SEC Contract Filing

Filing Date: 2021-11-04

Document Content:
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<TYPE>EX-10.1
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<DESCRIPTION>EX-10.1
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<DIV><FONT size="1" style="font-size:1pt;color:white">Exhibit 10.1 LUMENTUM HOLDINGS INC. AMENDED AND RESTATED EMPLOYMENT AGREEMENT This Amended and Restated Employment Agreement (the &#8220;Agreement&#8221;) is entered into by and among Lumentum Holdings Inc. (the &#8220;Company&#8221;), Lumentum Operations, LLC (the &#8220;Employer&#8221;), and Alan Lowe (&#8220;Executive&#8221;) to be effective as of September 1, 2021 (the &#8220;Effective Date&#8221;). This Agreement supersedes the employment agreement by and between the Company and Executive dated August 4, 2015. Summary of Material Terms Term Summary Cross-Reference Position: Chief Executive Officer Section 1 Reports to: The Company&#8217;s Board of Directors Section 1 Employment Term Through the three-year anniversary of the Effective Date, unless extended Section 2 Annual Salary: $900,000 Section 3(a) Annual Target Bonus: 120% of Base Salary Section 3(b) Equity Awards &#61623; As shown on Exhibit A Section 3(c) Non-Change in Control Severance: &#61623; Any earned but unpaid salary or bonus &#61623; 200% of annual salary &#61623; 200% of greater of Annual Bonus in year of termination or mean average of Annual Bonuses paid in 3 years preceding year of termination &#61623; Additional vesting of time-based equity awards for 12 months &#61623; Vesting of performance-based equity awards based on remaining term of award. &#61623; Payment equal to the cost of health insurance coverage for 18 months Section 5(b)(ii) Change in Control Severance: &#61623; Any earned but unpaid salary or bonus &#61623; 200% of annual salary &#61623; 200% of greater of Annual Bonus in year of termination or mean average of Annual Bonuses paid in 3 years preceding the year of termination &#61623; Full acceleration of outstanding unvested equity awards &#61623; Payment equal to the cost of health insurance coverage for 24 months Section 5(b)(iii) Death or Disability &#61623; Full acceleration of outstanding unvested equity awards Section 5(b)(iv) 1. Duties and Scope of Employment; Director Service. Executive will continue to serve as the Chief Executive Officer to the Company and the Employer reporting to the Company's Board of Directors (the &#8220;Board&#8221;) and will perform the duties, consistent with this position, as the Board determines. During the period that Executive serves as the Chief Executive Officer, the Board will nominate Executive to serve as a director on the Board, subject to the requisite approval of the Company&#8217;s stockholders. 2. Term. Subject to the provisions of Section 5, this Agreement will have an initial term which will expire on the three-year anniversary of the Effective Date (the &#8220;Initial Term&#8221;). On the last day of the Initial Term and each year thereafter, the Agreement will automatically renew for an additional successive one year term as of the date </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white">thereof (each, a &#8220;Renewal Term&#8221;) unless any party provides the other parties with written notice of non-renewal at least 90 days prior to the date of automatic renewal, in which case the Agreement will expire at the end of the Initial Term or Renewal Term, as applicable. Non-renewal at the end of the Initial Term or a Renewal Term will constitute termination without Cause under the Agreement and entitle Executive to severance set forth in Section 5(b)(ii) or Section 5(b)(iii), as applicable, although if a Potential Change in Control Date has occurred prior to the expiration of this Agreement, the Agreement shall remain in effect until the earliest of: (a) the end of the Change in Control Period, if a Change in Control has been completed, so long as all payments due have been made; or (b) 12 months after the Potential Change in Control Date if no Change in Control has been completed; provided, however, that in the event of a protracted regulatory clearance process with respect to a potential Change in Control, such term shall be extended so long as the Company is pursuing the potential Change in Control in good faith. 3. Compensation. (a) Base Salary. The Employer will pay Executive an annual salary of $900,000 as compensation for services (the &#8220;Base Salary&#8221;). The Base Salary will be paid according to the Employer&#8217;s normal payroll practices and subject to the usual and required withholdings. Executive&#8217;s salary may be reviewed and adjusted annually by the Board. (b) Annual Bonus. Executive is eligible to earn a target annual bonus of 120% of Executive&#8217;s Base Salary based upon achievement of performance objectives to be determined by the Board in its sole discretion and payable upon achievement of those applicable objectives, subject to minimum and maximum limits as established by the Company (the &#8220;Annual Bonus&#8221;). If any Annual Bonus is earned, it will be paid when practicable after the Board determines it has been earned, subject to Executive being employed on the date of payment. To the extent that a cash bonus plan is adopted by the Company, the Annual Bonus will be paid pursuant to that plan. (c) Equity Awards. Executive will be eligible to receive equity awards pursuant to any plans or arrangements the Company may have in effect from time to time. The Board or its designated committee (the &#8220;Committee&#8221;) will determine in its discretion whe