Document:

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                                                                     EXHIBIT 4.6

                                      MTI
                           MTI TECHNOLOGY CORPORATION

        NUMBER                                                     SHARES
         FBU

INCORPORATED UNDER THE LAWS                                    SEE REVERSE FOR
 OF THE STATE OF DELAWARE                                    CERTAIN DEFINITIONS

                THIS CERTIFICATE IS TRANSFERABLE IN CANTON, MA,
                     JERSEY CITY, NJ AND NEW YORK CITY, NY

This Certifies that                                           CUSIP 553903 10 5

                                    SPECIMEN

is the record holder of

              FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK,
                         PAR VALUE $.001 PER SHARE, OF

                           MTI TECHNOLOGY CORPORATION

transferable on the books of the Corporation by the holder hereof in person or
by duly authorized Attorney upon surrender of this certificate properly
endorsed. This Certificate is not valid until countersigned by the Transfer
Agent and registered by the Registrar.

   WITNESS the facsimile seal of the Corporation and the facsimile signatures
                        of its duly authorized officers.

Dated

------------------------------             -----------------------------------
CHIEF OPERATING OFFICER &                  VICE CHAIRMAN, PRESIDENT & CHIEF
SECRETARY                                  EXECUTIVE OFFICER

                         * MTI TECHNOLOGY CORPORATION *

                                      SEAL
                                      1992

                                    DELAWARE

COUNTERSIGNED AND REGISTERED
EQUISERVE TRUST COMPANY, N.A.
TRANSFER AGENT AND REGISTRAR

BY

             AUTHORIZED SIGNATURE
<PAGE>   2
        The Corporation shall furnish without charge to each stockholder who so
requests a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock of the
Corporation or series thereof and the qualifications, limitations or
restrictions of such preferences and/or rights. Such requests shall be made to
the Corporation's Secretary at the principal office of the Corporation.

        The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common

TEN ENT - as tenants by the entireties

JT TEN  - as joint tenants with right
          of survivorship and not as
          tenants in common

UNIF GIFT MIN ACT -                      Custodian
                     ------------------             --------------------
                          (Cust)                          (Minor)
                     under Uniform Gifts to Minors Act

                     ---------------------------------------------------
                                            (State)

UNIF TRF MIN ACT -                       Custodian (until age
                    --------------------                      ----------
                          (Cust)
                                                 Under Uniform Transfers
                    ----------------------------
                             (Minor)

                    to Minors Act
                                  --------------------------------------
                                                 (State)

    Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED, ______________________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE
--------------------------------------
|                                    |
--------------------------------------

--------------------------------------------------------------------------------
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

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                                                                          Shares
-------------------------------------------------------------------------
of the common stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint
                                   ---------------------------------------------
                                                                        Attorney
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to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.

Dated
      ---------------
                                X
                                  ----------------------------------------------
                                X
                                  ----------------------------------------------
                          NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST
                                  CORRESPOND WITH THE NAME(S) AS WRITTEN UPON
                                  THE FACE OF THE CERTIFICATE IN EVERY
                                  PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT
                                  OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed

By
   ----------------------------------------------------
   THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
   GUARANTOR INSTITUTION, (BANKS, STOCKBROKERS, SAVINGS
   AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
   IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM),
   PURSUANT TO S.E.C. RULE 17Ad-15.<PAGE>   1

                                                                   EXHIBIT 10.20

                        SEVERANCE AND RELEASE AGREEMENT

       This Severance Agreement (the "Agreement") by and between MTI Technology
Corporation ("MTI" or "the Company") and Dale Boyd ("Boyd") documents the terms
and conditions of Boyd's termination from the Company, effective July 10, 2000
(the "Effective Date").

                                    RECITALS

              On or about February 6, 1995, Boyd commenced employment with MTI
as the Company's Corporate Controller and is currently the Company's Chief
Financial Officer.

              On or about July 7, 2000, MTI and Boyd mutually agreed to
terminate Boyd's employment, effective July 10, 2000. MTI does not have a
uniform policy or practice of granting particular severance benefits to its
employees or executives. However, MTI offered to pay to Boyd only those
severance benefits described in the paragraphs that follow in exchange for
Boyd's release of all claims against the Company. Boyd accepted this offer.

              NOW, THEREFORE, in consideration of the recitals listed above, and
the mutual promises contained in this Agreement, Boyd and the Company agree,
covenant, and represent as follows:

                                    AGREEMENT

       1. The Parties' Responsibilities

              a. Within 24 (twenty-four) hours after the execution of this
Agreement by Boyd, MTI shall pay to Boyd a one-time lump sum payment equivalent
to (i) one year of his current base salary and (ii) one years' car allowance of
$1,200 per month, (collectively, the "Severance Payment"). The gross total
amount of the Severance Payment is $274,400. MTI shall withhold from the
Severance Payment all applicable payroll taxes, including federal and state
income taxes, as well as other authorized deductions.

              b. Upon the execution of this Agreement by both parties, MTI shall
also pay to Boyd (i) all accrued but unpaid salary as of July 10, 2000, in the
amount of $12,200 and (ii) all unused vacation pay accrued up to and including
July 10, 2000 in the amount of $19,390.00 (collectively, the "Supplemental
Payment"). The gross total amount of the Supplemental Payment is $31,590.00 MTI
shall withhold from the Supplemental Payment all applicable payroll taxes,
including federal and state income taxes, as well as other authorized
deductions.

              c. Effective July 10, 2000, MTI and Boyd agree that Boyd shall be
retained by MTI as a consultant pursuant to the terms and conditions of the
Consulting Agreement attached as Exhibit "A" (the Consulting Agreement").

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              d. Boyd acknowledges that, as of August 1, 2000, he may be
eligible to obtain continuing coverage under MTI's group medical, vision and
dental plans pursuant to the provisions of the Consolidated Omnibus
Reconciliation Act and its implementing regulations ("COBRA"). MTI acknowledges
and agrees that, from August 1, 2000 through August 31, 2001, MTI will pay the
premium payment for any COBRA continuation coverage that Boyd elects to obtain.
In no event shall MTI be liable for, or required to pay premiums for any COBRA
continuation coverage Boyd may elect or be eligible to obtain after August 31,
2001. MTI further acknowledges and agrees that, from August 1, 2000 to August
31, 2001, MTI will reimburse Boyd for medical, vision, and dental expenses
incurred by Boyd that are not covered by Boyd's COBRA continuation coverage but
that would be covered under MTI's existent Executive Medical Plan.

              e. Subject to the approval of MTI's Board of Director's
Compensation Committee, MTI agrees that Boyd's Option Agreements granted
pursuant to the MTI Technology Corporation 1992 and 1996 Stock Incentive Plans,
as amended (the "Stock Incentive Plans"), shall continue and remain in full
force and effect will continue to vest during the term of the Consulting
Agreement. Boyd understands and agrees that his right to exercise these shares
shall be in accordance with the terms and conditions of the Stock Incentive
Plan.

              f. Boyd and MTI agree, covenant and represent that Boyd shall not
be eligible for, or entitled to, any benefits of employment other than those
specifically identified in this Agreement.

              g. Boyd agrees, covenants and represents that he shall cooperate
with MTI in the orderly transfer of his responsibilities to other MTI employees.
Boyd further agrees, covenants and represents that he shall cooperate in good
faith with MTI in the defense of any action that has been or will be brought
against MTI that arises out of, or relates in any way to his employment with
MTI. MTI agrees, covenants and represents that it shall indemnify and hold Boyd
harmless to the extent required by law for all that Boyd necessarily expends or
loses in direct consequence of the discharge of his duties under this paragraph
1(g).

       2. Release

              a. In consideration of the promises specified in this Agreement
and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, Boyd, for himself and his heirs, assigns, executors,
administrators, and agents, past and present (collectively, the "Boyd
Affiliates"), hereby fully and without limitation releases, covenants not to
sue, and forever discharges MTI and its respective subsidiaries, divisions,
affiliated corporations, affiliated partnerships, parents, trustees, directors,
officers, shareholders, partners, agents, employees, representatives,
consultants, attorneys, heirs, assigns, executors and administrators,
predecessors and successors, past

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and present (collectively, the "MTI Releasees"), both individually and
collectively, from any and all rights, claims, demands, liabilities, actions and
causes of action whether in law or in equity, suits, damages, losses, workers'
compensation claims, attorneys' fees, costs, and expenses, of whatever nature
whatsoever, known or unknown, fixed or contingent, suspected or unsuspected
("Claims"), that Boyd or the Boyd Affiliates now have, or may ever have, against
any of the MTI Releasees that arise out of, or are in any way relate to: (i)
Boyd's employment by MTI or any of the other MTI Releasees; (ii) the termination
of Boyd's employment by MTI or any of the other MTI Releasees; and (iii) any
transactions, occurrences, acts or omissions by MTI or any of the other MTI
Releasees occurring prior to the Effective Date of this Agreement.

              b. Without limiting the generality of the foregoing, Boyd
specifically and expressly releases any Claims occurring prior to the Effective
Date of this Agreement arising out of or related to violations of any federal or
state employment discrimination law, including the California Fair Employment
and Housing Act; Title VII of the Civil Rights Act of 1964; the Americans With
Disabilities Act; the National Labor Relations Act; the Equal Pay Act; the
Employee Retirement Income Security Act of 1974; as well as Claims arising out
of or related to violations of the provisions of the California Labor Code;
state and federal wage and hour laws; breach of contract; fraud;
misrepresentation; common counts; unfair competition; unfair business practices;
negligence; defamation; infliction of emotional distress; invasion of privacy;
assault; battery; false imprisonment; wrongful termination; and any other state
or federal law, rule, or regulation.

              c. Boyd agrees, covenants, and represents that he has not
commenced, and that he shall never commence or pursue, a claim for workers'
compensation benefits of any kind relating to or resulting from his employment
with MTI or any of the other MTI Releasees. Boyd further agrees, covenants, and
represents that, in the event that he has filed or does file a claim for
workers' compensation benefits, MTI may, but is not required to, present this
Agreement to the Workers' Compensation Appeals Board for approval as a
compromise and release.

       3. Warranties and Representations

              Boyd acknowledges that he is aware of and familiar with the
provisions of Section 1542 of the California Civil Code, which provides as
follows:

                "A general release does not extend to claims which the creditor
                does not know or suspect to exist in his favor at the time of
                executing the release, which if known by him, must have
                materially affected his settlement with the debtor."

              Boyd hereby waives and relinquishes all rights and benefits which
he may have under Section 1542 of the California Civil Code, or the law of any
other state or jurisdiction, or common law principle, to the same or similar
effect. Boyd represents and warrants that he has the authority to enter into
this Agreement and to bind all persons and entities claiming through him.

       4. Confidentiality and Non-Disparagement

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              a. Boyd agrees, covenants and represents that the facts relating
to the existence of this Agreement, the negotiations leading to the execution of
this Agreement, the terms of this Agreement and the amounts of the Severance
Payment and the Supplemental Payment shall be held in confidence, and shall not
be disclosed, communicated or divulged, to any person other than those who must
perform tasks to effectuate this Agreement, without first obtaining MTI's
written consent to each disclosure.

              b. Boyd further agrees, covenants and represents that he shall not
take any action or make any comments that actually or potentially disparage,
disrupt, damage, impair, or otherwise interfere with MTI's business interests or
reputation.

       5. Trade Secrets

              Boyd acknowledges that he executed a Proprietary Information
Agreement and that he shall continue to be bound by this Proprietary Information
Agreement following the termination of his employment with MTI. A copy of the
Proprietary Information Agreement is attached to this Agreement as Exhibit "B."

       6. Non-Admission of Liability

              Boyd agrees, covenants and represents that this Agreement shall
not be treated as an admission of liability by MTI, at any time, for any
purpose, and that this Agreement shall not be admissible in any proceeding
between the parties except a proceeding relating to a breach of its provisions
after execution, or a proceeding to obtain approval of this Agreement as a
compromise and release as provided in Paragraph 2(c) of this Agreement.

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       7. Older Worker's Benefit Protection Act.

              This Agreement is subject to the terms of the Older Workers
Benefit Protection Act of 1990 (the "OWBPA"). The OWBPA provides that an
individual cannot waive a right or claim under the Age Discrimination in
Employment Act unless the waiver is knowing and voluntary. Pursuant to the terms
of the OWBPA, Boyd acknowledges and agrees that he has executed this Agreement
voluntarily, and with full knowledge of its consequences. In addition, Boyd
hereby acknowledges and agrees that: (a) this Agreement has been written in a
manner that is calculated to be understood, and is understood, by Boyd; (b) the
release provisions of this Agreement apply to any rights Boyd may have under the
Age Discrimination in Employment Act ("ADEA"), including the rights to file a
claim for age discrimination against the MTI Releasees with the Equal Employment
Opportunity Commission, and to file a lawsuit against the MTI Releasees for age
discrimination; (c) the release provisions of this Agreement do not apply to any
rights or claims Boyd may have under the ADEA that arise after the date he
executes this Agreement; (d) MTI does not have a preexisting duty to pay Boyd
the Severance Payment identified in paragraphs 1(a) of this Agreement; (e) Boyd
has been advised to consult with an attorney prior to executing this Agreement;
and (f) Boyd has a period of at least twenty-one days to review this Agreement
prior to executing it and that Boyd has voluntarily chosen to execute this
Agreement prior to the execution of this 21-day period; and (g) Boyd has a
period of at least seven days after execution of this Agreement in which to
revoke this Agreement and that this Agreement shall not become effective until
expiration of this seven-day period (the "Effective Date").

       8. Arbitration of Disputes

              All disputes between Boyd (and his attorneys, successors, and
assigns) and MTI (and its affiliates, shareholders, directors, officers,
employees, agents, successors, attorneys, and assigns) relating in any manner
whatsoever to Boyd's employment with, or the termination of his employment from,
MTI ("Arbitrable Claims") including, without limitation, all disputes relating
to the validity, interpretation, or enforcement of this Agreement, shall be
resolved exclusively by arbitration in Orange County, California, by the
Judicial Arbitration & Mediation Services, Inc. (the "JAMS"). Such arbitration
shall be conducted in accordance with the then-existing arbitration rules of
JAMS, with the cost of such arbitration to be borne equally by the parties. The
parties to this Agreement, and all who claim thereunder, shall be (i)
conclusively bound by the arbitrator's decision or award, which shall not be
subject to appeal; and (ii) have the right to have any decision or award
rendered in accordance with this provision entered as a judgment in a court in
the State of California or any other court having jurisdiction. The arbitrator
shall have the authority to award or grant legal, equitable, and declaratory
relief. The parties hereby waive any rights they may have to trial by jury. The
Federal Arbitration Act will govern the interpretation and enforcement of this
Section pertaining to arbitration, unless it is found inapplicable in which case
California law shall control.

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       9. Successors and Assigns

              This Agreement shall be binding upon and shall inure to the
benefit of the respective heirs, assigns, executors, administrators, successors,
subsidiaries, divisions and affiliated corporations and partnerships, past and
present, and trustees, directors, officers, shareholders, partners, agents and
employees, past and present, of Boyd and MTI.

       10. Ambiguities

              This Agreement has been reviewed by the parties. The parties have
had a full opportunity to negotiate the terms and conditions of this Agreement.
Accordingly, the parties expressly waive any common-law or statutory rule of
construction that ambiguities should be construed against the drafter of this
Agreement, and agree, covenant, and represent that the language in all parts of
this Agreement shall be in all cases construed as a whole, according to its fair
meaning.

       11. Choice of Law

              This Agreement has been negotiated and executed in the State of
California and is to be performed in Orange County, California. This Agreement
shall be governed by and interpreted in accordance with the laws of the State of
California, including all matters of construction, validity, performance, and
enforcement, without regard to California's conflict of laws rules.

       12. Integration

              This Agreement; the Consulting Agreement attached as Exhibit "A;"
Boyd's Option Agreements with the Company; MTI's Stock Incentive Plans; and the
Proprietary Information Agreement attached as Exhibit "B" constitute a single,
integrated written contract expressing the entire agreement of the parties.
There is no other agreement, written or oral, express or implied, between the
parties with respect to the subject matter hereof. This Agreement may not be
orally modified. This Agreement may only be modified in a written instrument
signed by all parties.

       13. Severability

              The parties to this Agreement agree, covenant and represent that
each and every provision of this Agreement shall be deemed to be contractual,
and that they shall not be treated as mere recitals at any time or for any
purpose. Therefore, the parties further agree, covenant and represent that each
and every provision of this Agreement shall be considered severable, except for
the for the Release provisions of Sections 2 and 3 of this Agreement. If a court
of competent jurisdiction finds the release provisions of Sections 2 or 3 of
this Agreement to be unenforceable or invalid, then this Agreement shall become
null and void, and the Severance Payment paid pursuant to paragraph 1 shall be
returned to MTI within a reasonable period of time. If a court of competent
jurisdiction finds any provision other than the release provisions of paragraph
2 or 3, or part thereof, to be invalid

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or unenforceable for any reason, that provision, or part thereof, shall remain
in force and effect to the extent allowed by law, and all of the remaining
provisions of this Agreement shall remain in full force and effect and
enforceable.

       14. Execution of Counterparts

              This Agreement may be executed in counterparts, and if so executed
and delivered, all of the counterparts together shall constitute one and the
same Agreement.

       15. Captions

              The captions and section numbers in this Agreement are inserted
for the readers' convenience, and in no way define, limit, construe or describe
the scope or intent of the provisions of this Agreement.

       16. Miscellaneous Provisions

              a. The parties represent that they have read this Agreement and
fully understand all of its terms; that they have conferred with their
attorneys, or have knowingly and voluntarily chosen not to confer with their
attorneys about this Agreement; that they have executed this Agreement without
coercion or duress of any kind; and that they understand any rights that they
have or may have and sign this Agreement with full knowledge of any such rights.

              b. The parties acknowledge that no representations, statements or
promises made by the other party, or by their respective agents or attorneys,
have been relied on in entering into this Agreement.

       IN WITNESS WHEREOF, the parties hereto have executed this Agreement,
which consists of 7 pages, on the dates indicated below.

Dated: 7-10-00                          DALE BOYD

                                        /s/ DALE BOYD
                                        ----------------------------------------

Dated: 7-10-00                          MTI TECHNOLOGY CORPORATION

                                        By:  /s/ [SIGNATURE ILLEGIBLE]
                                           -------------------------------------

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