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Prepared by MERRILL CORPORATION

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Exhibit 10.14    
  

 
  EMPLOYMENT AGREEMENT    
  

    THIS EMPLOYMENT AGREEMENT is made and entered into as of October 17, 2000 by and between Finisar Corporation, a Delaware corporation (the "Company"),
and Gregory H. Olsen (the "Employee"). This Agreement shall become effective on the effective date of the merger (the "Effective Date") of Gemstone Acquisition Corp., a Delaware corporation and
wholly-owned subsidiary of the Company ("Sub"), with and into Sensors Unlimited, Inc., a New Jersey corporation ("Sensors"), pursuant to an Agreement and Plan of Reorganization dated as of
August 16, 2000 herewith by and among the Company, Sub, Sensors and certain shareholders of Sensors. 

 
 

RECITALS

    A.  The
Employee is currently employed as the President and Chief Executive Officer of Sensors pursuant to an Employment Agreement dated as of March 4, 1997, as
amended (the "Prior Agreement"); and 

    B.  The
Company desires to replace the Prior Agreement and employ the Employee on the terms and subject to the conditions of this Agreement, and the Employee desires to
accept such employment. The employment of the Employee pursuant to this Agreement is hereinafter sometimes referred to as the "Employment"; 

    NOW
THEREFORE, in consideration of the premises and the agreements, representations and warranties contained in this Agreement, the Company and the Employee hereby agree as follows: 

    1.  Duties, Term and Exclusive Employment.

    1.1 Duties and Responsibilities.  The Employee will be employed as Executive Vice President of the
Company and President and Chief Executive Officer of the Sensors subsidiary, reporting to the Company's Chief Executive Officer. Within the limitations established by the Bylaws of the Company, the
Employee shall have each and all of the duties and responsibilities of that position and such other duties on behalf of the Company, Sensors or any other subsidiary of the Company (collectively, the
"Company Group") consistent with that position as may be assigned from time to time by the Company's Chief Executive Officer. Subject to the direction of the Company's Chief Executive Officer, the
Employee shall have the duties, responsibilities and authority summarized in the job description attached hereto as Appendix A. As part of his
duties it is contemplated that the Employee shall serve as a member of the Board of Directors of the Company during the Employment. The Company shall use its best efforts to cause the Employee to be
elected to such position and periodically reelected at each meeting of stockholders held for that purpose (and in each stockholder action by written consent taken for that purpose) during the
Employment. 

    1.2 Term of Employment.  The Employment shall begin on the Effective Date and, unless earlier terminated
as provided in Paragraph 3 hereof, the Employment shall continue until midnight on the third anniversary of the Effective Date, unless the Employment hereunder shall have been extended beyond
such date by written agreement of the parties. Any continued employment of the Employee by the Company, or any other member of the Company Group, following such termination shall be at will, but,
except for the provisions of Paragraph 3 hereof, will continue to be governed by the terms and conditions of this Agreement. 

    1.3 No Other Employment or Productive Activities.  During the term of the Employment, the Employee shall
diligently and conscientiously devote all of his working time and attention to discharging his duties to the Company Group and shall not, without the express prior written consent of the Company,
render to any other person, corporation, partnership, firm, company, joint venture or other entity any services of any kind for compensation or engage in any other activity that would in any manner
interfere with the performance of the Employee's 

 

duties on behalf of the Company Group. The foregoing notwithstanding, nothing herein shall prevent the Employee from (i) devoting a reasonable amount of time to charitable or professional
activities, (ii) managing, on his own personal time, any personal investments in entities not in competition with any actual or proposed business of the Company Group, (iii) owning up to
one percent (1%) of the outstanding shares of any class of equity securities of a corporation engaged in any such competition whose securities are listed on a national securities exchange or quoted
daily in the over-the-counter listings of The Wall Street Journal ("Permitted Shares"), or (iv) engaging in the other
activities described on Appendix A. 

    1.4 Proprietary Information and Inventions Agreement.  Concurrently with his delivery of this Agreement,
the Employee will execute and deliver to the Company an Employee Agreement Regarding
Confidentiality and Inventions in the form of Appendix B hereto (the "Confidentiality and Inventions Agreement"). 

    2.  Compensation. In full and complete consideration for the Employment and each and all of the services to be rendered
by the Employee to the Company or any other member of the Company Group, the Employee shall receive compensation as follows, except as otherwise provided in Paragraph 3 hereof: 

    2.1 Base Salary.  The Employee shall be entitled to receive from the Company a base salary, at the
initial rate of $200,000 per annum, payable in equal installments, on the Company's regular payroll dates, during the term of the Employment. The base salary will be reviewed annually and may be
increased by the Company in its sole discretion based upon such factors as it deems relevant, including the financial condition and operating results of the Company, but may not be decreased except in
connection with a general decrease in salaries of all of the Company's executive officers. From each of the Employee's salary payments the Company will withhold and pay to the proper governmental
authorities any and all amounts required by law to be withheld from the Employee's salary. The Company will also deduct from the Employee's salary payments those sums, if any, authorized by the
Employee in writing and approved by the Company. The Company will make all payments and contributions that are required by law to be made by the Company for the Employee's benefit without any
deduction from the Employee's salary payments. 

    2.2 Annual Incentive Bonus.  For each fiscal year of the Company during the Employment, the Employee will
be eligible to receive, in addition to his base salary, annual incentive compensation (the "Annual Bonus"). The amount of the Annual Bonus, if any, for each year will be based on the achievement of
financial goals and the Employee's performance as assessed by the Company. The Annual Bonus will be determined and awarded at the same time similar bonus awards are determined and awarded to the
Company's other executive officers following the end of each fiscal year. Each Annual Bonus will be deemed to be earned on the date it is awarded and will be paid to the Employee promptly following
the date of the award. 

    2.3 Vacation.  The Employee shall be entitled to paid vacation in accordance with the Company's vacation
policy applicable to executive officers, as in effect from time to time. For purposes of calculating the Employee's eligibility for vacation benefits, his period of employment by Sensors shall be
counted as employment by the Company. 

    2.4 Insurance and Other Benefits.  The Employee shall be entitled to participate in the life, medical,
dental and/or disability insurance plans, together with any supplemental insurance plans, offered by the Company to its executive officers, generally. The Employee shall be eligible to participate in
any other fringe benefits and perquisites as may be provided by the Company to its executive officers, generally, during the Employment. For purposes of calculating the Employee's eligibility for such
benefits, his period of employment by Sensors 

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shall be counted as employment by the Company, except as may be prohibited by the terms of any plan. 

    2.5 Stock Option.  Effective upon the Effective Date, the Employee will be granted an option to purchase
300,000 shares of Finisar Common Stock under Finisar's employee stock option plan, pursuant to an option agreement, in Finisar's standard form, dated as of the Effective Date (the "Option Agreement"). 

    2.6 Registration Rights.  If, during the Employment, the Company grants to any of its other executive
officers or directors the right to require the Company to register any of their shares of the Company's Common Stock under the Securities Act of 1933, as amended, the Company shall grant to the
Employee identical and pro rata rights with respect to shares of the Company's Common Stock then owned by the Employee. 

    2.7 Golf Club Membership.  Upon termination of the Employment, the Company and Sensors shall transfer to
the Employee all rights and interest the Company and/or Sensors may have at such time with respect to memberships at Jasna Polana and Cherry Valley Country Club. 

    3.  Termination of Employment.  The Employment may be terminated prior to the end of the term specified
in Paragraph 1.2 hereof, including any extension thereof, upon the occurrence of any of the following: 

    3.1 Death or Disability.  The Employment shall automatically terminate upon the death of the Employee.
The Company shall have the right, but not the obligation, to terminate the Employment at any time following determination of the Employee's "permanent disability" (as then defined in the Company's
long-term disability insurance plan covering the Employee). In the event of the Employee's death or permanent disability, the Employee or his estate shall be entitled to receive
(i) the Employee's base salary through the date of termination of the Employment, plus (ii) any Annual Bonus earned by the Employee and payable as of the date of termination of the
Employment pursuant to Paragraph 2.2 hereof but not yet paid, plus (iii) any other benefits to which the Employee is entitled pursuant to the plans described in Paragraph 2.4
hereof. 

    3.2 Termination of Employment by the Company "For Cause".  The Company shall have the right, but not the
obligation, to terminate the Employment at any time "For Cause" in the event of the Employee's (i) conviction of a felony, (ii) commission of any act of theft, fraud or dishonesty
against, or involving the records of, the Company or any other member of the Company Group, (iii) material breach of the Employee's obligations hereunder, or under the Confidential Information
and Inventions Agreement, which, if curable, is not cured within ten (10) days following notice thereof by the Company, (iv) intentional act that has a material detrimental effect on the
reputation or business of the Company
or any other member of the Company Group, or (v) failure or inability (other than as a result of physical disability) to perform any duties reasonably assigned hereunder, which failure or
inability is not cured within thirty (30) days following written notice thereof by the Company. The decision to terminate the Employment For Cause, to take other action or to take no action in
response to any such occurrence shall be in the sole and exclusive discretion of the Company. Upon any termination of the Employment by the Company For Cause, the Employee shall be entitled to receive
(A) the Employee's base salary through the date of such termination, plus (B) any Annual Bonus earned by the Employee and payable as of the date of termination of the Employment pursuant
to Paragraph 2.2 hereof but not yet paid, plus (C) any other benefits to which the Employee is entitled pursuant to the plans described in Paragraph 2.4 hereof. 

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    3.3 Other Termination of Employment by the Company.  The Company shall have the right to terminate the
Employment at any time. However, if the Employment is terminated by the Company for any reason other than pursuant to Paragraphs 1.2, 3.1 or 3.2 hereof, the Employee shall be entitled to receive his
base salary through the date of termination of the Employment, plus an amount (the "Severance Payment") equal to (i) his then-current base salary for a period of twelve
(12) months following the date of termination (the "Severance Period") plus (ii) an amount equal to the Annual Bonus, if any, awarded to the Employee for the prior fiscal year,
pro-rated for the period from the commencement of the current fiscal year through the date of termination. The Severance Payment shall be paid in equal, bi-weekly installments
during the Severance Period and shall be in lieu of any other severance pay to which the Employee might otherwise be entitled. In addition, in the event of such a termination, the Company will, to the
extent its plans permit, continue to provide to the Employee, at the current level of employee contribution by the Employee prevailing at the date of termination, coverage under its life, medical,
dental and/or disability plans, as in effect on the date of termination, during the Severance Period. The Employee shall also be entitled, upon any such termination, to receive (i) any Annual
Bonus earned by the Employee and payable as of the date of termination of the Employment pursuant to Paragraph 2.2 hereof but not yet paid, plus (ii) any other benefits to which the
Employee is entitled pursuant to the plans described in Paragraph 2.4 hereof. 

    3.4 Termination of Employment by the Employee For "Good Reason".  The Employee shall have the right to
terminate the Employment at any time for "Good Reason" in the event that, other than pursuant to Paragraph 3.1 or 3.2 hereof, without the Employee's prior written consent, (i) the
Company materially alters or reduces the Employee's duties, responsibilities and authority from those described in Appendix A hereto;
(ii) the Company materially breaches the terms of this Agreement in respect to the payment of compensation or benefits or in any other material respect and such breach is not cured within ten
(10) days after the Company receives notice thereof; (iii) the Company requires the Employee, as a condition to the Employment, to perform illegal or fraudulent acts or omissions;
(iv) the Company requires the Employee, as a condition to the Employment, to be based more than fifty (50) miles from Sensors' principal place of business as of the date of this
Agreement; (v) the Employee is involuntarily removed from the Company's Board of Directors or the stockholders of the Company fail to re-elect the Employee to the Company's Board of
Directors in any vote taken for that purpose, except in either case where the Employment has been terminated "For Cause" pursuant to Paragraph 3.2 hereof; or (vi) this Agreement is not
expressly assigned to and assumed by an assignee or transferee of the Company as contemplated by Paragraph 11.1 hereof. If the Employee voluntarily terminates the Employment for Good Reason
pursuant to this Paragraph 3.4, the Employee shall be
entitled to receive the payments and other benefits specified in Paragraph 3.3 hereof with respect to a termination by the Company other than For Cause. 

    3.5 Termination of Employment by the Employee Without "Good Reason".  Upon any voluntary termination of
the Employment by the Employee, other than for Good Reason pursuant to Paragraph 3.4 hereof, the Employee shall be entitled to receive (i) the Employee's base salary through the date of
such termination, plus (ii) any Annual Bonus earned by the Employee and payable as of the date of termination of the Employment pursuant to Paragraph 2.2 hereof but not yet paid, plus
(iii) any other benefits to which the Employee is entitled pursuant to the plans described in Paragraph 2.4 hereof. 

    4.  Expenses.  The Company will reimburse the Employee for those customary, ordinary and necessary
business expenses incurred by him in the performance of his duties and activities on behalf of the Company or any other member of the Company Group. Such expenses will be 

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reimbursed upon presentation by the Employee of appropriate documentation to substantiate such expenses pursuant to the policies and procedures of the Company governing reimbursement of business
expenses to its executive officers. The Employee shall present such documentation for any unreimbursed expenses not later than thirty (30) days after the termination of the Employment. 

    5.  Authority; Noncompetition.  The Employee covenants, warrants and represents to the Company that he
has the full, complete and entire right and authority to enter into the Employment and this Agreement, that he has no agreement, duty, commitment or responsibility of any kind or nature whatsoever
with any other person, corporation, partnership, firm, company, joint venture or other entity which would conflict in any manner whatsoever with any of his duties, obligations or responsibilities to
the Company or any other member of the Company Group pursuant to the Employment and/or this Agreement, and that he is fully ready, willing and able to perform each and all of such duties, obligations
and responsibilities. As a condition of the Employment and of the Company's entering into this Agreement, the Employee hereby specifically agrees, covenants, warrants and represents that, during the
Employment, he will not, without the Company's express prior written consent, accept any employment, contractual or other relationship of any kind or nature whatsoever or engage in any association or
dealing of any kind or nature whatsoever with any person, corporation, partnership, firm, company, joint venture, or other entity, in competition with any business of the Company or any other member
of the Company Group currently conducted or conducted during that period; provided that nothing in this Paragraph 5 shall prohibit the Employee from owning Permitted Shares. 

    6.  Duties of the Employee After Any Notice of Termination of the Employment.   Following any notice of
termination of the Employment, provided that the Company is not then in breach of a material term of this Agreement, the Employee shall fully cooperate with the Company in all matters relating to the
winding up of the Employee's work on behalf of the Company and the orderly transfer of all pending work and of the Employee's duties and responsibilities to such other person or persons as may be
designated by the Company in its sole discretion. Upon any termination of the Employment, the
Employee will immediately deliver to the Company any and all of the property of the Company or any other member of the Company Group of any kind or nature whatsoever in the Employee's possession,
custody or control, including, without limitation, any and all Proprietary Information as that term is defined in the Confidentiality and Inventions Agreement. 

    7.  No Predatory Solicitation.  During the Employment and for one (1) year following any
termination of the Employment, provided that the Company is not then in breach of a material term of this Agreement, the Employee will not, without having received the Company's prior written
permission to do so, directly or indirectly, on his own behalf or in the service of others, (i) interfere with or raid the officers, employees, consultants, agents and/or independent
contractors of the Company or any other member of the Company Group or in any manner attempt to persuade any such person to discontinue any relationship with such entity, or (ii) solicit any
customer or supplier of the Company or any other member of the Company Group to cease doing business with such entity. The Employee and the Company confirm that this Paragraph 7 is reasonable
and necessary for the protection of the trade secrets and proprietary information of the Company Group. 

    8.  Arbitration.  Except as otherwise expressly provided in this Agreement, any controversy, dispute
and/or claim in any manner arising out of or relating to this Agreement or the Employment shall be fully and finally resolved solely by binding arbitration conducted by the American Arbitration
Association in San Jose, California. Judgment on any decision rendered by the arbitrator may be entered in any court having jurisdiction. All costs of the arbitration, including, without limitation,
the costs of any record or transcript of the arbitration proceedings, administrative fees, the fee of the arbitrator, the fees and expenses of the attorneys for each party 

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and all other fees and costs shall be borne by the party not prevailing in the arbitration, as determined by the arbitrator, or apportioned as the arbitrator shall determine if, in the judgment of the
arbitrator, neither party prevails. Except as otherwise expressly provided in this Agreement, the arbitration provisions set forth above in this Paragraph 8 are intended by the Employee and by
the Company to be absolutely exclusive for all purposes whatsoever and applicable to each and every controversy, dispute and/or claim in any manner arising out of or relating to this Agreement, and
the Employment, the meaning, application and/or interpretation of this Agreement, any breach or claimed breach hereof and/or any voluntary or involuntary termination of this Agreement with or without
cause, including, without limitation, any such controversy, dispute and/or claim which, if pursued through any state or federal court or administrative agency, would arise at law, in equity and/or
pursuant to statutory, regulatory and/or common law rules, regardless of whether such dispute, controversy and/or claim would arise in and/or from contract, tort or any other legal and/or equitable
theory or basis. Notwithstanding anything to the contrary contained in this Paragraph 8, the Company shall at all times have and retain the full, complete and unrestricted right to immediate
and permanent injunctive and other relief as provided in Paragraph 9 below. 

    9.  The Company's Right to Immediate Injunctive Relief.  The Employee recognizes, acknowledges and agrees
that any breach or any threatened breach of any Paragraph, term, provision or covenant of any of Paragraphs 1.4, 5, 6, 7 or 8 of this Agreement or of the Confidentiality and Inventions Agreement
would cause irreparable injury to the Company which could not be adequately compensable in monetary damages and that the remedy at law for any such breach will be entirely insufficient and inadequate
to protect their legitimate interests. Therefore, the Employee specifically recognizes, acknowledges and agrees that the Company shall at any and all times be and remain fully entitled to seek and
obtain immediate temporary, preliminary and permanent injunctive relief for any such breach or threatened breach from any court of competent jurisdiction. Notwithstanding the provisions of
Paragraph 8 hereof, the Employee shall be entitled to contest any such proposed injunctive relief, or to seek damages arising from any injunctive relief awarded to the Company, in any court of
competent jurisdiction. The prevailing party in any action instituted pursuant to this Paragraph 9, or in any appeal from any arbitration pursuant to Paragraph 8 hereof, shall be
entitled to recover from the other party its reasonable attorneys' fees and other expenses incurred in such litigation. 

    10. Survival of Certain Provisions of this Agreement.  Except as may otherwise be provided herein, the
respective rights and obligations of the parties hereunder shall survive any termination of the Employment, regardless of whether such termination is by the Employee, by the Company, by expiration or
otherwise. 

    11. General.

    11.1 Successors and Assigns.  The provisions of this Agreement shall inure to the benefit of and be
binding upon the Company, the Employee and each and all of their respective heirs, legal representatives, successors and assigns. The rights and obligations of the Company under this Agreement may be
assigned or transferred by the Company pursuant to a merger or consolidation in which the Company is not the surviving entity, or the sale or liquidation of all or substantially all of the assets of
the Company, provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company and such assignee or transferee assumes the liabilities, obligations and
duties of the Company, as contained in this Agreement, either contractually or as a matter of law. The Company further agrees that, in the event of a sale of assets or liquidation as described in the
preceding sentence, it will use commercially reasonable efforts to cause such assignee or transferee to expressly assume the liabilities, obligations and duties of the Company hereunder. The duties,
responsibilities and obligations of the Employee under this Agreement shall be personal and not assignable or delegable by the Employee in any manner whatsoever to any person, corporation,
partnership, 

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firm, company, joint venture or other entity. The Employee may not assign, transfer, convey, mortgage, pledge or in any other manner encumber the compensation or other benefits to be received by him
or any rights which he may have pursuant to the terms and provisions of this Agreement. 

    11.2 Waiver.  No waiver of any breach of any warranty, representation, agreement, promise, covenant,
paragraph, term or provision of this Agreement shall be deemed to be a waiver of any preceding or succeeding breach of the same or any other warranty, representation, agreement, promise, covenant,
paragraph, term and/or provision of this Agreement. No extension of the time for the performance of any obligation or other act required or permitted by this Agreement shall be deemed to be an
extension of the time for the performance of any other obligation or any other act required or permitted by this Agreement. 

    11.3 Sole and Entire Agreement.  This Agreement, the attachments hereto and the other agreements referred
to herein, including the Company's bonus and award plans and benefit plans, are the sole, complete and entire contract, agreement and understanding between the Company, and the Employee concerning the
Employment, the terms and conditions of the Employment, the duration of the Employment, the termination of the Employment and the compensation and benefits to be paid and provided by the Company to
the Employee pursuant to the Employment. Except as otherwise provided herein, this Agreement supersedes the Prior Agreement and any and all other prior contracts, agreements, plans, agreements in
principle, correspondence, letters of intent, understandings, and negotiations, whether oral or written, concerning the Employment, the terms and conditions of the Employment, the duration of the
Employment, the termination of the Employment and the compensation and benefits to be paid by the Company and Sub to the Employee pursuant to the Employment. 

    11.4 Amendments.  No amendment, modification, waiver, or consent relating to this Agreement will be
effective unless and until it is embodied in a written document signed by the Company and by the Employee. 

    11.5 Originals.  This Agreement may be executed by the Company and the Employee in counterparts, each of
which shall be deemed an original and which together shall constitute one instrument. 

    11.6 Headings.  Each and all of the headings contained in this Agreement are for reference purposes only
and shall not in any manner whatsoever affect the construction or interpretation of this Agreement or be deemed a part of this Agreement for any purpose whatsoever. 

    11.7 Savings Provision.  To the extent that any provision of this Agreement or any Paragraph, term,
provision, sentence, phrase, clause or word of this Agreement shall be found to be illegal or unenforceable for any reason, such Paragraph, term, provision, sentence, phrase, clause or word shall be
modified or deleted in such a manner as to make this Agreement, as so modified, legal and enforceable under applicable laws. The remainder of this Agreement shall continue in full force and effect. 

    11.8 Applicable Law.  This Agreement shall be governed in all respects by the laws of the State of New
Jersey as such laws are applied to agreements between New Jersey residents entered into and to be performed entirely within New Jersey. 

    11.9 Construction.  The language of this Agreement and of each and every paragraph, term and provision of
this Agreement shall, in all cases, for any and all purposes, and in any and all circumstances whatsoever be construed as a whole, according to its fair meaning, not 

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strictly for or against the Employee, the Company and with no regard whatsoever to the identity or status of any person or persons who drafted all or any portion of this Agreement. 

    11.10  Notices.  Any notices to be given pursuant to this Agreement by either party to
the other party may be effected by personal delivery or by registered or certified mail, postage prepaid with return receipt requested. Mailed notices shall be addressed to the parties at the
addresses stated below, but each party may change its or his address by written notice to the other in accordance with this Paragraph 11.10. Notices delivered personally shall be deemed
received on the date of delivery. Notices delivered by mail shall be deemed received on the third business day after the mailing thereof. 

Mailed
notices to the Employee shall be addressed as follows: 

Gregory
H. Olsen

51 Cherrybrook Drive

Princeton, NJ 08540 

Mailed
notices to the Company shall be addressed as follows: 

Finisar
Corporation

1308 Moffett Park Drive

Sunnyvale, CA 94089-1113

Attention: Chief Executive Officer 

    IN
WITNESS WHEREOF the Company and the Employee have each duly executed this Agreement as of the date first set forth above. 

	 	 	FINISAR CORPORATION
	

 	
 	

BY:	
 	

	

 	
 	

TITLE:	
 	

	

 	
 	

EMPLOYEE
	

 	
 	

 Gregory H. Olsen

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APPENDIX A
  
    JOB DESCRIPTION

Title:  Executive
Vice President of the Company and President and Chief Executive Officer of Sensors. 

Description:  The
Employee will report to the President and Chief Executive Officer of the Company (the "CEO"). 

The
Employee's responsibilities shall include: 

	•
	General
management of Sensors, as a subsidiary or division of the Company;

	•
	Maintaining
an organization that is committed to providing customers with the highest quality products, service and value in its industry;

	•
	Providing
leadership and vision to Sensors and the Company as he manages the activities of Sensors to maximize its contribution to the revenue growth and
profitability of the Company, consistent with the priorities of the Company and the directions of the CEO;

	•
	Managing
Sensors to become the Princeton center of excellence for the Company's active device activities;

	•
	Maintaining
the small company, responsive spirit of Sensors;

	•
	Hiring
excellent people and assuring that Sensors provides a supportive environment conducive to the personal growth and satisfaction of its employees; and

	•
	Assuring
the maintenance of absolutely ethical and legal operations and business practices at Sensors. 

9

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Exhibit 10.14

EMPLOYMENT AGREEMENT

RECITALS

APPENDIX A JOB DESCRIPTIONPrepared by MERRILL CORPORATION

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Exhibit 10.15    
  

 
  NONCOMPETITION AGREEMENT    
  

    THIS NONCOMPETITION AGREEMENT is made and entered into as of October 17, 2000, by and between Gregory H. Olsen, an individual ("Shareholder"), and
Finisar Corporation, a Delaware corporation ("Finisar"). For the purposes of this Agreement, "Finisar" shall be deemed to include Finisar and its majority owned direct and indirect subsidiaries that
operate the Business of Sensors (as hereinafter defined) during the term of this Agreement. 

 
 

RECITALS

    A.  Sensors
Unlimited, Inc., a New Jersey corporation ("Sensors"), is engaged throughout the United States of America and the world in the business of designing,
developing and marketing photodetectors for optical performance monitors and image arrays for high-resolution cameras (the "Business of Sensors"); 

    B.  Pursuant
to that certain Agreement and Plan of Reorganization (the "Reorganization Agreement") dated as of August 16, 2000 by and among Finisar, Gemstone
Acquisition Corp., a Delaware corporation and wholly-owned subsidiary of Finisar ("Sub"), Sensors and certain Sensors shareholders, Finisar is acquiring Sensors through a merger of Sub with and into
Sensors (the "Merger") pursuant to which Sensors, as the surviving corporation, will continue to operate the Business of Sensors as a wholly-owned subsidiary of Finisar; 

    C.  Shareholder
is the beneficial owner of shares of capital stock of Sensors and is an officer or a key employee of Sensors; 

    D.  Shareholder
has been actively involved in the design, development and/or marketing of Sensors' products, including the management of a key function within Sensors;
and 

    E.  In
consideration of and as an inducement to Finisar and Sub to consummate the Merger, Shareholder, intending to be bound hereby, has agreed to execute this
Agreement. 

    NOW,
THEREFORE, the parties agree as follows: 

    1.  Covenant Not to Compete.

    (a) Shareholder
agrees that, for a period of three (3) years from the Effective Time of the Merger (as defined in the Reorganization Agreement) and for so
long thereafter as he is employed by or serves as a consultant to Finisar (the "Noncompetition Period"), he will not, directly or indirectly, individually or as an owner, partner, shareholder, joint
venturer, corporate officer, director, employee, consultant, principal, agent, trustee or licensor, or in any other similar capacity whatsoever of or for any person, firm, partnership, company or
corporation (other than Finisar), (a) own, manage, operate, sell, control or participate in the ownership, management, operation, sales or control of (i) any business that competes with
the Business of Sensors, as currently being conducted or as then being conducted (whether through stand-alone products or broader products that include equivalent functionality), and/or
(ii) any business engaged in the research, development, design, marketing, sales, manufacture or licensing of products that are substantially similar to or competitive with any products of
Sensors (whether through stand-alone products or broader products that include equivalent functionality); (b) accept employment with a customer of Sensors with the intent or purpose of
depriving Sensors of business performed by Sensors by transferring such business to a department, division or affiliate of the customer or to a third party; or (c) request or advise any of the
customers, suppliers or other business contacts of Sensors with which Shareholder had contact while employed by Sensors to withdraw, curtail, cancel or not increase their business with Sensors.
Notwithstanding the foregoing, (i) Shareholder may be 

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employed by an entity which engages in such activities provided that Shareholder is employed by and performs all of his services exclusively for a division or other business unit of such entity that
is not engaged in any such activities and (ii) Shareholder is permitted to own as a passive investor up to a five (5%) interest in any publicly traded entity. Shareholder agrees to notify
Finisar of each employment or consulting position he accepts during the Noncompetition Period (including the name and address of the hiring party) and will, upon request by Finisar, describe in
reasonable detail the nature of his duties in each such position. 

    (b) Notwithstanding
the provisions of Paragraph 1(a) above, if Shareholder's employment with Finisar pursuant to the Employment Agreement of even date herewith
is terminated by Finisar other than "For
Cause" or by Shareholder for "Good Reason," as those terms are defined therein, the Noncompetition Period shall be the lesser of the period specified in Paragraph 1(a) or one (1) year
following such termination. 

    2.  Nonsolicitation of Employees and Consultants.  During the Noncompetition Period, Shareholder agrees
that he will not directly or indirectly solicit, influence, entice or encourage any person who at such time is, or who at any time in the six (6) month period prior to such time had been, an
employee of or consultant to Finisar or Sensors to cease or curtail his or her relationship therewith. 

    3.  Covenant Not to Hire.  During the Noncompetition Period, Shareholder agrees that he will not directly
or indirectly hire or attempt to hire, whether as an employee, consultant or otherwise, any person who at such time is, or who at any time in the six (6) month period prior to such time had
been, employed by Finisar or Sensors. 

    4.  Nondisruption; Other Matters.  During the Noncompetition Period, Shareholder agrees that he will not
directly or indirectly interfere with, disrupt or attempt to disrupt any past, present or prospective relationship, contractual or otherwise, between Finisar or Sensors, on the one hand, and any of
their respective customers, suppliers or employees, on the other hand. 

    5.  Equitable Relief.  Shareholder acknowledges and agrees that Finisar's remedies at law for breach of
any of the provisions of this Agreement would be inadequate and, in recognition of this fact, Shareholder agrees that, in the event of such breach, in addition to any remedies at law it may have,
Finisar, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other
equitable remedy that may be available. Shareholder further acknowledges that should Shareholder violate any of the provisions of this Agreement, it will be difficult to determine the amount of
damages resulting to Finisar and that in addition to any other remedies it may have, Finisar shall be entitled to temporary and permanent injunctive relief without the necessity of proving damages.
Notwithstanding the provisions of this Paragraph 5, Shareholder shall be entitled to contest any such proposed injunctive relief, or seek damages arising from any injunctive relief awarded to
Finisar, in any court of competent jurisdiction. 

    6.  Acknowledgement.  Each of Shareholder and Finisar acknowledges and agrees that the covenants and
agreements contained in this Agreement have been negotiated in good faith by the parties, are reasonable and are not more restrictive or broader than necessary to protect the interests of the parties
thereto, and would not achieve their intended purpose if they were on different terms or for periods of time shorter than the periods of time provided herein or applied in more restrictive
geographical areas than are provided herein. Each party further acknowledges that Finisar would not enter into the Reorganization Agreement and the transactions contemplated thereby in the absence of
the covenants and agreements contained in this Agreement and that such covenants and agreements are essential to protect the value of Sensors to Finisar. 

    7.  Separate Covenants.  The covenants contained in this Agreement shall be construed as a series of
separate covenants, one for each of the counties in each of the states of the United States 

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of America, one for each province of Canada, and one for each country outside the United States and Canada. 

    8.  Severability.  The parties agree that construction of this Agreement shall be in favor of its
reasonable nature, legality and enforceability, and that any construction causing unenforceability shall yield to a construction permitting enforceability. It is agreed that the noncompetition,
nonsolicitation, and nonhiring covenants and provisions of this Agreement are severable, and that if any single covenant or provision or multiple covenants or provisions should be found unenforceable,
the entire Agreement and remaining covenants and provisions shall not fail but shall be construed as enforceable without any severed covenant or provision in accordance with the tenor of this
Agreement. The parties specifically agree that no covenant or provision of this Agreement shall be invalidated because of overbreadth insofar as the parties acknowledge the scope of the covenants and
provisions contained herein to be reasonable and necessary for the protection of Finisar and Sensors and not unduly restrictive upon Shareholder. However, should a court or any other trier of fact or
law determine not to enforce any covenant or provision of this Agreement as written due to overbreadth, then the parties agree that said covenant or provision shall be enforced to the extent
reasonable, with the court or such trier to make any necessary revisions to said covenant or provision to permit its enforceability and that any such limitation on the enforceability of any such
covenant or provision share not effect the enforceability of any other covenant or provision of this Agreement. 

    9.  Not an Employment Agreement.  This Agreement is not, and nothing in this Agreement shall be construed
as, an agreement to provide employment to Shareholder. The provisions of Paragraphs 1, 2, 3 and 4 of this Agreement shall be operative regardless of any termination of Shareholder's employment. 

    10. Governing Law.  This Agreement is made under and shall be governed by, construed in accordance with
and enforced under the internal laws of the State of New Jersey. 

    11. Entire Agreement.  This Agreement, together with the Reorganization Agreement, constitutes and
contains the entire agreement and understanding concerning the subject matter addressed herein between the parties, and supersedes and replaces all prior negotiations and all agreements proposed or
otherwise, whether written or oral, concerning the subject matter hereof, and the parties hereto have made no agreements, representations or warranties relating to the subject matter of this Agreement
that are not set forth herein or in the Reorganization Agreement. 

    12. Notices.  Any notice or other communication under this Agreement shall be in writing, signed by the
party making the same, and shall be delivered personally or sent by certified or registered mail, postage prepaid, addressed as follows: 

	If to Shareholder:	 	Gregory H. Olsen

51 Cherrybrook Drive

Princeton, NJ 08540
	

If to Finisar:	
 	

Finisar Corporation

1308 Moffett Park Drive

Sunnyvale, CA 94089-1113

Attn: President
	

with a copy to:	
 	

Gray Cary Ware & Freidenrich LLP

400 Hamilton Avenue

Palo Alto, CA 94301

Attn: Dennis C. Sullivan, Esq.

3

 

or
to such other address as may hereafter be designated by either party hereto. All such notices shall be deemed given on the date personally delivered or mailed. 

    13. Waiver of Jury Trial.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT. 

    14. Amendments; No Waiver.

    (a) No
amendment or modification of this Agreement shall be deemed effective unless made in writing and signed by the parties hereto. 

    (b) No
term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel to enforce any provision of this Agreement, except by a
statement in writing signed by the party against whom enforcement of the waiver or estoppel is sought. Any written waiver shall operate
only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived. 

    15. Assignment.  This Agreement may be assigned by Finisar to any affiliate of Finisar or to any
nonaffiliate of Finisar that shall succeed to all or substantially all of the business and assets of Finisar, Sensors or the Business of Sensors. In the event of any such assignment, Finisar shall
cause such affiliate or nonaffiliate, as the case may be, to assume the obligations of Finisar hereunder, by a written agreement addressed to Shareholder, concurrently with any assignment with the
same effect as if such assignee were "Finisar" hereunder. This Agreement is personal to Shareholder, and Shareholder may not assign any rights or delegate any responsibilities hereunder. 

    16. Headings.  The headings of paragraphs in this Agreement are solely for convenience of reference and
shall not control the meaning or interpretation of any provision of this Agreement. 

    17. Counterparts.  This Agreement may be executed in counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. 

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above. 

	 	 	
 Gregory H. Olsen
	

 	
 	

FINISAR CORPORATION
	

 	
 	

By:	
 	

	

 	
 	

Title:	
 	

4

QuickLinks

Exhibit 10.15

NONCOMPETITION AGREEMENT

RECITALS

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