Document:

Document

EXHIBIT 10.2

SUBSIDIARY GUARANTY AGREEMENT

Dated as of July 18, 2022 
of

CARLING TECHNOLOGIES, INC., a Connecticut corporation 
HARTLAND CONTROLS HOLDING CORP., a Delaware corporation 
HARTLAND CONTROLS L.L.C., an Illinois limited liability company 
IXYS BUCKEYE, LLC, a Delaware limited liability company
IXYS INTEGRATED CIRCUITS DIVISION, LLC, a Massachusetts limited liability company 
IXYS LONG BEACH, INC., a California corporation
IXYS USA, LLC, a Delaware limited liability company 
IXYS, LLC, a Delaware limited liability company 
LFUS LLC, a Delaware limited liability company
LITTELFUSE COMMERCIAL VEHICLE LLC, a Delaware limited liability company 
LITTELFUSE HOLDING, LLC, a Delaware limited liability company
LITTELFUSE INTERNATIONAL HOLDING, LLC, a Delaware limited liability company         
LITTELFUSE MEXICO HOLDING LLC, a Delaware limited liability company 
MONOLITH SEMICONDUCTOR INC., a Delaware corporation
PELE TECHNOLOGY, INC., a Delaware corporation 
REACTION TECH RE, LLC, a Delaware limited liability company
REACTION TECHNOLOGY EPI, LLC, a Delaware limited liability company 
REACTION TECHNOLOGY INCORPORATED, a California corporation 
SYMCOM, INC., a South Dakota corporation
ZILOG, INC., a Delaware corporation

EX-1

SUBSIDIARY GUARANTY AGREEMENT

THIS SUBSIDIARY GUARANTY AGREEMENT, dated as of July 18, 2022 (this “Subsidiary Guaranty Agreement”), is made by each of the undersigned (each a “Subsidiary Guarantor” and, together with each of the other signatories hereto and any other entities from time to time parties hereto pursuant to Section 14.1 hereof, the “Subsidiary Guarantors”) in favor of the Purchasers (as defined below) and the other holders from time to time of the Notes (as defined below). The Purchasers and such other holders are herein collectively called the “holders” and individually a “holder.”

PRELIMINARY STATEMENTS:

I.LITTELFUSE, INC., a Delaware corporation (together with any successor thereto that becomes a party to the Note Agreement (as defined below) pursuant to Section 10.2, the “Company”) has entered into a Note Purchase Agreement dated as of May 18, 2022 (as amended, modified, supplemented or restated from time to time, the “Note Agreement”) with the Persons listed on the signature pages thereto (the “Purchasers”). Capitalized terms used herein have the meanings specified in the Note Agreement unless otherwise defined herein.

II.The Company has authorized the issuance of, and proposes to issue and sell, pursuant to the Note Agreement, (i) $100,000,000 aggregate principal amount of its 4.33% Senior Notes due 2032 (as amended, restated or otherwise modified from time to time and including any such notes issued in substitution therefor, the “Notes” and individually a “Note”).

III.Pursuant to the Note Agreement, the Company is required to cause each Subsidiary Guarantor to deliver this Subsidiary Guaranty Agreement to the holders.

IV.Each Subsidiary Guarantor will receive direct and indirect benefits from the financing arrangements contemplated by the Note Agreement. The governing body of each Subsidiary Guarantor has determined that the incurrence of such obligations is in the best interests of such Subsidiary Guarantor.

NOW THEREFORE, in compliance with the Note Agreement, and in consideration of, the execution and delivery of the Note Agreement and the purchase of the Notes by each of the Purchasers, each Subsidiary Guarantor hereby covenants and agrees with, and represents and warrants to each of the holders as follows:

EX-2

SECTION 1.    GUARANTY.

Each Subsidiary Guarantor hereby irrevocably, unconditionally and jointly and severally with the other Subsidiary Guarantors guarantees to each holder, the due and punctual payment in full of (a) the principal of, Make-Whole Amount, if any, and interest on (including, without limitation, interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), and any other amounts due under, the Notes when and as the same shall become due and payable (whether at stated maturity or by required or optional prepayment or by acceleration or otherwise) and (b) any other sums which may become due under the terms and provisions of the Notes, the Note Agreement or any other instrument referred to therein (all such obligations described in clauses (a) and (b) above are herein called the “Guaranteed Obligations”). The guaranty in the preceding sentence is an absolute, present and continuing guaranty of payment and not of collectability and is in no way conditional or contingent upon any attempt to collect from the Company or any other guarantor of the Notes (including, without limitation, any other Subsidiary Guarantor hereunder) or upon any other action, occurrence or circumstance whatsoever. In the event that the Company shall fail so to pay any of such Guaranteed Obligations, each Subsidiary Guarantor agrees to pay the same when due to the holders entitled thereto, without demand, presentment, protest or notice of any kind, in lawful money of the United States of America, pursuant to the requirements for payment specified in the Notes and the Note Agreement. Each default in payment of any of the Guaranteed Obligations shall give rise to a separate cause of action hereunder and separate suits may be brought hereunder as each cause of action arises. Each Subsidiary Guarantor agrees that the Notes issued in connection with the Note Agreement may (but need not) make reference to this Subsidiary Guaranty Agreement. 

Each Subsidiary Guarantor agrees to pay and to indemnify and save each holder harmless from and against any damage, loss, cost or expense (including attorneys’ fees) which such holder may incur or be subject to as a consequence, direct or indirect, of (x) any breach by such Subsidiary Guarantor, by any other Subsidiary Guarantor or by the Company of any warranty, covenant, term or condition in, or the occurrence of any default under, this Subsidiary Guaranty Agreement, the Notes, the Note Agreement or any other instrument referred to therein, together with all expenses resulting from the compromise or defense of any claims or liabilities arising as a result of any such breach or default, (y) any legal action commenced to challenge the validity or enforceability of this Subsidiary Guaranty Agreement, the Notes, the Note Agreement or any other instrument referred to therein and (z) enforcing or defending (or determining whether or how to enforce or defend) the provisions of this Subsidiary Guaranty Agreement.

Each Subsidiary Guarantor hereby acknowledges and agrees that such Subsidiary Guarantor’s liability hereunder is joint and several with the other Subsidiary Guarantors and any other Person(s) who may guarantee the obligations and Indebtedness under and in respect of the Notes and the Note Agreement.

EX-3

Notwithstanding the foregoing provisions or any other provision of this Subsidiary Guaranty Agreement, each Subsidiary Guarantor hereby agrees that if at any time the Guaranteed Obligations exceed the Maximum Guaranteed Amount determined as of such time with regard to such Subsidiary Guarantor, then this Subsidiary Guaranty Agreement shall be automatically amended to reduce the Guaranteed Obligations to the Maximum Guaranteed Amount. Such amendment shall not require the written consent of any Subsidiary Guarantor or any holder and shall be deemed to have been automatically consented to by each Subsidiary Guarantor and each holder. Each Subsidiary Guarantor agrees that the Guaranteed Obligations may at any time exceed the Maximum Guaranteed Amount without affecting or impairing the obligation of such Subsidiary Guarantor. “Maximum Guaranteed Amount” means as of the date of determination with respect to a Subsidiary Guarantor, the lesser of (a) the amount of the Guaranteed Obligations outstanding on such date and (b) the maximum amount that would not render such Subsidiary Guarantor’s liability under this Subsidiary Guaranty Agreement subject to avoidance under Section 548 of the United States Bankruptcy Code (or any successor provision) or any comparable provision of applicable state law.

SECTION 2.    OBLIGATIONS ABSOLUTE.

The obligations of each Subsidiary Guarantor hereunder shall be primary, absolute, irrevocable and unconditional, irrespective of the validity or enforceability of the Notes, the Note Agreement or any other instrument referred to therein, shall not be subject to any counterclaim, setoff, deduction or defense based upon any claim such Subsidiary Guarantor may have against the Company or any holder or otherwise, and shall remain in full force and effect without regard to, and shall not be released, discharged or in any way affected by, any circumstance or condition whatsoever (whether or not such Subsidiary Guarantor shall have any knowledge or notice thereof), including, without limitation: (a) any amendment to, modification of, supplement to or restatement of the Notes, the Note Agreement or any other instrument referred to therein (it being agreed that the obligations of each Subsidiary Guarantor hereunder shall apply to the Notes, the Note Agreement or any such other instrument as so amended, modified, supplemented or restated) or any assignment or transfer of any thereof or of any interest therein, or any furnishing, acceptance or release of any security for the Notes or the addition, substitution or release of any other Subsidiary Guarantor or any other entity or other Person primarily or secondarily liable in respect of the Guaranteed Obligations; (b) any waiver, consent, extension, indulgence or other action or inaction under or in respect of the Notes, the Note Agreement or any other instrument referred to therein; (c) any bankruptcy, insolvency, arrangement, reorganization, readjustment, composition, liquidation or similar proceeding with respect to the Company or its property; (d) any merger, amalgamation or consolidation of any Subsidiary Guarantor or of the Company into or with any other Person or any sale, lease or transfer of any or all of the assets of any Subsidiary Guarantor or of the Company to any Person; (e) any failure on the part of the Company for any reason to comply with or perform any of the terms of any other agreement with any Subsidiary Guarantor; (f) any failure on the part of any holder to obtain, maintain, register or otherwise perfect any security; or (g) any other event or circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor (whether or not similar to the foregoing), and in any event however material or prejudicial it may be to any Subsidiary Guarantor or to any subrogation, contribution or reimbursement rights any Subsidiary Guarantor may otherwise have. Each Subsidiary Guarantor covenants that its obligations hereunder will not be discharged except by indefeasible payment in full in cash of all of the Guaranteed Obligations and all other obligations hereunder.

EX-2

SECTION 3.    WAIVER.

Each Subsidiary Guarantor unconditionally waives to the fullest extent permitted by law,
(a) notice of acceptance hereof, of any action taken or omitted in reliance hereon and of any default by the Company in the payment of any amounts due under the Notes, the Note Agreement or any other instrument referred to therein, and of any of the matters referred to in Section 2 hereof, (b) all notices which may be required by statute, rule of law or otherwise to preserve any of the rights of any holder against such Subsidiary Guarantor, including, without limitation, presentment to or demand for payment from the Company or any Subsidiary Guarantor with respect to any Note, notice to the Company or to any Subsidiary Guarantor of default or protest for nonpayment or dishonor and the filing of claims with a court in the event of the bankruptcy of the Company, (c) any right to require any holder to enforce, assert or exercise any right, power or remedy including, without limitation, any right, power or remedy conferred in the Note Agreement or the Notes, (d) any requirement for diligence on the part of any holder and (e) any other act or omission or thing or delay in doing any other act or thing which might in any manner or to any extent vary the risk of such Subsidiary Guarantor or otherwise operate as a discharge of such Subsidiary Guarantor or in any manner lessen the obligations of such Subsidiary Guarantor hereunder.

SECTION 4.    OBLIGATIONS UNIMPAIRED.

Each Subsidiary Guarantor authorizes the holders, without notice or demand to such Subsidiary Guarantor or any other Subsidiary Guarantor and without affecting its obligations hereunder, from time to time: (a) to renew, compromise, extend, accelerate or otherwise change the time for payment of, all or any part of the Notes, the Note Agreement or any other instrument referred to therein; (b) to change any of the representations, covenants, events of default or any other terms or conditions of or pertaining to the Notes, the Note Agreement or any other instrument referred to therein, including, without limitation, decreases or increases in amounts of principal, rates of interest, the Make-Whole Amount or any other obligation; (c) to take and hold security for the payment of the Notes, the Note Agreement or any other instrument referred to therein, for the performance of this Subsidiary Guaranty Agreement or otherwise for the Indebtedness guaranteed hereby and to exchange, enforce, waive, subordinate and release any such security; (d) to apply any such security and to direct the order or manner of sale thereof as the holders in their sole discretion may determine; (e) to obtain additional or substitute endorsers or guarantors or release any other Subsidiary Guarantor or any other Person or entity primarily or secondarily liable in respect of the Guaranteed Obligations; (f) to exercise or refrain from exercising any rights against the Company, any Subsidiary Guarantor or any other Person; and (g) to apply any sums, by whomsoever paid or however realized, to the payment of the Guaranteed Obligations and all other obligations owed hereunder. The holders shall have no obligation to proceed against any additional or substitute endorsers or guarantors or to pursue or exhaust any security provided by the Company, such Subsidiary Guarantor or any other Subsidiary Guarantor or any other Person or to pursue any other remedy available to the holders.

If an event permitting the acceleration of the maturity of the principal amount of any Notes shall exist and such acceleration shall at such time be prevented or the right of any holder to receive any payment on account of the Guaranteed Obligations shall at such time be delayed or otherwise affected by reason of the pendency against the Company , any Subsidiary Guarantor or any other guarantors of a case or proceeding under a bankruptcy or insolvency law, such Subsidiary Guarantor agrees that, for purposes of this Subsidiary Guaranty Agreement and its obligations hereunder, the maturity of such principal amount shall be deemed to have been accelerated with the same effect as if the holder thereof had accelerated the same in accordance with the terms of the Note Agreement, and such Subsidiary Guarantor shall forthwith pay such accelerated Guaranteed Obligations.

EX-3

  SECTION 5.    SUBROGATION AND SUBORDINATION.

(a)Each Subsidiary Guarantor will not exercise any rights which it may have acquired by way of subrogation under this Subsidiary Guaranty Agreement, by any payment made hereunder or otherwise, or accept any payment on account of such subrogation rights, or any rights of reimbursement, contribution or indemnity or any rights or recourse to any security for the Notes or this Subsidiary Guaranty Agreement unless and until all of the Guaranteed Obligations shall have been indefeasibly paid in full in cash.

(b)Each Subsidiary Guarantor hereby subordinates the payment of all Indebtedness and other obligations of the Company or any other guarantor of the Guaranteed Obligations owing to such Subsidiary Guarantor, whether now existing or hereafter arising, including, without limitation, all rights and claims described in clause (a) of this Section 5, to the indefeasible payment in full in cash of all of the Guaranteed Obligations. If the Required Holders so request, any such Indebtedness or other obligations shall be enforced and performance received by such Subsidiary Guarantor as trustee for the holders and the proceeds thereof shall be paid over to the holders promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Required Holders, but without reducing or affecting in any manner the liability of any Subsidiary Guarantor under this Subsidiary Guaranty Agreement.

(c)If any amount or other payment is made to or accepted by any Subsidiary Guarantor in violation of any of the preceding clauses (a) and (b) of this Section 5, such amount shall be deemed to have been paid to such Subsidiary Guarantor for the benefit of, and held in trust for the benefit of, the holders and shall be paid over to the holders promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Required Holders, but without reducing or affecting in any manner the liability of such Subsidiary Guarantor under this Subsidiary Guaranty Agreement.

(d)Each Subsidiary Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Note Agreement and that its agreements set forth in this Subsidiary Guaranty Agreement (including this Section 5) are knowingly made in contemplation of such benefits.

(e)Each Subsidiary Guarantor hereby agrees that, to the extent that a Subsidiary Guarantor shall have paid an amount hereunder to any holder that is greater than the net value of the benefits received, directly or indirectly, by such paying Subsidiary Guarantor as a result of the issuance and sale of the Notes (such net value, its “Proportionate Share”), such paying Subsidiary Guarantor shall, subject to Section 5(a) and 5(b), be entitled to contribution from any Subsidiary Guarantor that has not paid its Proportionate Share of the Guaranteed Obligations. Any amount payable as a contribution under this Section 5(e) shall be determined as of the date on which the related payment is made by such Subsidiary Guarantor seeking contribution and each Subsidiary Guarantor acknowledges that the right to contribution hereunder shall constitute an asset of such Subsidiary Guarantor to which such contribution is owed. Notwithstanding the foregoing, the provisions of this Section 5(e) shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the holders of the Notes hereunder or under the Notes, the Note Agreement or any other document, instrument or agreement executed in connection therewith, and each Subsidiary Guarantor shall remain jointly and severally liable for the full payment and performance of the Guaranteed Obligations.

EX-4

SECTION 6.    REINSTATEMENT OF GUARANTY.

This Subsidiary Guaranty Agreement shall continue to be effective, or be reinstated, as the case may be, if and to the extent at any time payment, in whole or in part, of any of the sums due to any holder on account of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by a holder upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any other guarantors, or upon or as a result of the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to the Company or any other guarantors or any part of its or their property, or otherwise, all as though such payments had not been made.

SECTION 7.    RANK OF GUARANTY.

Each Subsidiary Guarantor will ensure that its payment obligations under this Subsidiary Guaranty Agreement will at all times rank at least pari passu, without preference or priority, with all other unsecured and unsubordinated Indebtedness of such Subsidiary Guarantor now or hereafter existing.

SECTION 8.    ADDITIONAL COVENANTS OF EACH SUBSIDIARY GUARANTOR.

So long as any Notes are outstanding or the Note Agreement shall remain in effect, each Subsidiary Guarantor agrees that such Subsidiary Guarantor will comply with the covenants applicable to such Subsidiary Guarantor in Section 9 and Section 10 of the Note Agreement.

SECTION 9.    REPRESENTATIONS AND WARRANTIES OF EACH SUBSIDIARY GUARANTOR.

Section 9.1. Organization; Power and Authority. Each Subsidiary Guarantor is a legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or formation, and is duly qualified as a foreign legal entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Subsidiary Guarantor has the corporate or other legal power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and currently proposes to transact, to execute and deliver this Subsidiary Guaranty Agreement and to perform the provisions hereof.

Section 9.2. Authorization, Etc. This Subsidiary Guaranty Agreement has been duly authorized by all necessary corporate , limited liability or other action on the part of each Subsidiary Guarantor, and this Subsidiary Guaranty Agreement constitutes a legal, valid and binding obligation of each Subsidiary Guarantor enforceable against each Subsidiary Guarantor in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

EX-5

Section 9.3. Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by each Subsidiary Guarantor of this Subsidiary Guaranty Agreement will not
(i)contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of such Subsidiary Guarantor under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter, regulations or by-laws, operating agreement, shareholders agreement or any other agreement or instrument to which such Subsidiary Guarantor is bound or by which such Subsidiary Guarantor or any of its respective properties may be bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to such Subsidiary Guarantor or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to such Subsidiary Guarantor.

Section 9.4.  Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by each Subsidiary Guarantor of this Subsidiary Guaranty Agreement.

Section 9.5. Each Subsidiary Guarantor represents and warrants to each holder that the representations and warranties applicable to such Subsidiary Guarantor in the Note Agreement are true and correct as of the date hereof.

SECTION 10.   TERM OF SUBSIDIARY GUARANTY AGREEMENT.

This Subsidiary Guaranty Agreement and all guarantees, covenants and agreements of the Subsidiary Guarantors contained herein shall continue in full force and effect and shall not be discharged until such time as all of the Guaranteed Obligations and all other obligations hereunder shall be indefeasibly paid in full in cash and shall be subject to reinstatement pursuant to Section 6; provided that a Subsidiary Guarantor may be discharged from all of its obligations and liabilities hereunder in accordance with Section 9.7(b) of the Note Agreement.

SECTION 11.   SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.

All representations and warranties contained herein shall survive the execution and delivery of this Subsidiary Guaranty Agreement and may be relied upon by any subsequent holder, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder. All statements contained in any certificate or other instrument delivered by or on behalf of a Subsidiary Guarantor pursuant to this Subsidiary Guaranty Agreement shall be deemed representations and warranties of such Subsidiary Guarantor under this Subsidiary Guaranty Agreement. Subject to the preceding sentence, this Subsidiary Guaranty Agreement embodies the entire agreement and understanding between each holder and the Subsidiary Guarantors and supersedes all prior agreements and understandings relating to the subject matter hereof.

EX-6

 SECTION 12.    AMENDMENT AND WAIVER.

Section 12.1. Requirements. Except as otherwise provided in the fourth paragraph of Section 1 of this Subsidiary Guaranty Agreement, this Subsidiary Guaranty Agreement may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively), with (and only with) the written consent of each Subsidiary Guarantor and the Required Holders, except that no amendment or waiver (a) of any of the first three paragraphs of Section 1 or any of the provisions of Section 2, 3, 4, 5, 6, 7, 10, or 12 hereof, or any defined term (as it is used therein), or (b) which results in the limitation of the liability of any Subsidiary Guarantor hereunder (except to the extent provided in the fourth paragraph of Section 1 of this Subsidiary Guaranty Agreement) will be effective as to any holder unless consented to by such holder in writing.

Section 12.2.    Solicitation of Holders of Notes.

(a)Solicitation. Each Subsidiary Guarantor will provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof. Each Subsidiary Guarantor will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 12.2 to each holder promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes.

(b)Payment. The Subsidiary Guarantors will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder as consideration for or as an inducement to the entering into by any holder of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder even if such holder did not consent to such waiver or amendment.

Section 12.3. Binding Effect. Any amendment or waiver consented to as provided in this Section 12 applies equally to all holders and is binding upon them and upon each future holder and upon each Subsidiary Guarantor without regard to whether any Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant or agreement not expressly amended or waived or impair any right consequent thereon. No course of dealing between a Subsidiary Guarantor and the holder nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any holder. As used herein, the term “this Subsidiary Guaranty Agreement” and references thereto shall mean this Subsidiary Guaranty Agreement as it may be amended, modified, supplemented or restated from time to time.

Section 12.4. Notes Held by Company, Etc. Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Subsidiary Guaranty Agreement, or have directed the taking of any action provided herein to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by any Subsidiary Guarantor, the Company or any of their respective Affiliates shall be deemed not to be outstanding.

EX-7

SECTION 13.   NOTICES.

All notices and communications provided for hereunder shall be in writing and sent (i) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (ii) by registered or certified mail with return receipt requested (postage prepaid), or (iii) by a recognized overnight delivery service (with charges prepaid). Any such notice must be sent:

(a) if to any Subsidiary Guarantor, to 
     LITTELFUSE, INC.
     8755 W. Higgins Road 
     Chicago, Illinois 60631 
     Attn: Treasurer

     With a copy to:
     LITTELFUSE, INC.
     8755 W. Higgins Road 
     Chicago, Illinois 60631 
     Attn: Chief Legal Officer

, or such other address as such Subsidiary Guarantor shall have specified to the holders in writing, or

(b) if to any holder, to such holder at the addresses specified for such communications set forth in the Purchaser Schedule to the Note Agreement, or such other address as such holder shall have specified to the Subsidiary Guarantors in writing.

SECTION 14.   MISCELLANEOUS.

Section 14.1. Successors and Assigns; Joinder. All covenants and other agreements contained in this Subsidiary Guaranty Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns whether so expressed or not. It is agreed and understood that any Person may become a Subsidiary Guarantor hereunder by executing a Guarantor Supplement substantially in the form of Exhibit A attached hereto and delivering the same to the holders. Any such Person shall thereafter be a “Subsidiary Guarantor” for all purposes under this Subsidiary Guaranty Agreement.

Section 14.2. Severability. Any provision of this Subsidiary Guaranty Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law), not invalidate or render unenforceable such provision in any other jurisdiction.

Section 14.3. Construction. Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such express contrary provision) be deemed to excuse compliance with any other covenant. Whether any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.

EX-8

The section and subsection headings in this Subsidiary Guaranty Agreement are for convenience of reference only and shall neither be deemed to be a part of this Subsidiary Guaranty Agreement nor modify, define, expand or limit any of the terms or provisions hereof. All references herein to numbered sections, unless otherwise indicated, are to sections of this Subsidiary Guaranty Agreement. Words and definitions in the singular shall be read and construed as though in the plural and vice versa, and words in the masculine, neuter or feminine gender shall be read and construed as though in either of the other genders where the context so requires.

Section 14.4. Further Assurances. Each Subsidiary Guarantor agrees to execute and deliver all such instruments and take all such action as the Required Holders may from time to time reasonably request in order to effectuate fully the purposes of this Subsidiary Guaranty Agreement.

Section 14.5.  Governing Law. This Subsidiary Guaranty Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York, excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

Section 14.6. Jurisdiction and Process; Waiver of Jury Trial. (a) Each Subsidiary Guarantor irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Subsidiary Guaranty Agreement. To the fullest extent permitted by applicable law, each Subsidiary Guarantor irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

(b)Each Subsidiary Guarantor consents to process being served by or on behalf of any holder in any suit, action or proceeding of the nature referred to in Section 14.6(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 13 or at such other address of which such holder shall then have been notified pursuant to Section 13. Each Subsidiary Guarantor agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service.

(c)Nothing in this Section 14.6 shall affect the right of any holder to serve process in any manner permitted by law, or limit any right that the holders may have to bring proceedings against any Guarantor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

(d)THE SUBSIDIARY GUARANTORS AND THE HOLDERS HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS SUBSIDIARY GUARANTY AGREEMENT OR OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH.

EX-9

Section 14.7. Reproduction of Documents. This Subsidiary Guaranty Agreement and all documents relating thereto, including (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. Each Subsidiary Guarantor agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 14.7 shall not prohibit a Subsidiary Guarantor or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. A facsimile or electronic transmission of the signature page of a Subsidiary Guarantor shall be effective as delivery of a manually executed counterpart hereof and shall be admissible into evidence for all purposes.
EX-10

In Witness Whereof, each Subsidiary Guarantor has caused this Subsidiary Guaranty Agreement to be duly executed and delivered as of the date and year first above written.  

CARLING TECHNOLOGIES, INC.

By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer

HARTLAND CONTROLS HOLDING CORP.

By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Assistant Treasurer

HARTLAND CONTROLS L.L.C.
By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Assistant Treasurer

IXYS BUCKEYE, LLC

By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer

IXYS INTEGRATED CIRCUITS DIVISION, LLC

By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer
 

IXYS LONG BEACH, INC.

By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Assistant Chief Financial Officer

IXYS USA, LLC
By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer

IXYS, LLC

By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer

LFUS LLC

By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer

LITTELFUSE COMMERCIAL VEHICLE LLC

By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer
 

LITTELFUSE HOLDING, LLC

By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer

LITTELFUSE INTERNATIONAL HOLDING, LLC

By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer
LITTELFUSE MEXICO HOLDING LLC 
By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer
MONOLITH SEMICONDUCTOR INC.
By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer

PELE TECHNOLOGY, INC.

By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer
 

REACTION TECHNOLOGY EPI, LLC
By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer

REACTION TECH RE, LLC

By: /s/ Hans Weinburger                                   
Name: Hans Weinburger
Title:   Manager

REACTION TECHNOLOGY INCORPORATED

By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Assistant Chief Financial Officer

SYMCOM, INC.

By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer

   ZILOG, INC.
By: /s/ Carlos Ramirez                                   
Name: Carlos Ramirez
Title:   Treasurer
 

EXHIBIT A

SUBSIDIARY GUARANTOR SUPPLEMENT

THIS SUBSIDIARY GUARANTOR SUPPLEMENT (the “Subsidiary Guarantor Supplement”), dated as of ______________, 20__ is made by _____________, a _______________ (the “Additional Subsidiary Guarantor”), in favor of the holders from time to time of the Notes issued pursuant to the Note Agreement described below:

PRELIMINARY STATEMENTS:

I.Pursuant to the Note Purchase Agreement dated as of May 18, 2022 (as amended, modified, supplemented or restated from time to time, the “Note Agreement”), by and among LITTELFUSE, INC., a Delaware corporation (together with any successor thereto that becomes a party to the Note Agreement pursuant to Section 10.2, the “Company”) and the Persons listed on the signature pages thereto (the “Purchasers”), the Company has issued and sold $100,000,000 aggregate principal amount of its 4.33% Senior Notes due 2032 (as amended, restated or otherwise modified from time to time and including any such notes issued in substitution therefor, the “Notes” and individually a “Note”).

II.The Company is required pursuant to the Note Agreement to cause the Additional Subsidiary Guarantor to deliver this Subsidiary Guarantor Supplement in order to cause the Additional Subsidiary Guarantor to become a Subsidiary Guarantor under the Subsidiary Guaranty Agreement dated as of July 18, 2022 executed by certain Subsidiaries of the Company (together with each entity that from time to time becomes a party thereto by executing a Subsidiary Guarantor Supplement pursuant to Section 14.1 thereof, collectively, the “Subsidiary Guarantors”) in favor of each holder from time to time of any of the Notes (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Subsidiary Guaranty Agreement”).

III.The Additional Subsidiary Guarantor has received and will receive substantial direct and indirect benefits from the Company’s compliance with the terms and conditions of the Note Agreement and the Notes issued thereunder.

IV.Capitalized terms used and not otherwise defined herein have the definitions set forth in the Note Agreement.

Now therefore, in consideration of the funds advanced to the Company by the Purchasers under the Note Agreement and to enable the Company to comply with the terms of the Note Agreement, the Additional Subsidiary Guarantor hereby covenants, represents and warrants to the holders as follows:

 

The Additional Subsidiary Guarantor hereby becomes a Subsidiary Guarantor (as defined in the Subsidiary Guaranty Agreement) for all purposes of the Subsidiary Guaranty Agreement. Without limiting the foregoing, the Additional Subsidiary Guarantor hereby (a) jointly and severally with the other Subsidiary Guarantors under the Subsidiary Guaranty Agreement, guarantees to the holders from time to time of the Notes the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) and the full and prompt performance and observance of all Guaranteed Obligations (as defined in Section 1 of the Subsidiary Guaranty Agreement) in the same manner and to the same extent as is provided in the Subsidiary Guaranty Agreement, (b) accepts and agrees to perform and observe all of the covenants set forth therein, (c) waives the rights set forth in Section 3 of the Subsidiary Guaranty Agreement, (d) agrees to perform and observe the covenants contained in Section 8 of the Subsidiary Guaranty Agreement, (e) makes the representations and warranties set forth in Section 9 of the Subsidiary Guaranty Agreement and (f) waives the rights, submits to jurisdiction, and waives service of process as described in Section 14.6 of the Subsidiary Guaranty Agreement. 

Notice of acceptance of this Subsidiary Guarantor Supplement and of the Subsidiary Guaranty Agreement, as supplemented hereby, is hereby waived by the Additional Subsidiary Guarantor.

The address for notices and other communications to be delivered to the Additional Subsidiary Guarantor pursuant to Section 13 of the Subsidiary Guaranty Agreement is set forth below.

IN WITNESS WHEREOF, the Additional Subsidiary Guarantor has caused this Subsidiary Guarantor Supplement to be duly executed and delivered as of the date and year first above written.

[NAME OF ADDITIONAL SUBSIDIARY GUARANTOR]

By: ____________________________________________
Name:
Title:

Notice Address for such Additional Subsidiary Guarantor

      ____________________________________________
     ____________________________________________
     _____________________________________

 

A-2calm2021x10kex41

Exhibit 4.1 
To Annual Report 
on Form 10-K for Fiscal 2022 
Of Cal-Maine Foods, Inc. 
 

 

DESCRIPTION OF CAPITAL STOCK 
The amount of capital stock which Cal-Maine Foods, Inc. (the “Company” or “Corporation”) is authorized to issue (the “Capital 
Stock”) is 124,800,000 
shares, consisting of 
(a) 120,000,000 shares 
of Common 
Stock with a 
par value of 
One Cent ($.01) per 
share and (b) 4,800,000 shares of Class A Common Stock with a par value of One Cent ($.01) per share. 
The 
following 
summary 
describes 
the 
Capital 
Stock 
under 
the 
Company’s 
Second 
Amended 
and 
Restated 
Certificate 
of 
Incorporation (the “Restated Charter”). 
The summary may not 
be complete and is subject 
to, and qualified in 
its entirety by, the 
applicable provisions 
of Delaware 
law and 
the terms and 
provisions of our 
Restated Charter. You 
should refer 
to, and 
read this 
summary together 
with, our 
Restated Charter 
to review 
all provisions 
applicable to 
our Capital 
Stock that 
may be important 
to 
you. 
Equal Treatment 
Except as otherwise provided in the Restated 
Charter as described below, or required by applicable 
law, shares of Common Stock 
and Class A 
Common Stock shall have the same rights and powers, rank equally (including as to 
dividends and distributions, and 
upon any 
liquidation, dissolution 
or winding 
up of 
the Corporation), 
share ratably 
and be 
identical in 
all respects 
and as 
to all 
matters. 
Voting Rights 
Holders of shares of Capital Stock vote as a single class on all matters submitted to a vote of the stockholders, with each share of 
Common Stock entitled to one vote 
and each share of Class A 
Common Stock entitled to ten votes. Holders 
of Capital Stock have 
the right 
of cumulative 
voting in 
the election 
of directors. 
Cumulative voting 
means that 
each stockholder 
is entitled 
to cast 
as 
many votes as he 
or she has the right 
to cast (before cumulating 
votes), multiplied by the 
number of directors to 
be elected, and 
such stockholder may cast all of such votes for a single director or may distribute them among the number 
to be voted for, or for 
any two or more of them as such stockholder may see fit. 
Under Delaware 
law, the affirmative 
vote of the 
holders of a 
majority of the 
outstanding shares of 
any class of 
Capital Stock is 
required to approve, among other 
things, any amendment to the 
certificate of incorporation that would 
alter or change the 
powers, 
preferences 
or special 
rights of 
such class 
so as 
to affect 
such class 
adversely. In 
addition, as 
long as 
any of 
the shares 
of the 
Class A Common 
Stock are 
outstanding, 
the consent 
of not 
less than 
66 2/3 
% of 
the total 
shares of 
Class A Common 
Stock 
outstanding is required to 
(1) alter or change the rights 
and privileges of Class A Common Stock; (2) to 
amend any provision of 
Paragraph 4 of the Restated Charter affecting the Class A 
Common Stock or (3) effect any re-classification or re-capitalization of 
the Company’s Capital Stock. 
Dividends 
Holders of 
shares of 
Capital Stock 
are entitled 
to receive 
such dividends 
as may 
be declared 
by our 
Board of 
Directors out 
of 
funds legally available for such purpose. 
Shares of Common 
Stock and Class A Common Stock 
are required to 
be treated equally, 
identically and ratably, 
on a per 
share 
basis, with respect to any dividends or distributions as may be declared and paid from time to time by the Board of Directors out 
of any assets of the Company legally available therefor. 
However, in the event a dividend is paid in the form of shares of Capital 
Stock (or rights to acquire such shares), then holders of 
Common Stock shall receive 
shares of Common Stock 
(or rights) and holders of 
Class A Common Stock shall receive shares of 
Class A Common 
Stock (or 
rights), with 
holders of 
shares of 
Common Stock 
and Class A Common 
Stock receiving, 
on a 
per 
share basis, an identical number of shares of Common Stock or Class A Common Stock, as applicable. 

Exhibit 4.1 
To Annual Report 
on Form 10-K for Fiscal 2022 
Of Cal-Maine Foods, Inc. 
 

 

Notwithstanding the foregoing, the 
Board of Directors may 
pay or make 
a disparate dividend or 
distribution per share of 
Common 
Stock or Class A Common 
Stock (whether 
in the amount 
of such dividend 
or distribution payable 
per share, 
the form 
in which 
such dividend 
or distribution 
is payable, 
the timing 
of the 
payment, or 
otherwise) if 
such disparate 
dividend or 
distribution 
is 
approved in advance by the affirmative vote of the holders of a majority of the outstanding shares of Common Stock and 
Class A 
Common Stock, each voting separately as a class. 
Ownership of Class A Common Stock 
The Class A Common 
Stock may 
only be issued 
to Immediate 
Family Members 
and Permitted Transferees 
(each as 
defined in 
the 
Restated 
Charter, 
and 
as 
summarized 
below). 
In 
the 
event 
any 
share 
of 
Class A Common 
Stock, 
by 
operation 
of 
law 
or 
otherwise is, or 
shall be deemed 
to be owned 
by any person 
other than 
an Immediate Family 
Member or 
Permitted Transferee, 
such share of Class A Common Stock shall 
automatically convert into 
Common Stock, whereby the 
voting power of such 
stock 
would be reduced from ten votes per share to one vote per share. 
The term “Immediate Family Member” 
includes: the spouse of our 
late founder and Chairman 
Emeritus Fred R. 
Adams, Jr., (Mrs. 
Jean Adams), 
his 
natural 
children 
(the 
“Daughters”), 
his 
sons-in-law 
(including 
our 
Chairman 
and 
Chief 
Executive 
Officer 
Adolphus B. Baker), and his grandchildren, including the estates of all of 
such persons. 
The term “Permitted Transferee” includes: 
(i) 
an Immediate Family Member; 
(ii) 
a trust 
held for 
the sole 
or primary 
benefit of 
one or 
more Immediate 
Family Members 
or Permitted 
Transferees, 
including any trustee in such trustee’s capacity as such, provided 
that if a trust is not for the sole benefit of one or 
more 
Immediate 
Family 
Members 
or 
Permitted 
Transferees, 
an 
Immediate 
Family 
Member 
or 
Permitted 
Transferee 
must 
retain sole 
dispositive and 
exclusive power 
to direct 
the voting 
of the 
shares of 
Class A Common Stock 
held by 
such 
trust; 
(iii) 
a corporation, limited liability company or partnership, including but not limited to, a family limited partnership or 
similar limited liability 
company or corporation, 
or a single member 
limited liability company, 
provided that all 
of the 
equity interest in 
such entity is owned, 
directly or indirectly, by 
one or more Immediate 
Family Members or 
Permitted 
Transferees and an 
Immediate Family Member 
or Permitted Transferee retains 
sole dispositive and 
exclusive power to 
direct the voting of the shares of Class A Common Stock held by such entity; 

(iv) 
a qualified 
Individual Retirement 
Account, pension, 
profit sharing, 
stock bonus 
or other 
type of 
plan or 
trust of 
which an Immediate 
Family Member or Permitted 
Transferee is a participant 
or beneficiary, provided that 
in each case 
an Immediate Family Member or 
Permitted Transferee retains sole dispositive and 
exclusive power to direct the voting 
of the shares of Class A Common Stock held by such account, plan or trust; or 
(v) 
any guardianship, conservatorship or custodianship 
for the benefit of an Immediate Family 
Member who has been 
adjudged 
disabled, 
incapacitated, 
incompetent 
or 
otherwise 
unable 
to 
manage 
his 
or 
her 
own 
affairs 
by 
a 
court 
of 
competent jurisdiction, including any 
guardian, conservator or 
custodian in such guardian’s, 
conservator’s or custodian’s 
capacity as such. 
Other Provisions 
The holders of Common Stock and Class A Common Stock are not entitled to preemptive or subscription rights. 

Exhibit 4.1 
To Annual Report 
on Form 10-K for Fiscal 2022 
Of Cal-Maine Foods, Inc. 
 

 

Unless approved in advance by the affirmative vote of the holders of a majority of 
the outstanding shares of Common Stock and 
Class A Common 
Stock, 
each 
voting 
separately 
as 
a 
class, 
shares 
of 
Common 
Stock 
or Class 
A Common 
Stock 
may 
not 
be 
subdivided, combined 
or reclassified unless 
the shares of 
the other class 
are concurrently therewith 
proportionately subdivided, 
combined 
or 
reclassified 
in 
a 
manner 
that 
maintains 
the 
same 
proportionate 
equity 
ownership 
between 
the 
holders 
of 
the 
outstanding Common Stock and Class A 
Common Stock on the record date for such subdivision, combination or reclassification. 
Unless approved in advance by the affirmative vote of the holders of a majority of 
the outstanding shares of Common Stock and 
Class A Common 
Stock, each 
voting separately 
as a 
class, upon 
the dissolution, 
liquidation or 
winding up 
of the 
corporation, 
whether voluntary 
or involuntary, 
holders of 
Common Stock 
and Class A Common 
Stock will 
be entitled 
to receive 
ratably all 
assets of the Corporation available for distribution to its stockholders. 
In the event of 
(i) a merger, 
consolidation or other business 
combination requiring the approval of 
the holders of the 
Corporation’s 
capital stock entitled to vote thereon, (ii) a tender or exchange offer to acquire any shares of Common Stock or Class 
A Common 
Stock by a third party pursuant to 
an agreement to which the Corporation is a party, 
or (iii) a tender or exchange offer 
to acquire 
any 
shares of 
Common 
Stock or 
Class A Common 
Stock 
by the 
Corporation, 
holders of 
the 
Common 
Stock 
and 
the Class 
A 
Common Stock 
shall have the 
right to receive, 
or the right 
to elect to 
receive, the same 
form and amount 
of consideration 
on a 
per share basis. 

Each share 
of Class A Common 
Stock is 
convertible, at 
the option 
of its 
holder, into 
one share 
of Common 
Stock at 
any time. 
Once shares of Class A Common Stock 
are converted into Common 
Stock, the shares of 
Class A Common Stock will be retired 
and 
may 
not be 
reissued. The 
number 
of 
shares 
of 
Common 
Stock 
into 
which 
the 
shares of 
Class A Common 
Stock 
may 
be 
converted is 
subject to 
adjustment from 
time to 
time in 
the event 
of any 
capital reorganization, 
reclassification of 
stock of 
the 
Company or consolidation or merger of the Company with or into another corporation. 
The 
Restated 
Charter 
includes 
a 
sunset 
provision 
pursuant 
to 
which 
all 
of 
the 
outstanding 
Class 
A 
Common 
Stock 
will 
automatically 
convert 
to 
Common 
Stock 
if: 
(a) 
less 
than 
4,300,000 
shares 
of 
Class A 
Common 
Stock, 
in 
the 
aggregate, 
are 
beneficially owned by Immediate Family 
Members and/or Permitted Transferees, 
or (b) if less than 4,600,000 
shares of Class A 
Common Stock 
and Common Stock, 
in the aggregate, 
are beneficially owned 
by Immediate Family 
Members and/or Permitted 
Transferees. 
Control by Immediate Family Members, Anti-Takeover Considerations and Conflicts of Interest 
General 
Mr. Adams founded the Company 
and served as its CEO 
from the formation 
of the Company in 1969 
until 2010, when his son-
in-law, Mr. Baker, became CEO. Mr. Adams died on March 29, 2020. 
As of July 19, 2022, 
Immediate Family Members beneficially own all of the 4.8 
million outstanding shares of Class A Common 
Stock, representing 52.1% of the total voting power, and approximately 4.9 million shares of Common Stock, 
representing 5.4% 
of the total voting power. Such persons possess in the aggregate 57.5% of the total voting power of the outstanding shares of our 
Common Stock and Class A Common Stock, based on shares held directly or through related entities. 
The 
Common 
Stock 
is listed 
on The 
Nasdaq 
Stock 
Market (“NASDAQ”). 
Because 
Mrs. Adams, 
Mr. 
Baker 
and 
Mr. 
Baker’s 
spouse beneficially 
own in 
the aggregate 
capital stock 
of the 
Company 
entitling them 
to 57.5% 
of the 
total voting 
power, the 
Company 
is a 
“controlled 
company” 
under 
NASDAQ 
rules. As 
a 
controlled 
company, 
the Company 
is not 
subject 
to certain 
NASDAQ 
listing 
standards, 
such 
as 
those 
that 
would 
otherwise 
require 
that 
a 
majority 
of 
a 
listed 
company’s 
directors 
be 
independent 
and 
that 
a 
compensation 
committee 
and 
nominating 
committee 
of 
the 
board 
of 
directors 
composed 
solely 
of 
independent directors 
be established. Although 
not required, 
the Company’s 
board does 
comprise of 
a majority 
of independent 
directors and 
Compensation committee 
is comprised 
of all 
solely independent 
directors. The 
Company is, 
however, subject 
to 

Exhibit 4.1 
To Annual Report 
on Form 10-K for Fiscal 2022 
Of Cal-Maine Foods, Inc. 
 

 

NASDAQ 
listing 
standards 
requiring 
that 
the Audit 
Committee 
be 
composed 
solely 
of 
independent 
directors. 
Delaware 
law 
provides that the holders of a majority of the voting power of shares entitled to vote must approve certain fundamental corporate 
transactions 
such 
as 
a 
merger, 
consolidation 
and 
sale 
of 
all 
or 
substantially 
all 
of 
a 
corporation’s 
assets. 
Immediate 
Family 
Members currently hold a majority of the voting power of 
all shares of capital stock of the Company and 
have indicated that they 
intend to retain ownership 
of a sufficient amount 
of Common Stock and 
Class A Common Stock to assure continued ownership 
of more than 50% of the voting power of our outstanding shares of capital stock. 
Accordingly, a merger, consolidation, sale of all 
or substantially all 
of the assets 
or other business 
combination or transaction involving 
the Company, which 
requires a stockholder 
vote, cannot be effected without the approval of the Immediate Family Members. 
As a result, majority control may make an unsolicited acquisition of the Company 
more difficult and discourage certain types of 
transactions involving a change of control of our Company, including transactions in which the holders of Common Stock might 
otherwise receive a premium for 
their shares over then 
current market prices. 
Also, the controlling ownership 
of our Capital Stock 
by Immediate Family 
Members may adversely 
affect the market 
price of our 
Common Stock, due 
in part to 
lack of speculation 
that there may be a change in control. 
Delaware Anti-Takeover Law 
We 
are 
subject 
to 
Section 203 
(“Section 203”) 
of 
the 
Delaware 
General 
Corporation 
Law. 
Under 
this 
provision, 
we 
may 
not 
engage 
in 
any 
“business 
combination” 
with 
any 
interested 
stockholder 
for 
a 
period 
of 
three 
years 
following 
the 
date 
the 
stockholder became an interested stockholder, unless: 
i. 
prior to that date our Board of Directors approved either the business combination 
or the transaction that resulted in the 
stockholder becoming an interested stockholder; 
ii. 
upon completion 
of the 
transaction that 
resulted in 
the stockholder 
becoming an 
interested stockholder, 
the interested 
stockholder owned at least 85% of the voting stock outstanding at the time the transaction began; 
or 
iii. 
on or following 
that date, the business 
combination is approved 
by our Board of 
Directors and authorized 
at an annual 
or special meeting of stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock 
that is not owned 
by the interested stockholder. 
Section 203 defines “business combination” to include, subject to limited 
exceptions: 
i. 
any merger or consolidation involving the corporation and the interested stockholder; 
ii. 
any sale, 
transfer, pledge 
or other 
disposition of 
10% or 
more of 
the assets 
of the 
corporation involving 
the interested 
stockholder; 
iii. 
any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested 
stockholder; 
iv. 
any transaction 
involving the 
corporation 
that has 
the effect 
of increasing 
the proportionate 
share of 
the stock 
of any 
class or series of the corporation beneficially owned by the interested stockholder; or 
v. 
the receipt 
by the 
interested 
stockholder of 
the benefit 
of any 
loans, advances, 
guarantees, pledges 
or other 
financial 
benefits provided by or through the corporation. 

Exhibit 4.1 
To Annual Report 
on Form 10-K for Fiscal 2022 
Of Cal-Maine Foods, Inc. 
 

 

In 
general, 
Section 203 
defines 
an 
“interested 
stockholder” 
as 
any 
entity 
or 
person 
beneficially 
owning 
15% 
or 
more 
of 
the 
outstanding voting 
stock of the 
corporation and 
any entity or 
person affiliated 
with or controlling 
or controlled 
by the entity 
or 
person. 
The restrictions of 
Section 203 of the 
Delaware General Corporation 
Law do not 
apply to corporations 
that have elected, 
in the 
manner provided therein, not to be subject to Section 203 
of the Delaware General Corporation Law. The Company 
has not made 
such an election. Accordingly, the Company would be subject to Section 203 in the event of a business combination. 
Transfer Agent
Computershare Trust Company of Louisville, Kentucky, is the Transfer Agent and Registrar for our Common Stock.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]