Airspan Networks Holdings Inc. appointed Glenn Laxdal as new CEO

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers


On May 16, 2023, the Company's board of directors (the "Board") accepted the resignation of Eric Stonestrom as the Company's Chief Executive Officer effective May 18, 2023 and appointed Glenn Laxdal, previously the Company's President and Chief Operating Officer, to serve as the Company's President and Chief Executive Officer effective on May 18, 2023. In connection with Mr. Laxdal's appointment, on May 18, 2023, Mr. Laxdal entered into the Company's standard form of indemnification and advancement agreement.


Glenn Laxdal, 62, was appointed as the Company's President and Chief Operating Officer in January 2022. Mr. Laxdal previously served since 2017 as senior vice president and general manager of product management at Infinera Corp., a provider of connectivity solutions ("Infinera"), where he was responsible for all operational aspects of Infinera's product business. Prior to joining Infinera, Mr. Laxdal was head of network products in North America for Ericsson from 2016 to 2017, overseeing strategy, product management and solution development. Mr. Laxdal also served as chief technology officer and head of strategy for Ericsson North America from 2014 to 2017. Prior to Ericsson, Mr. Laxdal served as vice president of global product management at BlackBerry Ltd. from 2009 to 2012 and prior to that held executive roles in product management and operations at Airvana, Inc. and Nortel Networks Inc. Mr. Laxdal holds an M.B.A. from the University of Toronto and a B.A. in Economics and Bachelor of Commerce degrees from the University of Saskatchewan.


On May 16, 2023, the Board appointed Mr. Stonestrom as Executive Chairman of the Company effective May 18, 2023 and on May 18, 2023 the Company entered into an amended employment agreement with Mr. Stonestrom (the "Amended Employment Agreement"), whereby Mr. Stonestrom will receive an annual base salary of $567,000 and will continue to be eligible to receive certain bonus compensation under the Company's bonus plan at a target of 60% of his base salary. Additionally, upon termination for "Cause" (as defined in the Amended Employment Agreement), Mr. Stonestrom will receive a deferred compensation payment in the amount of $567,000 (the "Deferred Compensation") and certain other benefits. Upon termination without "Cause" or for "Good Reason" (both as defined in the Amended Employment Agreement), or upon non-renewal of the Amended Employment Agreement, Mr. Stonestrom will be entitled to a cash payment pursuant to the Company's Senior Management Incentive Program, the Deferred Compensation and certain other benefits. The foregoing description of the Amended Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of this document, which is filed as exhibit 10.5 hereto and is incorporated herein by reference.


Effective May 18, 2023, the Board expanded the size of the Board from nine directors to ten directors and appointed Mr. Laxdal to serve in a newly created Board position. Mr. Laxdal will not receive additional compensation for his services as a member of the Board. There are no related party transactions with regards to Mr. Laxdal reportable under Item 404(a) of Regulation S-K. 


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