Gerechtshof Amsterdam, 11-02-2026, ECLI:NL:GHAMS:2026:318, 200.359.769/01 OK

Deze zaak gaat over Nexperia Holding en Nexperia B.V., twee Nederlandse vennootschappen actief in de halfgeleider- en chipindustrie (spin-offs van NXP). Wereldwijd zijn er ongeveer 12.500 mensen werkzaam bij Nexperia, waarvan ongeveer 400 in Nederland. Sinds 2016 worden de aandelen in Nexperia middellijk gehouden door een Chinese partij. Eind 2023 heeft Nexperia contact opgenomen met EZ om steun te zoeken en volledig erkend te worden als Nederlands/Europees halfgeleiderbedrijf omdat haar onderneming belemmeringen ervoer door de omstandigheid dat haar enig aandeelhouder, Yuching, een Chinese vennootschap is. Sinds 2024 heeft Nexperia in dat kader overleg gevoerd met EZ over bepaalde herzieningen in haar governance. Met ingang van 31 december 2024 is Wingtech , de indirecte Chinese aandeelhouder van Nexperia door de Verenigde Staten op de zogeheten US Entity List geplaatst, met als gevolg dat Wingtech is onderworpen aan verstrekkende handelsbeperkingen. Sinds juni 2025 was Nexperia op de hoogte van het risico dat ook zijzelf zou worden onderworpen aan Amerikaanse handelssancties op grond van de zogenoemde 50%-rule, die – kort gezegd – inhoudt dat genoemde handelsbeperkingen ook gelden voor vennootschappen waarvan de aandelen voor 50% of meer worden gehouden door (rechts)personen op de US Entity List. Op 30 september 2025 is de 50%-rule gepubliceerd en op Nexperia van toepassing verklaard, waardoor zij in beginsel na zestig dagen zou zijn onderworpen aan Amerikaanse handelsbeperkingen. Op dezelfde dag heeft de Minister op grond van de Wet beschikbaarheid goederen (hierna: Wbg) een besluit genomen dat een tot Nexperia gericht bevel bevat tot behoud van haar onderneming en productiemiddelen (hierna: het bevel).

In deze procedure betoogt Nexperia, bij monde van haar CLO, tevens (uitvoerende) bestuurder, dat gegronde redenen bestaan om te twijfelen aan een juist beleid en een juiste gang van zaken bij Nexperia. De bezwaren hebben onder meer betrekking op de implementatie van de afspraken met EZ tegen de achtergrond van het groeiende risico dat Nexperia zou worden onderworpen aan de 50%-rule. Verder wordt geklaagd over tegenstrijdig belang-transacties die zouden zijn aangegaan op instructie van [bestuurder/CEO] , bestuurder van Nexperia en controlerend aandeelhouder van Yuching, over onverhoedse wijzigingen in het management en het plotseling intrekken van bankvolmachten. Bij nader verzoekschrift heeft Nexperia ook de gang van zaken na 30 september 2025 aan haar verzoek ten grondslag gelegd. De OR wijst onder meer op schending van het adviesrecht op grond van de WOR met betrekking tot het aangekondigde ontslag van de CLO. Yuching en [bestuurder/CEO] hebben gemotiveerd verweer gevoerd.

In deze beschikking beoordeelt de Ondernemingskamer of gegronde redenen bestaan om te twijfelen aan een juist beleid en een juiste gang van zaken van Nexperia, en zo ja, of daarnaar een onderzoek moet worden gelast. Indien een onderzoek wordt gelast, moet de Ondernemingskamer beoordelen of de eerder getroffen onmiddellijke voorzieningen moeten worden ingetrokken, gewijzigd of gehandhaafd.

Feiten

“3.1. The CEO is entrusted with all of the Board’s powers, authorities and discretions (including the power to sub-delegate) other than the powers explicitly retained by the Board or the Board Committees. Matters not expressly included in [article], 1.2 and[/] or in the Board Committee charters shall be validly resolved upon by the CEO and no further resolutions, approvals or other involvement of the Board shall be required.

“ [bestuurder/CEO] made clear to the EZK delegation that Nexperia offers full transparency and is willing to take considerable steps to assure trust in exchange for the Netherlands’ support, in several phases:

a) First phase of short-term ‘quid pro quo’ actions: change in set-up of the Nexperia BV

Board of Directors (done), installation of a Supervisory Board and consolidation of an

Information Security Policy. (...)”

“Voor het realiseren van de groeiambities van Nexperia is uw steun van het grootste belang. Momenteel ondervindt Nexperia een perceptieprobleem vanwege de huidige eigendomsstructuur. Dit berokkent ons grote schade, omdat het rechtstreeks van invloed is op onze investeringsmogelijkheden. Wij hebben nadrukkelijk onze bereidheid getoond om vergaande maatregelen te nemen die van invloed zijn op onze governancestructuur en die erop gericht zijn de Nederlandse regering, en uw ministerie in het bijzonder, het vertrouwen te geven om Nexperia te erkennen als een belangrijke Nederlandse en Europese schakel in het halfgeleiderecosysteem.

Verregaande maatregelen in reikwijdte

De maatregelen die we met uw ministerie hebben besproken, en die deels al zijn uitgevoerd, zijn de volgende:

1. Het aantal statutaire directeuren van Nexperia Holding B.V. en Nexperia B.V. is nu teruggebracht van drie naar twee, te weten [ [bestuurder/CEO] ], CEO, en [de CLO], Chief Legal Officer.

2. De installatie van een Raad van Commissarissen (RvC) op het niveau van Nexperia Holding B.V., de moedermaatschappij van de Nexperia-groep. Het belangrijkste doel van deze RvC is te zorgen voor goed toezicht en controles op het gebied van:

a. Bescherming van technologie en intellectuele eigendom;

b. Bescherming van gevoelige gegevens; en

c. Bescherming van de IT-infrastructuur van Nexperia.

3. De verdere versterking van ons informatiebeveiligingsbeleid door de implementatie van een robuuste organisatie die voldoet aan onze eisen en die van uw ministerie. De organisatie omvat de benoeming van een Information Security Committee onder leiding van een Chief Security Officer.

Deze maatregelen hebben een forse en onomkeerbare impact op de manier waarop we ons bedrijf voeren en illustreren onze bereidheid om het huidige perceptieprobleem aan te pakken. Wij zijn blij met het bericht van uw ministerie dat deze maatregelen zullen leiden tot het wegnemen van de zorgen en daarmee samenhangende beperkingen waarmee Nexperia zowel in Nederland als in andere westerse landen wordt geconfronteerd, en tot de erkenning en ondersteuning van Nexperia als gewaardeerde investeerder in de Nederlandse economie. (...)

Uiteindelijk verwachten we niets anders dan dat we gelijk worden behandeld als onze collega-bedrijven die ook hun hoofdkantoor in Nederland hebben, overwegend buitenlandse aandeelhouders hebben en naar Nederlands recht opereren.”

Verder werd voorgesteld dat een nieuwe functie van een Chief Security Officer en een Chief Information Security Officer in het leven zouden worden geroepen. De met [bestuurder/CEO] afgestemde presentatie bevatte hierover onder meer het volgende:

Het Information Security Framework dat Nexperia aan EZ voorstelde, bestond uit drie lines of defense:

Deze voorstellen waren onderdeel van fase 1 en zouden volgens de presentatie worden voltooid halverwege 2024. Parallel hieraan voorzag de presentatie in de oprichting van een tweede (Nederlandse) dochter onder Nexperia Holding waarin de Nederlandse activiteiten zouden worden ondergebracht. Bij deze tweede Nederlandse dochter zou het gematigde structuurregime worden ingevoerd. Nexperia B.V. zou de (tussen)houdstervennootschap van de wereldwijde activiteiten blijven.

Deze fase 2 zou volgens de presentatie eind 2024 worden afgerond. In fase 3 (2025-2027) zouden externe aandeelhouders worden toegelaten, aldus de presentatie aan EZ.

“6. Following discussions with EZK, Nexperia has agreed to give the requested comfort to the Dutch government by establishing a SB at the level of its top holding company Nexperia Holding B.V. (“Nexperia Holding”). The specific aim of the SB is to remove the perceived security concerns (...). The SB will need to secure that any business issue which may create national security concerns can only be decided upon after approval of the SB. Such issues and business decisions of the managing board will be qualified as “SB reserved matters” (the “Reserved Matters”) (...). (...)

7. The Reserved Matters will in part be laid down in the articles of association of Nexperia Holding and partially be formally put in place by means of a shareholder resolution at the level of Nexperia Holding. (...) The list of Reserved Matters has been agreed with EZK and is in line with the specific purpose for which the SB will be introduced, i.e. to address concerns in relation to national security. In addition to the specific purpose, the SB will have the general responsibilities as laid down in the Supervisory Board Rules (...).”

“This week we met with the ministry of Economic Affairs team for formalization of their support in return for our governance measures. It was a constructive meeting in which we agreed to receive a formal conformation letter of the new minister of Economic Affairs Beljaarts in which he confirms his ‘embrace’ of Nexperia as a Dutch company and important part of the ecosystem. This letter can be shared with external parties. The ministry will inform the Dutch ambassies and other governments on their formal – positive – attitude towards Nexperia. Furthermore, we agreed to continue our talks on a monthly bases.”

“Can I please have a discussion with you in person asap (...) on the implementation of the Supervisory Board and process with EZK?

[het hoofd CEO Office] approached me on this and her attitude in a call this morning together with our lawyer DB and Chinese law firm Fangda was not appropriate. I experienced a big push back on the concept and accusation that she is not fully aware of where we are in the process, she believes we are still in a nego mode on the reserved matters with EZK etc. and wants to review everything again, see a timeline etc. with the help of HK law firm Fangda.

Since the end of last year we have been discussing this concept and I kept you (and also

[het hoofd CEO Office]) informed about the developments. Before every meeting with EZK we briefed you (...) and explained what kind of documents (including the reserved matters and a memo of a working procedure with the SB) we would present to them. You were also kept informed on the discussions, actions etc. via the regular Minutes (...). You have also spoken to the potential SB members about the whole process, implications etc. before they spoke to EZK.

This resulted in a meeting on 10 July with EZK (we carefully prepared with you in Vinkeveen) which went very well and resulted in them expressing the willingness to send us a letter; we have already received a draft of that letter implying they see us as a Dutch Semiconductor company, want to create a level playing field for us among other Dutch semiconductor companies and are fine we show the letter to outside parties. We also said to EZK that the Board/you of Nexperia still needs to review the final documents (reserved matters, working procedure SB, appointment letters SB etc.) the upcoming weeks before we can formalize these (but in essence these obviously cannot change too much anymore) and they were fine with that and are on this basis already willing to issue the letter.”

“Met de door u voorgestelde maatregelen worden de genoemde (gepercipieerde) risico’s adequaat door uw bedrijf aangepakt. Ik noteer in dit verband het instellen van een Raad van Commissarissen met specifieke taken en bevoegdheden om juist toe te zien op het beleid en de uitvoering daarvan gericht op het voorkomen en mitigeren van de (gepercipieerde) risico’s. De beoogde samenstelling van de Raad van Commissarissen geeft veel vertrouwen en biedt uw onderneming extra kwaliteit in de governance. Daarnaast is sprake van het instellen en implementeren van een geïntegreerd veiligheidsbeleid en het inrichten van een Corporate Security Department. Het hoofd hiervan - de Chief Security Officer - wordt onderworpen aan een veiligheidsonderzoek, wordt aangesteld na goedkeuring door de Raad van Commissarissen en rapporteert rechtstreeks aan de Executive Director (Chief Legal Officer) van Nexperia Holding B.V. Daarmee legt u een goede basis voor de realisatie van veiligheidsbeleid met bijzondere

aandacht voor toegang tot gevoelige informatie en processen.

Nexperia heeft een belangrijke positie in het Nederlandse en Europese ecosysteem van de halfgeleiderindustrie. Wij onderschrijven uw inzet om als Nederlandse onderneming door te groeien en zich zowel in marktsegmenten en technologie door te ontwikkelen. De strategische visie van uw bestuur en de bereidheid om de dialoog verder voort te zetten geven hier blijk van. In combinatie met de hierboven genoemde maatregelen vormt dit een vertrouwenwekkende basis voor onze verdere samenwerking. Daarmee beschouw ik Nexperia Holding B.V., en de dochtermaatschappijen van deze groep, als een volwaardige onderneming binnen de Nederlandse halfgeleiderindustrie. Waar nodig zal het ministerie dit ook kenbaar maken aan relevante partijen zoals andere overheden, kennisinstellingen en bedrijfsleven. In voorkomend geval kunt u ook verwijzen naar mijn ambtenaren indien derden om een nadere toelichting van deze brief vragen.”

“I have also further talked to [bestuurder/CEO] , let’s nail down our understanding as below:

1. We are willing to set up an ordinary supervisory board, but there will be no reserved matters, no veto right;

2. 3 current selected supervisory members are welcome to stay in the envisaged supervisory board, they will have same right as other members subjected to the board rules;

3. We recommend to hire a Company Security Officer under legal department reporting to CLO, to perform the company security function including the implementation of the information policy; we don’t prefer the way currently presented under which there will be separate department entailing quite a few cross functional department in it which will be cost burden to the company.

4. If it is strongly desired by EZK to have a separate department to cover the company security, we can still agree to set up a separate agreement, but: 1) it shall be only a single function department (like internal audit) rather than putting other functions from other department into it (even dot line); and 2) the CSO who is the department head shall report to EMT, not CLO.”

Op 29 november en 18 december 2024 heeft Nexperia vervolgens met EZ overlegd. Besluiten zijn toen niet genomen.

“Key is the notion that the Nexperia group has an operational independence from its listed shareholder, has an effective and coherent security and information policy both regarding cyber security as well as insider threats and finally has some form of internal supervision which provides for effective protection of these aspects. These measures should be in line with and build upon the measures the Dutch authorities already indicated in its letter of August 2024.”

“For MOS demand, WSS wish to pull in 2027's demand to Y2025/Y2026 to full load the capacity is not favorable for NEX. Reason is mainly risk on high inventory & BE capacity to build up the waters (risk for shelf life)

(...) Action #1: To have internal NEX discussion on the pull in plan (...)”

“Gisteravond sprak ik nog met [het hoofd CEO Office], zoals eerder gemeld. Hieronder de punten die we bespraken:

(...)

• Supervisory Board:

○ [bestuurder/CEO] vraagt zich blijkbaar af waarom de SB-leden druk uitoefenen (naar zijn gevoel) om snel door te zetten met de SB, en waarom hij nogmaals met hen het gesprek moet aangaan.

▪ Ik legde [het hoofd CEO Office] uit dat we al snel een jaar in contact zullen staan met de kandidaten en dat het normaal is, in Europa, dat men dan ongeduldig wordt aangezien we in de zomer aangaven dat we erg snel wilden gaan en sinds we de brief van de Minister hebben geen voortgang meer hebben getoond. Dit kan bij leden de indruk geven dat we hen enkel als façade willen gebruiken, wat een enorm afbreukrisico met zich meebrengt.

▪ Ik vertelde dat het net daarom belangrijk is dat [bestuurder/CEO] zelf nogmaals met hen spreekt, om het vertrouwen te behouden.

○ [het hoofd CEO Office] gaf aan dat de zorg bij [bestuurder/CEO] vooral ligt bij het risico dat, indien de SB nu wordt ingericht, deze dwars zou kunnen liggen in context van Project Ducati. Noot: ze vroeg me om dit niet met jullie te delen maar het lijkt me cruciaal dat net wel te doen. Dank bij voorbaat voor jullie discretie hierover.

▪ Ik heb [het hoofd CEO Office]mijn mening gegeven:

• indien we de SB-kandidaten aan het lijntje houden tot na afronding van Project Ducati, wat nog maanden kan duren, zullen zij (1) nog ongeduldiger en meer argwanend worden, en (2) ook snel door hebben dat we hen bewust weg houden van belangrijke ontwikkelingen. Dit laatste zorgt voor een verdere vertrouwensbreuk en komt terug op het punt over de façade hierboven.

• Het lijkt me dat we de SB-kandidaten beter wél inlichten over dit project en hen goed uitleggen waarom we dit precies doen, m.n. om stabiliteit in onze productiecapaciteit te garanderen een volledige dual sourcing strategie uit te kunnen rollen, i.e. geopolitieke toekomstbestendigheid van Nexperia en dus in het belang van NL.

▪ Mijn advies zou zijn dat we de SB-kandidaten ook inlichten over het project op het moment dat we MinEZ briefen.

• Timing communicatie Project Ducati:

○ Er is nog onduidelijkheid over hoe de deal zou gestructureerd worden, m.n. welke entiteit de acquisitie zou doen. [het hoofd CEO Office] vroeg mijn mening of het beter is om de overname via Yuxing HK Holding te doen dan wel rechtstreeks door Nexperia. De redenering van [het hoofd CEO Office] is dat, indien alles in eerste instantie via Yuxing Holding loopt, Nexperia wat langer uit de schijnwerpers blijft.

▪ Ik gaf aan dat het vanuit een Westers perspectief belangrijk is dat we kunnen zeggen dat de beslissing tot acquisitie en het eigenlijke proces daarbij vanuit Nexperia wordt aangedreven, om de perceptie te vermijden dat [bestuurder/CEO] /WT dit soort beslissingen aan Nexperia oplegt. Het narratief over ‘ownership’ van dit project is m.i. cruciaal, los van hoe de project in realiteit technisch vanuit juridisch en financieel oogpunt wordt ingericht.”

“1. The concept of making prepayments, is construed to provide temporarily additional cash flow to WSS as a solution to its financially distressed situation. The intention is that Nexperia will make these prepayments at least until upon completion of a (potential) acquisition of WSS. After completion, the prepayment structure may not be needed anymore as there will be other ways to ensure WSS gets sufficient cash. As such, Nexperia will need a unilateral termination right, so that upon completion of the acquisition it has the ability to change the prepayment structure as it deems fit. Also, if

the acquisition would not be effectuated, then Nexperia needs the right to terminate the prepayment structure. Changing it into a termination right that is subject to the other party's consent won't work in light of this.

2. In addition, following acquisition, WSS will become part of the Nexperia group of companies which will require Nexperia to reassess the pricing mechanism to ensure it aligns with Nexperia group transfer pricing policy. Therefore, clause 11 (old) needs to be maintained in the contract.

3. The discount/rebate mechanism as discussed between the parties, is an instrument to mitigate Nexperia's financial exposure for making substantial prepayments when ordering wafers. In your mark up this has now been deleted. Can you explain in how the discounts/rebates are now being applied in your proposal?”

“This morning (...) and I had a call with WSS CFO and learnt from her that the 80% pre-production is NOT preferred by WSS for the following reasons:

1. Pre-produce 80% future products and put them on shelf does not have a significant impact on the company’s valuation, since it’s just moving cash flow from the future to a

more recent year. This is according to their appraiser. Therefore there is no need from a valuation point of view to introduce the pre-production.

2. According to the board secretary of WT, such preproduction is not compliant with the regulations since WSS and Nexperia are related parties. If Nexperia really wants to

have preproduction, this can only be done after the deal closure.

Honestly this is a bit surprising, because we thought the reason we propose pre-production is to solve cash flow and valuation issues for them before the deal closure. However WSS was under the impression that Nexperia wants to build up enough inventory for certain products now so that we can use the capacity to produce other products in the future. If we can not introduce pre-production before deal closure and it is not needed valuation purpose, do we still want to do it?

De CFO heeft hierop dezelfde dag geantwoord dat Nexperia in dat geval veel minder wafers zou afnemen: “based on that I’m afraid we need to reduce our volume forecast significantly, since we can’t store the wafers after 100% finishing for longer than 1⁄2 a year.” De CFO wordt daarin dezelfde dag bijgevallen door de COO die schrijft: “I fully agree with [CFO’s] comments. And I’m similarly surprised as you are. The whole pre-production is any “strange” and this was just a favour we do for WSS’s financials. Our answer is: if the 80% step doesn’t work for WSS then we have to provide a new volume outlook w/o any pre-production.”

“In that email [van 20 december 2025 – OK] you gave guidance on the measures to be developed, adopted and implemented by us in relation to certain aspects of governance and (IP) security and information policy.

As previously outlined in earlier meetings, last year (...), we are seeking to address these aspects while taking into account control requirements of our parent company Wingtech , listed at the Shanghai stock exchange.

Supervisory Board

This resulted in the Supervisory Board proposal I presented to you/EZK during the meeting in Amstelveen. At the time [EZ was] positive about this proposition (...). While the SB would have no absolute veto rights, it will have very broad information and advisory rights provided by law over important facets of Nexperia's operations.”

Verder is Nexperia ingegaan op de verschillende maatregelen waarmee zij de (IT)-veiligheid wil verbeteren. Over de introductie van een Chief Information Officer bij Nexperia wordt niet gesproken.

Op 26 februari 2025 hebben WSS en Nexperia de FSA gewijzigd met ingang van 1 januari 2025 (hierna: de prepayment agreement). In de prepayment agreement zijn partijen onder meer het volgende overeengekomen:

 Nexperia zal maandelijkse orders bij WSS plaatsen; WSS zal op basis hiervan een voorschot van 70% factureren dat Nexperia binnen vijf werkdagen zal betalen;

 WSS zal hetzij wafers die voor 80% gereed zijn produceren, hetzij wafers die geheel gereed zijn. Indien producten die voor 80% gereed zijn worden gefactureerd, zal WSS een aanvullende 10% factureren nadat deze wafers voor 80% zijn voltooid en de resterende 20% nadat de wafers geheel zijn voltooid. Voor de wafers die in geheel voltooide staat worden afgeleverd, zal WSS de resterende 30% factureren bij aflevering van de wafer.

 In het eerste halfjaar van 2025 wordt een korting van 3% verleend, in het tweede half jaar van 2025 5%.

 De prepayment agreement wordt voor een jaar aangegaan en zal daarna automatisch eindigen. Nexperia kan de overeenkomst op ieder moment met inachtneming van een opzegtermijn van 14 dagen beëindigen, met gevolg dat de oude FSA automatisch weer van kracht zal worden.

De prepayment agreement is op 26 februari 2025 goedgekeurd door (i) de CLO en [bestuurder/CEO] in hoedanigheid van bestuurders van Nexperia B.V., (ii) Nexperia Holding in hoedanigheid van enig aandeelhouder van Nexperia B.V., (iii) de CLO en [bestuurder/CEO] in hoedanigheid van bestuurders van Nexperia Holding, en (iv) Yuching in hoedanigheid van enig aandeelhouder van Nexperia Holding. Aan het besluit is een annex gehecht waarin de afwegingen van Nexperia B.V. zijn neergelegd. De annex luidt, voor zover van belang:

“In view of, inter alia, Nexperia BV's growth plans (...) and the fact that Nexperia BV only had 6” and 8” inhouse production facilities, Nexperia had a need for 12” production capability. Since 2023, Nexperia BV had [WSS] as foundry (...). WSS has a production capability of about (...) wafers per month per phase (currently building phase 1, expansion up to 4 phases planned), and the use of WSS as foundry offers access to competitive 12” production capability, enabling Nexperia BV to produce a significant portion of its portfolio on 12” (...).

The entering into of the commercial relationship with WSS was to a large extent driven by the order issued by the UK government in November 2022 demanding Nexperia BV to divest its wafer fabrication facility in Newport (...). The (forced) divestment of Newport led to Nexperia BV relocating the wafer production to WSS.

The qualification process for new fab location is a lengthy and costly process. (...)

At this time, WSS urgently requires additional liquidity to avoid an imminent bankruptcy. It is understood that the reasons for the near insolvency are a combination of inter alia the following: (i) WSS is still in a ramp up phase, and financially not break-even due to intensive capital expenditure investments in this phase, and (ii) weakness of the global semiconductor market as a result of which WSS received less orders for wafers from Nexperia in 2024 as compared to the original plan.

A bankruptcy of WSS would have immediate and long term effects for Nexperia such as:

 a negative effect on the security of supply of wafers for Nexperia BV, therefore posing a material risk to Nexperia BV’s current and future operations;

 uncertainty on technology licensed to WSS for Nexperia BV’s production process; and

 knock-on effects for Nexperia’s reputation as a trustworthy and stable business partner.

In order to prevent WSS from going bankrupt with the aforementioned negative effectives – next to Nexperia BV having to relocate its wafer production to another party for the second time in a short time frame – Nexperia BV wishes to make certain amendments to the payment structure under the FSA to increase the upfront payments by Nexperia for wafers ordered from WSS. We understand that this change in the payment structure under the FSA would address WSS’ immediate liquidity needs for the reasonably foreseeable future.

In light of the above considerations, it is strongly believed that entering into the Prepayment Agreement is in the best interests of Nexperia BV and its business.”

“[W]e have still some concerns because neither the Supervisory Board as to be implemented in your proposal nor any other legal framework ensures that the Dutch and European identity of the Company is guaranteed. Similarly the Information Security Framework, the Trade Secrets Policy and the Nexperia IP Security Policy Summary could be eliminated or modified suddenly. A limited and clearly circumscribed narrow approval/or veto right by the Supervisory Board could provide more assurances on both aspects.”

“We had an internal review (to conclude on the MOS prebuilds in WSS beyond Q1. We aligned that we would load an additional 24k T6 prebuilds in Q2 (~8k/mnth), which will bring the Q2 loading to a full load for MOS (...). Prebuilds for Q3 and Q4 will be decided at a later point. We agreed that the 24k prebuilds are to be fully processed in WSS and shipped to Nexperia once completed. (...)

Given the financial situation of WSS in combination with the reduced possibilities to fully load the factory after Q2 it also means that (a) WSS has to be fully acquired into NEX by end of Q2, so that the financial requirements can be secured by NEX, or (b) other sources of liquidity to balance its cash deficit when loading is getting less from Q3 onwards.”

“Executive Summary

• NEX can only build limited inventory from obsolescence risk perspective leading to lower utilization of WSS from Q3 2025

• WSS will run out of cash by Q2/Q3 2025, unless other customers ramp up

 Acquision needs to be closed by July 2025

• NEX buy side advisor (Deloitte) comes to conclusion, that WSS Equity Value is <0 using reasonable assumption about business plan”

Over de waardering van WSS wordt in de presentatie verder onder meer opgemerkt:

“Base case DCF 2033 shows limited positive Equity value as of 2025

Assumptions in Base Case highly questionable (will also be challenged by regulator)

Taking reasonable assumptions, WSS will have no positive Equity value, given the substantial debts”

Hierop is de beoogde overname van WSS door Nexperia afgeblazen.

“A clear/unconditional guarantee in relation to the Dutch/European identity/presence cannot be given since this would restrict the shareholder's control rights too much as well as would also limit the company's flexibility in relation to its business needs/plans in an unreasonable manner.”

EZ heeft dezelfde dag geantwoord (voor zover van belang):

“However in order to intensify and if needed be engaged in more intensive diplomatic efforts toward the US and the PRC as well as our European allies, it is essential that the company and its CEO clearly choose to maintain its European and Dutch footprint. In our ongoing discussions for the last 6 months questionnaires have been raised on the future location and focal point the business. For further assistance and help from our side there must be more sufficient assurance by the company and its CEO. This needs to be clarified as well as a clear engagement to implement the broader measures as discussed. If that clarification and engagement is provided, the Dutch authorities are willing to actively engage both with countries but also with clients and suppliers because of their concerns, especially in light of the entity listing of [bestuurder/CEO] Tech by the US authorities.”

“ [bestuurder/CEO] ,

(...) please find attached the inventory projections for MOS and ICS

based on full load of internal factories and WSS (...). (...)

 MOS would end up at a DIO [days inventory outstanding – OK] of 210 days (30weeks) by end of this year and

>250M above the BG [business group – OK] recommended obsolescence limit

 substantial additional revenues would need to be identified in order to deplete

that inventory to a “normal level” of 90-120d

 ICS would move to DIO of 154 days (22wks)”

Op 16 april 2025 heeft de CFO deze e-mail doorgestuurd aan het hoofd CEO Office met de toevoeging dat “this illustrates for 2025 the difference (Inventory build up) between demand for 2025 in NEX and Full load WSS”.

Het hogere aantal orders onder de prepayment agreement vergde dat WSS op haar beurt meer onderdelen zou moeten kopen. Bij e-mail van 16 april 2025 heeft [bestuurder/CEO] aan enkele managers van Nexperia geschreven: “This would bring significant risks to our supplies given the current environment. I ask you to immediately introduce and replace for China based suppliers (if have not done so).” Dezelfde dag gaf de COO bij e-mail uiting aan zijn verbazing omdat [bestuurder/CEO] eerder zou hebben besproken dat WSS daarvoor zelf zorg zou dragen. Het hoofd CEO Office antwoordt hem eveneens op 16 april 2025 dat juist is dat WSS daarvoor zelf zorg zou dragen. Zij schrijft: “I think the key message is we need to accelerate the second source verification process (...) and that WSS needs Nexperia's support.”

Bij e-mail van 23 april 2025 heeft WSS een ‘Supply Chain Risk Analysis Report’ aan enkele Chinese medewerkers van Nexperia verspreid. WSS heeft vervolgens verzocht om USD 9,6 miljoen aan steun van Nexperia voor het aanleggen van haar voorraden. De COO heeft dezelfde dag gereageerd dat hij meer gedetailleerde informatie wenst over dit bedrag.

“Discussion about geopolitics

(...)

 For the US-compliant architecture, [de autofabrikant] will incorporate a certain degree of “China-free” sourcing, though the exact definition of "China-free" has yet to be finalized. [De autofabrikant] has agreed to share the proposed wording with Nexperia before officially communicating it to Tier1s.

 Nexperia (Mr. [bestuurder/CEO] ) shared with [de autofabrikant] two potential resilience strategies to mitigate risks arising from escalating tensions between the US and China. The final decision will depend on negotiations between the Dutch and US governments. The options are:

o Diversifying 20% of Nexperia’s shareholding through an IPO in the Netherlands/EU

o Acquiring a semiconductor foundry in the US”

“Corporate Affairs/A&A is strictly prohibited to have direct dialogues with US authorities. Any and all meetings should be held together with NL government representatives. Preferably, the meetings are also facilitated by the NL government. Any

deviation by an A&A team member on [bestuurder/CEO] 's instruction will be considered as disobedience.”

“During that meeting we would appreciate to align on elements below:

l. Our objective is a diversification of up to 20% of the Wingtech /Nexperia shares at Euronext Amsterdam by means of a dual listing of Wingtech by issuing new shares (Primary Transaction). (...)

All this would provide for a clear path for the next 1-1,5 year. This will give comfort to customers, suppliers, the Dutch, German and UK Governments -where we have our HQ and front end sites respectively-, and eventually preferably even the US Government.

2. We will also launch our Supervisory Board (subject to no CSRC roadblocks, we are looking into this) and related corporate governance.

3. We will keep our HQ in the Netherlands.”

[bestuurder/CEO] heeft deze punten in zijn gesprek met de minister bevestigd.

De CLO, COO en CFO hebben zich tegen dit plan verzet, onder meer in verband met daaraan verbonden IP-, compliance- en geopolitieke perceptie-risico’s.

Op 25 juli 2025 heeft een bijeenkomst van het EMT plaatsgevonden. De notulen vermelden onder meer dat project Rainbow van karakter is veranderd: “Rainbow was more risk mitigation towards BIS listing, now becomes a platform to upgrade to local for local, upgrading to 12’, business continuity, standardization and cost reduction, through Rainbow to quickly deploy our DD models [Deep Dive-model; het data gedreven managementmodel van [bestuurder/CEO] – OK].” Intussen is in het EMT besproken dat “Rainbow should be the story we tell external parties regarding our [labor cost] reduction plan.”

Tijdens dit EMT overleg is ook gesproken over de orders aan WSS waarbij ook medewerkers van WSS deelnamen aan het gesprek. Blijkens de notulen heeft [bestuurder/CEO] opgemerkt: “WSS is built for Nexperia to solve the capacity shortage, however there has been a lot of confusion over pricing, orders, and there is no capacity commitment. This was not fair to WSS and is leading to the big loss of WSS in the past years.” Verder vermelden de notulen dat “it seems Nex team is not taking WSS seriously for this support.” Ook blijkt uit de notulen: “In project Rainbow we need to check the transfer to WSS timing is appropriate/fast enough” en opnieuw dat “Rainbow is now about local for local, standardization, business continuity, cheap transfer.”

Tijdens het EMT overleg is verder gesproken over WSS Second Brand. De notulen vermelden onder meer “WSS to do buy & sell and use NEX as their supply chain.” Het plan zou in besloten kring worden uitgewerkt.

“1. Proof of spending of the FSA. (...)

2. Further, there is still a gap to the 10M for which we need to see how WSS will spend the money. Therefore we have reinstated our clause, stating that we need to know before we pay, what it is they are using the money for. (...)

3. We need in writing from Wingtech that this arrangement is not being seen as a financing arrangement which could be in breach with Chinese Law (...): we’ve asked several times for clarity on this point (...); I haven’t seen it as yet.”

Op 30 augustus heeft de CFO hieraan toegevoegd:

“As per the FSA (...), WSS has an obligation to provide its financial report (...) to Nexperia on a quarterly basis. Beside several reminders to the WSS Mgmt Team (...) and an escalation during NEX’s BRM (with (...) and [bestuurder/CEO] being present), WSS has failed to deliver this information. As such WSS remains financially a in-transparent “black box” for Nexperia.

As such Nexperia can not perform a credit assessment on the financial healthiness of the company nor assess the usage or need of this funds in WSS

This is by the way not just important for the purpose of this deposit, but also for the revocerability assessment of the prepayment balance in Nexperia’s balance sheet resulting out of the amemendment of the payment terms of the FSA.

(...)

This is a material transaction btw. two related parties, whereby one party is likely (in view of no transparent reporting) having a very low financial credit rating and the deposit is unsecured, the risk of non-recovery of the deposit is high, which is also a difference to other deposit transactions executed by Nexperia in the past with other suppliers.”

Bij e-mail van 31 augustus 2025 heeft de CLO deze bezwaren ook ter kennis van WSS gebracht.

“Hi all,

Instructed by [bestuurder/CEO] , we can go ahead with the POA (...).

At the same time, for all the signatories, the change shall be made as below:

Current change to

1. [CFO] (...)

2. [Head of Tax] (...)

3. [Group Treasurer] (...)

Please support to make the change with all banks asap.”

In hun plaats werden bankvolmachten verleend aan drie Chinese personen zonder bijzondere financiële ervaring. Onder hen is een persoon die geen werknemer van Nexperia is, alsmede een medewerker met een ESG-achtergrond. In reactie hierop heeft de CFO ervoor gewaarschuwd dat dit zou leiden tot “significant operational impact”. De CFO heeft gewezen op de fiscale gevolgen, de gevolgen voor het cash management, hedging risico’s en het risico op fouten en vertragingen indien het financiële beheer in handen zou komen van personen zonder financiële ervaring. De CFO schreef:

“I would request an internal discussion on this topic as there are some critical aspects which needs to be addressed:

1. Legally how it will work as (...) is not in the BOD of Nexperia, nor an employee of Nexperia. We would need to check from the legal perspective and also the banks perspective.

2. In addition we would need information on the professional background on (...) - as what is her position in Nexperia and does she have a qualified background. To my understanding she has no financial but a ESG background.

3. How and what do we explain to the banks that the CFO and the Treasurer of Nexperia is not going to be on the banking POA? This is undermining the authority of these executive functions and will trigger a lot of questions/irritation with the banking group.

4. Also we need to understand the long term plan and operations of the Treasury team (how should this work in practice) with this change. This will cause delays and finally cost the company money.

5. There will be significant operational impact -I am collating the information as getting signatures already takes times (just look at this discussion or the throughput time of our ABN Factoring line). Also transactions like FX hedging would not work in the proposed structure.

6. Also we need to think about the messaging to the banks as we maintained Nexperia operates as a separate entity and that narrative is changing.

7. There are Tax implication on all the signatories not from the NL

a) We are already balancing as best we can our principal functions with a Dutch contract and those with a non-Dutch contract but with presence in NL for key decisions to uphold our principal model in NL (...). The POA in its present form lists 2 signatories with a Dutch contract. If this is changed to non-Dutch contract holders that are also directly linked to WT's EMT, our defence file is irreparably compromised

b) It could further have TP consequences since CN may see this as a service towards Nexperia

c) We have tax rulings (...) for Nexperia BV that are based on a Nexperia driven Treasury function. If this ability is impaired, the rulings will be declared void

We need a discussion and clarity on the above points, before we can proceed, as we all have to act in the best interest of the company and you see that this can cause considerable damage. Therefore please invite for a call (...)”

“[B]anks may reject POAs if the signatory lacks a formal relationship with the company or if the POA lacks clarity or scope. (...) Excluding the CFO and Treasurer from the POA undermines standard governance practices and may raise red flags with banks, especially in the Netherlands where segregation of duties and internal controls are critical. (...) Banks expect financial signatories to be senior finance executives with clear accountability. (...) A POA structure that bypasses the CFO/Treasurer may disrupt operational continuity, especially for FZ hedging, cash pooling, and intercompany funding. (...) Removing key finance executives from POA will likely increase processing delays, especially for time-sensitive transactions (...). Changing the POA structure may imply centralized control, contradicting prior narratives – This could trigger compliance reviews or reassessment of credit terms. (...) Dutch tax rulings (...) rely on the substance and independence of A’s [Nexperia’s – OK] Treasury function. (...) If POA holders are not Dutch contract holders or are linked to [ Wingtech ’s] EMT, this could: - Jeopardize residual profit entitlement in NL. – Trigger transfer pricing scrutiny from [China], viewing it as a service from [ Wingtech ] to [Nexperia]. – Invalidate existing tax rulings due to lack of substance in [Nexperia]. (...) Recommendation: Tax and legal teams should urgently review the defense file and TP documentation to assess exposure. --- Would you like me to help draft a formal internal memo or presentation summarizing these findings for your leadership or legal team? I can also assist in preparing a risk matrix or stakeholder communication plan.”

Enkele onderdelen van dit antwoord keren (geparafraseerd) terug in het antwoord van het hoofd CEO Office aan de CFO van 5 september 2025.

“I am deeply concerned about the developments and interactions on this topic and believe that these do not reflect good governance and are not in the best interests of Nexperia. In my role as Chief Legal Officer and member of the board, it is my duty to advise on this to ensure we all act in the interest of Nexperia and, for board members specifically, to act in line with their fiduciary duties to Nexperia.

My key concern is that, in the context of a meaningful project on enhancing controls and decision making with the treasury team, a request is made to change the authorizations for banking transactions to individuals that have no clear role, no responsibility and, at least to my knowledge, no proper background in Nexperia's treasury operations. This request is further made without explanation as to the reason why this change is needed. The input that was subsequently provided in response to [CF’'s] questions and remarks does not convince and leaves unanswered why this change to become signatories is suggested and how this is embedded in the organization (chain of command/ lines of responsibility). From a governance and control perspective, I believe these to be fundamental points to be addressed.

These banking authorizations are key to a properly functioning treasury operation and changes to that should be made carefully and with involvement of the CFO and the head of treasury. Within our organization, they bear responsibility for the treasury function. Moving away their authority to enter into banking transactions is a fundamental change that should carefully be considered. These changes therefore warrant robust argumentation and decision making.

[CFO] has clearly indicated his concerns and demonstrated that this change is not in the interest of Nexperia and conflicts with his (...) responsibilities and duties as CFO and head of treasury respectively. I agree with those concerns.”

“Due to the WSS utilization target being >=90%, the estimated LTP [long term planning – OK] for 2026 needs to exceed 45.5K/mon (...), higher than the previous 32K. Please help communicate with each business group to determine if they can meet the WSS demand.

(...) The target of 32->45.5K/mon is tentatively set for July 2026, but can be adjusted according to demand.”

De betrokken medewerker van Nexperia heeft op 9 september 2025 aan managers van Nexperia geschreven:

“Utilization rate as important KPI for our factories will be the key factor considered during loading placement. For WSS if utilization target >=90%, 2026 LTP need reach to 45.5K/Month by July 2026 (...).”

“As you are aware, the Nexperia Group is undergoing a period of significant transition. (...) Only with a shared vision and unity in execution can we implement the necessary changes effectively and ensure the organization is futureproof.

As part of this strategic reorientation, we have also assessed the extent to which key individuals are aligned with the strategic direction of the organization. In your case, we have observed that your approach diverges from the course envisioned by the Board on several key points.

It is our conclusion that your current role is no longer aligned with the requirements of this phase of transition and commercial focus. (...) We therefore aim to terminate your employment agreement and statutory positions.”

De Ondernemingsraad is niet in kennis gesteld van het voorgenomen ontslag van de CLO als bestuurder van Nexperia.

“1. Next steps

(...)

 EZ wants Nexperia to change CHRO position shortly. It would be seen as confidence building measure.

 EZ will look into renewal of the letter of support to Nexperia, yet it did not indicate a high success chance

(...)

2. Meeting notes

 Update Nexperia:

o (...) we informed them about the Return to Office policy and possible plans to move Nexperia’s HQ to Amsterdam.

 EZ stated that the move to Amsterdam could be seen as a good signal in view of a preparation for a secondary listing on Euronext.

 EZ did share some concerns about Nexperia leaving Nijmegen, given that Nijmegen is increasingly seen as one of the Netherlands’ semiconductor hubs.

(...)

 Risk mitigating measures:

o EZ asked if Nexperia was taking any actions in view of the risk of BIS 50% ruling. We replied that we are looking to reduce our exposure to potential measures incl. reducing dependency on US suppliers where possible. EZ showed understanding.

 EZ did state that it is concerned about possible further integration of Wingtech -Nexperia activities in China, because stronger measures are being taken across Europe to reduce dependence on China.

 EZ indicated that it will become more difficult for Chinese companies to gain market access in Europe. Nexperia should keep this in mind if it were to consider shifting activities more towards China.

o Supervisory Board: EZ asked if Nexperia was able to make any progress re. clarity from CSRC. We stated that information has been submitted and that CSRC appears to be consulting MOFOM, but that we haven’t received any feedback so far. (...)

o EZ stated that the Dutch Economy Minister strongly advises Nexperia to review the company’s CHRO position – if only a new appointment in acting capacity. Not only to show progress towards the US, but also to give the Ministry more comfort to continue supporting Nexperia internationally.

 We indicated that there is little appetite to appease US authorities at this time. EZ still encourages Nexperia to reconsider, as we previously indicated in the meeting with the Minister that this change could be easily made, but also: by not doing this, the issue risks to become bigger than it is/should be.”

“Given the recent decisions to replace a Key Number of European EMT Members, I feel the Mgt Culture but also the Company is now a purely Chinese Company where (executive) leaders are expected to literally execute top-down decisions in a micro managed way. This Style of Mgt may be common in Local Chinese Companies but surely is not in Global companies.”

“The ERC has thoroughly reviewed the removal request and, following this review, the Committee decided to approve the exclusion request based on actions taken by the Government of the Netherlands and the Dutch judiciary resulting in Nexperia no longer being subject to control by Wingtech .”

“Nexperia China is doing everything possible to ensure supply. Since Oct. 15, 2025, it has shipped more than 11 billion units to over 800 customers. However, wafer shortages remain the main constraint. (...)

We are qualifying domestic wafer suppliers, with most validation expected to be completed in the first quarter. Packaging capacity in Dongguan is also being expanded.”