Reuters reports the Hurricanes skipper drew his thumb across his throat as he exchanged words with Melbourne Rebels halfback Ryan Louwrens during their Super Rugby match last weekend.
Loose forward Savea was sanctioned by a judicial panel on Tuesday for going "against the spirit of good sportsmanship".
"He accepted it pretty much straight away. When he was sitting in the sin bin for 10 minutes (he knew) it was something he shouldn't have done," Holland said.
"I'm aligned with him on that and to get the one-week sanction is the way it is and we accept it.
"Ardie was sorry and we just have to get on with accepting that and get on with what comes next."
Savea's loss is a big blow for the Hurricanes who host last year's runnersup, the Blues, on Saturday.
Savea was instrumental in the 39-33 win over the Rebels in Melbourne, scoring two tries and setting up another for Josh Moorby before he was yellow-carded for his involvement in a melee.
Holland said he was not sure what led to Savea making the threatening gesture at Louwrens as he walked off to the sin bin.
"I don't think there was any one thing -- it was just a combination of how everything unfolded there with people running in from both sides and a bit of adrenaline going but as we've said, there's no excuse for where we got to at the end of it," added Holland.
"Like all of us, you can be a pretty special leader and still make a mistake and that's what has happened with Ards (Savea) with a little bit of adrenaline going."
Photo: John Cowpland / www.photosport.nz Caption: Hurricanes captain Ardie Savea