Document:

<PAGE>

                                                                 Exhibit 10.17.1

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Agilent Technologies                      Financing Agreement No.    AG000074
Financing Agreement
Page 1 of 2                               Lessee:    OPLINK COMMUNICATIONS, INC.

                                          March 30, 2000

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Lessor hereby agrees to finance for Lessee and Lessee hereby agrees to finance
with Lessor, subject to the terms of this Financing Agreement ("Agreement"), the
personal property together with all attachment, replacements, parts,
substitutions, additions, software licenses, repairs, support, consulting and
accessories incorporated/affixed, whether or not provided by Agilent("Product")
described in any Lessor Product Schedule ("Schedule") executed by the parties
pursuant to this Agreement.
--------------------------------------------------------------------------------

1. NON-CANCELLABLE

This Agreement shall be effective as of the date of execution by both parties.
THIS AGREEMENT AND ANY SCHEDULES EXECUTED HEREUNDER CANNOT BE CANCELLED OR
TERMINATED EXCEPT AS EXPRESSLY PROVIDED HEREIN.

2. RENT; ACCEPTANCE OF PRODUCT

Lessee shall pay to Lessor for use of the Product during the initial and any
renewal term of any Schedule, the payment amount specified on said Schedule
("Rent"). Lessee's acceptance will be presumed unless Lessee demonstrates within
14 days after delivery that the Product is not acceptable. Lessor reserves the
right to charge interest on any balance which exceeds 30 days past due. Rent
shall begin to accrue upon delivery and acceptance of Product ("Rent
Commencement Date"). Rent shall accrue whether or not Lessee has received notice
that such payment is due.

3. TAXES; INSURANCE

Lessee agrees to pay to Lessor, when due, all license fees, assessments, sales,
use, personal property, excise, and other taxes except for taxes based on
Lessor's income, now or hereafter imposed on the Product or the possession,
operation or use thereof. Lessee shall obtain and maintain liability insurance
and insurance against loss or damage to the Product. Upon request, Lessee shall
furnish to Lessor a Certificate of Insurance or other evidence of insurance
coverage.

4. LOSS OR DAMAGE

Lessee shall bear the entire risk of loss or damage to the Product from any
cause whatsoever from the date of delivery until it is returned and received by
Lessor. Lessee shall promptly notify Lessor of any loss or damage. No loss or
damage shall relieve Lessee of the obligation to pay Rent or perform any other
obligation hereunder. In the event of loss or damage, Lessee, at Lessor's
option, shall either place the Product in good condition and repair or pay
Lessor the buyout option price set out in the applicable Schedule.

5. INTELLECTUAL PROPERTY RIGHTS

Unless otherwise stated in writing by Lessor, Lessor copyrighted material
(software and printed documentation) may not be copied except for archival
purposes, to replace a defective copy or for program error verification. If
Lessor's software license is included in Product, then Lessor's standard
software terms shall apply. Lessor will defend or settle any claim against
Lessee that an Agilent Product or Support delivered under this Agreement
infringes a patent, utility model, industrial design, copyright, mask work or
trademark in the country where Lessee uses the Agilent Product or receives
Support, provided Lessee: (i) promptly notifies Lessor in writing of the claim;
and (ii) cooperates with Lessor in, and grants Lessor sole authority to control
the defense and any related settlement. Lessor will pay the cost of such defense
and settlement and any costs and damages finally awarded by a court against
Lessee. If such a claim is made, Lessor may procure the right for Lessee to
continue using the Agilent Product, may modify the Product or replace it. If use
of the Agilent Product is enjoined by a court and Lessor determines that none of
these alternatives is reasonably available, Lessor will take back the Agilent
Product and refund its depreciated value if a purchase option has been
exercised. Lessor has not obligation for any claim of infringement arising from:
(i) Lessor's compliance with any designs, specifications or instructions of
Lessee; (ii) modification of the Agilent Product by Lessee or a third party;
(iii) use of the Agilent Product in a way not specified by Lessor; or (iv) use
of the Agilent Product with Non-Agilent products not supplied by Lessor. These
terms state the entire liability of Lessor for claims of infringements.

6. IDENTIFICATION; PERSONAL PROPERTY

If Lessee is in compliance with the terms of this Agreement and applicable
Schedules, Lessee shall have quiet enjoyment of the Product. No other right,
title or interest shall pass to Lessee. Lessor, at its own expense, may require
markings to be affixed to or placed on the Product to give notice of Lessor's
ownership thereof. Both parties hereby confirm their intent that the Product
shall always remain and be deemed personal property even though said Product may
hereafter become attached or affixed to real property.

7. USE; RELOCATION; ASSIGNMENT

Lessee will operate the Product in accordance with manufacturer's manuals and
instructions, by competent and duly qualified personnel only, in accordance with
applicable governmental regulations, if any, and for business, medical,
scientific, or commercial purposes only, and not for personal use. Lessee agrees
not to sell, assign, sublet, hypothecate or otherwise encumber or suffer a lien
upon or against any interest in this Agreement, any Schedule hereunder, or the
Product. Lessee agrees not to alter the Product or remove the Product from its
original location without Lessor's prior written consent. Relocation by Lessor's
support personnel shall not constitute Lessor's consent.

This Agreement, and the obligations of Lessee to make payments hereunder, may be
assigned by Lessor and reassigned in whole or in part to one or more Assignees
at any time subsequent to its execution, without the necessity of obtaining the
consent of Lessee. Lessor agrees to give notice of assignment to Lessee and upon
receipt of such notice Lessee agrees to make all payments to the Assignee
designated in the assignment. Lessee agrees to execute all documents, including
Notices of Assignment, which may be reasonably request and provided by Lessor or
its Assignee in order to protect their interest in the Product and in this
Agreement.

8. SUPPORT; REPAIRS

If Lessee finances Support provided by Lessor the term of the financed support
is non-cancellable. Lessee acknowledges that the finance period and Support
period may not correspond. If no order for Support is made, Lessee, at its own
costs and expense, shall keep the Product in good repair, condition and working
order.

9. WARRANTY

For Agilent Product, Lessee shall have the benefit of applicable manufacturer's
warranties which are normally furnished to purchasers of identical product
manufactured by Agilent. THIS WARRANTY IS EXCLUSIVE AND NO OTHER WARRANTY,
WHETHER WRITTEN OR ORAL, IS EXPRESSED OR IMPLIED. LESSOR SPECIFICALLY DISCLAIMS
THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

10. NON-AGILENT PRODUCT; NON-AGILENT VENDOR

Lessee acknowledges that it has selected the Vendor and Product supplied by
Vendor. LESSOR MAKES NO WARRANTY, EXPRESS OR IMPLIED WHATSOEVER WITH RESPECT TO
VENDOR'S PRODUCT, AND AS TO LESSOR, LESSEE ACQUIRES THE PRODUCT "AS IS". If
Vendor's Product is unsatisfactory for any reason, Lessee shall make any claim
on

                                       1
<PAGE>

account thereof solely against Vendor and shall, nevertheless, pay lessor all
payments due under the Agreement.

It is Lessee's sole responsibility to acquire updates or other necessary
documentation to Vendor's Product. If Lessee should forfeit any rights granted
to Lessee, or if Vendor terminates any rights granted to Lessee, payment shall
continue uninterrupted to Lessor. Lessee agrees that it will not assert any
defense, deduction, abatement, counterclaim or set-off against Lessor. Lessee
understands and agrees that neither Vendor nor any employee, agent, or
representative of Vendor is an agent of Lessor. No agent of Vendor is authorized
to waive or alter any terms or conditions of this Agreement, and no
representations as to the Vendor's Product or any other matter by Vendor shall
in any way affect Lessee's obligations under this Agreement.

11. RETURN OF POLICY

Upon expiration or termination, Lessee, at its own risk and expense, shall have
the Product packed for shipment in accordance with manufacturer's specifications
and shall immediately return the Product to Lessor in the same condition as when
delivered, ordinary wear and tear excepted, freight prepaid and insured, to
Lessor's remarketing facility.

12. LIMITATION OF LIABILITY

For Agilent Product, Lessor will be liable for damage to tangible property per
incident up to the greater of $300,000 or the actual charges paid to Lessor for
the Product that is the subject of the claim, and for damages for bodily injury
or death, to the extent that all such damages are determined by a court of
competent jurisdiction to have been directly caused by a defective Product
financed hereunder. Lessor will not be liable for performance delays or for
non-performance, due to causes beyond its reasonable control. For any material
breach of Support services by Agilent, Lessee's remedy and Lessor's liability
will be limited to a refund of the related Support charges paid during the
period of breach, up to a maximum of 12 months. THE REMEDIES PROVIDED HEREIN ARE
LESSEE'S SOLE AND EXCLUSIVE REMEDIES. IN NO EVENT SHALL LESSOR BE LIABLE FOR
LOSS OF DATA OR FOR DIRECT, INDIRECT, SPECIAL INCIDENTAL, CONSEQUENTIAL
(INCLUDING LOST PROFIT), OR OTHER DAMAGE WHETHER BASED IN CONTRACT, TORT OR ANY
OTHER LEGAL THEORY.

13. EVENTS OF DEFAULT; REMEDIES

If Lessee fails to pay Rent when due and fails to cure such breach within ten
(10) days of notice of same, or in the event of any other breach of this
Agreement, any Schedule hereunder, or any other Agreement between the parties
hereto, or if any credit or other information submitted to Lessor is false or
misleading in any material respect, or in the event of any act of insolvency or
bankruptcy by or against Lessee, Lessor may, at its option exercise any one or
more of the following remedies: (i) declare all sums due and to become due as
immediately due and payable; (ii) enter upon the premises where the Product is
located and take immediate possession of and remove the same; (iii) sell any or
all of the Product at public or private sale or otherwise dispose of, hold, use
or lease to others said Product; (iv) exercise any other right or remedy which
may be available to Lessor under applicable law, including the right to recover
damages or the breach hereof. No remedy referred to herein is intended to be
exclusive but each shall be cumulative and in addition to any of the remedies
referred to above or otherwise available to Lessor at law or in equity. No
express or implied waived by Lessor of any default or a waiver of any of
Lessor's rights. If any action is brought by either party to enforce this
Agreement or to protect its interest in the Product, the losing party agrees to
pay the costs thereof including reasonable attorneys' fees and other costs of
collection.

14. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of
the State of California. Nothing herein shall be deemed to preclude or prevent
Lessor from bringing any action or claim to enforce the provisions of this
Agreement in any appropriate state or forum.

15. FINANCING STATEMENTS

Lessee hereby grants and Lessor reserves a Purchase Money Security Interest in
the Product financed hereunder and any proceeds thereof to secure payment of any
balance due hereunder. Lessee hereby nominates and appoints Lessor as its
attorney-in-fact for the sole purpose of executing on Lessee's behalf financing
statements (and any appropriate amendments thereto) under the provisions of the
Uniform Commercial Code for protective purposes, related to this Agreement and
any Schedule hereunder.

16. MISCELLANEOUS

(a) This Agreement, together with any Schedules hereunder, and any referenced
addenda, exhibits or attachments shall constitute the entire understanding
between the parties and supersedes any previous communications, representations,
or agreements, whether oral or written; (b) any notice or demands made hereunder
shall be in writing and by regular mail or facsimile; (c) No change or
modification of any term or condition hereof shall be valid unless made in
writing and signed by an authorized representative of each party; (d) Any
provision of this Agreement which is unenforceable in any jurisdiction shall as
to that jurisdiction only be ineffective to the extent of such unenforceability
without invalidating the remaining provisions hereof.

By execution hereof, the signer on behalf of Lessee hereby certifies that s/he
has read this Agreement and the referenced Exhibits, and that s/he is duly
authorized by Lessee to execute this Agreement.

<TABLE>
<CAPTION>
LESSOR: AGILENT TECHNOLOGIES                              LESSEE:  OPLINK COMMUNICATIONS, INC.

                                                          MARCH 30, 2000

<S>                                                       <C>
By:   /s/ Charmaine Gray                                  By:  /s/ Haiguang Lu
   -------------------------                                 --------------------------------
Name:  Charmaine Gray                                     Name:  Haiguang Lu
   -------------------------                                 --------------------------------
Title: N.A. Finance Mgr.        Date: 6/29/00             Title:  VP of MFG.                      Date:  3/30/00
      ----------------------         ---------------            ------------------------------         ---------

                                                          (SECOND LESSEE AUTHORIZATION, IF NEEDED)

                                                          By:  /s/ Lily Hsueh
                                                             ---------------------------------
                                                          Name:  Lily Hsueh
                                                             ---------------------------------
                                                          Title:  VP - Finance & Admin.           Date:  3/30/00
                                                             ---------------------------------         ---------
</TABLE>

                                       2

<PAGE>

--------------------------------------------------------------------------------
Agilent Technologies                             Financing Agreement No. AR1158A
Product Schedule &                                                     ---------
Payment Agreement - Page 1 of 2                                   March 30, 2000
--------------------------------------------------------------------------------

<TABLE>
<S>                                     <C>               <C>                     <C>

COMPANY                      (1)        Full Legal Name: Oplink Communications, Inc.
INFORMATION:                            STREET ADDRESS:  3475 N. First St.
                                        CITY: San Jose                            COUNTY:
                                        STATE: CA                                 ZIP CODE: 95134-1803
PLEASE USE THE FULL LEGAL NAME OF
YOUR COMPANY                            FEDERAL TAX I.D. #:
TAX STATUS                              CONTACT: Lily Hsueh                       PHONE: (408) 965-7266
(ATTACH DOCUMENTATION IF APPLICABLE)    |X| Taxable       |_| Direct Pay Permit          |_| Tax exempt
SALES/USE TAX                           |X| Paid Upfront  |_| Billed Upfront (financed)  |_| Billed with each payment
PERSONAL PROPERTY TAX                   |_| Include in rate  |_| Bill as additional  |X| Lessee pays directly  |_| Lessee is exempt

-----------------------------------------------------------------------------------------------------------------------------------
                                        STREET ADDRESS:  Same As Above
PRODUCT LOCATION             (2)        CITY:                                     COUNTY:
(IF OTHER THAN ABOVE)                   STATE:                                    ZIP CODE:
                                        STREET ADDRESS:  Same As Above

BILLING ADDRESS                         CITY:                                     COUNTY:
(IF OTHER THAN ABOVE)                   STATE:                                    ZIP CODE:
                                        CONTACT:                                  PHONE:
</TABLE>

--------------------------------------------------------------------------------
THIS SECTION BELOW IS TO BE COMPLETED BY YOUR AGILENT TECHNOLOGIES SALES TEAM.
--------------------------------------------------------------------------------
<TABLE>
<S>                                     <C>                                        <C>

OUR                          (3)
AGREEMENT                               |X| Master Lease #  AG000074
INCLUDES:                                                   --------
THE ITEMS CHECKED ARE INCORPORATED AND  |_| First Year Support Coverage           |_|  Multi Year Support Coverage
BY THIS REFERENCE MADE A PART OF THIS
AGREEMENT                               |_| Early Buyout Schedule dated           |_|
                                                                                       ------------------------------------------
                                        |-|                                       |-|
                                            -----------------------------------        ------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>

<S>                          <C>       <C>                             <C>

THE                          (4)       The products listed on Agilent quotation #0003-49510 for $[ * ] and 0003-49492 FOR
PRODUCT                                $[ * ] ARE HEREBY INCORPORATED BY THIS REFERENCE. THIS OFFER IS CONTINGENT UPON CREDIT
SCHEDULE:                              APPROVAL BY LESSOR AND LESSOR RESERVES THE RIGHT TO CHANGE OR REVOKE THIS OFFER BASED
                                       ON CREDIT APPROVAL GRANTED, IF ANY.

PLEASE ATTACH                               Net Price - Hardware           $[ * ]
EQUIPMENT QUOTE                                                       -----------
OR COMPLETE THIS                            Net Price - Software           $[ * ]
SCHEDULE                                                              -----------
                                       Total Net Price - Product           $[ * ]
[GRAPHIC]                                                             -----------
                                                         Support           $[ * ]
                                                                      -----------
                                                       Sales Tax           $[ * ]
                                                                      -----------
                                                     Downpayment           $[ * ]
                                                                      -----------
                                          Net Balance to Finance           $[ * ]
                                                                      -----------
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>

LEASE                        (5)          TERM        NUMBER OF PAYMENTS      PAYMENT FREQUENCY           PAYMENT AMOUNT
PAYMENTS:                              (IN MONTHS)                                                    (PLUS APPLICABLE TAXES)
<S>                                    <C>            <C>                     <C>                     <C>

                                           36                36                     MONTHLY                   $[ * ]
                                       -----------    ------------------      ----------------        -----------------------

                                       -----------    ------------------      ----------------        -----------------------

</TABLE>

*    CONFIDENTIAL TREATMENT REQUESTED

                                       3
<PAGE>

--------------------------------------------------------------------------------
Agilent Technologies                                              March 30, 2000
Product Schedule &
Payment Agreement - Page 2 of 2                  Financing Agreement No. AR1158A
                                                                       ---------
--------------------------------------------------------------------------------
(6) THIS AGREEMENT       |X|  Lease     |_|  Installment     |_|
    IS FOR AN:                                                   --------------
                         |_|  Rental    |_|  Easy Rent       |_|
                                                                 --------------
--------------------------------------------------------------------------------
(7)

1. NON-CANCELLABLE: THIS AGREEMENT CANNOT BE CANCELLED OR TERMINATED EXCEPT AS
     EXPRESSLY PROVIDED FOR HEREIN.

2. TERM. The term of this Schedule and Agreement for each Product covered
hereunder shall commence upon the date Lessor executes the same and shall expire
60 months following the "Rent Commencement Date" as defined in paragraph 2 of
the Financing Agreement, or on the expiration of any applicable renewal period.
However, if Lessee has executed this Schedule and the Product ordered has been
delivered prior to Lessor's execution thereof, the term of this Schedule and
Agreement shall be effective on the date of execution by Lessee.

3. INTEREST. [Applicable only to Installment sales and leases with $1.00 buy out
options]. The interest to be paid under this Schedule and Payment Agreement is
$[ * ].

4. PURCHASE, RENEWAL, RETURN OPTIONS: Provided that no event of default has
occurred and is continuing to occur at the end of the initial non-cancellable
lease term or subsequent renewal term, Lessee shall have the option to exercise
the following options by providing Lessor with at least sixty (60) days prior
written notice of its intent to:

(i) purchase all or some of the Product covered by this Agreement for: (CHECK
ONE)

|_| The then fair market value of each Product to be purchased. Lessor will
advise Lessee in writing as to the then applicable Fair Market Value for each
Product to be purchased;

                                       OR

|X| One Dollar ($1.00) for each Product (available only for State and Local
Government Leases or with special approval);

                                       OR

|_| Fixed Purchase Option of _____% of the original amount to finance of the
Product to be purchased (less discounts if applicable) plus any accrued late
charges and taxes applicable to the transfer of this Product. (ii) Except for
EasyRent, renew all or some of the Equipment covered by this Agreement for an
additional non-cancellable period of twelve (12) months for the:

|Net Price of Equipment to be Renewed        |        |  Original   |
|--------------------------------------------|    x   |Monthly x 75%|
|       Total Net Price of Equipment         |        |   Payment   |

(iii) renew all or some of the Product covered by this Agreement on a
month-to-month basis for the:

<TABLE>
<CAPTION>

<S>                                            <C>      <C>
|Net Price of Equipment to be Renewed        |        |  Original   |
|--------------------------------------------|    x   |   Monthly   |
|       Total Net Price of Equipment         |        |   Payment   |

</TABLE>

(iv) return in accordance with the referenced Financing Agreement any Product
covered by this Schedule that is not purchased or renewed.

If Lessee fails to notify Lessor of its intentions at least sixty (60) days
prior to the expiration of this Schedule, it is agreed that Lessee shall renew
all of the Product covered hereunder in accordance with option (iii) above.
During the renewal period, Lessee may purchase all or some of the Product
covered hereunder for the price computed in accordance with option (i) above by
providing Lessor Sixty (60) days prior written notice.

If Lessee has selected a fixed-price purchase option, during the renewal period,
such purchase option shall be re-determined based on the total lease term.

IF LESSEE EXERCISES ITS OPTION TO PURCHASE THE PRODUCT, IT IS SOLD IN IT'S THEN
`AS IS' CONDITION AT ITS LOCATION WHEN THE OPTION IS EXERCISED.

5. EARLY BUYOUT OPTION: At its option beginning with the fourth (4th) month
following the Rent Commencement Date, Lessee may purchase all of the Product in
its then "as is" condition at its location when the option is exercised. Except
for leases with Fair Market Value purchase options, the purchase price shall be
determine from the referenced Early Buyout Schedule. The early buyout purchase
price for leases with Fair Market Value purchase options shall be such that
Lessor's projected yield from the lease shall be preserved.

6. PRODUCT UPGRADE/ADD-ON: At its option but subject to Lessor's prior written
consent, Lessee may enhance or upgrade those items covered under this Schedule
by leasing additional or upgrade Product on a then currently marketed Lessor
upgrade program. Such additional or upgrade equipment shall be scheduled on a
new Product Schedule and Payment Agreement.

7. UPGRADE CREDIT: If this Schedule reflects an upgrade credit for Product to be
returned by Lessee, Lessee agrees to return such Equipment within thirty (30)
days of delivery and acceptance of the new Product acquired hereunder to
Lessor's remarketing facility.

8. FINANCING STATEMENT: Lessee hereby nominates and appoints Lessor as its
attorney-in-fact for the sole purpose of executing on Lessee's behalf financing
statements (and any appropriate amendments thereto) under the provisions of the
Uniform Commercial Code for protective purposes.

                                       4

<PAGE>

--------------------------------------------------------------------------------

By execution hereof, the signer certifies that s/he has read this agreement and
that s/he is duly authorized to execute this agreement on behalf of Lessee.

LESSOR: AGILENT TECHNOLOGIES           LESSEE:  OPLINK COMMUNICATIONS, INC.

By:/S/ CHARMAINE GRAY                  By: /S/ HAIGUANG LU
   ----------------------------------      ------------------------------------
Name:CHARMAINE GRAY                    Name: HAIGUANG LU
     --------------------------------        ----------------------------------
Title:N.A. FINANCE MGR. Date:6/29/00   Title: VP OF MFG.            Date:3/30/00
      -----------------      -------         ---------------             -------

                                        (SECOND LESSEE AUTHORIZATION, IF NEEDED)

                                        By: /S/ LILY HSUEH
                                           ------------------------------------
                                        Name:  LILY HSUEH
                                              ---------------------------------
                                        Title: VP--FINANCE & ADMIN. Date:3/30/00
                                              --------------------- ------------

                                       5

<PAGE>

                                                      AGILENT TECHNOLOGIES, INC.
                                                   9780 SOUTH MERIDIAN BOULEVARD
                                                                    MS 24EN-4-14
                                                       ENGLEWOOD, COLORADO 80112

AGILENT TECHNOLOGIES
INNOVATING THE HP WAY

                                  June 7, 2000

Ms. Lily Hsueh
Oplink Communications, Inc.
3475 North First Street
San Jose, CA  95134-1803

Re:  Agilent Lease Agreement #4124-07275
     Amendment #1

Dear Ms. Hsueh:

Your financing agreement has been amended to reflect the following changes:

DELETE:

Quote #0003-49510 dated 3/29/00 in the amount of $[ * ]
Quote #0003-49492 dated 5/30/00 in the amount of $[ * ]
TOTALING: $[ * ]

ADD:

Quote #2003-495,100 dated 5/30/00 in the amount of $[ * ]
Quote #2003-49492 dated 5/30/00 in the amount of $[ * ]
TOTALING: $[ * ]

<TABLE>
<CAPTION>

                              CHANGE FROM         CHANGE TO

<S>                           <C>                 <C>
Amount to Finance:            $[ * ]              $[ * ]
Monthly Payment:              $[ * ]              $[ * ]

</TABLE>

As this decreases your amount to finance and monthly payment, it is not
necessary to sign and return this amendment. All other terms and conditions
remain unchanged. If you have any questions, please feel free to give me a call
at (303) 662-4760.

Sincerely,

AGILENT TECHNOLOGIES
Agilent Finance

/s/ Angela Lizdas

Angela Lizdas
Financing Services Representative

*    CONFIDENTIAL TREATMENT REQUESTED

                                       6

<PAGE>

                                                   AGILENT TECHNOLOGIES, INC.
                                                   9780 SOUTH MERIDIAN BOULEVARD
                                                   MS 24EN-4-14
                                                   ENGLEWOOD, COLORADO 80112

AGILENT TECHNOLOGIES
INNOVATING THE HP WAY

                                  June 28, 2000

Ms. Lily Hsueh
Oplink Communications, Inc.
3475 North First Street
San Jose, CA  95134-1803

Re:  Lease Agreement Order 4121-07275
Lease Agreement AR1158A

Purchase Order 201350-00

Amendment #2

Dear Ms. Hsueh:

Due to a delay in shipment of some of the items you have ordered, your financing
agreement has been split into four schedules. Schedule A will bill for items
already shipped. Schedule B, C and D will bill for the remaining items once
shipment has occurred. Please refer to the changes below:

DELETE FROM SCHEDULE A AND ADD TO SCHEDULE B:

<TABLE>
<CAPTION>
        PRODUCT               OPTION        QTY                   DESCRIPTION                         PRICE
<S>                       <C>             <C>       <C>                                      <C>
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
                                                                                             ---------------
                                                                               TOTAL         $[ * ]
</TABLE>

*  CONFIDENTIAL TREATMENT REQUESTED

                                       7
<PAGE>

DELETE FROM SCHEDULE A AND ADD TO SCHEDULE C:

<TABLE>
<CAPTION>
        PRODUCT               OPTION        QTY                   DESCRIPTION                         PRICE
<S>                       <C>             <C>       <C>                                      <C>
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
                                                                                             ---------------
                                                                               TOTAL         $[ * ]
</TABLE>

DELETE FROM SCHEDULE A AND ADD TO SCHEDULE D:

<TABLE>
<CAPTION>
        PRODUCT               OPTION        QTY                   DESCRIPTION                         PRICE
<S>                       <C>             <C>       <C>                                      <C>
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
</TABLE>

*  CONFIDENTIAL TREATMENT REQUESTED

                                       8
<PAGE>

<TABLE>
<S>                       <C>             <C>       <C>                                      <C>
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                     [ * ]           [ * ]     [ * ]                                    $[ * ]
[ * ]                                     [ * ]     [ * ]                                    $[ * ]
                                                                                             ---------------
                                                                               TOTAL         $[ * ]
</TABLE>

RESULT:

<TABLE>
<CAPTION>
                            PREVIOUS                 NEW               NEW                NEW               NEW
                           SCHEDULE A             SCHEDULE A        SCHEDULE B        SCHEDULE C         SCHEDULE D

<S>                       <C>                   <C>               <C>               <C>                <C>
Amount to Finance:          $[ * ]              $[ * ]            $[ * ]            $[ * ]             $[ * ]
Monthly Payment:            $[ * ]              $[ * ]            $[ * ]            $[ * ]             $[ * ]
</TABLE>

As this will result in no change to the total Amount to Finance or Total Monthly
Payment, it is not necessary to sign and return this document. All other terms
and conditions of this contract remain unchanged. If you have any questions
please call me at 303 662-4760.

Sincerely,

AGILENT TECHNOLOGIES
Customer Finance Center

/s/ Angela Lizdas

Angela Lizdas
Financing Services Representative

*  CONFIDENTIAL TREATMENT REQUESTED

                                       9

<PAGE>

--------------------------------------------------------------------------------
Agilent Technologies                            Financing Agreement No. AR1596A
Product Schedule &
Payment Agreement - Page 1 of 2
--------------------------------------------------------------------------------

<TABLE>
<S>                            <C>        <C>
COMPANY                        (1)        FULL LEGAL NAME: Oplink Communications, Inc.
INFORMATION:
                                          STREET ADDRESS:  3475 N. First St.

PLEASE USE THE FULL LEGAL NAME OF         CITY: San Jose                  COUNTY:
YOUR COMPANY
                                          STATE:  CA                      ZIP CODE:  95134
TAX STATUS
                                          FEDERAL TAX I.D. #:
(ATTACH DOCUMENTATION IF APPLICABLE)
                                          CONTACT:  Lenora Demiashkina    PHONE: (408) 416-4830
SALES/USE TAX
                                          |X| Taxable         |_| Direct Pay Permit         |_| Tax exempt
PERSONAL PROPERTY TAX
                                          |X| Paid Upfront    |_| Billed Upfront (financed) |_| Billed with each payment

                                          |_| Include in rate |_| Bill as additional        |X| Lessee pays directly

                                          |_| Lessee is exempt

----------------------------------------- -----------------------------------------------------------------------------------
                                          STREET ADDRESS:  Same As Above

PRODUCT LOCATION               (2)        CITY:                                 COUNTY:
(IF OTHER THAN ABOVE)
                                          STATE:                                ZIP CODE:
BILLING ADDRESS
(IF OTHER THAN ABOVE)                     STREET ADDRESS:  Same As Above

                                          CITY:                                 COUNTY:

                                          STATE:                                ZIP CODE:

                                          CONTACT:                              PHONE:

-----------------------------------------------------------------------------------------------------------------------------
THIS SECTION BELOW IS TO BE COMPLETED BY YOUR AGILENT TECHNOLOGIES SALES TEAM.

OUR                            (3)
AGREEMENT                                 |X|  Master Lease # AG000074
INCLUDES:

THE ITEMS CHECKED ARE INCORPORATED AND    |_|  First Year Support Coverage          |_|  Multi Year Support Coverage
BY THIS REFERENCE MADE A PART OF THIS
AGREEMENT                                 |_|  Early Buyout Schedule dated          |_|
                                                                                         ------------------------------
                                          |_|                                       |_|
                                               ---------------------------               ------------------------------

-----------------------------------------------------------------------------------------------------------------------------
THE                            (4)        THE PRODUCTS LISTED ON AGILENT TECHNOLOGIES QUOTE #2003-55771 DATED 5/1/00 FOR $[ * ] &
PRODUCT                                   AGILENT TECHNOLOGIES QUOTE #1003-55682 DATED 5/1/00 FOR $[ * ] TOTALING $[ * ] ARE HEREBY
SCHEDULE:                                 INCORPORATED BY THIS REFERENCE. THIS OFFER IS CONTINGENT UPON CREDIT APPROVAL BY LESSOR
                                          AND LESSOR RESERVES THE RIGHT TO CHANGE OR REVOKE THIS OFFER BASED ON CREDIT APPROVAL
                                          GRANTED, IF ANY.

                                          Agilent Technologies Order #4124-07855

PLEASE ATTACH                              Net Price - Hardware           $[ * ]
EQUIPMENT QUOTE                            Net Price - Software           $[ * ]
OR COMPLETE THIS                      Total Net Price - Product           $[ * ]
SCHEDULE                                 Refinance per addendum           $[ * ]
                                                      Sales Tax           $[ * ]
                                                    Downpayment           $[ * ]
                                         Net Balance to Finance           $[ * ]

-----------------------------------------------------------------------------------------------------------------------------
LEASE                          (5)            TERM        NUMBER OF PAYMENTS      PAYMENT FREQUENCY       PAYMENT AMOUNT
PAYMENTS:                                 (IN MONTHS)                                                    (PLUS APPLICABLE
                                                                                                              TAXES)

                                               36                 36                   MONTHLY                $[ * ]
                                          ----------       ----------------        ---------------        ---------------

                                          ----------       ----------------        ---------------        ---------------
</TABLE>

* CONFIDENTIAL TREATMENT REQUESTED

                                       10
<PAGE>

--------------------------------------------------------------------------------
Agilent Technologies                            Financing Agreement No.  AR1596A
Product Schedule &
Payment Agreement - Page 2 of 2

--------------------------------------------------------------------------------
THIS AGREEMENT            |X|  Lease      |_|  Installment     |_|
IS FOR AN:                                                         -----------

(6)                       |_|  Rental     |_|  Easy Rent       |_|
                                                                   -----------
--------------------------------------------------------------------------------

(7)

1. NON-CANCELLABLE: THIS AGREEMENT CANNOT BE CANCELLED OR TERMINATED EXCEPT AS
EXPRESSLY PROVIDED FOR HEREIN.

2. TERM. The term of this Schedule and Agreement for each Product covered
hereunder shall commence upon the date Lessor executes the same and shall expire
36 months following the "Rent Commencement Date" as defined in paragraph 2 of
the Financing Agreement, or on the expiration of any applicable renewal period.
However, if Lessee has executed this Schedule and the Product ordered has been
delivered prior to Lessor's execution thereof, the term of this Schedule and
Agreement shall be effective on the date of execution by Lessee.

3. INTEREST. [Applicable only to Installment sales and leases with $1.00 buy out
options]. The interest to be paid under this Schedule and Payment Agreement is
$[ * ].

4. PURCHASE, RENEWAL, RETURN OPTIONS: Provided that no event of default has
occurred and is continuing to occur at the end of the initial non-cancellable
lease term or subsequent renewal term, Lessee shall have the option to exercise
the following options by providing Lessor with at least sixty (60) days prior
written notice of its intent to:
(i) purchase all or some of the Product covered
by this Agreement for:
(CHECK ONE)
|_| The then fair market value of each
Product to be purchased. Lessor will advise Lessee in writing as to the then
applicable Fair Market Value for each Product to be purchased;

                                       OR

|X| One Dollar ($1.00) for each Product (available only for State and Local
Government Leases or with special approval);

(8)                                    OR

|_| Fixed Purchase Option of _____% of the original amount to finance of the
Product to be purchased (less discounts if applicable) plus any accrued late
charges and taxes applicable to the transfer of this Product.
(ii) Except for EasyRent, renew all or some of the Equipment covered by this
Agreement for an additional non-cancellable period of twelve (12) months for
the:

|Net Price of Equipment to be Renewed        |        |  Original   |
|--------------------------------------------|    x   |Monthly x 75%|
|       Total Net Price of Equipment         |        |   Payment   |

(iii) renew all or some of the Product covered by this Agreement on a
month-to-month basis for the:

<TABLE>
<CAPTION>

<S>                                            <C>      <C>
|Net Price of Equipment to be Renewed        |        |  Original   |
|--------------------------------------------|    x   |   Monthly   |
|       Total Net Price of Equipment         |        |   Payment   |

</TABLE>

(iv) return in accordance with the referenced Financing Agreement any Product
covered by this Schedule that is not purchased or renewed. If Lessee fails to
notify Lessor of its intentions at least sixty (60) days prior to the expiration
of this Schedule, it is agreed that Lessee shall renew all of the Product
covered hereunder in accordance with option (iii) above.
During the renewal period, Lessee may purchase all or some of the Product
covered hereunder for the price computed in accordance with option (i) above by
providing Lessor Sixty (60) days prior written notice.

If Lessee has selected a fixed-price purchase option, during the renewal period,
such purchase option shall be re-determined based on the total lease term.

IF LESSEE EXERCISES ITS OPTION TO PURCHASE THE PRODUCT, IT IS SOLD IN IT'S THEN
`AS IS' CONDITION AT ITS LOCATION WHEN THE OPTION IS EXERCISED.

5. EARLY BUYOUT OPTION: At its option beginning with the fourth (4th) month
following the Rent Commencement Date, Lessee may purchase all of the Product in
its then "as is" condition at its location when the option is exercised. Except
for leases with Fair Market Value purchase options, the purchase price shall be
determine from the referenced Early Buyout Schedule. The early buyout purchase
price for leases with Fair Market Value purchase options shall be such that
Lessor's projected yield from the lease shall be preserved.

6. PRODUCT UPGRADE/ADD-ON: At its option but subject to Lessor's prior written
consent, Lessee may enhance or upgrade those items covered under this Schedule
by leasing additional or upgrade Product on a then currently marketed Lessor
upgrade program. Such additional or upgrade equipment shall be scheduled on a
new Product Schedule and Payment Agreement.

7. UPGRADE CREDIT: If this Schedule reflects an upgrade credit for Product to be
returned by Lessee, Lessee agrees to return such Equipment within thirty (30)
days of delivery and acceptance of the new Product acquired hereunder to
Lessor's remarketing facility.

8. FINANCING STATEMENT: Lessee hereby nominates and appoints Lessor as its
attorney-in-fact for the sole purpose of executing on Lessee's behalf financing
statements (and any appropriate amendments thereto) under the provisions of the
Uniform Commercial Code for protective purposes.

* CONFIDENTIAL TREATMENT REQUESTED

                                       11
<PAGE>

                                                    Quote Number   2002-80699
                                                    Oplink Communications, Inc.
                                                    Quote Date: APR 23, 1999
Quotation                                           Last Revised:04-23-99 18:40
                                                    Page 2 of 3

-------------------------------------------------------------------------------

  By execution hereof, the signer certifies that s/he has read this agreement
  and that s/he is duly authorized to execute this agreement on behalf of
  Lessee.

<TABLE>
<CAPTION>
LESSOR: AGILENT TECHNOLOGIES                                           LESSEE:  OPLINK COMMUNICATIONS, INC.

<S>                                                                    <C>
By:   /s/ Mary A. Anderson                                             By:  /s/ Lily Hsueh
   ----------------------------------                                       -------------------------------------------------
Name:  Mary A. Anderson                                                Name:  Lily Hsueh
   ----------------------------------                                       -------------------------------------------------
Title: Customer Finance Center Mgr      Date: 7/12/00                  Title:  VP - Finance & Admin.           Date:  5/31/00
      --------------------------------       ---------------                 ------------------------------         ---------

                                                                       (SECOND LESSEE AUTHORIZATION, IF NEEDED)

                                                                       By:
                                                                             ------------------------------------------------
                                                                       Name:
                                                                             ------------------------------------------------
                                                                       Title:                                  Date:
                                                                             -----------------------------          ---------
</TABLE>

                                       12

<PAGE>

--------------------------------------------------------------------------------
Agilent Technologies                             Financing Agreement No. AR1773A
Product Schedule &                                                       -------
Payment Agreement - Page 1 of 2                                   March 30, 2000
--------------------------------------------------------------------------------

<TABLE>
<S>                                     <C>               <C>                     <C>

COMPANY                      (1)        Full Legal Name: Oplink Communications, Inc.
INFORMATION:                            STREET ADDRESS:  3475 N. First St.
                                        CITY: San Jose                            COUNTY:
                                        STATE: CA                                 ZIP CODE: 95134
PLEASE USE THE FULL LEGAL NAME OF
YOUR COMPANY                            FEDERAL TAX I.D. #:
TAX STATUS                              CONTACT: Lily Hsueh                       PHONE: (408) 965-7266
(ATTACH DOCUMENTATION IF APPLICABLE)    |X| Taxable       |_| Direct Pay Permit          |_| Tax exempt
SALES/USE TAX                           |X| Paid Upfront  |_| Billed Upfront (financed)  |_| Billed with each payment
PERSONAL PROPERTY TAX                   |_| Include in rate  |_| Bill as additional  |X| Lessee pays directly  |_| Lessee is exempt

-----------------------------------------------------------------------------------------------------------------------------------
                                        STREET ADDRESS:  Same As Above
PRODUCT LOCATION             (2)        CITY:                                     COUNTY:
(IF OTHER THAN ABOVE)                   STATE:                                    ZIP CODE:
                                        STREET ADDRESS:  Same As Above

BILLING ADDRESS                         CITY:                                     COUNTY:
(IF OTHER THAN ABOVE)                   STATE:                                    ZIP CODE:
                                        CONTACT:                                  PHONE:
</TABLE>

--------------------------------------------------------------------------------
THIS SECTION BELOW IS TO BE COMPLETED BY YOUR AGILENT TECHNOLOGIES SALES TEAM.
--------------------------------------------------------------------------------
<TABLE>
<S>                                     <C>                                        <C>

OUR                          (3)
AGREEMENT                               |X| Master Lease #  AG000074
INCLUDES:                                                   --------
THE ITEMS CHECKED ARE INCORPORATED AND  |_| First Year Support Coverage           |_|  Multi Year Support Coverage
BY THIS REFERENCE MADE A PART OF THIS
AGREEMENT                               |_| Early Buyout Schedule dated           |_|
                                                                                       ------------------------------------------
                                        |-|                                       |-|
                                            -----------------------------------        ------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>

<S>                          <C>       <C>                                 <C>

THE                          (4)       *SEE ATTACHMENT FOR DETAIL
PRODUCT
SCHEDULE:                                         Net Price - Hardware          $[ * ]
                                                                           -----------
PLEASE ATTACH                                     Net Price - Software          $[ * ]
EQUIPMENT QUOTE                                                            -----------
OR COMPLETE THIS                             Total Net Price - Product          $[ * ]
SCHEDULE                                                                   -----------
                                                               Support          $[ * ]
[GRAPHIC]                                                                  -----------
                                                             Sales Tax          $[ * ]
                                                                           -----------
                                                           Downpayment          $[ * ]
                                                                           -----------
                                                Net Balance to Finance          $[ * ]
                                                                           -----------
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>

LEASE                        (5)          TERM        NUMBER OF PAYMENTS      PAYMENT FREQUENCY           PAYMENT AMOUNT
PAYMENTS:                              (IN MONTHS)                                                    (PLUS APPLICABLE TAXES)
<S>                                    <C>            <C>                     <C>                     <C>

                                           36                36                     MONTHLY                   $[ * ]
                                       -----------    ------------------      ----------------        -----------------------

                                       -----------    ------------------      ----------------        -----------------------

</TABLE>

*    CONFIDENTIAL TREATMENT REQUESTED

                                       13
<PAGE>

--------------------------------------------------------------------------------
Agilent Technologies                                              March 30, 2000
Product Schedule &
Payment Agreement - Page 2 of 2                  Financing Agreement No. AR1773A
                                                                         -------
--------------------------------------------------------------------------------
(6) THIS AGREEMENT       |X|  Lease     |_|  Installment     |_|
    IS FOR AN:                                                   --------------
                         |_|  Rental    |_|  Easy Rent       |_|
                                                                 --------------
--------------------------------------------------------------------------------

(7) 1. NON-CANCELLABLE: THIS AGREEMENT CANNOT BE CANCELLED OR TERMINATED EXCEPT
AS EXPRESSLY PROVIDED FOR HEREIN.

2. TERM. The term of this Schedule and Agreement for each Product covered
hereunder shall commence upon the date Lessor executes the same and shall expire
36 months following the "Rent Commencement Date" as defined in paragraph 2 of
the Financing Agreement, or on the expiration of any applicable renewal period.
However, if Lessee has executed this Schedule and the Product ordered has been
delivered prior to Lessor's execution thereof, the term of this Schedule and
Agreement shall be effective on the date of execution by Lessee.

3. INTEREST. [Applicable only to Installment sales and leases with $1.00 buy out
options]. The interest to be paid under this Schedule and Payment Agreement is
$[ * ].

4. PURCHASE, RENEWAL, RETURN OPTIONS: Provided that no event of default has
occurred and is continuing to occur at the end of the initial non-cancellable
lease term or subsequent renewal term, Lessee shall have the option to exercise
the following options by providing Lessor with at least sixty (60) days prior
written notice of its intent to:
(i) purchase all or some of the Product covered by this Agreement for:
(CHECK ONE)
|_| The then fair market value of each Product to be purchased. Lessor will
advise Lessee in writing as to the then applicable Fair Market Value for each
Product to be purchased;

                                       OR

|X| One Dollar ($1.00) for each Product (available only for State and Local
Government Leases or with special approval);

                                       OR

|_| Fixed Purchase Option of _____% of the original amount to finance of the
Product to be purchased (less discounts if applicable) plus any accrued late
charges and taxes applicable to the transfer of this Product.
(ii) Except for EasyRent, renew all or some of the Equipment covered by this
Agreement for an additional non-cancellable period of twelve (12) months for
the:

        |Net Price of Equipment to be Renewed|       |  Original   |
        |------------------------------------|   x   |Monthly x 75%|
        |    Total Net Price of Equipment    |       |  Payment    |

(iii) renew all or some of the Product covered by this Agreement on a
month-to-month basis for the:

            |Net Price of Equipment to be Renewed|       |Original|
            |------------------------------------|   x   | Monthly|
            |    Total Net Price of Equipment    |       | Payment|

(iv) return in accordance with the referenced Financing Agreement any Product
covered by this Schedule that is not purchased or renewed.

If Lessee fails to notify Lessor of its intentions at least sixty (60) days
prior to the expiration of this Schedule, it is agreed that Lessee shall renew
all of the Product covered hereunder in accordance with option (iii) above.
During the renewal period, Lessee may purchase all or some of the Product
covered hereunder for the price computed in accordance with option (i) above by
providing Lessor Sixty (60) days prior written notice.

If Lessee has selected a fixed-price purchase option, during the renewal period,
such purchase option shall be re-determined based on the total lease term.

IF LESSEE EXERCISES ITS OPTION TO PURCHASE THE PRODUCT, IT IS SOLD IN IT'S THEN
`AS IS' CONDITION AT ITS LOCATION WHEN THE OPTION IS EXERCISED.

5. EARLY BUYOUT OPTION: At its option beginning with the fourth (4th) month
following the Rent Commencement Date, Lessee may purchase all of the Product in
its then "as is" condition at its location when the option is exercised. Except
for leases with Fair Market Value purchase options, the purchase price shall be
determine from the referenced Early Buyout Schedule. The early buyout purchase
price for leases with Fair Market Value purchase options shall be such that
Lessor's projected yield from the lease shall be preserved.

6. PRODUCT UPGRADE/ADD-ON: At its option but subject to Lessor's prior written
consent, Lessee may enhance or upgrade those items covered under this Schedule
by leasing additional or upgrade Product on a then currently marketed Lessor
upgrade program. Such additional or upgrade equipment shall be scheduled on a
new Product Schedule and Payment Agreement.

7. UPGRADE CREDIT: If this Schedule reflects an upgrade credit for Product to be
returned by Lessee, Lessee agrees to return such Equipment within thirty (30)
days of delivery and acceptance of the new Product acquired hereunder to
Lessor's remarketing facility.

8. FINANCING STATEMENT: Lessee hereby nominates and appoints Lessor as its
attorney-in-fact for the sole purpose of executing on Lessee's behalf financing
statements (and any appropriate amendments thereto) under the provisions of the
Uniform Commercial Code for protective purposes.

*  CONFIDENTIAL TREATMENT REQUESTED

                                       14

<PAGE>

--------------------------------------------------------------------------------

(8) By execution hereof, the signer certifies that s/he has read this agreement
and that s/he is duly authorized to execute this agreement on behalf of Lessee.

LESSOR: AGILENT TECHNOLOGIES           LESSEE:  OPLINK COMMUNICATIONS, INC.

By:/S/ MARY A. ANDERSON                By: /S/ LILY HSUEH
   ----------------------------------      ------------------------------------
Name:/S/ MARY A. ANDERSON              Name: LILY HSUEH
     --------------------------------        ----------------------------------
Title: CUSTOMER FINANCE
       CENTER MGR.      Date:7/12/00   Title: VP--FINANCE & ADMIN.  Date:6/29/00
      ----------------       -------         ---------------------       -------

                                        (SECOND LESSEE AUTHORIZATION, IF NEEDED)

                                        By:
                                           ------------------------------------
                                        Name:
                                              ---------------------------------
                                        Title:                      Date:
                                              --------------------  ------------

                                       15

<PAGE>

--------------------------------------------------------------------------------
Agilent Technologies                             Financing Agreement No. AR1773A
Order List
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
          OPLINK P.O. #       QUOTE # / ORDER #        DOLLAR AMOUNT
<S>                           <C>                           <C>
          201093              1003-56743                    $[ * ]
          201324              2003-59530                    $[ * ]
          201400              24EG-10826-001                $[ * ]
          201499              5003-62544                    $[ * ]
          201500              0003-62479                    $[ * ]
          201501              0003-62484                    $[ * ]
          201502              0003-62484                    $[ * ]
          201503              0003-62483                    $[ * ]
          201539              0003-63210                    $[ * ]
          Total                                             $[ * ]

</TABLE>

* All products listed on Agilent Technologies order #'s or quote #'s are hereby
incorporated by this reference. This offer is contingent upon credit approval by
Lessor or Lessor reserves the right to change or revoke this offer based on
credit approval granted, if any.

--------------------------------------------------------------------------------
By execution hereof, the signer certifies that s/he has read this agreement and
that s/he is duly authorized to execute this agreement on behalf of Lessee.

LESSOR: AGILENT TECHNOLOGIES           LESSEE:  OPLINK COMMUNICATIONS, INC.

By:/S/ MARY A. ANDERSON                By: /S/ LILY HSUEH
   ----------------------------------      ------------------------------------
Name:/S/ MARY A. ANDERSON              Name: LILY HSUEH
     --------------------------------        ----------------------------------
Title: CUSTOMER FINANCE
       CENTER MGR.      Date:7/12/00   Title: VP--FINANCE & ADMIN.  Date:6/29/00
      ----------------       -------         ---------------------       -------

                                        (SECOND LESSEE AUTHORIZATION, IF NEEDED)

                                        By:
                                           ------------------------------------
                                        Name:
                                              ---------------------------------
                                        Title:                      Date:
                                              --------------------  ------------

                                       16<PAGE>

                                                                  Exhibit 10.31

                           OPLINK COMMUNICATIONS, INC.
                               INDEMNITY AGREEMENT

         THIS AGREEMENT is made and entered into this ____ day of _____________,
2000 by and between OPLINK COMMUNICATIONS, INC., a Delaware corporation (the
"Corporation"), and __________________ ("Agent").

                                    RECITALS

         WHEREAS, Agent performs a valuable service to the Corporation in his
capacity as _______________ of the Corporation;

         WHEREAS, the stockholders of the Corporation have adopted bylaws
(the "Bylaws") providing for the indemnification of the directors, officers,
employees and other agents of the Corporation, including persons serving at
the request of the Corporation in such capacities with other corporations or
enterprises, as authorized by the Delaware General Corporation Law, as
amended (the "Code");

         WHEREAS, the Bylaws and the Code, by their non-exclusive nature,
permit contracts between the Corporation and its agents, officers, employees
and other agents with respect to indemnification of such persons; and

         WHEREAS, in order to induce Agent to continue to serve as
________________ of the Corporation, the Corporation has determined and
agreed to enter into this Agreement with Agent;

         NOW, THEREFORE, in consideration of Agent's continued service as
___________________ after the date hereof, the parties hereto agree as
follows:

                                    AGREEMENT

         1.       SERVICES TO THE CORPORATION. Agent will serve, at the will
of the Corporation or under separate contract, if any such contract exists,
as __________________ of the Corporation or as a director, officer or other
fiduciary of an affiliate of the Corporation (including any employee benefit
plan of the Corporation) faithfully and to the best of his ability so long as
he is duly elected and qualified in accordance with the provisions of the
Bylaws or other applicable charter documents of the Corporation or such
affiliate; PROVIDED, HOWEVER, that Agent may at any time and for any reason
resign from such position (subject to any contractual obligation that Agent
may have assumed apart from this Agreement) and that the Corporation or any
affiliate shall have no obligation under this Agreement to continue Agent in
any such position.

         2.       INDEMNITY OF AGENT. The Corporation hereby agrees to hold
harmless and indemnify Agent to the fullest extent authorized or permitted by
the provisions of the Bylaws and the Code, as the same may be amended from
time to time (but, only to the extent that such amendment permits the
Corporation to provide broader indemnification rights than the Bylaws or the
Code permitted prior to adoption of such amendment).

                                       1.
<PAGE>

         3.       ADDITIONAL INDEMNITY. In addition to and not in limitation
of the indemnification otherwise provided for herein, and subject only to the
exclusions set forth in Section 4 hereof, the Corporation hereby further
agrees to hold harmless and indemnify Agent:

                  (a)      against any and all expenses (including attorneys'
fees), witness fees, damages, judgments, fines and amounts paid in settlement
and any other amounts that Agent becomes legally obligated to pay because of
any claim or claims made against or by him in connection with any threatened,
pending or completed action, suit or proceeding, whether civil, criminal,
arbitrational, administrative or investigative (including an action by or in
the right of the Corporation) to which Agent is, was or at any time becomes a
party, or is threatened to be made a party, by reason of the fact that Agent
is, was or at any time becomes a director, officer, employee or other agent
of Corporation, or is or was serving or at any time serves at the request of
the Corporation as a director, officer, employee or other agent of another
corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise; and

                  (b)      otherwise to the fullest extent as may be provided
to Agent by the Corporation under the non-exclusivity provisions of the Code
and the Bylaws.

         4.       LIMITATIONS ON ADDITIONAL INDEMNITY. No indemnity pursuant
to Section 3 hereof shall be paid by the Corporation:

                  (a)      on account of any claim against Agent solely for
an accounting of profits made from the purchase or sale by Agent of
securities of the Corporation pursuant to the provisions of Section 16(b) of
the Securities Exchange Act of 1934 and amendments thereto or similar
provisions of any federal, state or local statutory law;

                  (b)      on account of Agent's conduct that is established
by a final judgment as knowingly fraudulent or deliberately dishonest or that
constituted willful misconduct;

                  (c)      on account of Agent's conduct that is established
by a final judgment as constituting a breach of Agent's duty of loyalty to
the Corporation or resulting in any personal profit or advantage to which
Agent was not legally entitled;

                  (d)      for which payment is actually made to Agent under
a valid and collectible insurance policy or under a valid and enforceable
indemnity clause, bylaw or agreement, except in respect of any excess beyond
payment under such insurance, clause, bylaw or agreement;

                  (e)      if indemnification is not lawful (and, in this
respect, both the Corporation and Agent have been advised that the Securities
and Exchange Commission believes that indemnification for liabilities arising
under the federal securities laws is against public policy and is, therefore,
unenforceable and that claims for indemnification should be submitted to
appropriate courts for adjudication); or

                  (f)      in connection with any proceeding (or part
thereof) initiated by Agent, or any proceeding by Agent against the
Corporation or its directors, officers, employees or other agents, unless (i)
such indemnification is expressly required to be made by law, (ii) the

                                       2.
<PAGE>

proceeding was authorized by the Board of Directors of the Corporation, (iii)
such indemnification is provided by the Corporation, in its sole discretion,
pursuant to the powers vested in the Corporation under the Code, or (iv) the
proceeding is initiated pursuant to Section 9 hereof.

         5.       CONTINUATION OF INDEMNITY. All agreements and obligations
of the Corporation contained herein shall continue during the period Agent is
a director, officer, employee or other agent of the Corporation (or is or was
serving at the request of the Corporation as a director, officer, employee or
other agent of another corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise) and shall continue thereafter so
long as Agent shall be subject to any possible claim or threatened, pending
or completed action, suit or proceeding, whether civil, criminal,
arbitrational, administrative or investigative, by reason of the fact that
Agent was serving in the capacity referred to herein.

         6.       PARTIAL INDEMNIFICATION. Agent shall be entitled under this
Agreement to indemnification by the Corporation for a portion of the expenses
(including attorneys' fees), witness fees, damages, judgments, fines and
amounts paid in settlement and any other amounts that Agent becomes legally
obligated to pay in connection with any action, suit or proceeding referred
to in Section 3 hereof even if not entitled hereunder to indemnification for
the total amount thereof, and the Corporation shall indemnify Agent for the
portion thereof to which Agent is entitled.

         7.       NOTIFICATION AND DEFENSE OF CLAIM. Not later than thirty
(30) days after receipt by Agent of notice of the commencement of any action,
suit or proceeding, Agent will, if a claim in respect thereof is to be made
against the Corporation under this Agreement, notify the Corporation of the
commencement thereof; but the omission so to notify the Corporation will not
relieve it from any liability which it may have to Agent otherwise than under
this Agreement. With respect to any such action, suit or proceeding as to
which Agent notifies the Corporation of the commencement thereof:

                  (a)      the Corporation will be entitled to participate
therein at its own expense;

                  (b)      except as otherwise provided below, the
Corporation may, at its option and jointly with any other indemnifying party
similarly notified and electing to assume such defense, assume the defense
thereof, with counsel reasonably satisfactory to Agent. After notice from the
Corporation to Agent of its election to assume the defense thereof, the
Corporation will not be liable to Agent under this Agreement for any legal or
other expenses subsequently incurred by Agent in connection with the defense
thereof except for reasonable costs of investigation or otherwise as provided
below. Agent shall have the right to employ separate counsel in such action,
suit or proceeding but the fees and expenses of such counsel incurred after
notice from the Corporation of its assumption of the defense thereof shall be
at the expense of Agent unless (i) the employment of counsel by Agent has
been authorized by the Corporation, (ii) Agent shall have reasonably
concluded, and so notified the Corporation, that there is an actual conflict
of interest between the Corporation and Agent in the conduct of the defense
of such action or (iii) the Corporation shall not in fact have employed
counsel to assume the defense of such

                                       3.
<PAGE>

action, in each of which cases the fees and expenses of Agent's separate
counsel shall be at the expense of the Corporation. The Corporation shall not
be entitled to assume the defense of any action, suit or proceeding brought
by or on behalf of the Corporation or as to which Agent shall have made the
conclusion provided for in clause (ii) above; and

                  (c)      the Corporation shall not be liable to indemnify
Agent under this Agreement for any amounts paid in settlement of any action
or claim effected without its written consent, which shall not be
unreasonably withheld. The Corporation shall be permitted to settle any
action except that it shall not settle any action or claim in any manner
which would impose any penalty or limitation on Agent without Agent's written
consent, which may be given or withheld in Agent's sole discretion.

         8.       EXPENSES. The Corporation shall advance, prior to the final
disposition of any proceeding, promptly following request therefor, all
expenses incurred by Agent in connection with such proceeding upon receipt of
an undertaking by or on behalf of Agent to repay said amounts if it shall be
determined ultimately that Agent is not entitled to be indemnified under the
provisions of this Agreement, the Bylaws, the Code or otherwise.

         9.       ENFORCEMENT. Any right to indemnification or advances
granted by this Agreement to Agent shall be enforceable by or on behalf of
Agent in any court of competent jurisdiction if (i) the claim for
indemnification or advances is denied, in whole or in part, or (ii) no
disposition of such claim is made within ninety (90) days of request
therefor. Agent, in such enforcement action, if successful in whole or in
part, shall be entitled to be paid also the expense of prosecuting his claim.
It shall be a defense to any action for which a claim for indemnification is
made under Section 3 hereof (other than an action brought to enforce a claim
for expenses pursuant to Section 8 hereof, PROVIDED THAT the required
undertaking has been tendered to the Corporation) that Agent is not entitled
to indemnification because of the limitations set forth in Section 4 hereof.
Neither the failure of the Corporation (including its Board of Directors or
its stockholders) to have made a determination prior to the commencement of
such enforcement action that indemnification of Agent is proper in the
circumstances, nor an actual determination by the Corporation (including its
Board of Directors or its stockholders) that such indemnification is improper
shall be a defense to the action or create a presumption that Agent is not
entitled to indemnification under this Agreement or otherwise.

         10.      SUBROGATION. In the event of payment under this Agreement,
the Corporation shall be subrogated to the extent of such payment to all of
the rights of recovery of Agent, who shall execute all documents required and
shall do all acts that may be necessary to secure such rights and to enable
the Corporation effectively to bring suit to enforce such rights.

         11.      NON-EXCLUSIVITY OF RIGHTS. The rights conferred on Agent by
this Agreement shall not be exclusive of any other right which Agent may have
or hereafter acquire under any statute, provision of the Corporation's
Certificate of Incorporation or Bylaws, agreement, vote of stockholders or
directors, or otherwise, both as to action in his official capacity and as to
action in another capacity while holding office.

                                       4.
<PAGE>

         12.      SURVIVAL OF RIGHTS.

                  (a)      The rights conferred on Agent by this Agreement
shall continue after Agent has ceased to be a director, officer, employee or
other agent of the Corporation or to serve at the request of the Corporation
as a director, officer, employee or other agent of another corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise
and shall inure to the benefit of Agent's heirs, executors and administrators.

                  (b)      The Corporation shall require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business or assets of the Corporation,
expressly to assume and agree to perform this Agreement in the same manner
and to the same extent that the Corporation would be required to perform if
no such succession had taken place.

         13.      SEPARABILITY. Each of the provisions of this Agreement is a
separate and distinct agreement and independent of the others, so that if any
provision hereof shall be held to be invalid for any reason, such invalidity
or unenforceability shall not affect the validity or enforceability of the
other provisions hereof. Furthermore, if this Agreement shall be invalidated
in its entirety on any ground, then the Corporation shall nevertheless
indemnify Agent to the fullest extent provided by the Bylaws, the Code or any
other applicable law.

         14.      GOVERNING LAW. This Agreement shall be interpreted and
enforced in accordance with the laws of the State of Delaware.

         15.      AMENDMENT AND TERMINATION. No amendment, modification,
termination or cancellation of this Agreement shall be effective unless in
writing signed by both parties hereto.

         16.      IDENTICAL COUNTERPARTS. This Agreement may be executed in
one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute but one and the
same Agreement. Only one such counterpart need be produced to evidence the
existence of this Agreement.

         17.      HEADINGS. The headings of the sections of this Agreement
are inserted for convenience only and shall not be deemed to constitute part
of this Agreement or to affect the construction hereof.

         18.      NOTICES. All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given (i) upon delivery if delivered by hand to the party to whom such
communication was directed or (ii) upon the third business day after the date
on which such communication was mailed if mailed by certified or registered
mail with postage prepaid:

                  (a)      If to Agent, at the address indicated on the
signature page hereof.

                                       5.
<PAGE>

                  (b)      If to the Corporation, to:

                           Oplink Communications, Inc.
                           3469 North First Street
                           San Jose, CA  95134
                           ATTN: President

or to such other address as may have been furnished to Agent by the
Corporation.

         [The remainder of this page has been intentionally left blank.]

                                       6.
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Indemnity
Agreement on and as of the date set forth in the first paragraph hereof.

                                    OPLINK COMMUNICATIONS, INC.

                                    Signature:____________________________

                                    Print Name:___________________________

                                    Title:________________________________

                                    AGENT

                                    Signature:____________________________

                                    Print Name:___________________________

                                    Title:________________________________

                                    Address:______________________________

                                            ______________________________

                                       7.

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