SPECTRAN CORPORATION
Exhibit 10.107
SETTLEMENT AGREEMENT
1. Background. Corning Incorporated ("Corning") and SpecTran Corporation
("SpecTran") are parties to a Three Year Mutimode Optical Fiber Supply
Contract, dated as of January 1, 1996 ("Supply Contract"), and both
SpecTran and Corning wish to revise and amend their understandings and
agreements under the Supply Contract as provided in this Settlement
Agreement.
2. Supply Agreement. The parties that (i) Corning will have no further
obligation to purchase optical fiber from SpecTran under the Supply
Contract, (ii) SpecTran will have no further claims of any nature against
Corning under the Supply Contract and fully releases Corning, its
successors and assigns from all claims of any nature under the Supply
Contract and (iii) Corning fully releases SpecTran, its successors and
assigns from all claims of any nature under the Supply Contract.
3. Payment to SpecTran. Corning will pay SpecTran the sum of $4.056 million
(Four Million Fifty Six Thousand U.S. Dollars and no cents) as follows:
Payment Due No Later Than Payment Amount
Within 5 Business Days of
the Date of this Agreement $1,014,000
May 15, 1998 $1,014,000
August 14, 1998 $1,014,000
November 13, 1998 $1,014,000
----------
Total $4,056,000
4. Public Announcement; Confidentiality. Neither Corning nor SpecTran shall
make any press release or other public statement concerning this Agreement
except in a form agreed to in writing by both parties, provided, however,
that neither party shall be precluded from making any disclosure concerning
this Agreement which is required to comply with law.
Corning Incorporated SpecTran Corporation
By: By:
Printed Name: Wendell P. Weeks Printed Name: Dr. Raymond E. Jaeger
Title: Sr. Vice President Title: Chairman & Chief Executive Officer
Optoelectronics