliates or to interfere in any way with the right of the Corporation or any of its Affiliates to
terminate his or her employment at any time.

     7.15 Prior to the delivery of any shares of Common Stock purchased under the Plan, the
Company shall have the power and the right to deduct or withhold, or require a Participating

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Employee to remit to the Company, an amount sufficient to satisfy all tax and social insurance
liability obligations and requirements in connection with the options and shares purchased
thereunder, if any, including, without limitation, all federal, state, and local taxes (including
the Participating Employee’s FICA obligation, if any) that are required to be withheld by the
Company or the employing Affiliate, the Participating Employee’s and, to the extent required by the
Company (or the employing Affiliate), the Company’s (or the employing Affiliate’s) fringe benefit
tax liability, if any, associated with the grant, vesting, or sale of shares and any other Company
(or employing Affiliate) taxes the responsibility for which the Participating Employee has agreed
to bear with respect to such shares of Common Stock.

8. FUNDS

     Any amounts held by any Affiliate in payroll deduction accounts under the Plan may be used for
any corporate purpose of the Affiliate.

9. ADJUSTMENT IN NUMBER OF SHARES AND IN OPTION PRICE

     In the event there is any change in the Common Stock through declarations of stock dividends
or stock split-ups, recapitalizations resulting in stock split-ups, or combinations or exchanges of
shares, or otherwise, appropriate adjustments in the number of shares available for Option, as well
as the shares subject to any Option and the Option price thereof,
shall be made, provided that no fractional shares shall be subject to an Option and each Option shall be adjusted
down to the nearest full share.

10. AMENDMENT OF THE PLAN

     The Board at any time, and from time to time, may amend the Plan, provided, however, the
rights and obligations under the Option granted before an amendment of the Plan is made effective
shall not be altered or impaired by the amendment without the consent of the Eligible Employee to
whom the Option was granted or the person to whom rights under the Option shall have passed by will
or by the laws of descent and distribution.

11. TERMINATION OR SUSPENSION OF THE PLAN

     The Board may at any time suspend or terminate the Plan. No Offering shall be made under the
Plan while it is suspended or after it is terminated.

5exv10w110

 

Exhibit 10.110

Execution Copy

TRANSACTION AGREEMENT

by and among

LAM RESEARCH CORPORATION, 4650 Cushing Parkway, Fremont,

California 94538, USA

“Buyer”

and

SEZ Holding AG, Leutschenbachstrasse 95, 8050 Zurich, Switzerland

“Company”

regarding the publication of a recommended public takeover offer for

all shares of the Company

 

 

TRANSACTION AGREEMENT

TRANSACTION AGREEMENT (“Agreement”), dated as of 10 December 2007, by and among Lam Research
Corporation, a Delaware corporation (“Buyer”), and SEZ Holding AG, a corporation (société anonyme,
Aktiengesellschaft) organized under the laws of Switzerland (the “Company”). Buyer and the Company
each a “Party” and together the “Parties”.

Recitals

	A.	 	Company’s nominal share capital amounts to CHF 16,800,247, divided into 16,800,247 fully paid
registered shares with a nominal value of CHF 1 each (the “Shares” and each a “Share”). In
addition, Company has a conditional share capital of CHF 939,753, divided into 939,753 Shares;
124,421 employee options are outstanding and each option entitles the holder to buy one Share
at the respective exercise price (the “Employee Options”). The Shares are listed on the main
market of the SWX Swiss Exchange; the Employee Options are not listed.
	 
	B.	 	Buyer is a U.S.-based Delaware corporation with leading businesses in wafer fabrication
equipment and services for the semiconductor industry. The shares of Buyer are listed on
NASDAQ.
	 
	C.	 	The Parties entered into a confidentiality agreement dated 14 September 2007 (the
“Confidentiality Agreement”), which has been superseded in its entirety solely insofar as the
obligations of Buyer and its subsidiaries and affiliates provided for thereunder, by the
provisions of Section 9.1 of this Agreement.
	 
	D.	 	Based on the non-binding term sheet agreed between the Parties on 28 September 2007 and the
intention of Buyer to make a public takeover offer for all Shares, Buyer has been allowed to
conduct — subject to certain limitations regarding trade secrets and information sensitive
from a competition point of view — a due diligence investigation of the Company and its
subsidiaries and to review the books and records of the Company and its subsidiaries as well
as to meet with the senior management and certain key personnel of the Company and its
subsidiaries (the “Due Diligence”).
	 
	E.	 	In the meantime Buyer has conducted the Due Diligence and the Board of Directors of Buyer has
agreed to publish an offer for all Shares at a price of CHF 38 per Share, less dividend
payments as well as any dilutive events (such as capital increases with an issue price of the
 shares below the Offer Price, repayments of capital or sales of treasury shares below the
offer price) becoming effective prior to the settlement of the Offer (but such dilution
effects shall not include the Employee Options issued and outstanding as of the Launch Date
(as defined below)) (the “Offer Price”), on the terms and subject to the conditions set forth
in this Agreement (the “Offer”).

NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements herein
contained, and intending to be legally bound hereby, Buyer and the Company hereby agree as
follows:

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	1.	 	Submission of the Offer
	 
	1.1	 	Subject to the terms and conditions of this Agreement, Buyer undertakes to commence an Offer
at the Offer Price and publish an offer prospectus relating to the Offer, in substantially the
form set out in Annex 1 to this Agreement with such modifications or in such other
form as shall be agreed between the Company and Buyer and approved by the Swiss Takeover Offer
Board (the “TOB” and the “Prospectus”).
	 
	1.2	 	It is expected that the Prospectus will be published on or about 8 January 2008, but in any
event no later than 31 January 2008. The date of publication of the Prospectus shall be the
“Publication Date” for purposes hereof.
	 
	1.3	 	The Offer will be pre-announced on 11 December 2007, CET (the “Launch Date”) by means of a
pre-announcement substantially in the form attached hereto as Annex 2 to this
Agreement. The Launch Date for purposes hereof shall be the date of the publication of such a
pre-announcement in the electronic media. Such a pre-announcement shall contain those parts of
the Prospectus that are required to be included in the pre-announcement in order for it to
have legal effect.
	 
	1.4	 	Any material amendments to the Prospectus must be agreed between the Parties. Buyer is
obliged to inform the Company regarding the status of the Offer and the compliance with the
Offer Conditions (as defined below) pursuant to Section 7 below.
	 
	1.5	 	In making its Offer at the Offer Price, Buyer has relied upon the publicly available
information published by, and relating to, the Company, including (without limitation) its
audited financial information, and its findings from the Due Diligence.
	 
	1.6	 	The Parties shall publish press releases regarding the intended Offer
substantially in the form set out in Annex 3 and Annex 4 as soon as this
Agreement has been executed and outside of the trading hours of both, SWX Swiss Exchange and
NASDAQ, i.e. by 00:01 a.m. CET on the Launch Date.
	 
	1.7	 	Buyer shall be entitled to cause disclosure or publication, in accordance with applicable U.S
and other securities laws, of English language versions of the Prospectus, the press release
and Board of Directors report provided for in Section 2.1, the press release provided for in
Section 1.6 and all other communications and materials distributed to holders of the Shares
or otherwise published in connection with the Offer hereunder.
	 
	1.8	 	The Parties agree that by the time of conclusion of the Offer and any squeeze out
proceedings, squeeze out merger and other means which aim at allowing Buyer subsequently to
the closing of the Offer to obtain control over all assets of the Company, the holders
of issued and outstanding Employee Options shall have received from Buyer an
amount corresponding to the difference of the Offer Price and the strike price of their issued
and outstanding Employee Options. The Parties shall evaluate all reasonable alternatives and
find the most reasonably feasible way to accommodate this principle in agreement with the TOB,
provided, however that in no event shall Buyer be obligated to implement any alternative that
would constitute a second public offer or would result in an

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	 	 	obligation of Buyer to increase the Offer Price. Further, Buyer shall not be obligated to
incur costs for implementing these arrangements in excess of an aggregate of CHF 1 million.
	 
	2.	 	Recommendation of the Offer by the Company
	 
	2.1	 	The Board of Directors of the Company shall recommend to the Company’s shareholders to accept
the Offer. Furthermore, subject to a Superior Offer (as defined below) not having been
announced or pre-announced in the meantime, the Board of Directors of the Company shall
provide Buyer with a report prepared in accordance with Art. 29 para. 1 of the Federal Act on
Stock Exchanges and Securities Trading (“SESTA”) recommending the Offer in English, German and
French in sufficient time so that it can be included in the publication of the Prospectus. At
the same time, the Company shall provide the final fairness opinion relating to the Offer in
printable form in English, German and French and shall publish the German and the French
version of such opinion on its webpage.
	 
	2.2	 	This Section 2 shall not restrict the Board of Directors of the Company from changing its
recommendation in compliance with Section 5.2.3 if a Superior Offer (as defined below) is
made.
	 
	2.3	 	In connection with the Offer, the Parties shall actively cooperate with all competent
authorities and shall promptly provide any such information and/or documents that may lawfully
be required from them by any such authority.
	 
	3.	 	Conduct of Business
	 
	 	 	To the extent permitted under Swiss law, the Company shall for the whole duration of this
Agreement, (i) abstain (and shall procure that its subsidiaries and representatives abstain)
from taking any actions outside the ordinary course of business consistent with the Company’s
past practice; and (ii) shall, and shall cause each of its subsidiaries to, use all reasonable
efforts to preserve intact its material business organization and relationships with third
parties (including but not limited to its relationships with customers, suppliers, employees
and business partners) and to keep available the services of their present officers and key
employees.
	 
	 	 	Without limiting the generality of the preceding paragraphs, and except as required by
applicable laws and regulations or conditions of the Prospectus, without the prior written
consent of Buyer, Company shall not, as from the date hereof, and shall cause its
subsidiaries not to:

	 	(i)	 	adopt or propose any amendment to the Company’s Articles of Association or other similar corporate organizational documents;
	 
	 	(ii)	 	convene a general meeting of shareholders in connection with the Offer otherwise than pursuant to Sections 5.10 and 5.11 below;
	 
	 	(iii)	 	(a) declare, set aside or pay any dividend or other distribution with respect to
any of its Shares, (b) split, combine or reclassify any of its Shares, (c) issue,
deliver, sell, purchase, lend, borrow, in any other way invest or divest directly or
indirectly into, pledge or otherwise encumber

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	 	 	 	or subject to any lien any of its Shares or other equity securities (except that the
Company may issue Shares based on the exercise of employee options granted prior to the
date hereof);
	 
	 	(iv)	 	grant call options on Shares (or other rights to purchase Shares, in particular
employee stock options) or write put options on Shares (or grant other rights to sell
Shares);
	 
	 	(v)	 	incur any indebtedness or issue any debt securities or assume, guarantee or
endorse, or otherwise as an accommodation become responsible for the obligations of any
person (other than the Company and its subsidiaries; the Company and its subsidiaries
are collectively the “Group”), except for indebtedness, debt securities and guarantees
incurred in the ordinary course of business consistent with past practice;
	 
	 	(vi)	 	(a) merge or consolidate with any other person, (b) acquire an amount of assets of
any other person, or pledge or otherwise encumber or subject to any lien assets, in each
case that are material to the Group taken as a whole, (c) make an investment material to
the Group taken as a whole, in any other person or otherwise engage in any similar
extraordinary business transaction;
	 
	 	(vii)	 	sell, lease, license or otherwise surrender, relinquish or dispose of any assets
or property which are material to the Group’s business, except pursuant to existing
contracts or commitments (the terms and conditions of which have been disclosed to Buyer
or its representatives);
	 
	 	(viii)	 	enter into, modify or amend any transaction or contract, agreement or undertaking
(whether written or oral) with any officer, director or employee of the Group other than
in the ordinary course consistent with past practice or with respect to normal and
customary terms of such persons’ employment with such company; or
	 
	 	(ix)	 	authorize, agree or commit to do any of the foregoing.

	4.	 	Representations and Warranties of the Company
	 
	 	 	The Company represents and warrants as of the date hereof:

	 	(a)	 	The Company has disclosed to Buyer all information concerning the Group which has
to be made known to the public under article 72 of the listing rules of SWX Swiss
Exchange, whereby it is understood that for the purposes of this Section 4 (a) the
grounds that allow exceptions to such disclosure under the listing rules do not apply;
	 
	 	(b)	 	Since 1 January 2007, the Company and its subsidiaries and, to its knowledge,
the members of the Board of Directors of the Company and the members of the management
of the Group (i.e. Egon Putzi, Franz Sumnitsch, Kurt Lackenbucher, Sabine Kampitsch,
Herwig Petschnig and Wolfgang Krammer) did not engage in any investments or divestments
in the equity securities of the Company or transactions relating to or having as an
underlying the equity securities of the Company, such as the purchase, sale or issuance
of Shares, the issuance, the repurchase, the

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	 	 	 	sale, the purchase, the exercise, the redemption of options, other than as disclosed in
Annex 5;
	 
	 	(c)	 	The Company’s share register reflects that less than 50% of the Company’s
outstanding voting securities are directly or indirectly held of record by residents of
the United States and the Company has no class of securities registered pursuant to
Section 12 of the United States Securities Exchange Act of 1934, as amended.

	5.	 	Additional Agreements
	 
	5.1	 	Cooperation within the framework of the Offer
	 
	5.1.1	 	From the date hereof and for the duration of this Agreement, the extent permitted under
Swiss law and necessary to consummate the transactions provided for herein, each of Company
and Buyer shall, and Company shall cause each of its subsidiaries to, cooperate and use all
reasonable efforts:

	 	(i)	 	for the due publication of the Prospectus on or before the Publication
Date together with the report of the Board of Directors relating to the Offer and, in
the printed version (but not in the newspaper publication), the fairness opinion
relating to the Offer;
	 
	 	(ii)	 	to make or cause to be made all filings necessary or proper under applicable laws,
rules and regulations;
	 
	 	(iii)	 	to take all other actions necessary or advisable to consummate and make effective
the transactions contemplated by this Agreement, including but not limited to, (1) the
fulfillment of the Offer Conditions (as defined below), provided however, that,
notwithstanding any other provision of this Agreement, none of the Parties shall be
obligated to agree to divest, hold separate or otherwise restrict the use or operation of
any business or assets of Buyer or the Company or any of their respective subsidiaries;
(2) the distribution of the Prospectus and the acceptance forms to the Company’s
shareholders and any actions or filings related thereto; (3) due settlement of the Offer
in accordance with its terms;
	 
	 	(iv)	 	to obtain approvals necessary or advisable from any government, ministry,
department or administrative body, agency or commission of any jurisdiction in order to
consummate the transactions contemplated hereby and permit the Group to continue fully
existing operations following the transactions contemplated hereby; and
	 
	 	(v)	 	to abstain from taking, or cause to abstain from taking, any action or doing, or
cause to abstain from doing, any such thing that may prevent or compromise any of the
above.

	5.1.2	 	If at any time following the successful completion of the Offer any further action is
necessary or desirable to carry out the purposes of this Agreement, including the execution of
additional instruments, the proper officers and directors of each Party shall take all such
action to the extent reasonable and practicable.

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	5.2	 	No solicitation
	 
	5.2.1	 	The Company immediately shall cease and cause to be terminated all existing discussions or
negotiations, if any, with any parties conducted heretofore with respect to any Acquisition
Proposal (as defined below). The Company shall not, nor shall it permit any of its
subsidiaries to, nor shall it authorize or permit any of its officers, directors, employees,
agents or advisors or other representatives (including, without limitation, any investment
banker, attorney or accountant retained by it) to, directly or indirectly (i) solicit,
initiate or encourage any inquiries or the making of any Acquisition Proposal, or (ii), other
than as contemplated by Section 5.2.3, participate in any discussions or negotiations
regarding an Acquisition Proposal.
	 
	 	 	The term “Acquisition Proposal” means any proposal or offer from any person other than Buyer
relating to any (1) tender or exchange offer involving Shares or other acquisition of Shares,
(2) merger, consolidation or other business combination involving the Company or any of its
subsidiaries which is material to the Group as a whole, (3) direct or indirect acquisition or
purchase of a business that constitutes a substantial part of the assets of the Group, or a
substantial amount of the equity securities of the Company or any subsidiary, (4)
recapitalization or restructuring of the Company and its subsidiaries which is material to
the Group as a whole, or (5) other transaction similar to any of the foregoing with respect
to the Group which is material to the Group as a whole, other than the transactions
contemplated by this Agreement.
	 
	5.2.2	 	The Company shall notify Buyer of any Acquisition Proposal received after the date hereof
as promptly as practicable after its receipt thereof, it being understood that the
Company shall be free to notify the TOB at the same time.
	 
	5.2.3	 	Except on a date that is not earlier than three trading days following the public
announcement of a Superior Offer (as defined below) in the form of a pre-announcement in
accordance with article 7 of the Ordinance of the Swiss Takeover Board of Public Takeover
Offers (the “TOO”), the Board of Directors of the Company shall not (i) withdraw or modify in
a manner adverse to Buyer, or propose publicly to withdraw or modify in a manner adverse to
Buyer, the approval or recommendation by the Board of Directors of the Company of the
transactions contemplated by this Agreement, or (ii) approve or recommend, or propose publicly
to approve or recommend, any Acquisition Proposal. Except following publication of a Superior
Offer in the form of a pre-announcement, the Board of Directors of the Company shall cause the
Company not to enter into any letter of intent, agreement in principle, acquisition agreement
or other similar acquisition agreement relating to any Acquisition Proposal. Following such
pre-announcement of a Superior Offer, the Board of Directors of the Company may, or may cause
the Company to, enter into, discuss or negotiate any confidentiality, process or other similar
process agreement relating to such Superior Offer, including without limitation regarding a
due diligence of the Company in connection therewith equivalent to the Due Diligence.
	 
	 	 	For purposes of this Agreement, “Superior Offer” means any unsolicited offer to all of the
shareholders of the Company to acquire all of the Shares on terms and conditions that the
Board of Directors of the Company determines in its good faith judgment, after due
consideration of its fiduciary duties (as advised by its advisors), to be superior for the
Company’s shareholders when compared as a whole with the transactions contemplated by this
Agreement, provided such offer

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	 	 	is at a price that on a fully diluted basis is not lower than that offered by Buyer and on
conditions no more restrictive on the offer than the Offer Conditions.
	 
	5.3	 	Access to non-public information
	 
	 	 	The Company shall not permit or provide access to non-public information relating to the
Group to any third party other than any other third party following publication of a Superior
Offer from such party or other than as required by Swiss law or imposed by the TOB. In the
event that such access is provided or permitted in accordance with the foregoing, such access
shall be provided on terms and subject to conditions no more favorable than those applied to
Buyer and their respective representatives and advisors including, without limitation, with
respect to timing and content. If the Company in providing such access permits or provides
access to information relating to the Group that it has not previously shared with Buyer or
its respective representatives or advisors, the Company shall forthwith notify Buyer that
this information is available for review, and provide access to this information to Buyer,
its representatives and advisors, at the same time as to any other party.
	 
	5.4	 	Treasury Shares
	 
	 	 	For the whole duration of this Agreement, the Company shall abstain (and shall procure that
its subsidiaries abstain) from:

	 	(i)	 	notifying the Shares that they hold in treasury (the “Treasury Shares”) for acceptance in the Offer; and
	 
	 	(ii)	 	selling or agreeing to sell any of the Treasury Shares to any third party.

	5.5	 	Trading in Shares and related securities by the Company
	 
	 	 	From the date hereof, the Company, the executives listed in Annex 6, and all the
Company’s subsidiaries are deemed to be acting in concert with Buyer in connection with the
Offer within the meaning of Art. 24 para. 3 SESTA and Art. 11 TOO. Consequently, Buyer may be
required pursuant to Art. 10 para. 6 TOO (the “Best Price Rule”) to increase the Offer Price
if the Company, the executives listed in Annex 6, the Company’s subsidiaries or their
representatives acquire equity securities of the Company at a price or corresponding to a
price exceeding the Offer Price. Therefore, the Company shall abstain (and shall procure that
its executives listed in Annex 6, the Company’s subsidiaries and representatives
acting on behalf of the Company or its subsidiaries abstain) from the date hereof until the
Offer Expiration Date (as defined below) and, in case of a successful offer, from the date
hereof until the date which is six months (or such longer period as determined by the TOB or
any other competent authority) from the Offer Expiration Date (as defined below), unless Buyer
has consented in writing or has declared that the Offer has failed, from any action that may
be found to be in breach of the Best Price Rule, and in particular from:

	 	(i)	 	entering into any (a) agreement (either on or off exchange) relating to
the acquisition or sale of Shares and (b) derivative transaction having the Shares as
underlying; and

8

 

	 	(ii)	 	amending the terms and/or conditions of any existing agreements relating to the
Company’s equity securities and of existing employee stock options or derivatives issued
by the Company, its subsidiaries or their representatives without Buyer’s prior written
consent.

	 	 	In order to fulfill its obligations pursuant to this Section 5.5 with respect to the
executives listed in Annex 6, the Company has procured that the executives listed in
Annex 6 sign a declaration in the form of Annex 7.
	 
	5.6	 	Access to information
	 
	 	 	Pending completion of the Offer, Buyer may from time to time request access to the Company’s
officers and directors with a view to discussing integration plans, such access to be made
available at the Company’s discretion, but not unreasonably denied or delayed by the Company.
Without limiting the generality of the preceding sentence, access shall not be deemed to be
unreasonably denied or delayed if such denial or delay is required by applicable legal or
regulatory requirements. Following completion of the Offer, the Company will, and will cause
its subsidiaries, and each of their respective officers, directors and employees
(collectively, the “Company Representatives”) to, give Buyer and its respective officers,
employees, counsel, advisors and representatives reasonable access, during normal business
hours, to the assets, properties, offices and other facilities and to the books and records of
the Group and will cause the Company Representatives and the Company’s subsidiaries to furnish
Buyer with such financial and operating data, access to customers and suppliers and such other
information with respect to the business and operations of the Group as Buyer may from time to
time reasonably request and to the extent permitted under Swiss law. The Company shall furnish
promptly to Buyer a copy of each report, schedule, registration statement and other document
publicly filed by the Company or any of its subsidiaries during such period.
	 
	5.7	 	Undertaking to register shareholding
	 
	 	 	The Company shall promptly, upon request, enter into its share register the Buyer as a
shareholder with voting rights in respect of all Shares that the Buyer may own at the time
the request is made. On or promptly after the Launch Date, the Board of Directors of the
Company shall issue a resolution to enter Buyer in the share register with voting rights with
regard to all Shares acquired by Buyer or to be acquired by Buyer within the Offer, subject
to the closing of the Offer and subject to the shareholders’ meeting resolving to have
article 6 section 2 second and third sentence of the articles of incorporation of the Company
cancelled. Such resolution shall remain unchanged during the term of this Agreement.
	 
	5.8	 	Trading in Shares and related securities by Buyer
	 
	 	 	Buyer agrees, and agrees to cause any party acting in concert with it, to notify the Company
promptly of any purchase or agreement to purchase any interest in the Shares entered into or
completed prior to the expiration of the period during which the Offer may be accepted and up
to the date the additional offer period ends (the “Offer Expiration Date”).

9

 

	5.9	 	Public announcements
	 
	 	 	The Parties shall consult with each other prior to making any public announcement
relating to the Offer other than the agreed press releases pursuant to Sections 1.6 and
2.1 and other than as provided in Sections 1.1, 1.3 and 1.7.
	 
	5.10	 	General meeting of shareholders
	 
	 	 	Within two days after Buyer declares the Offer successful (which declaration may be
subject to the fulfillment of conditions subsequent), the Company shall convene a
shareholder’s meeting to be held in Zurich within the shortest period possible and to
resolve on the deletion of article 6 section 2 second and third sentence of the Company’s
articles of incorporation (which resolution shall be subject to, and shall be filed with
the Commercial Register only upon, the closing of the Offer) and on such other matters as
Buyer may have communicated to the Company.
	 
	5.11	 	Resignation of the members of the Board of Directors of the Company
	 
	 	 	On the shareholders meeting convened pursuant to Section 5.10, the current members of the
Board of Directors of the Company shall resign as per the date of the closing of the Offer
and subject to the closing of the Offer. On the shareholders’ meeting to be convened
pursuant to Section 5.10, Buyer shall propose the election of new board members subject to
the closing of the Offer. Buyer shall procure that discharge is granted to the current
members of the Board of Directors of the Company at the next shareholders’ meeting subject
to any liability resulting from the breach of this Agreement.
	 
	6.	 	Combination Framework
	 
	 	 	In the event of a successful Offer, Buyer is obliged to establish and implement the
following:

	 	(i)	 	Wet clean spin operational headquarters (i.e. the Company’s existing
operational headquarters) to remain in Villach for at least 2 years;
	 
	 	(ii)	 	SEZ brand to be maintained to the extent determined by Buyer to be
commercially reasonable;
	 
	 	(iii)	 	Scale and capability of the Company and its management team to be
leveraged across the combined business;
	 
	 	(iv)	 	Egon Putzi or Franz Sumnitsch to be the Executive Chairman of the
Executive Board of the combined clean business unit, and the other to hold a
position within the Executive Board or Operational Board of the combined clean
business unit;
	 
	 	(v)	 	Executive Board of the combined clean business unit to report directly to
Buyer’s CEO;
	 
	 	(vi)	 	Responsibilities of Executive Board of the combined clean business unit to
include: strategy development, including product road map, sales &

10

 

	 	 	 	marketing strategy (including decision on the Company’s brand); business plan
development; integration strategy development in close co-operation with
Buyer’s Executive Management Team; design of the future structure of the
combined wet business of the Company and Buyer (including center(s) of
competence, facilities and resources); customer targeting and co-ordination;
product targeting; R&D co-ordination; and manufacturing and supply chain
co-ordination;
	 
	 	(vii)	 	The Company’s sales and field service to be integrated within Buyer’s
field operations;
	 
	 	(viii)	 	Mr. Krammer, Ms. Kampitsch, Mr. Lackenbucher and Mr. Petschnig to hold executive
positions in the combined clean business unit within its Executive Board or
Operational Board, targeted at levels of authority similar to their current scope
and responsibilities;
	 
	 	(ix)	 	Where Parties agree, key employee agreements, including employee long term
incentives, retention awards, cash and/or stock compensation to be established; and
	 
	 	(x)	 	Any consideration to be paid to shareholders of the Company in a squeeze
out merger, merger or similar transaction, if any, following the closing of the
Offer to be paid by Buyer and not to be taken from the assets of the Group.

	7.	 	Conditions to Completion
	 
	 	 	The obligation of Buyer to complete the Offer is subject to the satisfaction or waiver of
the offer conditions set forth in the Prospectus (the “Offer Conditions”) and set forth
below, to the extent these Offer Conditions are approved by the TOB:

	 	(i)	 	At the end of the (possibly extended) offer period, the sum of Shares held
by Buyer and of those validly tendered into the Offer amounts to at least 66 2/3
% of
the sum of all issued SEZ Shares and all Shares that could be created through the
exercise of all Employee Options to purchase Shares, i.e. 66 2/3
% of 16,924,668
Shares or 11,283,112 Shares;
	 
	 	(ii)	 	By the end of the (possibly extended) offer period, (a) no adverse events
occurred that, individually or in the aggregate, in the opinion of an independent
internationally reputable expert to be appointed by Buyer, are or are likely to have
a material adverse effect on the Group, and (b) the Group did not announce any other
information or circumstance that, individually or in the aggregate, in the opinion of
an independent internationally reputable expert to be appointed by Buyer, had, has or
is likely to have a material adverse effect on the Group. An event or information or
circumstance announced by the Company shall be considered to have a material adverse
effect on the Group if it involves (i) a reduction in consolidated equity of the
Company as per the end of the financial year 2007 in excess of CHF 45.8 million
compared to the consolidated equity of the Company as per 30 September 2007, (ii) a
reduction in the consolidated turnover of the Company in the financial

11

 

	 	 	 	year 2007 in excess of CHF 20 million compared to the communicated sales target 2007 of
CHF 330 million, or (iii) a reduction in the consolidated EBIT of the Company in the
financial year 2007 in excess of CHF 10 million compared to the communicated expected
EBIT 2007 of CHF 6.6 million (each of these events an “Adverse Event”). It is understood
that costs and expenses associated with this Offer are not to be taken into account when
determining whether or not a material adverse effect occurred;
	 
	 	(iii)	 	All necessary authorizations from domestic and foreign antitrust authorities have been
obtained, without imposing any obligation on Buyer or the Company that would result in or be
equivalent to an Adverse Event;
	 
	 	(iv)	 	No judgment, court order or other authoritative measure has been issued that prohibits or
declares illegal the Offer or its completion;
	 
	 	(v)	 	An extraordinary shareholders’ meeting of the Company has approved that, subject to the
settlement of the Offer, the transfer restriction in the articles of incorporation of the
Company (article 6 section 2 second and third sentences) be cancelled, and no shareholders’
meeting of the Company has enacted voting or transfer restrictions. It is understood that the
shareholders’ resolution regarding the conditional cancellation of the transfer restrictions
shall only be filed with the Commercial Register following the settlement of the Offer;
	 
	 	(vi)	 	The Board of Directors of the Company has resolved to enter Buyer into the share register as
a shareholder with voting rights in respect of all Shares acquired by Buyer or to be acquired
within the Offer, subject to the Offer becoming unconditional and subject to the condition
under (v) being met; and
	 
	 	(vii)	 	The shareholders’ meeting of the Company has neither approved the payment of a dividend, a
sale, a purchase or a demerger in an amount of more than CHF 59.9 million, nor a merger, nor
an ordinary, approved or conditional capital increase, nor has the Company, since 30
September 2007, entered into an obligation to sell or purchase assets or to sell or redeem
debt at a price of or with a value of more than CHF 59.9 million, except where such
obligation to sell or purchase assets or to sell or redeem debt has become known prior to the
Launch Date.

	 	 	Buyer reserves the right to waive, in whole or in part, one or more of these conditions.
	 
	 	 	The conditions above shall be deemed to be conditions precedent within the meaning of Article
13(1) of the TOO. The conditions (iii) through (vii) shall, subject to the TOB’s approval, also be
deemed conditions subsequent within the meaning of Article 13(4) of the TOO.
	 
	8.	 	Duration and Termination
	 
	 	 	This Agreement shall become effective on the date hereof.

12

 

	 	 	This Agreement may be terminated:

	 	(i)	 	by mutual written consent of Buyer and the Company;
	 
	 	(ii)	 	by any Party, if the Offer is unsuccessful; or
	 
	 	(iii)	 	by any Party, if the other Party materially breaches this Agreement.

	 	 	This Agreement shall terminate automatically if Buyer declares the Offer successful and
the Offer is settled in accordance with its terms on the expiration of a period of six
months from the Offer Expiration Date.
	 
	 	 	Section 9 shall, however, survive the termination of this Agreement.

	9.	 	Miscellaneous
	 
	9.1	 	Confidentiality
	 
	9.1.1	 	In relation to this Offer Buyer has been granted access by the Company to Confidential
Information of the Company (as defined below).
	 
	9.1.2	 	Buyer agrees not to disclose the Confidential Information until the closing of the Offer or,
if the Offer is not closed, for a period of ten (10) years from the date hereof, except for
source code, which shall be protected in perpetuity (the “Nondisclosure Period”). During the
Nondisclosure Period, Buyer may use the Confidential Information only in furtherance of the
closing of the Offer and for no other purpose whatsoever. Buyer agrees to use the same degree
of care, but no less than a reasonable degree of care, to prevent unauthorized disclosure of
the Confidential Information as Buyer uses to protect the confidentiality of its own
information of a similar nature. Buyer may not disclose or make copies of Confidential
Information except to or for those persons who have a demonstrable need to know, and
provided Buyer ensures confidential treatment of the Confidential Information by these
persons according to this Section 9.1. The Company has no obligation to disclose Confidential
Information to Buyer, and all Confidential Information so disclosed and all copies thereof are
and shall remain the property of the Company.
	 
	9.1.3	 	The obligations imposed herein do not apply to information which Buyer can show: (i) is
already lawfully in the possession of or known by Buyer before receiving the information from
the Company; (ii) is or becomes publicly known through no violation of this Agreement; (iii)
is lawfully received by Buyer from any third party without restriction on disclosure or use;
(iv) is independently developed without violating this Agreement by Buyer’s employees who have
not relied upon any of the Confidential Information; (v) is required to be disclosed by court
order following notice sufficient to allow the Company to contest such order; or (vi) is
expressly approved in writing, by the Company’s authorized representative, for release or
other use by Buyer.
	 
	9.1.4	 	Upon termination of this Agreement, Buyer shall upon written request of the Company promptly
destroy all Confidential Information and copies and extracts thereof and confirm such
destruction in writing to the Company.

13

 

	9.1.5	 	“Confidential Information” shall mean (a) any non-public information, whether in
written, oral, electronic, tangible or intangible form, that Buyer, its officers,
directors, employees, agents or advisors receive or have received from the Company or any
person acting on its behalf and (b) all notes, analyses, compilations, studies and other
documents prepared by Buyer, its officers, directors, employees, agents or advisors that
contain, reflect or are based upon, in whole or in part, information furnished to Buyer,
its officers, directors, employees, agents or advisors in connection with the evaluation,
preparation and implementation of the Offer.
	 
	9.1.6	 	For a period beginning on the date hereof and ending on the date that is the earlier of (i)
the date on which the Offer closes and (ii) twenty four (24) months after the termination of
this Agreement, Buyer shall not, without the Company’s prior written consent which is herewith
granted for the Offer: (a) acquire, offer to acquire, or agree to acquire, directly or
indirectly, by purchase or otherwise, any voting securities or direct or indirect rights to
acquire any voting securities of the Company, or of any successor to or person in control of
the Company, or any assets of the Company; (b) make, or in any way participate, directly or
indirectly, in any “solicitation” of “proxies” to vote (as such terms are used in the rules of
the Securities and Exchange Commission, SEC), or seek to advise or influence any person or
entity with respect to the voting of any voting securities of the Company; (c) make any public
announcement with respect to, or submit a proposal for, or offer of (with or without
conditions) any extraordinary transaction involving the Company or any of its securities or
assets; (d) form, join or in any way participate in a “group” as defined in Section 13(d)(3)
of the Securities Exchange Act of 1934, as amended, in connection with any of the foregoing;
(e) take any action that could reasonably be expected to require the Company to make a public
announcement regarding the possibility of any of the events described in clauses (a) through
(d) above.
	 
	9.1.7	 	Notwithstanding the foregoing provisions of this Section 9.1 or Recital C to this Agreement,
the provisions of the Confidentiality Agreement shall continue in full force and effect
insofar as they provide for obligations of the Company and its subsidiaries and affiliates.
	 
	9.2	 	Fees and expenses
	 
	 	 	Except as otherwise provided herein, all fees and expenses incurred in connection with
this Agreement and the transactions contemplated hereby shall be borne by the Party
incurring such fees or expenses.
	 
	9.3	 	Governing law and arbitration
	 
	 	 	This Agreement shall be governed by and construed in accordance with the substantive laws
of Switzerland.
	 
	 	 	Any dispute, controversy or claim arising out of this Agreement, including the validity,
invalidity, breach or termination thereof, shall be settled by arbitration in accordance
with the Swiss Rules of International Arbitration of the Swiss Chambers of Commerce in
force on the date when the notice of Arbitration is submitted in accordance with these
rules. The number of arbitrators shall be three. The seat of the arbitration shall be
Zurich. The arbitral proceedings shall be conducted in English.

14

 

	9.4	 	Notices and communications
	 
	 	 	Any notice or communication under this Agreement shall be made in writing and shall be
effective (a) if given by telecopy, when such telecopy is transmitted to the telecopy
number specified in this Section 9.4 and the appropriate telecopy confirmation is received
or (b) if given by any other means, when delivered at the address specified in this
Section 9.4 (or at such other address for a Party as shall be specified by like notice):

	 	(i)	 	If to Buyer, to:
	 
	 	 	 	LAM RESEARCH CORPORATION

4650 Cushing Parkway

Fremont

California 94538

U.S.A.

Telecopy No.: +1 510 572 2876

Attention: Martin Anstice and George Schisler
	 
	 	 	 	With a copy to:
	 
	 	 	 	Baker & McKenzie Zurich

Zollikerstrasse 225

P.O. Box

8034 Zurich

Telecopy No.: +41 44 384 12 84

Attention: Martin Frey and Matthias Courvoisier; and
	 
	 	 	 	Baker & McKenzie LLP

Two Embarcadero Center, 11th Floor

San Francisco, California 94110

U.S.A.

Telecopy No.: +1 415 576 3099

Attention: Douglas Young
	 
	 	 	 	If to the Company, to:
	 
	 	 	 	SEZ Holding AG

c/o Meyer Lustenberger

Forchstrasse 452

8032 Zurich

Switzerland

Telecopy No: +41 44 396 91 92

Attention: Dr. Wolfgang Müller

	9.5	 	Entire agreement
	 
	 	 	This Agreement, including the Annexes hereto constitute and contain the entire agreement
between the Parties, and supersede all other prior agreements and understandings, both
written and oral, with regard to the subject matter thereof.

15

 

	9.6	 	Amendments; waivers
	 
	 	 	This Agreement may not be amended, except by an instrument in writing signed by each
Party and no Party may waive compliance with any of the agreements or terms and
conditions contained in this Agreement except by an instrument in writing (including
facsimile).
	 
	9.7	 	Assignment
	 
	 	 	Pending settlement of the Offer, neither this Agreement nor any of the rights, interests
or obligations hereunder shall be assigned by either Party without the prior written
consent of the other Party. Following settlement of the Offer, Buyer shall have the right
to assign any or all of its respective rights and obligations to any subsidiary of Buyer.
Any attempted assignment not permitted under this Section 9.7 shall be null and void. The
provisions contained in this Agreement are for the sole benefit of the Parties and their
permitted successors and assigns, and they shall not be construed as conferring any
rights or remedies on any persons other than the Parties and their respective successors
and permitted assigns.
	 
	9.8	 	Severability
	 
	 	 	Any term or provision of this Agreement which is invalid or unenforceable in any
jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such
invalidity or unenforceability without rendering invalid or unenforceable the remaining
terms and provisions of this Agreement in any other jurisdiction. Upon a determination
that any term or other provision is invalid or unenforceable, the Parties shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the Parties
as closely as possible to the fullest extent permitted by applicable law to the end that
the transactions contemplated hereby are fulfilled to the extent possible.
	 
	9.9	 	Board fiduciary duties
	 
	 	 	The obligations of the Company under this Agreement shall be interpreted and construed in
all respects in a manner that is consistent with the fiduciary duties of directors of
company boards under Swiss law and rulings of the TOB.
	 
	9.10	 	Not for the Benefit of Third Parties
	 
	 	 	Nothing herein shall be construed as being a contract or a promise or any other advantage
for the benefit of any person which is not a Party to this Agreement, irrespective of
whether such contract, promise, or advantage is enforceable by the third party or only by
the Parties hereto.

[the next page is the signature page]

16

 

IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first above written.

	 	 	 	 	 	 	 	 	 	 	 
	LAM RESEARCH CORPORATION	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Martin B. Anstice	 	 	 	By:	 	 	 	 
	 

	 	 

Name: Martin B. Anstice
	 	 	 	 	 	 

Name:
	 	  
	 

	 	Title: Chief Financial Officer
	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	SEZ Holding AG

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Franz Sumnitsch	 	 	 	By:	 	/s/ Thomas Lustenberger	 	 
	 

	 	 

Name: Franz Sumnitsch
	 	 
	 	 	 	 

Name: Thomas Lustenberger
	 	  
	 

	 	Title: CEO
	 	 	 	 	 	Title: Member of the Board	 	 

17

 

Annex 2

Draft Pre-announcement

 

 

Pre-Announcement according to art. 7 of

the Takeover Ordinance of the Takeover Board

for the Public Tender Offer of

LAM RESEARCH CORPORATION

Wilmington, Delaware, USA

(«Lam»)

for all publicly held registered shares with a par-value of CHF 1 each of

SEZ HOLDING AG

Zurich, Switzerland

(«SEZ»)

On 10 December 2007, Lam and SEZ entered into a Transaction Agreement providing for the public
tender offer herewith announced. Both, Lam and SEZ are convinced that the combination of the two
groups strengthens their market position. The combined entity will in particular profit from the
complementary set of products and the expected leverage from distribution and aftermarket
services. Further, the positive interaction between the development teams of both groups is
anticipated to result in faster and more comprehensive developments in favor of the customers.

The public tender offer (the «Offer») Lam will submit will extend to all publicly held registered
shares of SEZ with a par-value of CHF 1 each («SEZ Shares»). Additionally, the Offer extends to new
SEZ Shares issued until the end of the additional offer period due to the exercise of options. The
following will be the main terms and conditions of the Offer:

Price of the Offer

The net Offer price per SEZ Share will correspond to CHF 38 («Offer Price»). The Offer Price is
reduced by the gross amount of any dilution effects (e.g. dividend payments, repayments of capital,
any other distribution, capital increases with an issue price of the shares below the offer price,
sales of treasury shares below the offer price, issuance of options below faire market value of the
option) becoming effective prior to the settlement of the Offer. The exercise of the currently
outstanding employee stock options and the delivery of the corresponding number of SEZ Shares does
not lead to an adaptation of the Offer Price.

Offer Period

The Offer is expected to be published on 8 January 2008. It is planned to leave the Offer open for
acceptance for 20 trading days. Lam reserves the right to extend the offer period. Tenders will
only be solicited once the Offer is published. Such Offer will also contain instructions on how
tenders shall be made.

Conditions

The Offer will be subject to the following conditions (whereby the conditions a and b will be
conditions precedent, while the conditions c through g will initially be conditions precedent and,
after the Offer has been declared successful, become conditions subsequent):

	a)	 	at the end of the (possibly extended) offer period, the sum of SEZ Shares held by Lam and of
those validly tendered into the Offer amounts to at least 66 2/3
% of the sum of all issued SEZ
Shares and all SEZ Shares that could be created through the exercise of all outstanding employee stock options to purchase SEZ Shares, i.e. 66 2/3
% of 16,924,668 SEZ Shares or
11,283,112 SEZ Shares;
	 
	b)	 	by the end of the (possibly extended) offer period, (a) no adverse events occurred that,
individually or in the aggregate, in the opinion of an independent internationally reputable
expert to be appointed by Lam, are or are likely to have a material adverse effect on the
SEZ-Group, and (b) the SEZ-Group did not announce any other information or circumstance that,
individually or in the aggregate, in the opinion of an independent internationally reputable
expert to be appointed by Lam, had, has or is likely to have a material adverse effect on the
SEZ Group. An event or information or circumstance announced by SEZ shall be considered to
have a material adverse effect on the SEZ-Group if it involves (i) a reduction in consolidated
equity of SEZ as per the end of the financial year 2007 in excess of CHF 45.8 million
compared to the consolidated equity of SEZ as per

 

 

	 	 	30 September 2007, (ii) a reduction in the consolidated turnover of SEZ in the financial
year 2007 in excess of CHF 20 million compared to the communicated sales target 2007 of CHF
330 million, or (iii) a reduction in the consolidated EBIT of SEZ in the financial year
2007 in excess of CHF 10 million compared to the communicated expected EBIT 2007 of CHF 6.6
million (each of these events an «Adverse Event»). Costs and expenses associated with this
Offer are not to be taken into account when determining whether or not a material adverse
effect occurred;
	 
	c)	 	all necessary authorizations from domestic and foreign antitrust authorities have been
obtained, without imposing any obligation on Lam or SEZ that would result in or be equivalent
to an Adverse Event (as described in letter b above);
	 
	d)	 	no judgment, court order, or order from a public authority has been issued that would
prohibit this Offer or the settlement of the Offer;
	 
	e)	 	an extraordinary shareholders’ meeting of SEZ approved that, subject to the settlement of the
Offer, the transfer restriction in the articles of incorporation of SEZ (article 6 section 2
second and third sentences) be canceled, and no shareholders’ meeting of SEZ has enacted
voting or transfer restrictions. It is understood that the shareholders’ resolution regarding
the conditional cancellation of the transfer restrictions shall only be filed with the
Commercial Register following the settlement of the Offer;
	 
	f)	 	the board of directors of SEZ has decided to enter Lam in the shareholders’ register with
voting rights with regard to all SEZ Shares acquired by Lam or to be acquired within the
Offer, subject to the Offer becoming unconditional and subject to condition e) being met; and
	 
	g)	 	the shareholders’ meeting of SEZ has neither approved the payment of a dividend, a sale, a
purchase or a demerger in an amount of more than CHF 59.9 million, nor a merger, nor an
ordinary, approved or conditional capital increase, nor has SEZ, since 30 September 2007,
entered into an obligation to sell or purchase assets or to sell or redeem debt at a price of
or with a value of more than CHF 59.9 million, except where such obligation to sell or
purchase assets or to sell or redeem debt has become known prior to the pre-announcement.

Should one or several of the condition c) through g) above not have been met by the end of the
(possibly extended) offer period and should Lam not have waived such
condition(s), Lam is entitled:

	(i)	 	to declare that the Offer has been successful, but to postpone the settlement of the
Offer by not
more than four months («Extension Period»). The Offer becomes void in case these unfulfilled
condition(s) have not been met by the end of the Extension Period unless Lam waives such
condition(s);
	 
	(ii)	 	to extend the offer period beyond a 40 trading days period if the Swiss
Takeover Board approves such extension; or
	 
	(iii)	 	to declare the Offer to be unsuccessful.

Lam reserves the right to waive all or part of the
conditions.

Further Information

It is expected that detailed information regarding the Offer will be published at the same place on
8 January 2008.

Identification / Security-Number / ISIN / Ticker-Symbol

Registered shares with a par-value of CHF 1 each of SEZ Holding AG 

Security-number: 001235206 

ISIN: CH0012352065 

Ticker-Symbol: SEZN

11 December 2007

NOTE TO U.S. HOLDERS OF SEZ SHARES

The Offer described in this pre-announcement is being made for the securities of SEZ, a Swiss
company, and is subject to Swiss disclosure requirements, which are different from those of the
United States. The financial information relating to SEZ has been prepared in accordance with
non-U.S. accounting principles and thus may not be comparable to financial information of U.S.
companies or companies whose financial statements are prepared in accordance

 

 

with generally accepted accounting principles in the United States. U.S. holders of SEZ Shares are
encouraged to consult with their own Swiss advisors in connection with the Offer.

Lam and any of their respective subsidiaries and any advisor, broker or financial institution
acting as an agent or for the account or benefit of Lam may, subject to applicable Swiss and U.S.
securities laws, rules and regulations and pursuant to exemptive relief granted by the U.S.
Securities and Exchange Commission from Rule 14e-5 under the Securities Exchange Act of 1934, as
amended (the «Exchange Act») make certain purchases of, or arrangements to purchase, SEZ Shares
from SEZ shareholders who are willing to sell their SEZ Shares outside the Offer from time to
time, including purchases in the open market at prevailing prices or in private transactions at
negotiated prices. Lam will disclose promptly any information regarding such purchases of SEZ
Shares in Switzerland through the electronic media and/or the stock exchange and in the United
States by means of a press release, if and to the extent required under applicable laws, rules and
regulations in Switzerland.

OFFER RESTRICTIONS

United Kingdom

The offering documents in connection with the Offer are being distributed in the United Kingdom
only to and are directed at (a) persons who have experience in matters relating to investments
falling within Article 19 (1) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2001, as amended, in the United Kingdom (the «Order») or (b) high net worth entities, and
other persons to whom they may otherwise lawfully be communicated, falling within Article 49 (1)
of the Order (all such persons together being referred to as «relevant persons»). Any person who
is not a relevant person should not act or rely on this document or any of its contents. The offer
referred to in the tender documents is not available, and will not be engaged in with persons that
are not relevant persons.

Other Jurisdictions

The tender offer referred to herein is not directly or indirectly made in a country or
jurisdictions in which such offer would be illegal, otherwise violate the applicable law or an
ordinance or which would require Lam Research Corporation to change the terms or conditions of the
tender offer in any way, to submit an additional application to or to perform additional actions in
relation to any state, regulatory or legal authority. It is not intended to extend the tender offer
to any such country or such jurisdiction. Documents relating to the tender offer must neither be
distributed in such countries or jurisdictions nor be sent to such countries or jurisdictions. Such
documents must not be used for the purpose of soliciting the purchase of securities of SEZ Holding
AG from anyone from such countries or jurisdictions.

 

 

Annex 3

Press Release Regarding the Offer (Buyer)

 

 

FOR IMMEDIATE RELEASE

Lam Research Corporation Contact:

Carol Raeburn, Investor Relations, phone: 510/572-4450, e-mail: carol.raeburn@lamresearch.com

LAM RESEARCH CORPORATION ANNOUNCES INTENT TO ACQUIRE THE SEZ GROUP

Transaction will Create the
Largest and Most Comprehensive Set of Advanced Technology Solutions for Single Wafer Cleaning.

FREMONT, Calif., December 10, 2007—Lam Research Corporation (NASDAQ: LRCX) today announced that it
has signed a definitive agreement to acquire the SEZ Group (SWX: SEZN), the leading supplier of
single wafer clean technology and products to the global semiconductor manufacturing industry. In
an all cash transaction, Lam Research has agreed to pay CHF 641 million, which approximates US$568
million at the current exchange rate. Net of cash acquired, the purchase price approximates US$447
million. Lam will effect the acquisition by offering to acquire, as provided in the agreement, all
of the outstanding shares of SEZ at a price of CHF 38 per share.

SEZ’s proprietary Spin-Process single wafer technology forms the basis of a broad equipment
solution portfolio for wafer cleaning and decontamination, a key process adjacent to etch where Lam
Research is the global market share leader. SEZ is headquartered in Zurich, Switzerland and
maintains development, manufacturing, sales, marketing and service operations in Europe, Asia and
North America. For 2007, SEZ currently expects to record total revenues of approximately CHF 330
million (US$293 million).

~more~

 

	 	 	 
	Lam Research to Acquire The SEZ Group

	 	Page 2

Under the terms of the agreement, Lam Research will offer to acquire all of the outstanding shares
of SEZ, and therefore effectively all of its assets, including its principal facilities in Villach,
Austria. Following the closing, SEZ will become a division of Lam Research and offer a full
spectrum of leading edge clean solutions, comprising products from its current businesses as well
as Lam’s single wafer bevel and wet clean applications. SEZ executive team members, including
chairman and chief executive officer Egon Putzi, will continue with the Company under Lam’s
ownership. The transaction is expected to close in the March 2008 quarter, subject to the receipt
of SEZ’s shareholder and certain regulatory approvals, and is targeted to be neutral to slightly
accretive depending on synergies realized in calendar 2008.

“This transaction positions Lam Research and SEZ to revolutionize the increasingly important area
of wafer cleaning, combining the world’s largest single wafer installed base with Lam’s emerging
clean technologies, process integration capabilities and global scale,” stated Steve Newberry,
President and Chief Executive Officer of Lam Research. “Together, Lam and SEZ will create a
stronger, established presence in the clean segment of the wafer fab equipment industry with the
ability to deliver the broadest set of leading edge high productivity clean solutions to our
customers. In addition, we will increase our ability to support our customers’ needs in solving the
technical challenges of post etch and strip yield issues present in today’s most advanced
semiconductor devices. Through our combined strengths we will increase our capability to provide
single wafer clean solutions, utilizing both spin and linear wet clean technologies as well as our
plasma etch based bevel cleaning capability. At Lam, we are committed to executing on our
multi-product, multi-market growth strategy, and this transaction facilitates our progress in
achieving our stated goals. We have been very impressed by the quality of SEZ’s operational and
engineering capabilities, as well as the caliber of its management team and employees, making them
the perfect addition to our Company,” Newberry concluded.

~more~

 

	 	 	 
	Lam Research to Acquire The SEZ Group

	 	Page 3

Lam Research will host a conference call to discuss the planned acquisition tomorrow, Tuesday
December 11, 2007 at 10:00 a.m. Pacific Time. Details of the conference call will be available on
the Investors section of Lam’s website at www.lamresearch.com.

Lam Research Corporation is a major provider of wafer fabrication equipment and services to the
world’s semiconductor industry. Lam’s common stock trades on The NASDAQ Global Select MarketSM
under the symbol LRCX. Lam is a NASDAQ-100® company. The Company’s World Wide Web address is
www.lamresearch.com.

The SEZ Group is the leading provider of single-wafer wet-clean processing solutions for the
semiconductor industry, with an installed base of over 1,200 tools. The company maintains
operations in Asia Pacific, Europe, Japan and North America. Since 1996, registered shares of SEZ
Holding Ltd. have been traded on the SWX Swiss Exchange under the symbol SEZN. Additional
information about the company is available on the Internet at www.sez.com.

Statements made in this press release which are not statements of historical fact are
forward-looking statements and are subject to the safe harbor provisions created by the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements relate, but are not
limited, to the Company’s expectations regarding the parties ability to close the transaction and
fulfill the terms of their agreement, future plans for SEZ and Lam, their capabilities and the
results of their operations, Lam’s future strategies including its multi-product growth strategy,
the closing date for the transaction, and the anticipated effects of the transaction such as
creating a stronger market presence, delivering a broader

~more~

 

	 	 	 
	Lam Research to Acquire The SEZ Group

	 	Page 4

base of solutions, and increasing our capability to provide single wafer clean solutions. Some
factors that may affect these forward-looking statements include: securing approvals from SEZ’s
shareholders and the Swiss takeover authorities, customer reaction to the transaction, synergies
developed after the transaction, business conditions in the semiconductor industry, overall
economic conditions, competitor reaction to the transaction, and our response to competitor
actions. These forward-looking statements are based on current expectations and are subject to
uncertainties and changes in condition, significance, value and effect as well as other risks
detailed in documents filed with the Securities and Exchange Commission, including specifically the
report on Form 10-K for the year ended June 25, 2006, and Form 10-Q for the quarter ended March 25,
2007, which could cause actual results to vary from expectations. The Company undertakes no
obligation to update the information or statements made in this press release.

####

 

Annex 4

Press Release Regarding the Offer (Company)

 

 

Press Release

SEZ Holding Welcomes Planned Acquisition by Lam Research

Public tender offer expected to be launched beginning of January 2008

Zurich, December 11, 2007 — The SEZ Group (SWX Swiss Exchange: SEZN) announced today that its Board
of Directors has signed a binding transaction agreement with Lam Research Corporation (NASDAQ:
LRCX), headquartered in Fremont, California, United States. In line with the transaction agreement,
Lam Research intends to launch a public tender offer for all outstanding shares of SEZ at Swiss
Francs (CHF) 38.00 per SEZ registered share. After a thorough review of the proposed transaction,
SEZ’s Board of Directors has unanimously concluded that the planned acquisition by Lam Research is
in the best interest of all SEZ stakeholders and will positively benefit the sustainable
development of SEZ’s leading market position. The Board of Directors therefore fully supports the
proposed tender offer. The offer shows an attractive premium of 53.8% to the volume weighted
average share price over the past 60 trading days. Full details of the tender offer will be
disclosed in the offer document, expected to be published early January 2008. The offer is expected
to close in March 2008.

“The offer to be a part of Lam Research Corporation is an exceptional opportunity that will help us
realize the full potential of SEZ’s technology,” said Egon Putzi, SEZ chairman and chief executive
officer. “Lam’s focus on developing leading-edge technology, providing best-in-class customer value
and leveraging the full range of their global resources has made them one of the world’s largest
and most successful equipment providers.” Kurt Lackenbucher, SEZ chief operating officer, added:
“We believe that combining SEZ’s leading single-wafer technology with Lam’s innovative linear-clean
and plasma technologies will provide manufacturers with a significant competitive advantage. The
management of SEZ is convinced this combination will create immense value by delivering new
capabilities to our customers that will unlock significant growth opportunities for all involved.”

Today, both companies serve a common customer base, providing leading and complementary
technologies and solutions. The combination is aimed at creating a true technology and market
leader in the single-wafer cleaning markets, providing semiconductor manufacturers with the
best-of-breed, comprehensive technology portfolio required to meet their future manufacturing
needs. Delivering a broader equipment portfolio will also accelerate future growth and innovation.
Under the terms of agreement, following the transaction’s closure, SEZ will become a new division
within Lam with capabilities focused around single-wafer cleaning technology. The entire SEZ
executive team has committed to remain with the company.

Media and Analyst Conference

Today 11 December 2007 at 2:00 p.m. (CET), the SEZ Group and Lam Research will host a media and
analyst conference to discuss the planned acquisition at Hotel Savoy Baur en Ville; Paradeplatz,
Zurich. In case you are not able to attend personally, you can dial in via: +41 (0) 91 610 56 00
(International)

	 	 	 
	SEZ Press Release 11 December 2007

	 	page 1 of 2

 

 

About Lam Research

Lam Research Corporation, one of Fortune magazine’s “100 Fastest-Growing Companies” in 2006 and
2007 is a major supplier of wafer fabrication equipment and services to the world’s semiconductor
industry and market share leader in plasma etch. Lam Research’s common stock trades on The NASDAQ
Global Select MarketSM under the symbol LRCX. Lam Research is a NASDAQ-100® company.
Additional information about the company is available on the Internet at www.lamresearch.com.

About SEZ Group

The SEZ Group is the leading provider of single-wafer wet-clean processing solutions for the
semiconductor industry, with an installed base of over 1,200 tools. The company maintains
operations in Asia Pacific, Europe, Japan and North America. Since 1996, registered shares of SEZ
Holding Ltd. have been traded on the SWX Swiss Exchange under the symbol SEZN. Additional
information about the company is available on the Internet at www.sez.com.

Villach/Zurich, 11 December 2007
 

For further information:

Stefan Bulfon, Investor Relations

SEZ Holding Ltd, CH-8050 Zurich; Tel. +41 44 308 39 48 / Fax +41 44 308 35 00

SEZ Management GmbH, A-9500 Villach: Tel. +43 4242 204-458/Fax +43 4242 204-469

www.sez.com

Cautionary note on forward-looking statements

Certain statements contained herein are forward-looking. These statements provide current
expectations of future events based on certain assumptions and include any statement that does not
directly relate to a historical fact or current fact. Forward-looking statements typically are
identified by words or phrases such as “anticipate”, “assume”, “believe”, “continue”, “estimate”,
“expect”, “foresee”, “intend”,
“may increase” and “may fluctuate” and similar expressions or by
future or conditional verbs such as “will”, “should”, “would” and “could”. These forward-looking
statements involve known and unknown risks, uncertainties and other factors, which may cause SEZ’s
actual results, performance, achievements or prospects to be materially different from any future
results, performance, achievements or prospects expressed or implied by such statements. Such
factors include, among others:

	 	•	 	the impact of significant investments, acquisitions or dispositions, and any delays,
unexpected costs or other issues experienced in connection with any such transactions,
including, in the case of acquisitions, issues arising in connection with integrating
acquired operations;
	 
	 	•	 	cyclicality of the global semiconductors industry;
	 
	 	•	 	changes in general economic conditions, particularly in our core markets;
	 
	 	•	 	technological developments
	 
	 	•	 	changes in general economic trends;
	 
	 	•	 	changes in management and/or company structure
	 
	 	•	 	the performance of financial markets;
	 
	 	•	 	political risks in the countries in which we operate;
	 
	 	•	 	extraordinary events affecting our clients, such as bankruptcies and liquidations;
	 
	 	•	 	risks associated with implementing our business strategy;
	 
	 	•	 	changes in currency exchange rates;
	 
	 	•	 	changes in interest rates;
	 
	 	•	 	changes in laws and regulations, including changes in accounting standards
and taxation requirements; and
	 
	 	•	 	changes in competitive pressures.

These factors are not exhaustive. We operate in a continually changing environment and new risks
emerge continually. Readers are cautioned not to place undue reliance on forward-looking
statements. We undertake no obligation to publicly revise or update any forward-looking statements,
whether as a result of new information, future events or otherwise.

	 	 	 
	SEZ Press Release 11 December 2007

	 	page 2 of 2

 

 

Annex 5

Trading in Equity Securities of the Company

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Price paid /
	Description of transaction	 	 	 	 	 	 	 	 	 	 	 	received per
	(to be described so that the value as	 	Person / company	 	 	 	 	 	 	 	 	 	share, equity
	compared to the Share price can be estimated)	 	concerned	 	Date	 	Number	 	security in CHF
	Conditional capital increase of 24 May 2007 due to Options exercised (exercise and hold)

	 	Hubert Huber	 	 	7.2.2007	 	 	 	1,000	 	 	19.80 (strike price)
	Conditional capital increase of 24 May 2007 due to Options exercised (cashless exercise and sell)

	 	Hans-Jürgen Kruwinus	 	 	12.2.2007	 	 	 	4,000	 	 	31.55 (strike price)
	Options exercised (exercise and hold)
	 	Thomas Prugger	 	 	8.5.07	 	 	 	500	 	 	19.80 (strike price)
	Options exercised (cashless exercise and sell)
	 	James Mello	 	 	15.5.2007	 	 	 	3,000	 	 	31.55 (strike price)
	Options exercised (cashless exercise and sell)

	 	James Mello	 	 	15.5.2007	 	 	 	5,000	 	 	19.80 (strike price)
	Purchase of treasury shares
	 	SEZ Holding AG	 	 	7.8.2007	 	 	 	5,321	 	 	31.90
	Purchase of treasury shares
	 	SEZ Holding AG	 	 	7.8.2007	 	 	 	5,002	 	 	31.95
	Purchase of treasury shares
	 	SEZ Holding AG	 	 	6.8.2007	 	 	 	7,725	 	 	31.85
	Purchase of treasury shares
	 	SEZ Holding AG	 	 	6.8.2007	 	 	 	1,859	 	 	31.65
	Purchase of treasury shares
	 	SEZ Holding AG	 	 	6.8.2007	 	 	 	1,100	 	 	31.70
	Purchase of treasury shares
	 	SEZ Holding AG	 	 	6.8.2007	 	 	 	1,400	 	 	31.75
	Purchase of treasury shares
	 	SEZ Holding AG	 	 	6.8.2007	 	 	 	2,999	 	 	31.75
	Purchase of treasury shares
	 	SEZ Holding AG	 	 	6.8.2007	 	 	 	990	 	 	31.80
	Purchase of treasury shares
	 	SEZ Holding AG	 	 	6.8.2007	 	 	 	995	 	 	31.80
	Purchase of treasury shares
	 	SEZ Holding AG	 	 	6.8.2007	 	 	 	1,900	 	 	31.80
	Purchase of treasury shares
	 	SEZ Holding AG	 	 	6.8.2007	 	 	 	1,800	 	 	31.80
	Purchase of treasury shares
	 	SEZ Holding AG	 	 	6.8.2007	 	 	 	2,014	 	 	31.80

 

 

Annex 6

Executives of the Company

Egon Putzi

Franz Sumnitsch

Kurt Lackenbucher

Sabine Kampitsch

Herwig Petschnig

Wolfgang Krammer

 

 

Annex 7

Declaration of Executives

Subject to SEZ Holding AG and Lam Research Corporation entering into an agreement regarding an
offer for all shares in SEZ Holding AG, I, [executive name], agree from [date of Transaction
Agreement] not to engage in any transaction in or regarding shares of SEZ Holding AG which might
result in Lam Research Corporation being obligated to increase its offer price for shares in SEZ
Holding AG under article 10 section 6 of the Takeover Ordinance of the Takeover Board (Best Price
Rule) or the minimum price rules of the Stock Exchange Ordinance of the Federal Banking Commission.

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