Infinera Corp (Form: 10-K, Received: 03/03/2021 16:12:27)

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TRANSITION AGREEMENT This transition agreement (this “Agreement”) is made by and between Infinera Corporation (the “Company”), and Thomas Fallon (“Executive”). The Company and Executive are sometimes collectively referred to herein as the “Parties” and individually referred to as a “Party.” RECITALS WHEREAS, Executive is employed by the Company as its Chief Executive Officer; WHEREAS, Executive previously signed a Non-Disclosure Agreement effective as of November 2, 2001 with the Company (the “Confidentiality Agreement”); WHEREAS, Executive previously signed an Amended and Restated Change of Control Severance Agreement with the Company effective as of February 16, 2018 (the “Severance Agreement”), which, among other things, provides for certain severance benefits to be paid to Executive by the Company upon the termination of Executive in connection with a Change of Control (as defined in the Severance Agreement) of the Company; WHEREAS, the Company and Executive have entered into Restricted Stock Unit Agreements, granting Executive the right to receive awards of Restricted Stock Units (each such award, an “RSU Award” and together, the “RSU Awards”), PSU Agreements, granting Executive the right to receive awards of Performance Shares (each such award, a “PSU Award” and together, the “PSU Awards”) and Option Agreements, granting Executive the right to purchase shares of Company common stock (each an “Option” and together the “Options”), each subject to the terms and conditions of the Company’s Amended and Restated 2016 Equity Incentive Plan (the “2016 Plan”) or 2007 Equity Incentive Plan (the “2007 Plan” and together with the 2016 Plan, the “Plans”), as applicable, and the terms and conditions of the Restricted Stock Unit Agreements, PSU Agreements, and Option Agreements, as applicable, related to the RSU Awards, PSU Awards, and Options (collectively with the Plans, “Equity Award Documents”); WHEREAS, Executive’s employment with the Company will terminate effective February 1, 2021 (the “Termination Date”); WHEREAS, subject to Executive’s fulfillment of the terms and conditions of this Agreement, in consideration of Executive’s execution of this Agreement, Executive will be entitled to the severance benefits set forth in Section 2 below; and WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions and demands that Executive may have against the Company and any of the Releasees (as defined below), including, but not limited to, any and all claims arising out of or in any way related to Executive’s employment relationship with the Company and the termination of that relationship. NOW THEREFORE, for good and valuable consideration, including the mutual promises and covenants made herein, the Company and Executive hereby agree as follows:

2 COVENANTS 1. Transition; Employment Termination Date; Employment Status. (a) Transition. Executive agrees that Executive will be deemed to have resigned from all officer positions held at the Company and its affiliates voluntarily, without any further required action by Executive, as of November 23, 2020. From November 23, 2020, through the Termination Date, the Parties agree that Executive will continue to be employed pursuant to the current terms of his employment, including that he will continue to be paid his base salary as in effect as of November 23, 2020, through the Termination Date, and will provide advisory services to the Company in his role as Advisor, reporting to the Board of Directors of the Company (the “Board”), and will provide services as reasonably requested by the Company’s Chief Executive Officer; provided, however, that Executive acknowledges that he is not eligible to receive any bonus relating to performance for or during the Company’s 2021 fiscal year. (b) Termination Date. Executive’s employment termination will occur on the Termination Date. (c) Board Service. The Parties agree and acknowledge that following the Termination Date, Executive will continue his role as a member of the Board. 2. Consideration. Subject to (1) Executive’s execution of this Agreement, (2) Executive’s execution of the Supplemental Release (as defined herein) attached hereto as Exhibit A, and (3) Executive’s fulfillment of all of the terms and conditions of this Agreement and the Supplemental Release, including remaining employed in good standing through the Termination Date, and provided that Executive does not revoke this Agreement under Section 6 below or the Supplemental Release, Executive will receive the following consideration: (a) Equity. On the Termination Date, but subject to the effectiveness of this Agreement as provided herein and to the provisions of Section 24 and the satisfaction of any tax withholding requirements, vesting of Executive’s outstanding RSU Awards will accelerate in full. Except for Executive’s PSU Award with Grant No. 00017902 granted on Feb. 15, 2018 (“PSU Award 17902”), which will remain outstanding following the Termination Date, all of Executive’s unvested PSU Awards as of the Termination Date will terminate and Executive will not vest in such PSU Awards thereafter. Shares under PSU Award 17902 will become “Eligible Shares” (as defined therein) to the extent that the performance criterion is achieved for the performance period ending December 31, 2020, as measured and certified by the Compensation Committee of the Board, and Executive will vest in such Eligible Shares upon his satisfaction of the service-based vesting requirements on May 5, 2021. The Options will continue in effect following the Termination Date pursuant to their terms and conditions and will expire on February 10, 2021, unless exercised by Executive prior to that date. This Agreement acts as an amendment to the Equity Award Documents and to the extent not modified by this Agreement, the RSU Awards, PSU Awards and Options will continue to be governed by the terms and conditions of the applicable Equity Award Documents.

3 (b) General. Executive acknowledges that without this Agreement, he is otherwise not entitled to the consideration listed in this Section 2. 3. Supplemental Release. In exchange for the consideration set forth in Section 2, Executive agrees to execute, within the time period specified therein, a Supplemental Release Agreement in the form attached hereto as Exhibit A (the “Supplemental Release”), which will bridge the gap and cover the time period from the Effective Date of this Agreement through the Supplemental Effective Date (as defined in the Supplemental Release); provided, however, the Parties agree to modify the Supplemental Release to comply with any new laws that may become applicable during that period. 4. Payment of Salary and Receipt of All Benefits. Executive acknowledges and represents that, other than the consideration to be paid in accordance with the terms and conditions of this Agreement and Executive’s final wages, including any accrued vacation/paid time off, which will be paid on the Termination Date, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, draws, stock, other equity awards (including RSU Awards, PSU Awards and Options), vesting, and any and all other benefits and compensation due to Executive and that no other reimbursements or compensation are owed to Executive. 5. Release of Claims. Executive agrees that the consideration to be paid in accordance with the terms and conditions of this Agreement represents settlement in full of all outstanding obligations owed to Executive by the Company and its current and former officers, directors, employees, agents, investors, attorneys, stockholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries, and predecessor and successor corporations and assigns (collectively, the “Releasees”). Executive, on Executive’s own behalf and on behalf of Executive’s respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the Effective Date of this Agreement, including, without limitation the following: (a) any and all claims relating to or arising from Executive’s employment relationship with the Company and the termination of that relationship, including claims under any offer letter, employment agreement, or other agreement with the Company, including, but not limited to, the Severance Agreement; (b) any and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of, shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law; (c) any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express

4 and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits; (d) any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Executive Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; the Immigration Control and Reform Act; the California Family Rights Act; the California Labor Code; the California Workers’ Compensation Act; the California Fair Employment and Housing Act; the Unruh Civil Rights Act; the California Equal Pay Law; the California Unfair Business Practices Act; and the California Worker Adjustment and Retraining Notification Act; (e) any and all claims for violation of the federal, or any state, constitution; (f) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; (g) any claim for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by Executive as a result of this Agreement; and (h) any and all claims for attorneys’ fees and costs. Executive agrees that the release set forth in this Section 5 (the “Release”) will be and remain in effect in all respects as a complete general release as to the matters released. The Release does not extend to any severance obligations due Executive under the Agreement. The Release does not release claims that cannot be released as a matter of law, including, but not limited to, Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company (with the understanding that any such filing or participation does not give Executive the right to recover any monetary damages against the Company; Executive’s release of claims herein bars Executive from recovering such monetary relief from the Company). Executive represents that Executive has made no assignment or transfer of any right, claim, complaint, charge, duty, obligation, demand, cause of action, or other matter waived or released by this Section 5. Nothing in this Agreement waives Executive’s rights to indemnification or any payments under any fiduciary insurance policy, if any, provided by any act or agreement of the Company, state or federal law or policy of insurance.

5 6. Acknowledgment of Waiver of Claims under ADEA. Executive acknowledges that Executive is waiving and releasing any rights Executive may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and voluntary. Executive agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. Executive acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled. Executive further acknowledges that Executive has been advised by this writing that (a) Executive should consult with an attorney prior to executing this Agreement; (b) Executive has at least twenty-one (21) days within which to consider this Agreement; (c) Executive has seven (7) days following the execution of this Agreement by the Parties to revoke this Agreement; (d) this Agreement will not be effective until the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal law. In the event Executive signs this Agreement and delivers it to the Company in less than the twenty-one (21)-day period identified above, Executive hereby acknowledges that Executive has freely and voluntarily chosen to waive the time period allotted for considering this Agreement. Executive acknowledges and understands that revocation must be accomplished by a written notification to the Chief Legal Officer of the Company that is received prior to the Effective Date. The Parties agree that changes, whether material or immaterial, do not restart the running of the twenty-one (21)-day period. 7. California Civil Code Section 1542. Executive acknowledges that Executive has been advised to consult with legal counsel and is familiar with the provisions of California Civil Code Section 1542, a statute that otherwise prohibits the release of unknown claims, which provides as follows: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. Executive, being aware of California Civil Code Section 1542, agrees to expressly waive any rights Executive may have thereunder, as well as under any other statute or common law principles of similar effect. 8. No Pending or Future Lawsuits. Executive represents that Executive has no lawsuits, claims, or actions pending in Executive’s name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Executive also represents that Executive does not intend to bring any claims on Executive’s own behalf or on behalf of any other person or entity against the Company or any of the other Releasees. 9. Sufficiency of Consideration. Executive hereby acknowledges and agrees that Executive has received good and sufficient consideration for every promise, duty, release, obligation, agreement and right contained in this Release.

6 10. Confidential Information. Subject to Section 26 governing Protected Activity, Executive reaffirms and agrees to observe and abide by the terms of the Confidentiality Agreement, specifically including the provisions therein regarding nondisclosure of the Company’s trade secrets and confidential and proprietary information, which agreement will continue in force. 11. Indemnification Agreement. Executive will execute the Company’s current form of indemnification agreement (the “New Indemnification Agreement”), which will replace in its entirety the Indemnification Agreement dated as of April 12, 2004 between Executive and the Company. 12. Return of Company Property. No later than the Termination Date, Executive confirms that Executive will return to the Company all Company property not necessary for Executive to perform services as a member of the Board. 13. No Cooperation. Subject to Section 26 governing Protected Activity, Executive agrees that Executive will not knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or other court order to do so or as related directly to the ADEA waiver in this Agreement. Executive agrees both to immediately notify the Company upon receipt of any such subpoena or court order, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or other court order. If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints against any of the Releasees, Executive will state no more than that Executive cannot provide any such counsel or assistance. 14. Nondisparagement. Executive agrees that Executive will not in any way, directly or indirectly, do or say anything at any time which disparages the Company, its business interests or reputation, or that of any of the other Releasees. 15. No Admission of Liability. Executive understands and acknowledges that this Agreement constitutes a compromise and settlement of any and all actual or potential disputed claims by Executive. No action taken by the Company hereto, either previously or in connection with this Agreement, will be deemed or construed to be (a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Executive or to any third party. 16. Costs. The Parties will each bear their own costs, attorneys’ fees and other fees incurred in connection with the preparation of this Agreement. 17. Taxes; Section 409A. Executive agrees and understands that he is responsible for payment, if any, of personal local, personal state, and/or personal federal taxes on the payments and any other consideration provided hereunder by the Company and any penalties or assessments thereon. It is intended that none of the payments or benefits under this Agreement will constitute deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended, any final regulations and guidance under that statute, and any applicable state law equivalent, as each may be amended or promulgated from time to time (“Section 409A”), but rather such

7 payments and benefits will be exempt from Section 409A as payable only within the “short-term deferral period” pursuant to Treasury Regulation Section 1.409A-1(b)(4), or otherwise be exempt or comply with Section 409A so that none of the payments to be provided under this Agreement will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms will be interpreted in such manner. In order to comply with the “short-term deferral” exception from Section 409A, in no event will the Severance be paid later than March 15, 2019. Each payment and benefit payable under this Agreement or otherwise is intended to constitute a separate payment under Treasury Regulation Section 1.409A-2(b)(2). Notwithstanding the foregoing, in the unlikely event that it is necessary to avoid subjecting Executive to an additional tax under Section 409A, payment of all or a portion of the separation- related payments or benefits payable under this Agreement and any other separation-related deferred compensation (within the meaning of Section 409A) payable to Executive will be delayed until the date that is six (6) months and one (1) day following Executive’s separation from service (within the meaning of Section 409A), except that in the event of Executive’s death, any such delayed payments will be paid as soon as practicable after the date of Executive’s death. In no event will the Company reimburse Executive for any taxes that may be imposed on Executive as a result of Section 409A. In no event will Executive have discretion to determine the taxable year of payment of any severance payments. 18. Authority. The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Executive represents and warrants that Executive has the capacity to act on Executive’s own behalf and on behalf of all who might claim through Executive to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein. 19. No Representations. Executive represents that Executive has had the opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Executive has not relied upon any representations or statements made by the Company that are not specifically set forth in this Agreement. 20. Severability. In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement will continue in full force and effect without said provision or portion of provision. 21. Entire Agreement. This Agreement (including the Supplemental Release) represents the entire agreement and understanding between the Company and Executive concerning the subject matter of this Agreement and Executive’s employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior agreements and understandings concerning the subject matter of this Agreement and Executive’s relationship with the Company, with the exception of the Equity Award Documents (as modified by this Agreement), the Confidentiality Agreement and the New Indemnification Agreement.

8 22. No Oral Modification. This Agreement may only be amended in writing signed by Executive and the Chairman of the Board of Directors of the Company. 23. Governing Law. This Agreement will be governed by the laws of the State of California, without regard for choice-of-law provisions. Executive consents to personal and exclusive jurisdiction and venue in the State of California. 24. Effective Date. Executive understands that this Agreement will be null and void if not executed by Executive within twenty-one (21) days from the date this Agreement is presented to Executive. Each Party has seven (7) days after that Party signs this Agreement to revoke it. This Agreement will become effective on the eighth (8th) day after Executive signed this Agreement, so long as it has been signed by the Parties and has not been revoked by either Party before that date (the “Effective Date”). 25. Counterparts. This Agreement may be executed in counterparts and by facsimile, and each counterpart and facsimile will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned. 26. Protected Activity Not Prohibited. Executive understands that nothing in this Agreement shall in any way limit or prohibit Executive from engaging for a lawful purpose in any Protected Activity. For purposes of this Agreement, “Protected Activity” shall mean filing a charge or complaint, or otherwise communicating, cooperating, or participating with, any state, federal, or other governmental agency, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, and the National Labor Relations Board (“Government Agencies”). Executive understands that in connection with such Protected Activity, Executive is permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company. Notwithstanding the foregoing, Executive agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential information under the Confidentiality Agreement to any parties other than the Government Agencies. Executive further understands that “Protected Activity” does not include the disclosure of any Company attorney- client privileged communications, and that any such disclosure without the Company’s written consent shall constitute a material breach of this Agreement. Any language in the Confidentiality Agreement regarding Executive’s right to engage in Protected Activity that conflicts with, or is contrary to, this paragraph is superseded by this Agreement. In addition, pursuant to the Defend Trade Secrets Act of 2016, Executive is notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

9 27. Use of Likeness. Executive irrevocably grants the Company perpetual, worldwide permission to use Executive’s image, likeness, and sound of Executive’s voice for promotion of the Company and/or its products, as previously recorded on photograph, audio, or video for that purpose. 28. Voluntary Execution of Agreement. Executive understands and agrees that Executive executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s claims against the Company and any of the other Releasees. Executive expressly acknowledges that: (a) Executive has read this Agreement; (b) Executive has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of Executive’s own choice or has elected not to retain legal counsel; (c) Executive understands the terms and consequences of this Agreement and of the releases it contains; and (d) Executive is fully aware of the legal and binding effect of this Agreement. * * * * *

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. COMPANY INFINERA CORPORATION By: /s/ David L. Teichmann Name: David L. Teichmann Title: Chief Legal Officer + Corp. Secretary Dated: Nov. 21, 2020 EXECUTIVE THOMAS FALLON, an individual /s/ Thomas Fallon Dated:11-21-20

Exhibit A SUPPLEMENTAL RELEASE AGREEMENT This Supplemental Release Agreement (“Supplemental Release”) is made by and between Thomas Fallon (“Executive”) and Infinera Corporation (the “Company”) (collectively referred to as the “Parties” or individually referred to as a “Party”). 1. Consideration; Acknowledgment of Receipt of All Compensation. In consideration for the separation payments and benefits set forth in Section 2 of the Transition Agreement to which this Supplemental Release was attached as an exhibit (the “Transition Agreement”), Executive hereby extends Executive’s release and waiver of claims in Section 5 of the Transition Agreement to any claims that may have arisen between the date Executive signed the Transition Agreement and the date Executive signs this Supplemental Release, as well as any claims under the Age Discrimination in Employment Act of 1967 and the Older Workers Benefit Protection Act. Executive acknowledges and represents that the Company and its agents have paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Executive. 2. Acknowledgment of Waiver of Claims under ADEA. Executive understands and acknowledges that Executive is waiving and releasing any rights Executive may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive understands and agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the date Executive signs this Supplemental Release. Executive understands and acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled. Executive further understands and acknowledges that Executive has been advised by this writing that: (a) Executive should consult with an attorney prior to executing this Supplemental Release; (b) Executive has twenty-one (21) days within which to consider this Supplemental Release; (c) Executive has seven (7) days following Executive’s execution of this Supplemental Release to revoke this Supplemental Release; (d) this Supplemental Release shall not be effective until after the revocation period has expired; and (e) nothing in this Supplemental Release or the Transition Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Executive signs this Supplemental Release and returns it to the Company in less than the 21-day period identified above, Executive hereby acknowledges that Executive has freely and voluntarily chosen to waive the time period allotted for considering this Supplemental Release. Executive acknowledges and understands that any revocation of this Supplemental Release must be accomplished by a written notification to the person executing this Supplemental Release on the Company’s behalf that is received prior to the Supplemental Effective Date. The Parties agree that changes, whether material or immaterial, do not restart the running of the 21-day period. 3. Incorporation of Terms of Transition Agreement. The Parties further acknowledge that the terms of the Transition Agreement shall apply to this Supplemental Release and are incorporated herein to the extent that they are not inconsistent with the express terms of this Supplemental Release. 4. Return of Property. Executive’s signature below constitutes Executive’s certification under penalty of perjury that Executive has returned all documents and other items provided to Executive

2 by the Company, developed or obtained by Executive in connection with Executive’s employment with the Company, or otherwise belonging to the Company (whether physical, electronic, or otherwise), including but not limited to any computer, laptop, tablet, mobile phone, or other device; remote access device; security badge or other access device or mechanism; hard drive, thumb drive, or other storage device; garage pass; or any other hardware, software, or other item of Company property, as well as all passwords to any software or other programs or data that Executive used in performing services for the Company; and Executive further certifies that Executive has searched all of Executive’s physical and electronic property for such property and information and that Executive has not retained, and has returned to the Company, any such property or information (including any electronic or archival copies that may be incidentally retained). 5. Supplemental Release Effective Date. Executive understands that this Supplemental Release shall be null and void (i) if executed by Executive before the Termination Date (as defined in the Transition Agreement), (ii) if executed by Executive before the Transition Agreement becomes effective, or (iii) if not executed by Executive within twenty-one (21) days following the Termination Date (as defined in the Transition Agreement). Each Party has seven (7) days after that Party signs this Supplemental Release to revoke it. This Supplemental Release will become effective on the eighth (8th) day after Executive signed this Supplemental Release, so long as it has been signed by the Parties and has not been revoked by either Party before that date (the “Supplemental Effective Date”). The Company will provide Executive with the consideration provided by Section 2 of the Transition Agreement in accordance with the terms of that agreement. 6. No Admission of Liability. Executive understands and acknowledges that this Supplemental Release constitutes a compromise and settlement of any and all actual or potential disputed claims by Executive. No action taken by the Company, either previously or in connection with this Supplemental Release, shall be deemed or construed to be (a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Executive or to any third party. 7. Authority. The Company each represent and warrant that the undersigned has the authority to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Supplemental Release. Executive represents and warrants that Executive has the capacity to act on Executive’s own behalf and on behalf of all who might claim through Executive to bind them to the terms and conditions of this Supplemental Release. Each Party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein. 8. Voluntary Execution of Agreement. Executive understands and agrees that Executive executed this Supplemental Release voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s claims against any of the Releasees. Executive acknowledges that: (a) Executive has read this Supplemental Release; (b) Executive (i) has until twenty-one (21) days from the Termination Date (as defined in the Transition Agreement) to sign this Supplemental Release, and (ii) Executive cannot sign this Supplemental Release before the Termination Date (as defined in the Transition Agreement);

3 (c) Executive has been represented in the preparation, negotiation, and execution of this Supplemental Release by legal counsel of Executive’s own choice or has elected not to retain legal counsel; (d) Executive understands the terms and consequences of this Supplemental Release and of the releases it contains; (e) Executive has not relied upon any representations or statements made by the Company that are not specifically set forth in this Supplemental Release or in the Transition Agreement; and (f) Executive is fully aware of the legal and binding effect of this Supplemental Release. IN WITNESS WHEREOF, the Parties have executed this Supplemental Release on the respective dates set forth below. THOMAS FALLON, an individual Dated: ______________ Thomas Fallon INFINERA CORPORATION Dated: _______________ By: Name: Title:


Delaware			77-0560433
(State or other jurisdiction of incorporation or organization)			(IRS Employer Identification No.)


Title of each class	Trading Symbol	Name of exchange on which registered
Common shares, par value $0.001 per share	INFN	The Nasdaq Global Select Market


		Page
	Part I
Item 1.	Business	1
Item 1A.	Risk Factors	16
Item 1B.	Unresolved Staff Comments	42
Item 2.	Properties	42
Item 3.	Legal Proceedings	42
Item 4.	Mine Safety Disclosures	42
	Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	43
Item 6.	Selected Financial Data	44
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	67
Item 8.	Financial Statements and Supplementary Data	69
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	134
Item 9A.	Controls and Procedures	134
Item 9B.	Other Information	135
	Part III
Item 10.	Directors, Executive Officers and Corporate Governance	136
Item 11.	Executive Compensation	136
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	136
Item 13.	Certain Relationships and Related Transactions, and Director Independence	136
Item 14.	Principal Accounting Fees and Services	136
	Part IV
Item 15.	Exhibits, Financial Statement Schedules	137
Item 16.	Form 10-K Summary	137


Name	Age	Position
David W. Heard	52	Chief Executive Officer and Director
Nancy Erba	54	Chief Financial Officer
David L. Teichmann	64	Chief Legal Officer and Corporate Secretary
Nicholas R. Walden	49	Senior Vice President, Worldwide Sales


	Years Ended
	December 26, 2020(1)		December 28, 2019(2)		December 29, 2018(3)		December 30, 2017		December 31, 2016

	(In thousands, except per share data)
Revenue	$	1,355,596	$	1,298,865	$	943,379	$	740,739	$	870,135
Gross profit	$	408,792	$	325,923	$	321,156	$	244,000	$	393,718
Net income (loss)	$	(206,723)	$	(386,618)	$	(214,295)	$	(194,506)	$	(24,430)
Net income (loss) attributable to Infinera Corporation	$	(206,723)	$	(386,618)	$	(214,295)	$	(194,506)	$	(23,927)
Net income (loss) per common share attributable to Infinera Corporation:
Basic	$	(1.10)	$	(2.16)	$	(1.36)	$	(1.32)	$	(0.17)
Diluted	$	(1.10)	$	(2.16)	$	(1.36)	$	(1.32)	$	(0.17)
Weighted average number of shares used in computing basic and diluted net income (loss) per common share:
Basic	188,216		178,984		157,748		147,878		142,989
Diluted	188,216		178,984		157,748		147,878		142,989
Total cash and cash equivalents, investments and restricted cash	$	315,383	$	132,797	$	268,848	$	305,211	$	367,056

Intangible assets, net	$	124,882	$	170,346	$	233,119	$	92,188	$	108,475
Goodwill	$	273,426	$	249,848	$	227,231	$	195,615	$	176,760
Total assets	$	1,732,497	$	1,628,338	$	1,801,270	$	1,117,670	$	1,198,583
Short-term debt	$	101,983	$	31,673	$	—	$	144,928	$	—
Long-term debt, net	$	445,996	$	323,678	$	266,929	$	—	$	133,586
Long-term financing lease obligation	$	1,383	$	2,394	$	193,538	$	—	$	—
Common stock and additional paid-in capital	$	1,965,446	$	1,741,065	$	1,686,091	$	1,417,192	$	1,354,227
Total stockholders’ equity	$	426,284	$	386,535	$	703,821	$	665,365	$	762,328


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Years Ended
	December 26, 2020		% of total revenue		December 28, 2019		% of total revenue		Change		% Change
Revenue:
Product	$	1,045,551	77	%	$	1,011,488	78	%	$	34,063	3	%
Services	310,045		23	%	287,377		22	%	$	22,668	8	%
Total revenue	$	1,355,596	100	%	$	1,298,865	100	%	$	56,731	4	%
Cost of revenue:
Product	$	751,465	55	%	$	735,059	57	%	$	16,406	2	%
Services	160,118		12	%	146,916		11	%	$	13,202	9	%
Amortization of intangible assets	29,247		2	%	32,583		3	%	$	(3,336)	(10)	%
Acquisition and integration costs	1,828		—	%	28,449		2	%	$	(26,621)	(94)	%
Restructuring and related	4,146		—	%	29,935		2	%	$	(25,789)	(86)	%
Total cost of revenue	$	946,804	69	%	$	972,942	75	%	$	(26,138)	(3)	%
Gross profit	$	408,792	30.2	%	$	325,923	25.0	%	$	82,869	25	%


	Years Ended
	December 28, 2019		% of total revenue		December 29, 2018		% of total revenue		Change		% Change
Total revenue by geography
Domestic	$	628,075	48	%	$	476,784	51	%	$	151,291	32	%
International	670,790		52	%	466,595		49	%	204,195		44	%
	$	1,298,865	100	%	$	943,379	100	%	$	355,486	38	%
Total revenue by sales channel
Direct	$	1,032,527	79	%	$	838,931	89	%	$	193,596	23	%
Indirect	266,338		21	%	104,448		11	%	161,890		155	%
	$	1,298,865	100	%	$	943,379	100	%	$	355,486	38	%


	Years Ended
	December 26, 2020		December 28, 2019		December 29, 2018
	(In thousands)

Net cash flow provided by (used in):
Operating activities	$	(112,300)	$	(167,350)	$	(99,083)
Investing activities	$	(39,009)	$	(12,609)	$	12,624
Financing activities	$	334,162	$	71,910	$	207,889


			Payments Due by Period
	Total		Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years

	(In thousands)
Operating leases(1)	$	121,898	$	22,866	$	38,372	$	29,482	$	31,178
Financing lease obligations(2)	2,683		1,253		1,430		—		—
Purchase obligations(3)	291,365		274,236		16,841		288		—
2027 Notes, including interest(4)	232,500		5,000		10,000		10,000		207,500
2024 Notes, including interest(4)	436,712		8,553		17,106		411,053		—
Mortgage Payable, including interest	9,570		841		1,753		6,976		—
Financing assistance agreement, including interest	26,263		26,263		—		—		—
Asset-based revolving credit facility4)	77,750		77,750		—		—		—
Total contractual obligations(5)(6)	$	1,198,741	$	416,762	$	85,502	$	457,799	$	238,678


			Page
Reports of Ernst & Young LLP, Independent Registered Public Accounting Firm			70
Consolidated Balance Sheets			73
Consolidated Statements of Operations			74
Consolidated Statements of Comprehensive Income (Loss)			75
Consolidated Statements of Stockholders’ Equity			76
Consolidated Statements of Cash Flows			77
Notes to Consolidated Financial Statements			79


	December 26, 2020		December 28, 2019
ASSETS
Current assets:
Cash	$	298,014	$	109,201
Short-term restricted cash	3,293		4,339
Accounts receivable, net of allowance for doubtful accounts of $2,912 in 2020 and $4,005 in 2019	319,428		349,645
Inventory	269,307		340,429
Prepaid expenses and other current assets	171,831		139,217
Total current assets	1,061,873		942,831
Property, plant and equipment, net	153,133		150,793
Operating lease right-of-use assets	68,851		68,081
Intangible assets, net	124,882		170,346
Goodwill	273,426		249,848
Long-term restricted cash	14,076		19,257
Other non-current assets	36,256		27,182
Total assets	$	1,732,497	$	1,628,338
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	175,762	$	273,397
Accrued expenses and other current liabilities	150,550		193,168
Accrued compensation and related benefits	52,976		92,221
Short-term debt, net	101,983		31,673
Accrued warranty	19,369		21,107
Deferred revenue	133,246		103,753
Total current liabilities	633,886		715,319
Long-term debt, net	445,996		323,678
Long-term financing lease obligation	1,383		2,394
Accrued warranty, non-current	21,339		22,241
Deferred revenue, non-current	29,810		36,067
Deferred tax liability	4,164		8,700
Operating lease liabilities	76,126		64,210
Other long-term liabilities	93,509		69,194
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock, $0.001 par value Authorized shares—25,000 and no shares issued and outstanding	—		—
Common stock, $0.001 par value Authorized shares—500,000 in 2020 and 500,000 in 2019 Issued and outstanding shares—201,397 in 2020 and 181,134 in 2019	201		181
Additional paid-in capital	1,965,245		1,740,884
Accumulated other comprehensive income (loss)	(11,898)		(34,639)
Accumulated deficit	(1,527,264)		(1,319,891)
Total stockholders' equity	426,284		386,535
Total liabilities and stockholders’ equity	$	1,732,497	$	1,628,338


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders' Equity
	Shares	Amount








Balance at December 30, 2017	149,471	$	149	$	1,417,043	$	6,254	$	(758,081)	$	665,365
Stock options exercised	229	—		1,701		—		—		1,701
ESPP shares issued	2,189	2		15,990		—		—		15,992
Shares withheld for tax obligations	(109)	—		(1,144)		—		—		(1,144)
Restricted stock units released	2,697	3		(3)		—		—		—
Issuance of common stock related to acquisition	20,975	21		129,607		—		—		129,628
Stock-based compensation	—	—		42,905		—		—		42,905
Conversion option related to convertible senior notes, net of allocated costs	—	—		128,726		—		—		128,726
Capped call	—	—		(48,909)		—		—		(48,909)
Cumulative-effect adjustment from adoption of ASU 2016-09	—	—		—		—		15,406		15,406
Other comprehensive income (loss)	—	—		—		(31,554)		—		(31,554)
Net loss	—	—		—		—		(214,295)		(214,295)
Balance at December 29, 2018	175,452	$	175	$	1,685,916	$	(25,300)	$	(956,970)	$	703,821
ESPP shares issued	2,897	$	3	$	12,049	$	—	$	—	$	12,052
Shares withheld for tax obligations	(98)	—		(425)		—		—		(425)
Restricted stock units released	2,883	3		(3)		—		—		—
Stock-based compensation	—	—		43,347		—		—		43,347
Cumulative-effect adjustment from adoption of Topic 842	—	—		—		—		23,697		23,697
Other comprehensive income (loss)	—	—		—		(9,339)		—		(9,339)
Net loss	—	—		—		—		(386,618)		(386,618)
Balance at December 28, 2019	181,134	$	181	$	1,740,884	$	(34,639)	$	(1,319,891)	$	386,535
Shares of common stock sold in at-the market equity offering, net of issuance costs	12,000	$	12	$	92,852	$	—	$	—	$	92,864
Stock options exercised	474	—		3,995		—		—		3,995
Retirement of common shares purchased upon exercise of options	(254)	—		(2,255)		—		—		(2,255)
ESPP shares issued	3,001	3		15,343		—		—		15,346
Shares withheld for tax obligations	(330)	—		(2,013)		—		—		(2,013)
Restricted stock units released	5,372	5		—		—		—		5
Stock-based compensation	—	—		48,642		—		—		48,642
Cumulative-effect adjustment from adoption of Topic 326	—	—		—		—		(650)		(650)
Conversion option related to convertible senior notes, net of allocated costs	—	—		67,797		—		—		67,797
Other comprehensive income (loss)	—	—		—		22,741		—		22,741
Net loss	—	—		—		—		(206,723)		(206,723)
Balance at December 26, 2020	201,397	$	201	$	1,965,245	$	(11,898)	$	(1,527,264)	$	426,284


Effect of exchange rate changes on cash	(267)		(1,491)		(579)
Net change in cash and cash equivalents	182,586		(109,540)		120,851
Cash, cash equivalents and restricted cash at beginning of period	132,797		242,337		121,486
Cash, cash equivalents and restricted cash at end of period(1)	$	315,383	$	132,797	$	242,337
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net	$	5,039	$	16,944	$	6,692
Cash paid for interest	$	15,638	$	9,564	$	3,554
Supplemental schedule of non-cash investing and financing activities:
Transfer of inventory to fixed assets	$	1,083	$	2,961	$	3,787
Common stock issued in connection with acquisition	$	—	$	—	$	129,628
Third-party manufacturer funding for transfer expenses incurred	$	—	$	6,960	$	—
Unpaid debt issuance cost	$	—	$	2,493	$	—
Property and equipment included in accounts payable and accrued liabilities	$	—	$	3,838	$	2,774
Unpaid term licenses (included in accounts payable, accrued liabilities and other long term liabilities)	$	12,478	$	—	$	—


	Years Ended
	December 26, 2020		% of total revenue		December 28, 2019		% of total revenue		Change		% Change
Research and development	$	265,634	20	%	$	287,977	22	%	$	(22,343)	(8)	%
Sales and marketing	129,604		10	%	151,423		12	%	$	(21,819)	(14)	%
General and administrative	112,240		8	%	126,351		10	%	$	(14,111)	(11)	%
Amortization of intangible assets	18,581		1	%	27,280		2	%	$	(8,699)	(32)	%
Acquisition and integration costs	13,346		1	%	42,271		3	%	$	(28,925)	(68)	%
Restructuring and related	24,586		2	%	40,851		3	%	$	(16,265)	(40)	%
Total operating expenses	$	563,991	42	%	$	676,153	52	%	$	(112,162)	(17)	%


	Years Ended
	December 26, 2020		December 28, 2019		December 29, 2018
Research and development	$	16,863	$	17,457	$	16,270
Sales and marketing	10,907		8,413		10,869
General and administration	13,906		10,460		9,649
Total	$	41,676	$	36,330	$	36,788


			Estimated Useful Lives
Building			20 years
Laboratory and manufacturing equipment			1.5 to 10 years
Furniture and fixtures			3 to 10 years
Computer hardware and software			1.5 to 7 years
Leasehold and building improvements			1 to 11 years



2021	$	22,866
2022	20,972
2023	17,400
2024	15,244
2025	14,238
Thereafter	31,178
Total lease payments	$	121,898
Less: interest(1)	30,887
Present value of lease liabilities	$	91,011


Weighted average remaining lease term	6.63
Weighted average discount rate	9.18		%
Cash paid for amounts included in the measurement of operating lease liabilities	$	26,565
Leased assets obtained in exchange for new operating lease liabilities	$	18,023


Weighted average remaining lease term	2.18
Weighted average discount rate	6.40		%
Cash paid for amounts included in the measurement of finance lease liabilities	$	1,588
Leased assets obtained in exchange for new finance lease liabilities	$	—


	December 26, 2020		December 28, 2019
Accounts receivable, net	$	319,428	$	349,645
Contract assets	$	51,583	$	22,814
Deferred revenue	$	163,056	$	139,820


	As of December 26, 2020						As of December 28, 2019
	Fair Value Measured Using						Fair Value Measured Using
	Level 1		Level 2		Total		Level 1		Level 2		Total
Liabilities
Foreign currency exchange forward contracts	$	—	$	(72)	$	(72)	$	—	$	(159)	$	(159)


	As of December 26, 2020				As of December 28, 2019
	Gross Notional(1)		Other Accrued Liabilities		Gross Notional(1)		Other Accrued Liabilities
Foreign currency exchange forward contracts
Related to euro denominated receivables	$	23,605	$	(59)	$	27,566	$	(159)
Related to British pound denominated receivables	4,868		(13)		—		—
Total	$	28,473	$	(72)	$	27,566	$	(159)


	Amounts Recognized as of Acquisition Date		Measurement Period Adjustments		Total
Cash and cash equivalents	$	15,549	$	—	$	15,549
Restricted cash	25,743		—		25,743
Accounts receivable	170,466		(2,153)		168,313
Inventory	96,067		(10,433)		85,634
Property, plant and equipment, net	217,991		—		217,991
Other assets	39,145		(5,083)		34,062


Intangible assets, net	200,700		—		200,700
Goodwill	48,235		30,916		79,151

Financing lease obligation	(194,700)		—		(194,700)
Deferred revenue	(43,502)		5,264		(38,238)

Other liabilities	(291,874)		(18,511)		(310,385)


Total net assets	$	283,820	$	—	$	283,820


	Fair Value		Estimated Useful Life (Years)
Customer relationships and backlog	$	111,400	8
Developed technology	70,550		5
In-process technology	17,750		n/a
Trade name	1,000		1
Total	$	200,700


Balance as of December 28, 2019	$	249,848

Foreign currency translation adjustments	23,578
Balance as of December 26, 2020	$	273,426


	December 26, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (In Years)
Intangible assets with finite lives:
Trade names	$	1,000	$	(1,000)	$	—	NMF*
Customer relationships and backlog	162,098		(90,667)		71,431		4.9
Developed technology	192,285		(138,834)		53,451		3.0

Total intangible assets	$	355,383	$	(230,501)	$	124,882


Balance as of December 28, 2019	$	4,005
Adjustment for adoption of new standard	650
Additions(1)	1,621
Write offs(2)	(3,231)
Recoveries during the period	(284)
Other(3)	151
Balance as of December 26, 2020	$	2,912


	December 26, 2020		December 28, 2019
Inventory:
Raw materials	$	34,693	$	47,474
Work in process	55,835		48,842
Finished goods	178,779		244,113
Total	$	269,307	$	340,429
Property, plant and equipment, net:
Computer hardware	$	34,502	$	36,086
Computer software(1)	44,397		45,428
Laboratory and manufacturing equipment(2)	333,955		313,081
Land and building	12,349		12,349
Furniture and fixtures	3,445		2,845
Leasehold and building improvements(3)	66,014		52,263
Construction in progress	39,727		27,946
Subtotal	$	534,389	$	489,998
Less accumulated depreciation and amortization(4)	(381,256)		(339,205)
Total	$	153,133	$	150,793
Accrued expenses:
Loss contingency related to non-cancelable purchase commitments	$	18,848	$	25,410
Taxes payable	45,884		65,815
Restructuring accrual	9,292		26,706
Short-term operating and financing lease liability	16,023		19,486

Other accrued expenses and other current liabilities	60,503		55,751
Total accrued expenses	$	150,550	$	193,168


	Severance and related expenses		Lease related impairment charges		Asset impairment		Others		Total
Balance as of December 29, 2018	$	19,842	$	4,266	$	243	$	—	$	24,351
Charges	51,879		15,861		2,208		838		70,786
Cash payments	(43,136)		(8,418)		(243)		—		(51,797)
Non-cash Settlements and Other	(20)		(11,709)		(2,208)		—		(13,937)
Balance as of December 28, 2019	$	28,565	$	—	$	—	$	838	$	29,403
Charges	18,096		9,939		482		215		28,732
Cash payments	(36,346)		(5,102)		(28)		(719)		(42,195)
Non-cash Settlements and Other	(74)		(4,837)		(454)		(104)		(5,469)
Balance as of December 26, 2020	$	10,241	$	—	$	—	$	230	$	10,471


	Unrealized Gain (Loss) on Available-for-Sale Securities		Foreign Currency Translation		Actuarial Gain (Loss) on Pension		Accumulated Tax Effect		Total
Balance at December 30, 2017	$	(418)	$	7,551	$	—	$	(879)	$	6,254
Other comprehensive income (loss) before reclassifications	327		(26,483)		(5,547)		(85)		(31,788)
Amounts reclassified from accumulated other comprehensive loss	—		—		234		—		234
Net current-period other comprehensive income (loss)	327		(26,483)		(5,313)		(85)		(31,554)
Balance at December 29, 2018	$	(91)	$	(18,932)	$	(5,313)	$	(964)	$	(25,300)
Other comprehensive income (loss) before reclassifications	91		(9,376)		(1,692)		—		(10,977)
Amounts reclassified from accumulated other comprehensive loss	—		—		1,638		—		1,638
Net current-period other comprehensive income (loss)	91		(9,376)		(54)		—		(9,339)
Balance at December 28, 2019	$	—	$	(28,308)	$	(5,367)	$	(964)	$	(34,639)
Other comprehensive income (loss) before reclassifications	—		29,040		(8,183)		—		20,857
Amounts reclassified from accumulated other comprehensive loss	—		—		1,884		—		1,884
Net current-period other comprehensive income (loss)	—		29,040		(6,299)		—		22,741
Balance at December 26, 2020	$	—	$	732	$	(11,666)	$	(964)	$	(11,898)


	As of
	December 26, 2020	December 28, 2019	December 29, 2018
Stock options outstanding	451	873	1,134
Restricted stock units	13,947	11,776	7,792
Performance stock units	3,668	2,389	1,284
Employee stock purchase plan shares	133	569	940
Total	18,199	15,607	11,150


	December 26, 2020
Principal	$	200,000
Unamortized discount (1)	(64,223)
Unamortized issuance cost (1)	(3,963)
Net carrying amount	$	131,814


	Year ended December 26, 2020
Contractual interest expense	$	4,024
Amortization of debt issuance costs	365
Amortization of debt discount	5,910
Total interest expense	$	10,299


	Year Ended
	December 26, 2020		December 28, 2019
Contractual interest expense	$	8,553	$	8,553
Amortization of debt issuance costs	1,269		1,149
Amortization of debt discount	19,439		17,612
Total interest expense	$	29,261	$	27,314


	December 26, 2020		December 28, 2019
Beginning balance	$	43,348	$	41,021
Charges to operations	23,973		23,874
Utilization	(31,462)		(25,070)
Change in estimate(1)	4,849		3,523
Balance at the end of the period	$	40,708	$	43,348


			December 26, 2020
Outstanding stock options and awards			15,986
Reserved for future option and award grants			9,582
Reserved for future ESPP			9,437
Total common stock reserved for stock options and awards			35,005


	Number of Options	Weighted-Average Exercise Price Per Share		Aggregate Intrinsic Value
Outstanding at December 30, 2017	1,397	$	8.11	$	1
Options granted	—	$	—
Options exercised	(229)	$	7.43	$	496
Options canceled	(53)	$	11.57
Outstanding at December 29, 2018	1,115	$	8.09	$	—
Options granted	—	$	—
Options exercised	—	$	—	$	—
Options canceled	(385)	$	7.47
Outstanding at December 28, 2019	730	$	8.41	$	—
Options granted	—
Options exercised	(474)	$	8.43	$	155
Options canceled	(205)	$	8.58
Outstanding at December 26, 2020	51	$	7.57	$	174
Exercisable at December 26, 2020	51	$	7.57