# EDGAR Filing Document

**Accession Number:** 0000851310
**File Stem:** 0001193125-25-311656
**Filing Date:** 2025-12
**Character Count:** 40241
**Document Hash:** 5c1e25b2f717fcde540c5ca37205fbfe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-311656.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001193125-25-311656

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251208

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HARMONIC INC.
- **CENTRAL INDEX KEY:** 0000851310
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 770201147
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-25826
- **FILM NUMBER:** 251557470

**BUSINESS ADDRESS:**
- **STREET 1:** 2590 ORCHARD PARKWAY
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95131
- **BUSINESS PHONE:** (408) 542-2500

**MAIL ADDRESS:**
- **STREET 1:** 2590 ORCHARD PARKWAY
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95131

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HARMONIC INC
- **DATE OF NAME CHANGE:** 19990325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HARMONIC LIGHTWAVES INC
- **DATE OF NAME CHANGE:** 19950404

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): December 8, 2025

## HARMONIC INC.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-25826** | **77-0201147** |
| **(State or other jurisdiction of**<br> **incorporation)** | **Commission**<br> **File Number** | **(IRS Employer**<br> **Identification No.)** |

---

#### 2590 Orchard Parkway

#### San Jose, CA 95131

#### (Address of principal executive offices, including zip code)
(408) 542-2500

#### (Registrant's telephone number, including area code)

#### Not Applicable

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Stock, par value $0.001 per share | HLIT | The Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.**  |

---

On December 8, 2025 Harmonic Inc. (the "Company") entered into a Put Option Agreement (the "Put Option Agreement") between the Company and Leone Media Inc. (d/b/a MediaKind) (the "Buyer"). Under the Put Option Agreement, the Buyer has irrevocably provided the Company with the right (the "Put Option") to require the Buyer to purchase the Company's Video Business (the "Business") for a purchase price of $145 million in cash, which Put Option may be exercised only following completion of the required consultation process with the relevant employee works council in France, with respect to such asset sale by the Company (the "Acquisition"). The purchase price is subject to potential adjustment based on the amount, on the date the Acquisition is consummated, of net working capital of the Business and the cash and debt of the entities to be sold in the Acquisition, as well as for the amount of specified selling expenses.

Pursuant to the Put Option Agreement, in consideration for the Buyer's undertakings thereunder, the Company granted to the Buyer an exclusivity undertaking that extends from the signing date of the Put Option Agreement to the earliest to occur of (1) the signing date of the asset purchase agreement governing the Acquisition, the form of which is attached to the Put Option Agreement (the "APA"), and (2) March 23, 2026. During such exclusivity period, the Company and their representatives shall not, subject to certain exceptions, directly or indirectly pursue, initiate, solicit, or encourage any competing alternative proposals, or enter into any agreements with respect thereto, and further agree to terminate all existing discussions, negotiations, and communications concerning any alternative proposal and not provide any third parties any information in connection therewith (all as described more fully in the Put Option Agreement).

In addition, following completion of the required French works council consultation process and delivery by the Company (as "Beneficiary" as defined in the Put Option Agreement) of a notice of intent to exercise the Put Option, pursuant to the terms of the Put Option Agreement, the Buyer undertakes to, among other things (1) execute the APA in the form attached to the Put Option Agreement, (2) and consummate the Acquisition as provided in the APA. The Put Option will remain open for acceptance by the Company until the earlier of five business days after the completion of the required consultation processes, and March 23, 2026.

The Buyer's and the Company's obligation to complete the Acquisition will be subject to certain conditions under the APA, including customary regulatory approvals. The APA includes certain representations, warranties, and covenants of the parties thereto. The APA provides that either the Buyer or Company have the right to terminate the APA in the event that the closing conditions have not been satisfied by June 8, 2026.

The Acquisition is expected to close in the first half of 2026.

The above description of the Put Option Agreement and the sale of the Business is only a summary, does not purport to be complete and is qualified in its entirety by reference to full text of the Put Option Agreement (including the appendices thereto), a copy of which is filed as Exhibit 2.1 to this Current Report on Form 8-K and is incorporated herein by reference.

#### Forward-Looking Statements
This report contains statements that the Company believes to be "forward-looking statements" within the meaning U.S. federal securities laws that involve substantial risks and uncertainties, including statements regarding the proposed acquisition of the video business and the timings of such transaction. All statements other than statements of historical fact included in this report are forward-looking statements. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the possibility that the parties will fail to obtain necessary regulatory approvals or to satisfy any of the other closing conditions to the proposed

------

transaction; failure to realize the expected benefits of the transaction, including expected tax benefits, or expected synergies; difficulties in predicting results of operations of an acquired business; and other risks, uncertainties, assumptions and other factors impacting future results of the Company. Additional information concerning these and other factors is contained in the Company's filings with the Securities and Exchange Commission, which include its Annual Reports on Form 10-K for the year ended December 31, 2024, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. All forward-looking statements speak only as of the date of this report. The Company assumes no obligation, and disclaims any obligation, to update information contained in this report. Investors should be aware that the Company may not update such information until the Company's next quarterly earnings conference call, if at all.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.**  |

---

On December 8, 2025, the Company issued a press release announcing it had signed a binding offer with respect to the Acquisition. A copy of the press release is attached hereto as Exhibit 99.1.

The information furnished in this Item 7.01 and Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any Company filings under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Exhibit No.** |
| 2.1 | [Put Option Agreement, dated December 8, 2025, between Harmonic Inc. and Leone Media Inc.\*](d30982dex21.htm) |
| 99.1 | [Press release, dated December 8, 2025](d30982dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**\*** Schedules and certain exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company hereby undertakes to furnish supplementally copies of any of the omitted schedules and exhibits upon request by the U.S. Securities and Exchange Commission. 

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: December, 8, 2025 | HARMONIC INC. | HARMONIC INC. |
|  | By: | /s/ Walter Jankovic |
|  |  | Walter Jankovic |
|  |  | Chief Financial Officer |

---

## Exhibit 2.1

**Exhibit 2.1** 

**From:** 

**Leone Media Inc.** 

("**we**" or the "**Promisor**")

**To:**<br> **Harmonic Inc.**<br> (the "**Beneficiary**")<br>December 8, 2025<br>

**<u>STRICTLY CONFIDENTIAL</u>**

**Re: Put option relating to Project Niagara** 

Dear Sirs,

We refer to our recent discussions relating to the contemplated acquisition from the Beneficiary of certain assets (including certain equity interests) and the assumption of certain liabilities of the video business operated by the Beneficiary and its Subsidiaries (the "**Transaction**").

This put option agreement (this "**Put Option Agreement**") sets forth the Promisor's irrevocable commitment to acquire the Transferred Assets and to assume the Assumed Liabilities, on the terms and subject to the conditions set forth in this Put Option Agreement and in the asset purchase agreement attached to this Put Option Agreement as <u>Appendix</u> <u>1</u> (the "**APA**").

Capitalized terms not otherwise defined in this Put Option Agreement shall have the meanings given to them in the APA, and any reference in this Put Option Agreement to an Article or Section shall mean an Article or Section of the APA, it being specified that any reference to a "**Clause**" means a clause of this Put Option Agreement.

**1.** **Commitment to acquire the Transferred Assets and to assume the Assumed Liabilities** 

1.1 The Promisor hereby irrevocably undertakes, under and subject to the terms and conditions of this Put Option
Agreement, to acquire from the Beneficiary all of the Transferred Assets, and to assume from the Beneficiary all of the Assumed Liabilities, on the terms and subject to the conditions set forth in the APA (including, for the avoidance of doubt, the
satisfaction or the waiver of the conditions set forth in Article VIII (*Conditions to Obligations to Close*) of the APA), subject to the Promisor having received, on or prior to the expiration of the Exercise Period (as defined below), a
notice sent by the Beneficiary of its decision, on its behalf and on behalf of all relevant Sellers, to sell the Transferred Assets and to Convey the Assumed Liabilities to the Promisor pursuant to the terms and conditions of the APA (the
" **Put Option**" and the notice of such decision being referred to as the "**Put Option Notice** "), such Put Option Notice in the form attached to this Put Option Agreement as <u>Appendix 2</u>. By countersigning this
Put Option Agreement, the Beneficiary (i) accepts the benefit of the Put Option as an option solely, without any undertaking to exercise such Put Option and (ii) takes the undertakings set forth in this Put Option Agreement.

1.2 The obligation of the Promisor to execute the APA and to consummate the Transaction shall be subject to its
satisfaction or its waiver by the Promissor on, or prior to the APA Execution Date (as defined below), of the following condition (the "**Put Option Condition** "): There shall not have occurred a Material Adverse Effect following the
date hereof that is continuing as of the APA Execution Date.

This Put Option Agreement supersedes any offer that has been made previously in the context of the Transaction.

------

1.3 One Equity Partners VII, L.P., One Equity Partners VII-A, L.P. and One
Equity Partners VII-A, L.P. (the "**Funds**") hereby irrevocably jointly and severally undertake to the Beneficiary, upon the Promisor's receipt of the Put Option Notice on or prior to the
expiration of the Exercise Period, and subject to the Put Option Condition, to enter into the Equity Commitment Letter in the form attached to this Put Option Agreement as <u>Appendix 3</u> (the "**ECL**") prior to the
Promisor's execution of the APA.

1.4 This Put Option Agreement will come into force on the date hereof and shall remain open for exercise by the
Beneficiary (on its behalf and on behalf of all relevant Sellers) from the date hereof until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 11.59 p.m. (Eastern time), on the fifth (5th) Business Day after the Business Day on which the Consultation
Process (as defined below) is deemed to have been completed in accordance with Clause 3 (*Assistance to the Consultation Process*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) March 23, 2026 at 11:59 pm (Eastern time), or any other later date and time as may be agreed in
writing between the Promisor and the Beneficiary,

(the period from the date hereof until such date, the "**Exercise Period**").

1.5 The Put Option Notice shall (a) confirm that the Put Option Condition is satisfied and that the
Consultation Process has been completed and (b) specify the date (the "**APA Execution Date**") (being a Business Day between three (3) and five (5) Business Days after the sending of such notice) by which the APA shall
be executed by the parties to the APA in accordance with the provisions of articles 1366 and seq. of the French Civil Code, through the service provider DocuSign. Subject to the sending of the Put Option Notice and delivery of the duly signed APA by
the Beneficiary, the Promisor irrevocably undertakes to execute the APA in its capacity as "the Buyer" on the date specified in the Put Option Notice.

The Promisor and the Beneficiary acknowledge that the Put Option is definitive and irrevocable and that it cannot be withdrawn by the Promisor in any circumstance (either prior to or after the exercise of the Put Option by the Beneficiary), except by mutual written agreement of the Promisor and the Beneficiary, in accordance with article 1193 of the French Civil Code. The Promisor and the Beneficiary acknowledge that this Put Option is a *promesse unilatérale* governed by article 1124 of the French Civil Code and does not constitute an offer governed by article 1114 et seq. of the French Civil Code.

1.6 Each of the Promisor, the Beneficiary and each Fund shall irrevocably waive any right it may have (i) to
terminate this Put Option Agreement under article 1226 of the French Civil Code (regarding the right of a creditor to terminate a contract at its own risk), (ii) to claim that this Put Option Agreement has lapsed under article 1186 alinéa 2
of the French Civil Code, (iii) to accept a partial performance of this Put Option Agreement and claim a corresponding reduction of the Purchase Price under article 1223 of the French Civil Code and (iv) to renegotiate this Put Option
Agreement under article 1195 of the French Civil Code and agrees to fully assume any risk which may arise from any of the unforeseeable circumstances referred to under such article, and, accordingly no termination, lapse or variation of this Put
Option Agreement (or any agreement or document entered into in connection with this Put Option Agreement) shall be permitted on the grounds of any of the foregoing provisions of the French Civil Code.

1.7 Each of the Promisor, the Beneficiary and each Fund further acknowledges and agrees that an award of damages
would not constitute a sufficient remedy in the event of breach or non-performance by the other Party of its obligations in respect of the Put Option and that specific performance ()"*exécution forcée*") is intended to be sought by the non-defaulting Party under or in connection with this Put Option Agreement and that such specific performance is not and would not be considered as
"manifestly disproportionate" under the meaning of article 1221 of the French Civil Code and each of the Promisor, the Beneficiary and each Fund hereby irrevocably waives any such claim to contest or dispute a request for specific
performance, without prejudice to the right of the non-defaulting Party to claim (additional) damages.

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**2.** **Representations and warranties and covenants** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Representations and warranties of the Promisor</u> 

The Promisor hereby warrants to the Beneficiary that the representations and warranties of the Buyer in Article IV of the APA are true and accurate in all respects as of the date hereof, as if they were incorporated in full in this Put Option Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Representations and warranties of the Beneficiary</u> 

The Beneficiary hereby warrants to the Promisor that the representations and warranties of the Company in Article III of the APA are true and accurate in all respects as of the date hereof, as if they were incorporated in full in this Put Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Representations and warranties of the Funds</u> 

Each Fund hereby warrants to the Promisor that the representations and warranties of such Fund in Section 13 of the ECL are true and accurate in all respects as of the date hereof, as if they were incorporated in full in this Put Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Covenants of the Beneficiary</u> 

By countersigning this Put Option Agreement, the Beneficiary shall, as from the date hereof, comply with the provisions of Section 5.3 (*Efforts*), Section 5.5 (*Debt Financing*), Section 5.7 (*Conduct of Business*), Section 5.8 (*Day 1 Preparation Plan*) and Section 5.21 (*Exclusivity*), as if the same were incorporated in full in this Put Option Agreement and which shall apply *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Covenants of the Promissor</u> 

By countersigning this Put Option Agreement, the Promisor shall, as from the date hereof, comply with the provisions of Section 5.3 (*Efforts*), Section 5.5 (*Debt Financing*) and Section 5.8 (*Day 1 Preparation Plan*), as if the same were incorporated in full in this Put Option Agreement and which shall apply *mutatis mutandis*.

**3.** **Assistance to the Consultation Process** 

3.1 As consideration for this Put Option, the Beneficiary undertakes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) procure that Harmonic France SAS (the "**French Subsidiary**") engages in the information and
consultation process of the relevant staff representative body (*comité social et économique*), (the "**Works Council**") in connection with the Transaction (the "**Consultation Process**") as soon as
reasonably practicable following the date hereof and in any event, by convening a meeting of the Works Council no later than five (5) Business Days following the date hereof, and conducts it in a timely manner and in accordance with applicable
Law with a view to completing the Consultation Process as soon as practically possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide the Promissor with the draft economic notice (*note économique*) and all other substantive
materials to be provided to the Works Council as part of the Consultation Process (the "**Material Documents**") and (i) offer the Promissor a reasonable opportunity to discuss the content of the Material Documents; and
(ii) consider in good faith any reasonable comments the Promissor may have in relation to any Material Documents, in each case, in so far as such documents or comments relate to the legal requirements and the description of the Promissor and
the social consequences (if any) on employees of the Transaction, prior to disclosure to the Works Council (as part of the Consultation Process); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) keep the Promisor informed of (x) the status and progress of the Consultation Process including any court
procedure related to such Consultation Process and (y) any material issue arising from such process and notify the Promisor of the date on which the Consultation Process is completed (or deemed completed) not later than two (2) Business
Days after such completion (or deemed completion).

3.2 For the purpose of this Put Option Agreement, the Consultation Process shall be deemed completed on the earlier
of (i) the date on which, following their information and consultation in accordance with the French *Code du travail*, the Works Council will have rendered a final opinion (whether positive or negative) regarding the Transaction, or
(ii) failing an express opinion from the Works Council, the date on which the Works Council will be deemed to have rendered a final opinion (whether positive or negative) regarding the Transaction pursuant to applicable Laws and regulations as
determined under the sole responsibility of the Beneficiary, after consultation with the Promisor.

3.3 The Promisor agrees that it shall, and shall cause its Affiliates, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide, upon reasonable request from the Beneficiary, any document or information (whether in writing or
orally) which may be reasonably and customarily required by the Beneficiary, the French Subsidiary, the Works Council or any expert appointed thereby in the context of the Consultation Process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have, upon reasonable request from the Beneficiary, with reasonable notice and to the extent possible,
representatives of the Promisor attend one or more meetings of the Works Council and meet with the relevant employee representative bodies, when requested and with prior notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) more generally, provide reasonable assistance and cooperation with a view to completing the Consultation
Process in a timely fashion.

3.4 The Beneficiary shall not, and shall procure that none of the Sellers and the French Subsidiary, without the
prior written consent of the Promisor, (i) make any declarations or commitments to the Works Council and/or employees of the Sellers and the French Subsidiary regarding the Promisor intentions concerning the future operations of, or employment
within the French Subsidiary and/or (ii) agree to any arrangements with the Works Council and/or employees of the Sellers and the French Subsidiary in connection with the Transaction.

**4.** **Exclusivity** 

4.1 By countersigning this Put Option Agreement, on the date hereof, the Beneficiary grants to the Promisor a
period of exclusivity ending, whether or not the Put Option has lapsed, on the earlier of (i) 11.59 p.m. (Eastern time), on March 23, 2026 and (ii) the date of execution of the APA by all the parties to it (the "**Exclusivity Period** "), it being specified that Clause 4 (*Exclusivity*) of this Put Option Agreement shall immediately lapse if the Promisor fails to execute the APA as provided for in Clause 1.5 (*Commitment to acquire the Transferred Assets and to assume the Assumed Liabilities*) in breach of the provisions of this Put Option Agreement.

4.2 During the Exclusivity Period, the provisions set forth in Section 5.18 (*Exclusivity*) of the APA
shall apply, *mutatis mutandis*.

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**5.** **No binding obligations on the Beneficiary** 

5.1 The Promisor acknowledges that the Beneficiary countersigns this Put Option Agreement in order to
(i) accept the benefit of the Put Option solely as an option and (ii) agree with the specific commitments set out in this Put Option Agreement and in particular in Clause 2 (*Representations and Warranties and Covenant* s) Clauses 3
(*Assistance to the Consultation Process*), and 4 (*Exclusivity*).

5.2 The Promisor further acknowledges that nothing herein shall constitute in any manner whatsoever an undertaking
by the Beneficiary or any of its Affiliates to sell to the Promisor, or to any of its Affiliates, all or part of the Transferred Assets or to Convey to the Promisor the Assumed Liabilities, or be bound by any obligation of any nature whatsoever in
connection with the Transaction, other than as set forth in this Put Option Agreement.

**6.** **APA** 

The provisions set forth in Sections 5.2(a) (*Confidentiality*), 5.9 (*Public Announcements*), 11.7 (*Expenses*) and 11.9 (*Notices*) of the APA shall apply *mutatis mutandis* to this Put Option Agreement.

**7.** **Duration and Termination** 

7.1 This Put Option Agreement shall terminate on the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the date of execution of the APA by the Beneficiary and the Promisor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. if the Put Option has not been validly exercised by the Beneficiary, the date which falls immediately after the
expiration of the Exercise Period as specified in Clause 1.3 (*Commitment to acquire the Transferred Assets and to assume the Assumed Liabilities*) above.

7.2 Upon any termination of this Put Option Agreement pursuant to this Clause 7 (*Duration and Termination*),
all further obligations of the Parties hereunder, other than (i) the exclusivity undertakings provided in Clause 4 (*Exclusivity*) above which shall continue to apply pursuant to Clause 4.1 and Clause 8 (*Governing Law - Jurisdiction*), shall terminate, except nothing in this Clause 7 shall be deemed to release any signatory of this Put Option Agreement from any liability for any Willful Breach by such signatory of the terms and provisions of this Put Option
Agreement. For the pruproses of this Clause 7.2, a "**Willful Breach**" means an intentional act or intentional failure to act by a signatory hereto which was actually known by the acting (or failing) signatory at the time of the act
(or failure) to constitute a breach of this Put Option Agreement.

**8.** **Governing law – Jurisdiction** 

8.1 This Put Option Agreement (as well as any exercise of the Put Option, any matters relating to this Put Option
Agreement or to any such exercise, and any non-contractual obligations arising out of or in connection with the foregoing) shall be governed by, and construed in accordance with French law.

8.2 Any dispute or claim of whatever nature arising out of or in any way relating to this Put Option Agreement,
including its execution, interpretation or enforcement, shall be submitted to the exclusive jurisdiction of the Commercial Court of Paris (*Tribunal des Affaires Economiques de Paris*).

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**9.** **Cooperation** 

Each of the Promisor and the Beneficiary shall from time to time execute such documents and perform such acts and things are reasonably required to the performance of this Put Option Agreement and to give the other party the full benefit of this Put Option Agreement.

**10.** **Electronic signature** 

10.1 The Parties hereby agree to sign electronically this Put Option Agreement in accordance with the provisions of
articles 1366 and seq. of the French Civil Code, through the service provider DocuSign, which will ensure the security and integrity of the digital copies of this Put Option Agreement in accordance with the Laws on the electronic signature.

10.2 Each Party hereby undertakes to take all appropriate measures to ensure that the electronic signature of this
Put Option Agreement is made by its representative duly authorized for the purposes hereof.

10.3 Each Party hereby acknowledges and agrees that its signing of this Put Option Agreement via the abovementioned
electronic process is made in full knowledge of the technology implemented, its related terms of use and the Laws on the electronic signature, and, accordingly, hereby irrevocably and unconditionally waives any right such party may have to initiate
any claim and/or legal action, directly or indirectly arising out of or relating to the reliability of said electronic signature process and/or the evidence of its intention to enter into this Put Option Agreement in this respect.

\*\*\*

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| | |
|:---|:---|
| Yours faithfully, |  |
| **The Promisor** | Signed for and on behalf of |
|  | **One Equity Partners VII, L.P.,** |
|  | by its general partner |
|  | **OEP VII General Partner, L.P.,** |
|  | by its general partner |
|  | **OEP VII GP, L.L.C., by:** |
| /s/ Allen Broome | /s/ James Koven |
| Represented by: Allen Broome | Represented by: James Koven |
| Position: Chief Executive Officer | Position: Partner |
| Signed for and on behalf of | Signed for and on behalf of |
| **One Equity Partners VII-A, L.P.,** | **One Equity Partners VII-B, L.P.,** |
| by its general partner | by its general partner |
| **OEP VII General Partner, L.P.,** | **OEP VII General Partner, L.P.,** |
| by its general partner | by its general partner |
| **OEP VII GP, L.L.C., by:** | **OEP VII GP, L.L.C., by:** |
| /s/ James Koven | /s/ James Koven |
| Represented by: James Koven | Represented by: James Koven |
| Position: Partner | Position: Partner |

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**This Put Option Agreement is counter-signed by the Beneficiary exclusively to accept the Put Option as an option only, exercisable in the Beneficiary's sole discretion in accordance with the terms and conditions set forth thereof, and to acknowledge its agreement on the undertakings provided in this Put Option Agreement, in particular regarding the exclusivity undertakings. In no event shall such signature be construed as the exercise of the Put Option by the Beneficiary or an undertaking by the Beneficiary to sell to the Promisor any of the Transferred Assets or to Convey any of the Assumed Liabilities.** 

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| |
|:---|
| /s/ Nimrod Ben-Natan |
| **The Beneficiary** |
| By: Harmonic, Inc. |
| Represented by: Nimrod Ben-Natan |
| Position: Chief Executive Officer |

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**List of Appendices** 

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| | |
|:---|:---|
| <u>Appendix 1</u>: | APA |
| <u>Appendix 2</u>: | Put Option Notice |
| <u>Appendix 3</u>: | Equity Commitment Letter |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g30982g1209025119518.jpg)

**Harmonic Announces Pending Sale of Its Video Business to MediaKind** 

December 8, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strategic and transformative transaction would sharpen Harmonic's focus on its core Broadband business and
advance its growth initiatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensures continued innovation and support for Harmonic Video customers under MediaKind

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All cash transaction for approximately $145 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conference call today, December 8, 2025, at 8:00 a.m. ET

**SAN JOSE, Calif., Dec. 8, 2025 /PRNewswire/ —**Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, today announced it has received a binding offer from MediaKind, a global leader in cloud-based video streaming technology, to acquire its Video Business segment for approximately $145 million in cash. The transaction, which is expected to close in the first half of 2026, is subject to a French employee works council consultation process and customary closing conditions and regulatory approvals.

The proposed transaction would accelerate Harmonic's long-term strategy by sharpening its focus on growth priorities in its industry-leading virtualized Broadband business. Additionally, this divestiture would deliver a healthy capital infusion and further bolster Harmonic's balance sheet, providing the financial flexibility to better serve its expanding customer base and build shareholder value.

"This strategic transaction will, if completed, advance the growth strategies of both companies," said Nimrod Ben-Natan, president and chief executive officer of Harmonic. "It would allow Harmonic to zero in on its core Broadband segment, while ensuring the Video Business, its customers and dedicated employees become part of an organization committed to the future of video delivery. We are incredibly proud of our Video team's accomplishments and look forward to the next chapter of this business's growth under MediaKind."

MediaKind CEO Allen Broome added, "This combination would represent a meaningful step forward in our long-term strategy and reflect our commitment to supporting customers with enhanced product solutions. By joining Harmonic's Video Business with MediaKind, we would strengthen our ability to invest across our entire portfolio, led by an expanded and complementary research and development platform that will significantly accelerate innovation. Together, we would create the leading independent streaming infrastructure company, giving customers a stronger, more reliable partner to power the future of video."

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Harmonic today is also reaffirming its total company financial guidance for Q4 2025. For further details, please refer to the company's third quarter 2025 results press release.

**Advisors:**

Wilson Sonsini Goodrich & Rosati, P.C. is serving as legal advisor to Harmonic, and Jefferies LLC is serving as exclusive financial advisor. Davis Polk & Wardwell is serving as legal advisor to MediaKind, and Moelis & Company is serving as exclusive financial advisor.

**Conference Call Information** 

Harmonic will host a conference call today, Monday, December 8, 2025, at 8:00 a.m. ET (5:00 a.m. PT), to discuss this pending transformative transaction. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, <u>https://edge.media-server.com/mmc/p/oaqkszn3</u>. A replay will be available after 11:00 a.m. ET on the same website.

**About Harmonic Inc.** 

Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry's first virtualized broadband solution, enabling operators to more flexibly deploy gigabit internet services to consumers' homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at <u>www.harmonicinc.com</u>.

**About MediaKind** 

At MediaKind, we are trailblazers in the video technology landscape, empowering over 2,000 global service providers, operators, content owners, and broadcasters. Our award-winning video technology sets a new bar for quality of experience, and our commitment to innovation and excellence has been driving the media and entertainment industry to new heights for three decades, while our cutting-edge solutions deliver unmatched viewing experiences across linear, on-demand, and OTT services. As a catalyst for live entertainment and an Emmy award-winning leader, we remain a trusted partner in shaping the future of media and entertainment worldwide. For more information, please visit: www.mediakind.com

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**Legal Notice Regarding Forward-Looking Statements** 

*This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to the contemplated sale of Harmonic's Video Business, the timing of the proposed transaction and anticipated benefits of the proposed transaction. Our expectations and beliefs regarding these matters may not materialize and are subject to risks and uncertainties, including the possibility that the proposed transaction does not close due to regulatory approvals not being obtained or other closing conditions not being fulfilled, the works council consultation process is lengthier than anticipated, the proposed transaction encounters unanticipated delays or is postponed or canceled due to a material adverse event or change, and anticipated benefits for Harmonic as a result of the proposed transaction do not fully materialize. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, such as those more fully described in Harmonic's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Dec.31, 2024, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to Harmonic as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.* 

Harmonic, the Harmonic logo and other Harmonic marks are owned by Harmonic Inc. or its affiliates. All other trademarks referenced herein are the property of their respective owners**.**

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SOURCE Harmonic Inc.

Pamela Gillies, Vice President, Marketing, +1 720-594-8085, <u>pamela.gillies@harmonicinc.com</u>; David Hanover, KCSA Strategic Communications, Investor Relations, +1 212-896-1220, <u>investor@harmonicinc.com</u>