Document:

<PAGE>

                                                                   Exhibit 10.21

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION MAY BE
EFFECTED WITHOUT (i) AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO, (ii)
AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY,
THAT SUCH REGISTRATION IS NOT REQUIRED, (iii) RECEIPT OF A NO-ACTION LETTER FROM
THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE
PROVISIONS OF SECTION 7 OF THIS WARRANT.

                            ZHONE TECHNOLOGIES, INC.
                            ------------------------

                              WARRANT TO PURCHASE

                             SHARES OF COMMON STOCK

          THIS CERTIFIES THAT, for value received, and subject to the provisions
and upon the terms and conditions hereinafter set forth, SOLECTRON CORPORATION,
A DELAWARE CORPORATION, is entitled to subscribe for and purchase up to 15,000
shares of Common Stock (as adjusted pursuant to Section 4 hereof, the "Shares")
of Zhone Technologies, Inc., a Delaware corporation (the "Company").

          1.   Warrant Price; Term.
               -------------------

               (a)  Warrant Price. The Warrant Price shall be $0.40 per share,
                    -------------
which is the per share fair market value of the Company's Common Stock on the
Date of Grant. As used herein, the term "Date of Grant" shall mean the date as
set forth on the signature page hereof.

               (b)  Term. Except as otherwise provided for herein, the term of
                    ----
the Warrant and the right to purchase Shares as granted herein shall be
exercisable, at any time and from time to time, during the period commencing on
the Date of Grant and terminating at 5:00 p.m. San Francisco local time on the
fifth anniversary of the Date of Grant (the "Term").

          2.   Method of Exercise; Payment; Issuance of New Warrant.  Subject to
               ----------------------------------------------------
Sections 1 and 9 hereof, the purchase right represented by this Warrant may be
exercised, in whole or in part, by the holder hereof during the Term by the
surrender of this Warrant (with the notice of exercise form attached hereto as
Exhibit A-1 duly executed) at the principal office of the Company and by the
payment to the Company, by check, of an amount equal to the Warrant Price
multiplied by the number of Shares then being purchased.  The person or persons
in whose name(s) any certificate(s) representing shares of Common Stock shall be
issuable upon exercise of this Warrant shall be deemed to have become the
holder(s) of record of, and shall be treated for all purposes as the record
holder(s) of, the shares of Common Stock represented thereby (and such shares
shall be deemed to have been issued) immediately prior to the close of business
on the date or dates upon which this Warrant is exercised.  In the event of any
exercise of the rights represented by this Warrant, certificates for the shares
of Common Stock so purchased shall be delivered to the holder hereof as soon as
possible and in any event within fifteen days after such exercise and, unless
this Warrant has been fully exercised or expired, a new Warrant representing the
portion of the Shares, if any, with
<PAGE>

respect to which this Warrant shall not then have been exercised shall also be
issued to the holder hereof as soon as possible and in any event within such
fifteen day period.

          3.   Stock Fully Paid. All Shares that may be issued upon the exercise
               ----------------
of the rights represented by this Warrant will, upon issuance pursuant to the
terms and conditions herein, be fully paid and nonassessable, and free from all
taxes, liens and charges with respect to the issue thereof.

          4.   Adjustment of Warrant Price and Number of Shares.  The Warrant
               ------------------------------------------------
Price and the number of Shares purchasable upon the exercise of this Warrant
shall be subject to adjustment from time to time upon the occurrence of certain
events, as follows:

               (a)  Reclassification or Merger. In case of any reclassification,
                    --------------------------
change or conversion of securities of the class issuable upon exercise of this
Warrant (other than a change in par value, or from par value to no par value, or
from no par value to par value, or as a result of a subdivision or combination),
or in case of any merger of the Company with or into another corporation (other
than a merger with another corporation in which the Company is the acquiring and
the surviving corporation and which does not result in any reclassification or
change of outstanding securities issuable upon exercise of this Warrant), or in
case of any sale of all or substantially all of the assets of the Company, the
Company, or such successor or purchasing corporation, as the case may be, or its
parent corporation, shall duly execute and deliver to the holder of this Warrant
a new Warrant (in form and substance reasonably satisfactory to the holder of
this Warrant), so that the holder of this Warrant shall have the right to
receive, at a total purchase price not to exceed that payable upon the exercise
of the unexercised portion of this Warrant, and in lieu of the shares of Common
Stock theretofore issuable upon exercise of this Warrant, the kind and amount of
shares of stock, other securities, money and property receivable upon such
reclassification, change or merger by a holder of the number of shares of Common
Stock then purchasable under this Warrant. Such new Warrant shall provide for
adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 4. The provisions of this subparagraph
(a) shall similarly apply to successive reclassifications, changes, mergers,
consolidations, transfers, amendments and waivers.

               (b)  Subdivision or Combination of Shares. If the Company, at any
                    ------------------------------------
time while this Warrant remains outstanding and unexpired, shall subdivide or
combine its outstanding shares of Common Stock, the Warrant Price shall be
proportionately decreased in the case of a subdivision or increased in the case
of a combination, effective at the close of business on the date the subdivision
or combination becomes effective.

               (c)  Stock Dividends and Other Distributions. If the Company, at
                    ---------------------------------------
any time while this Warrant remains outstanding and unexpired, shall make or
issue, or shall fix a record date for the determination of eligible holders
entitled to receive, a dividend or other distribution with respect to the Common
Stock (or any shares of stock or other securities at the time issuable upon
exercise of the Warrant) payable in (i) securities of the Company or (ii) assets
(excluding cash dividends paid or payable solely out of retained earnings),
then, in each such case, the holder of this Warrant on exercise hereof at any
time after the consummation, effective date or record date of such dividend or
other distribution, shall receive, in addition to the shares of Common Stock (or
such other stock or securities) issuable on such exercise prior to such date,
and without the payment of additional
<PAGE>

consideration therefor, the securities or such other assets of the Company to
which such holder would have been entitled upon such date if such holder had
exercised this Warrant on the date hereof and had thereafter, during the period
from the date hereof to and including the date of such exercise, retained such
shares and/or all other additional stock available by it as aforesaid during
such period giving effect to all adjustments called for by this Section 4.

               (d)  Adjustment of Number of Shares.  Upon each adjustment in the
                    ------------------------------
Warrant Price, the number of shares of Common Stock purchasable hereunder shall
be adjusted, to the nearest whole share, to the product obtained by multiplying
the number of Shares purchasable immediately prior to such adjustment in the
Warrant Price by a fraction, the numerator of which shall be the Warrant Price
immediately prior to such adjustment and the denominator of which shall be the
Warrant Price immediately thereafter.

               (e)  Conversion of Shares. In the event that all of the
                    --------------------
authorized and outstanding shares of Common Stock are redeemed or converted or
reclassified into other securities or property pursuant to the Company's
Certificate of Incorporation or otherwise, or the Common Stock otherwise ceases
to exist, then, in such case, the holder of this Warrant, upon exercise hereof
at any time after the date on which the Common Stock is so redeemed or
converted, reclassified or ceases to exist (the "Termination Date"), shall
receive, in lieu of the number of shares of Common Stock that would have been
issuable upon such exercise immediately prior to the Termination Date, the
securities or property that would have been received if this Warrant had been
exercised in full and the Common Stock received thereupon had been
simultaneously converted immediately prior to the Termination Date, all subject
to further adjustment as provided in this Warrant. Additionally, the Warrant
Price shall be immediately adjusted to equal the quotient obtained by dividing
(x) the aggregate Warrant Price of the maximum number of Shares for which this
Warrant was exercisable immediately prior to the Termination Date by (y) the
number of Shares for which this Warrant is exercisable immediately after the
Termination Date, all subject to further adjustment as provided herein.

          5.   Notice of Adjustments.  Whenever the Warrant Price or the number
               ---------------------
of Shares purchasable hereunder shall be adjusted pursuant to Section 4 hereof,
the Company shall make a certificate signed by its chief financial officer
setting forth, in reasonable detail, the event requiring the adjustment, the
amount of the adjustment, the method by which such adjustment was calculated,
and the Warrant Price and the number of Shares purchasable hereunder after
giving effect to such adjustment, which shall be mailed to the holder of this
Warrant.

          6.   Fractional Shares.  No fractional shares of Common Stock will be
               -----------------
issued in connection with any exercise hereunder, but in lieu of such fractional
shares the Company shall make a cash payment therefor based on the fair market
value of the Common Stock on the date of exercise as reasonably determined in
good faith by the Company's Board of Directors.

          7.   Compliance with the Act: Disposition of Warrant or Shares.
               ---------------------------------------------------------

               (a)  Compliance with the Act.  The holder of this Warrant, by
                    -----------------------
acceptance hereof, agrees that this Warrant and the shares of Common Stock
issuable upon exercise hereof are being acquired for investment and that such
holder will not offer, sell or otherwise dispose of this Warrant
<PAGE>

or any shares of Common Stock to be issued upon exercise hereof except under
circumstances which will not result in a violation of the Act. If at the time of
any exercise or transfer of this Warrant or transfer of any of the shares of
Common Stock issued upon exercise of this Warrant, such securities have not been
registered under the Act and are not eligible for sale without registration
under Rule 144 of the Act, the Company may require as a condition to allowing
such exercise or transfer, that the holder of such securities furnish to the
Company such information as is reasonably necessary to establish that such
exercise and/or transfer may be made without registration under the Act. This
Warrant and all shares of Common Stock issued upon exercise of this Warrant
(unless registered under the Act) shall be stamped or imprinted with a legend in
substantially the following form:

          "THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.  NO SALE OR
DISPOSITION MAY BE EFFECTED WITHOUT (i) AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO, (ii) AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY
SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED OR (iii)
RECEIPT OF A NO-ACTION LETTER FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES. IN
ADDITION, NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT COMPLYING WITH THE
PROVISIONS OF SECTION 7 OF THE WARRANT UNDER WHICH THESE SECURITIES WERE ISSUED,
DIRECTLY OR INDIRECTLY."

          (b)  Disposition of Warrant or Shares.  Subject to the provisions of
               --------------------------------
this Section 7 and until such time as the Company's securities have been
registered under the Act, this Warrant and the shares issuable upon exercise of
this Warrant may only be assigned or transferred in whole or in part by the
holder hereof to any of its affiliated entities.  With respect to any proposed
offer, sale or other disposition of this Warrant or any shares of Common Stock
acquired pursuant to the exercise of this Warrant prior to registration of such
Warrant or shares of Common Stock, the holder hereof and each subsequent holder
of this Warrant shall notify the Company prior thereto, describing briefly the
manner thereof to the effect that such offer, sale or other disposition may be
effected without registration or qualification (under the Act as then in effect
or any federal or state law then in effect) of this Warrant or such shares of
Common Stock and indicating whether or not under the Act certificates for this
Warrant or such shares of Common Stock to be sold or otherwise disposed of
require any restrictive legend as to applicable restrictions on transferability
in order to ensure compliance with such law.  Upon receiving such written
notice, the Company, as promptly as practicable, shall notify such holder
whether or not such holder may sell or otherwise dispose of this Warrant or such
shares of Common Stock, all in accordance with the terms of the notice delivered
to the Company.  Any offer, sale or other disposition of this Warrant or any
shares of Common Stock acquired pursuant to the exercise of this Warrant,
without the prior written consent of the Company pursuant to this Section 7(b),
shall be null and void and of no effect.

     8.   Rights as Stockholders; Information.  No holder of this Warrant,
          -----------------------------------
as such, shall be entitled to vote or receive dividends or be deemed the holder
of Common Stock or any other securities of the Company which may at any time be
issuable on the exercise hereof for any purpose, nor shall anything contained
herein be construed to confer upon the holder of this Warrant, as such, any of
the rights of a stockholder of the Company or any right to vote for the election
of directors or upon any matter submitted to stockholders at any meeting
thereof, or to receive notice of meetings,
<PAGE>

or to receive dividends or subscription rights or otherwise until this Warrant
shall have been exercised and the Shares purchasable upon the exercise hereof
shall have become deliverable, as provided herein. Notwithstanding the
foregoing, the Company will transmit to the holder of this Warrant such
information, documents and reports as are generally distributed to the holders
of any class or series of the securities of the Company concurrently with the
distribution thereof to the stockholders.

     9.   Right to Convert Warrant into Shares; Net Issuance.
          --------------------------------------------------

          (a) Right to Convert.  In addition to and without limiting the rights
              ----------------
of the holder under the terms of this Warrant, the holder shall have the right
to convert this Warrant or any portion thereof (the "Conversion Right") during
the Term into shares of Common Stock as provided in this Section 9.  Upon
exercise of the Conversion Right with respect to a particular number of shares
of Common Stock subject to this Warrant (the "Converted Warrant Shares"), the
Company shall deliver to the holder (without payment by the holder of any
exercise price or any cash or other consideration) (X) that number of fully paid
and nonassessable shares of Common Stock equal to the quotient obtained by
dividing the value of this Warrant (or the specified portion hereof) on the
Conversion Date (as hereinafter defined), which value shall be determined by
subtracting (A) the aggregate Warrant Price of the Converted Warrant Shares
immediately prior to the exercise of the Conversion Right from (B) the aggregate
fair market value of the Converted Warrant Shares issuable upon exercise of this
Warrant (or the specified portion hereof) on the Conversion Date by (Y) the fair
market value of one share of Common Stock on the Conversion Date.

Expressed as a formula, such conversion shall be computed as follows:

                                 B - A
                             X = -----
                                   Y

Where:    X = The number of shares of Common Stock that may be issued to holder.

          Y = The fair market value ("FMV") of one share of Common Stock.

          A = The aggregate Warrant Price (i.e., Converted Warrant Shares x
              Warrant Price).

          B = The aggregate FMV (i.e., FMV x Converted Warrant Shares).

     No fractional shares shall be issuable upon exercise of the Conversion
Right, and, if the number of shares to be issued determined in accordance with
the foregoing formula is other than a whole number, the Company shall pay to the
holder an amount in cash equal to the fair market value of the resulting
fractional share on the Conversion Date.  All references in this Warrant to an
"exercise" of the Warrant shall include an exchange pursuant to this Section 9.

          (b) Method of Exercise.  The Conversion Right may be exercised, in
              ------------------
whole or in part, by the holder hereof during the Term by the surrender of this
Warrant at the principal office of the Company together with a duly executed
notice of exercise substantially in the form attached
<PAGE>

hereto as Exhibit A-2, specifying that the holder thereby intends to exercise
the Conversion Right and indicating the number of shares of Common Stock subject
to this Warrant that are being surrendered (referred to in subsection (a) hereof
as the Converted Warrant Shares) in exercise of the Conversion Right. Such
conversion shall be effective upon receipt by the Company of this Warrant
together with the aforesaid notice of exercise, or on such later date as is
specified therein (the "Conversion Date"). Certificates for the shares of Common
Stock issuable upon exercise of the Conversion Right shall be issued as of the
Conversion Date and shall be delivered to the holder within thirty days
following the Conversion Date.

          (c)  Determination of Fair Market Value.  For purposes of this Section
               ----------------------------------
9, "fair market value" of a share of Common Stock as of a particular date (the
"Determination Date") shall mean:

          (i)  If the Conversion Right is exercised in connection with and
contingent upon the closing of the sale of the Company's Common Stock to the
public in a public offering pursuant to a Registration Statement under the Act
(a "Public Offering"), and if the Company's Registration Statement relating to
such Public Offering ("Registration Statement") has been declared effective by
the Securities and Exchange Commission, then the initial "Price to Public"
specified in the final prospectus with respect to such Public Offering.

         (ii)  If the Conversion Right is not exercised in connection with and
contingent upon a Public Offering, then as follows:

               (A)  If traded on a securities exchange or The Nasdaq Stock
Market, the fair market value of the Common Stock shall be deemed to be the
average of the closing or last reported sale prices of the Common Stock on such
exchange or market over the thirty day period ending five business days prior to
the Determination Date;

               (B)  If otherwise traded in an over-the-counter market, the fair
market value of the Common Stock shall be deemed to be the average of the
closing ask prices of the Common Stock over the thirty day period ending five
business days prior to the Determination Date; and

               (C)  If there is no public market for the Common Stock, then fair
market value shall be the price reasonably determined in good faith by the Board
of Directors of the Company.

     10.  Representations and Warranties of the Company. The Company hereby
          ---------------------------------------------
represents and warrant to the holder hereof as follows:

          (a)  Existence and Power.  The Company is a (i) is a corporation duly
               -------------------
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation and (ii) has the corporate power and authority
to execute, deliver and perform its obligations under this Warrant.

          (b)  Authorization; No Contravention.  The execution, delivery and
               -------------------------------
performance by the Company of this Warrant and the transactions contemplated
hereby (i) have been duly
<PAGE>

authorized by all necessary corporate action of the Company and (ii) do not
contravene the terms of the Certificate of Incorporation or Bylaws of the
Company, each as amended as of and through the Date of Grant, or any other
material contract of the Company.

          (c)  Governmental Authorization; Third Party Consents.  No approval,
               ------------------------------------------------
consent, compliance, exemption or authorization of any governmental authority or
agency, or of any other person or entity, is necessary or required in connection
with the execution, delivery or performance by, or enforcement against, the
Company of this Warrant or the transactions contemplated hereby, except for any
such approval, consent, compliance, exemption or authorization which has been
waived or obtained as of the Date of Grant.

          (d)  Binding Effect. This Warrant has been duly executed and delivered
               --------------
by the Company and constitutes the valid and binding obligations of the Company,
enforceable against it in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent
conveyance or transfer, moratorium or similar laws affecting the enforcement of
creditors' rights generally or by equitable principles relating to
enforceability (regardless of whether considered in a proceeding at law or in
equity).

          (e)  Capitalization. As of the Date of Grant, (i) 81,424,000 shares of
               --------------
Common Stock are issued and outstanding, (ii) 125,000,000 shares of Preferred
Stock are issued and outstanding, and (iii) assuming the full issuance and
exercise of all options authorized to be issued by the Company as of the Date of
Grant to acquire shares of Common Stock pursuant to the Company's stock plan(s),
43,576,000 shares of Common Stock are issuable upon such issuance and exercise.

     11.  Representations and Warranties of the Holder.  The holder hereof
          --------------------------------------------
hereby represents and warrants to the Company as follows:

          (a)  Existence and Power.  The holder is a (i) is a corporation duly
               -------------------
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation and (ii) has the corporate power and authority
to execute, deliver and perform its obligations under this Warrant.

          (b)  Authorization; No Contravention.  The execution, delivery and
               -------------------------------
performance by the holder of this Warrant and the transactions contemplated
hereby have been duly authorized by all necessary corporate action of the
holder.

          (c)  Binding Effect. This Warrant has been duly executed and delivered
               --------------
by the holder and constitutes the valid and binding obligations of the holder,
enforceable against it in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent
conveyance or transfer, moratorium or similar laws affecting the enforcement of
creditors' rights generally or by equitable principles relating to
enforceability (regardless of whether considered in a proceeding at law or in
equity).

          (d)  Restricted Securities; Rule 144 and Rule 144A.  The holder
               ---------------------------------------------
understands that the Shares to be purchased upon exercise of the Warrant have
not been registered under the Act by
<PAGE>

reason of a specific exemption from the registration provisions of the Act which
depends upon, among other things, the bona fide nature of the investment intent
as expressed herein. The holder acknowledges that the Warrant and the Shares
issuable upon exercise of the Warrant must be held indefinitely unless
subsequently registered under the Act or an exemption from such registration is
available. The holder is aware of the provisions of Rule 144 and Rule 144A
promulgated under the Act.

          (e)  No Public Market.  The holder understands that no public market
              ----------------
now exists for the Warrant or the Shares issuable upon exercise of the Warrant.

     12.  Reservation of Common Stock.  The Company hereby covenants that there
          ---------------------------
shall be reserved for issuance and delivery upon exercise of this Warrant such
number of shares of Common Stock or other shares of capital stock of the Company
as are from time to time issuable upon exercise of this Warrant.  The Company
hereby further covenants that the Company will take all steps necessary to amend
its Certificate of Incorporation to provide a sufficient reserve of shares of
Common Stock issuable upon exercise of this Warrant.  All such shares of Common
Stock shall be duly authorized and, when issued upon such exercise, shall be
validly issued, fully paid and nonassessable, free and clear of all liens,
security interests, charges and other encumbrances or restrictions on sale, and
free and clear of all preemptive rights, except encumbrances or restrictions
arising under federal or state securities laws.

     13.  Modification and Waiver.  This Warrant and any provision hereof may be
          -----------------------
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.

     14.  Notices.  Any notice, request, communication or other document
          -------
required or permitted to be given or delivered to the holder hereof or the
Company shall be delivered, or shall be sent by certified or registered mail,
postage prepaid, to each such holder at its address as shown on the books of the
Company or to the Company at the address indicated therefor on the signature
page of this Warrant, or at such other address as either party may designate by
ten days' advance written notice to the other party.

     15.  Lost Warrants or Stock Certificates.  The Company covenants to the
          -----------------------------------
holder hereof that, upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant or any
stock certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity reasonably satisfactory to the Company, or in the case
of any such mutilation upon surrender and cancellation of such Warrant or stock
certificate, the Company will make and deliver a new Warrant or stock
certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated
Warrant or stock certificate.

     16.  Descriptive Headings.  The descriptive headings of the several
          --------------------
paragraphs of this Warrant are inserted for convenience only and do not
constitute a part of this Warrant.

     17.  Governing Law.  This Warrant shall be construed and enforced in
          -------------
accordance with, and the rights of the parties shall be governed by, the
internal laws of the State of California without regard to its choice of law
rules.
<PAGE>

     18.  Remedies. In case any one or more of the covenants and agreements
          --------
contained in this Warrant shall have been breached, the holder hereof (in the
case of a breach by the Company) or the Company (in the case of a breach by the
holder), may proceed to protect and enforce its rights either by suit in equity
and/or by action at law, including, but not limited to, an action for damages as
a result of any such breach and/or an action for specific performance of any
such covenant or agreement contained in this Warrant.

     19.  Acceptance. Receipt of this Warrant by the holder hereof shall
          ----------
constitute acceptance of and agreement to the foregoing terms and conditions.

     20.  Registration Rights. The Company shall use commercially reasonable
          -------------------
efforts to amend its Rights Agreement dated November 1, 1999 in order to make
the holder of this Warrant a party to such agreement with respect to the
piggyback registration rights included therein.

     21.  Market Stand-Off Agreement. Holder hereby agrees that, during the
          --------------------------
period of duration (not to exceed one hundred eighty (180) days) specified by
the Company and an underwriter of Common Stock or other securities of the
Company following the effective date of a registration statement of the Company
filed under the Act, it shall not, to the extent requested by the Company and
such underwriter, directly or indirectly sell, offer to sell, contract to sell
(including, without limitation, any short sale), grant any option to purchase,
pledge or otherwise transfer or dispose of (other than to donees who agree to be
similarly bound) any securities of the Company held by it at any time during
such period except common stock included in such registration; provided,
however, that:

          (a)   such agreement shall be applicable only to the first such
registration statement of the Company which covers common stock (or other
securities) to be sold on its behalf to the public in an underwritten offering;
and

          (b)   such agreement shall not be required unless all executive
officers, directors and holders of one percent (1%) or more of the outstanding
capital stock of the Company enter into similar agreements.

     In order to enforce the foregoing covenant, the Company may impose stop-
transfer instructions with respect to the Shares of Holder (and the shares of
securities of every other person subject to the foregoing restriction) until the
end of such period.
<PAGE>

     22.  No Impairment of Rights. The Company will not, by amendment of its
          -----------------------
Certificate of Incorporation or through any other means, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, but will at
all times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect
the rights of the holder of this Warrant against impairment. Without limiting
the generality of the foregoing, the Company (a) will not increase the par value
of any shares of Common Stock issuable upon the exercise of this Warrant above
the amount payable therefor upon such exercise, and (b) will take all such
action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable shares of Common Stock upon
exercise of this Warrant.

     23.  Severability. If any term, provision, covenant, or restriction of this
          ------------
Warrant is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Warrant shall remain in full force and effect and shall in
no way be affected, impaired or invalidated.

                 [Remainder of page intentionally left blank.]
<PAGE>

Date of Grant: March 13, 2000
                     --

                                        ZHONE TECHNOLOGIES, INC.

ACKNOWLEDGED AND AGREED:

                                        By: /s/  Ebrahim Abbasi
                                            ----------------------------------

SOLECTRON CORPORATION
                                        Name: Ebrahim Abbasi
                                              --------------------------------

By:______________________________       Title: VP Operations
                                               -------------------------------

Name:____________________________       Address: 7677 Oakport Street, Suite 1040
                                                 Oakland, CA 94621

Title:___________________________

Address: 847 Gibraltar Drive
         Milpitas, CA 95035
<PAGE>

Date of Grant: March 13, 2000
                     --

                                        ZHONE TECHNOLOGIES, INC.

ACKNOWLEDGED AND AGREED:

                                        By:_____________________________________

SOLECTRON CORPORATION
                                        Name:___________________________________

By: /s/ Susan Wang                      Title:__________________________________
    ------------------------------
Name: Susan Wang                        Address: 7677 Oakport Street, Suite 1040
      ----------------------------
                                                 Oakland, CA 94621

Title: SR. VP, CFO & SECRETARY
       ---------------------------

Address: 847 Gibraltar Drive
         Milpitas, CA 95035
<PAGE>

                                  EXHIBIT A-1

                              NOTICE OF EXERCISE

To:  ZHONE TECHNOLOGIES, INC.

     1.   The undersigned hereby elects to purchase __________ shares of
________________ of ZHONE TECHNOLOGIES, INC. pursuant to the terms of the
attached Warrant, and tenders herewith payment of the purchase price of such
shares in full.

     2.   Please issue a certificate or certificates representing said shares in
the name of the undersigned or in such other name or names as are specified
below:

                        ______________________________
                                    (Name)

                        ______________________________

                        ______________________________
                                   (Address)

     3.   The undersigned represents that the aforesaid shares are being
acquired for the account of the undersigned for investment and not with a view
to, or for resale in connection with, the distribution thereof and that the
undersigned has no present intention of distributing or reselling such shares.
In support thereof, the undersigned has executed an Investment Representation
Statement attached hereto as Schedule 1.

                                           _____________________________________
                                           Signature

                                           _____________________________________
                                           Date
<PAGE>

                                  EXHIBIT A-2

             NOTICE OF EXERCISE OF NET ISSUANCE CONVERSION RIGHTS

To:  ZHONE TECHNOLOGIES, INC.

     1.   The undersigned, the registered holder of the Warrant delivered
herewith (the "Warrant"), hereby elects to exercise the Conversion Right (as
defined in Section 9 of the Warrant) as provided herein. __________ shares
subject to the Warrant are being surrendered hereby in exercise of the
Conversion Right. The number of shares to be issued pursuant to this exercise
shall be determined by reference to the formula in Section 9(a) of the Warrant,
which requires the use of the "fair market value" of the Company's stock.
Therefore, ___________ shares are to be issued to the undersigned pursuant to
this exercise.

     2.   Please issue a certificate or certificates representing said shares in
the name of the undersigned or in such other name or names as are specified
below:

                        ______________________________
                                    (Name)

                        ______________________________

                        ______________________________
                                   (Address)

     3.   The undersigned represents that the aforesaid shares are being
 acquired for the account of the undersigned for investment and not with a view
 to, or for resale in connection with, the distribution thereof and that the
 undersigned has no present intention of distributing or reselling such shares.
 In support thereof, the undersigned has executed an Investment Representation
 Statement attached hereto as Schedule 1.

                                           _____________________________________
                                           Signature

                                           _____________________________________
                                           Date
<PAGE>

                                  Schedule 1
                                  ----------

                      INVESTMENT REPRESENTATION STATEMENT

Purchaser: SOLECTRON CORPORATION

Company:   ZHONE TECHNOLOGIES, INC.

Security:

Amount:

Date:

     In connection with the purchase of the above-listed securities (the
"Securities"), the undersigned (the "Purchaser") represents to Zhone
Technologies, Inc. (the "Company") as follows:

     (a)  The Purchaser is aware of the Company's business affairs and financial
condition, and has acquired sufficient information about the Company to reach an
informed and knowledgeable decision to acquire the Securities. The Purchaser is
purchasing the Securities for its own account for investment purposes only and
not with a view to, or for the resale in connection with, any "distribution"
thereof for purposes of the Securities Act of 1933, as amended (the "Act").

     (b)  The Purchaser understands that the Securities have not been registered
under the Securities Act in reliance upon a specific exemption therefrom, which
exemption depends upon, among other things, the bona fide nature of the
Purchaser's investment intent as expressed herein. In this connection, the
Purchaser understands that, in the view of the Securities and Exchange
Commission ("SEC"), the statutory basis for such exemption may be unavailable if
the Purchaser's representation was predicated solely upon a present intention to
hold these Securities for the minimum capital gains period specified under tax
statutes, for a deferred sale, for or until an increase or decrease in the
market price of the Securities, or for a period of one year or any other fixed
period in the future.

     (c)  The Purchaser further understands that the Securities must be held
indefinitely unless subsequently registered under the Act or unless an exemption
from registration is otherwise available. Moreover, the Purchaser understands
that the Company is under no obligation to register the Securities except as set
forth in the Warrant under which the Securities are being acquired. In addition,
the Purchaser understands that the certificate evidencing the Securities will be
imprinted with the legend referred to in the Warrant under which the Securities
are being purchased.

     (d)  The Purchaser is aware of the provisions of Rule 144, promulgated
under the Act, which, in substance, permits limited public resale of "restricted
securities" acquired, directly or indirectly, from the issuer thereof (or from
an affiliate of such issuer), in a non-public offering subject to the
satisfaction of certain conditions, if applicable, including, among other
things: the availability of certain public information about the Company, the
resale occurring not less than one year after the party has purchased and paid
for the securities to be sold; the sale being made through
<PAGE>

a broker in an unsolicited "broker's transaction" or in transactions directly
with a market maker (as said term is defined under the Securities Exchange Act
of 1934, as amended); and the amount of securities being sold during any three-
month period not exceeding the specified limitations stated therein.

     (e)  The Purchaser further understands that at the time it wishes to sell
the Securities there may be no public market upon which to make such a sale, and
that, even if such a public market then exists, the Company may not be
satisfying the current public information requirements of Rule 144, and that, in
such event, the Purchaser may be precluded from selling the Securities under
Rule 144 even if the one-year minimum holding period had been satisfied.

     (f)  The Purchaser further understands that in the event all of the
requirements of Rule 144 are not satisfied, registration under the Act, or
compliance with Regulation A or some other registration exemption will be
required; and that, notwithstanding the fact that Rule 144 is not exclusive, the
Staff of the SEC has expressed its opinion that persons proposing to sell
private placement securities other than in a registered offering and otherwise
than pursuant to Rule 144 will have a substantial burden of proof in
establishing that an exemption from registration is available for such offers or
sales, and that such persons and their respective brokers who participate in
such transactions do so at their own risk.

     (f)  The Purchaser is an "accredited investor" as defined in Rule 501 of
Regulation D promulgated under the Act.

                                            Purchaser:

                                            Date:  _______________, ____<PAGE>

                                                                  EXHIBIT 10.22

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED OR ANY STATE SECURITIES LAWSBruce BowerFinancial Printing GroupTHIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE
TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT
TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION
AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.

                           WARRANT TO PURCHASE STOCK

Corporation:            Zhone Technologies, Inc.
Number of Shares:       100,000
Class of Stock:         Common Stock
Initial Exercise Price: $4.00
Issue Date:             January 20, 2000
Expiration Date:        January 19, 2010 (subject to Section 1.7)

THIS WARRANT CERTIFIES THAT, in consideration of a cash payment by BNP Leasing
Corporation, receipt of which is hereby acknowledged by Zhone Technologies, Inc.
(the "Company"), City of Oakland ("Holder") is entitled to purchase one hundred
thousand (100,000) of fully paid and nonassessable shares of the Common Stock
(the "Shares") of the Company at the initial exercise price of Four Dollars
($4.00) per Share (the "Warrant Price") and as adjusted pursuant to Article 2 of
this Warrant, subject to the provisions and upon the terms and conditions set
forth in this Warrant.

ARTICLE 1. EXERCISE.

          1.1.  Method of Exercise.  Holder may exercise this Warrant by
                ------------------
delivering a duly executed Notice of Exercise in substantially the form attached
as Appendix 1 to the principal office of the Company.  Unless Holder is
exercising the conversion right set forth in Section 1.2, Holder shall also
deliver to the Company a check for the aggregate Warrant Price for the Shares
being purchased.

          1.2.  Conversion Right.  In lieu of exercising this Warrant as
                ----------------
specified in Section 1.1, Holder may from time to time convert this Warrant, in
whole or in part, into a number of Shares determined by dividing (a) the
aggregate fair market value of the Shares or other securities otherwise issuable
upon exercise of that portion of the Warrant being exercised minus the aggregate
Warrant Price of such Shares by (b) the fair market value of one Share.  The
fair market value of the Shares shall be determined pursuant  to Section 1.4.

          1.3.  No Rights of Stockholder.  This Warrant does not entitle Holder
                ------------------------
to any voting or other rights as a stockholder of the Company prior to the
exercise hereof.

                                       1
<PAGE>

          1.4.  Fair Market Value.  If the Shares are traded in a public market,
                -----------------
the fair market value of the Shares shall be the average of the closing price of
the Shares (or the closing price of the Company's stock into which the Shares
are convertible) reported for the business day immediately before Holder
delivers its Notice of Exercise to the Company.  If the Shares are not traded in
a public market, the Board of Directors of the Company shall determine fair
market value in its reasonable good faith judgment.

          1.5.  Delivery of Certificate and New Warrant.  Promptly after Holder
                ---------------------------------------
exercises or converts this Warrant, the Company shall deliver to Holder
certificates for the Shares acquired and, if this Warrant has not been fully
exercised or converted and has not expired, a new Warrant representing the
Shares not so acquired shall be delivered to Holder.

          1.6.  Replacement of Warrants.  On receipt of evidence reasonably
                -----------------------
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of loss, theft or destruction, on delivery of an
indemnity agreement reasonably satisfactory in form and amount to the Company
or, in the case of mutilation, or surrender and cancellation of this Warrant,
the Company at its expense shall execute and deliver, in lieu of this Warrant, a
new warrant of like tenor.

          1.7.  Repurchase on Sale, Merger, or Consolidation of the Company. For
                -----------------------------------------------------------
the purpose of this Warrant, "Acquisition" means any sale, license, or other
disposition of all or substantially all of the assets of the Company, or any
reorganization, consolidation, or merger of the Company where the holders of the
Company's securities before the transaction beneficially own less than 50% of
the outstanding voting securities of the surviving entity after the transaction.
Upon the closing of any Acquisition, this Warrant shall terminate; provided that
the Company shall provide the holder at least twenty one (21) days advance
written notice of any Acquisition, and the Holder may condition the exercise of
this Warrant upon, and require that this Warrant be exercised simultaneously
with, the consummation of such Acquisition, and the Holder in that event shall
have all of the rights and benefits of a stockholder in the Company.

ARTICLE 2. ADJUSTMENTS TO THE SHARES.

          2.1.  Stock Dividends, Splits, Etc.  If the Company declares or pays a
                ----------------------------
dividend on its common stock payable in common stock or other securities, or
subdivides the outstanding common stock into a greater amount of common stock,
then upon exercise of this Warrant, for each Share acquired, Holder shall
receive, without cost to Holder, the total number and kind of securities to
which Holder would have been entitled had Holder owned the Shares of record as
of the date the dividend or subdivision occurred.

          2.2.  Reclassification, Exchange or Substitution.  Upon any
                ------------------------------------------
reclassification, exchange, substitution, or other event that results in a
change of the number and/or class of the securities issuable upon exercise or
conversion of this Warrant, Holder shall be entitled to receive, upon exercise
or conversion of this Warrant, the number and kind of securities and property
that Holder would have received for the Shares if this Warrant had been
exercised immediately before such reclassification, exchange, substitution, or
other event.  Such an event

                                       2
<PAGE>

shall include any automatic conversion of the outstanding or issuable securities
of the Company of the same class or series as the Shares to common stock
pursuant to the terms of the Company's Articles of Incorporation upon the
closing of a registered public offering of the Company's common stock. The
Company or its successor shall promptly issue to Holder a new Warrant for such
new securities or other property. The new Warrant shall provide for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Article 2 including, without limitation, adjustments to the
Warrant Price and to the number of securities or property issuable upon exercise
of the new Warrant. The provisions of this Section 2.2 shall similarly apply to
successive reclassifications, exchanges, substitutions, or other events.

          2.3.  Adjustments for Combinations, Etc.  If the outstanding Shares
                ---------------------------------
are combined or consolidated, by reclassification or otherwise, into a lesser
number of shares, the Warrant Price shall be proportionately increased.

          2.4.  No Impairment.  The Company shall not, by amendment of its
                -------------
Articles of Incorporation or through a reorganization, transfer of assets,
consolidation, merger, dissolution, issue, or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed under this Warrant by the Company, but
shall at all times in good faith assist in carrying out of all the provisions of
this Article 2 and in taking all such action as may be necessary or appropriate
to protect Holder's rights under this Article against impairment.

          2.5.  Fractional Shares.  No fractional Shares shall be issuable upon
                -----------------
exercise or conversion of the Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share.  If a fractional share
interest arises upon any exercise or conversion of the Warrant, the Company
shall eliminate such fractional share interest by paying Holder amount computed
by multiplying the fractional interest by the fair market value of a full Share.

          2.6.  Certificate as to Adjustments.  Upon each adjustment of the
                -----------------------------
Warrant Price, the Company at its expense shall promptly compute such
adjustment, and furnish Holder with a certificate of its Chief Financial Officer
or other officers of the corporation setting forth such adjustment and the facts
upon which such adjustment is based.  The Company shall, upon written request,
furnish Holder a certificate setting forth the Warrant Price in effect upon the
date thereof and the series of adjustments leading to such Warrant Price.

ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.

          3.1.  Representations and Warranties.  The Company hereby represents
                ------------------------------
and warrants to the Holder that all Shares which may be issued upon the exercise
of the purchase right represented by this Warrant, and all securities, if any,
issuable upon conversion of the Shares, shall, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable, and free of any liens
and encumbrances except for restrictions on transfer provided for herein, in the
Company's Articles of Incorporation or Bylaws, or under applicable federal and
state securities laws.  The Company shall at all times reserve a sufficient
number of Shares and of shares of

                                       3
<PAGE>

common stock for issuance upon Holder's exercise of its rights hereunder and
conversion of the Shares.

          3.2.  Notice of Certain Events.  If the Company proposes at any time
                ------------------------
(a) to declare any dividend or distribution upon its common stock, whether in
cash, property, stock, or other securities and whether or not a regular cash
dividend; (b) to offer for subscription pro rata to the holders of any class or
series of its stock any additional shares of stock of any class or series or
other rights; (c) to effect any reclassification or recapitalization of common
stock; (d) to merge or consolidate with or into any other corporation, or sell,
lease, license, or convey all or substantially all of its assets, or to
liquidate, dissolve or wind up; or (e) offer holders of registration rights the
opportunity to participate in an underwritten public offering of the company's
securities for cash, then, in connection with each such event, the Company shall
give Holder (1) at least twenty-one (21) days prior written notice of the date
on which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of common stock will be
entitled thereto) or for determining rights to vote, if any, in respect of the
matters referred to in (c) and (d) above; (2) in the case of the matters
referred to in (c) and (d) above at least twenty-one (21) days prior written
notice of the date when the same will take place (and specifying the date on
which the holders of common stock will be entitled to exchange their common
stock for securities or other property deliverable upon the occurrence of such
event); and (3) in the case of the matter referred to in (e) above, the same
notice as is given to the holders of such registration rights.

          3.3  "Market Stand-Off" Agreement.  Holder hereby agrees that, during
               ----------------------------
the period of duration (not to exceed one hundred eighty (180) days) specified
by the Company and an underwriter of Common Stock or other securities of the
Company following the effective date of a registration statement of the Company
filed under the Securities Act, it shall not, to the extent requested by the
Company and such underwriter, directly or indirectly sell, offer to sell,
contract to sell (including, without limitation, any short sale), grant any
option to purchase, pledge or otherwise transfer or dispose of (other than to
donees who agree to be similarly bound) any securities of the Company held by it
at any time during such period except common stock included in such
registration; provided, however, that:

               (a)  such agreement shall be applicable only to the first such
registration statement of the Company which covers common stock (or other
securities) to be sold on its behalf to the public in an underwritten offering;
and

               (b)  such agreement shall not be required unless all executive
officers, directors and holders of one percent (1%) or more of the outstanding
capital stock of the Company enter into similar agreements.

     In order to enforce the foregoing covenant, the Company may impose stop-
transfer instructions with respect to the Shares of Holder (and the shares of
securities of every other person subject to the foregoing restriction) until the
end of such period.

ARTICLE 4. MISCELLANEOUS.

                                       4
<PAGE>

          4.1.  Term.  This Warrant is exercisable, in whole or in part, at any
                ----
time and from time to time on or before the Expiration Date set forth above.

          4.2.  Legends.  This Warrant and the Shares (and the securities
                -------
issuable, directly or indirectly, upon conversion of the Shares, if any) shall
be imprinted with a legend in substantially the following form:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN
EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL
THAT SUCH REGISTRATION IS NOT REQUIRED.

          4.3.  Compliance with Securities Laws on Transfer.  This Warrant and
                -------------------------------------------
the Shares issuable upon exercise this Warrant (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) may not be
transferred or assigned in whole or in part without compliance with applicable
federal and state securities laws by the transferor and the transferee
(including, without limitation, the delivery of investment representation
letters and legal opinions reasonably satisfactory to the Company, as reasonably
requested by the Company). The Company shall not require Holder to provide an
opinion of counsel if the transfer is to an affiliate of Holder or if there is
no material question as to the availability of current information as referenced
in Rule 144(c), Holder represents that it has complied with Rule 144(d) and (e)
in reasonable detail, the selling broker represents that it has complied with
Rule 144(f), and the Company is provided with a copy of Holder's notice of
proposed sale.

          4.4.  Transfer Procedure.  Subject to the provisions of Section 4.2
                ------------------
and 4.3, Holder may transfer all or part of this Warrant or the Shares issuable
upon exercise of this Warrant (or the securities issuable, directly or
indirectly, upon conversion of the Shares, if any) by giving the Company notice
of the portion of the Warrant being transferred setting forth the name, address
and taxpayer identification number of the transferee and surrendering this
Warrant to the Company for reissuance to the transferee(s) (and Holder if
applicable). Unless the Company is filing financial information with the SEC
pursuant to the Securities Exchange Act of 1934, the Company shall have the
right to refuse to transfer any portion of this Warrant to any person who
directly competes with the Company.

          4.5.  Notices.  All notices and other communications from the Company
                -------
to the Holder, or vice versa, shall be deemed delivered and effective when given
personally or mailed by first-class registered or certified mail, postage
prepaid, at such address as may have been furnished to the Company or the
Holder, as the case may be, in writing by the Company or such holder from time
to time.

          4.6.  Waiver.  This Warrant and any term hereof may be changed,
                ------
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought.

                                       5
<PAGE>

          4.7.  Attorneys Fees.  In the event of any dispute between the parties
                --------------
concerning the terms and provisions of this Warrant, the party prevailing in
such dispute shall be entitled to collect from the other party all costs
incurred in such dispute, including reasonable attorneys' fees.

          4.8.  Governing Law.  This Warrant shall be governed by and construed
                -------------
in accordance with the laws of the State of California without giving effect to
its principles regarding conflicts of law.

                                            ZHONE TECHNOLOGIES, INC.

                                            By   /s/  Bruce Ruberg
                                              ----------------------------------
                                            Name   Bruce Ruberg
                                                --------------------------------
                                                (Print)

                                             Title    Corp. Controller
                                                  ------------------------------

                                       6
<PAGE>

                                  APPENDIX 1
                              NOTICE OF EXERCISE
                              ------------------

1.   The undersigned hereby elects to purchase _____________ shares of the
Common Stock of Zhone Technologies, Inc. pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price of such shares in
full.

2.   The undersigned hereby elects to convert the attached Warrant into
Shares/cash [strike one] in the manner specified in the Warrant.  This
conversion is exercised with respect to _____________________ of the Shares
covered by the Warrant.

                    [Strike paragraph that does not apply.]

3.   Please issue a certificate or certificates representing said shares in the
name of the undersigned or in such other name as is specified below:

                                       ___________________________________

                                       ___________________________________

                                       ___________________________________

4.   The undersigned represents it is acquiring the Shares solely for its own
account and not as a nominee for any other party and not with a view toward the
resale or distribution thereof except in compliance with applicable securities
laws.

                                       By:______________________________________

                                       Its:_____________________________________

                                       Date:____________________________________

                                       7

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