Exhibit 10.1
SETTLEMENT AGREEMENT
between
ADVA Optical Networking SE
Campus Martinsried Fraunhoferstrasse 9a 82152 Martinsried/Munich Deutschland/Germany
(hereinafter the "Company")
represented by its Supervisory Board,
which again is represented by its chairman, Mr. Nikos Theodosopoulos
and
Mr. Brian L. Protiva
Assenbucher Strasse 28
82335 Berg
(hereinafter, “Mr. Protiva")
(the Company and Mr. Protiva together hereinafter also the "Parties")
Preamble
Mr. Protiva has been a member of the management board and CEO of the Company since March 1999. Mr. Protiva rendered his services based on the board member service contract dated 6th March 1999 (hereinafter the "Service Contract") which has been extended in accordance with the renewals of Mr. Protiva's term of office as board member ever since. Both, the current term of office and the Service Contract, will expire as of 31 December 2022.
The Company has entered into a business combination agreement with Adtran Inc. according to which the Company and Adtran will combine under a new holding company, namely Adtran Holdings, Inc. It is envisaged that Mr. Protiva assumes the role as Vice Chairman of the Board of Adtran Holdings, Inc. which, upon closing of the transaction, will become the majority stockholder of the Company. In this context, the Supervisory Board of the Company and Mr. Protiva agreed that Mr. Protiva should step down from his office as member of the Company's management board.
This said, the Parties have agreed on the following:
/s/ BP
4
be available to the Company's management board to answer questions on business matters of the Company during the release period pursuant to section 2.2 below until the Termination Date and for a period of 14 days following release of the Company's 2022 Annual Report.
/s/ BP
5
to section 3.1. Mr. Protiva shall disclose to the Company any passwords, PIN codes and access blocks regarding IT systems that may only be known to Mr. Protiva and shall no longer use them himself.
/s/ BP
6
valid and reasonable replacement provision that comes closest to the economic purpose pursued by the invalid provision. The same applies in case of a contractual gap.
Manhasset, NY August 4, 2022
Place, Date
ADVA Optical Networking SE.
/s/ Nikos Theodosopoulos
For the Supervisory Board
Munich August 1, 2022
Place, Date
/s/ Brian Protiva
Brian Protiva
ANNEX
7
Annex 1 - Declaration of Resignation
Brian Protiva Geschäftsansäßig in Frauenhoferstr. 9a
82152 Martinsried München
An den Aufsichtsrat der
To the supervisory board of
ADVA Optical Networking SE
eingetragenim Handelsregister des Amtsgerichts Jena unter HRB 508155. |
| registered in the commercial register of the Local Court of Jena under HRB 508155. |
Niederlegung meines Amts als Vorsitzender und Mitglied des Vorstands der |
| Resignation from my office as chief executive officer and as a member of the management board of |
ADVA Optical Networking SE
Munich, den/this August 1, 2022
Sehr geehrte Darnen und Herren,
hiermit lege ich mein Amt als Vorsitzender und als Mitglied des Vorstands der ADVA Optical Networking SE mit Wirkung zum 31. August 2022, 24:00 Uhr, nieder. |
| Dear ladies and gentlemen,
I hereby resign from my office as chief executive officer and as a member of the management board of ADVA Optical Networking SE with effect as of August 31, 2022, 24:00 hours. |
lch bitte darum, den Erhalt dieser Amtsniederlegungserklarung durch Gegenzeichnung zu bestätigen.
Mit freundlichen Grüßen, |
| I kindly ask you to confirm the receipt of this declaration of resignation by countersigning it.
Yours sincerely, |
/s/ Brian Protiva
Brian Protiva
8
Hiermit werden der Erhalt und die Kenntnisnahme der umseitigen Erklärung des Herrn Brian Protiva bestatigt, mit der er die Niederlegung seines Amtes als Vorsitzender und als Mitglied des Vorstands der ADVA Optical Networking SE erklärt hat.
Für den Aufsichtsrat der |
| The receipt and notice of the overleaf declaration of Mr. Brian Protiva, by which he declared to resign from his office as chief executive officer and as member of the management board of ADVA Optical Networking SE, are herewith confirmed.
For the supervisory board of |
ADVA Optical Networking SE:
August 4, den 2022
/s/ Nikos Theodosopoulos
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