Document:

exv10w25

Exhibit 10.25

EMULEX CORPORATION

2005 EQUITY INCENTIVE PLAN

AMENDMENT TO INCENTIVE STOCK OPTION AGREEMENTS

          This Amendment (the “Amendment”) to any and all Incentive Stock Option Agreements (the
“Agreements”) by and between Emulex Corporation, a Delaware corporation (the
“Company”), and the person named below as Optionee, is hereby entered into effective April
20, 2010. All capitalized terms used herein not otherwise defined shall have the same meanings
ascribed to them in the Agreements.

RECITALS

          WHEREAS, Optionee has been granted stock options to purchase from the Company common stock
(the “Shares”) pursuant to the Company’s 2005 Equity Incentive Plan (the “2005
Plan”), subject to the vesting restrictions set forth in the Agreements;

          WHEREAS, on November 19, 2008, the Board of Directors of the Company (the “Board”)
approved the Change in Control Retention Plan (the “Retention Plan”), effective November
20, 2008, and on January 15, 2009, the Compensation Committee of the Board approved amendments to
certain Key Employee Retention Agreements (“KERAs”), effective January 16, 2009, and
Optionee is either a participant in the Retention Plan or party to a KERA;

          WHEREAS, Section 5(a) of the Retention Plan and Section 5(a) of the KERAs, as amended,
provides that upon a Termination Event during a Change in Control Period (each as defined in the
Retention Plan), the right of a participant to vest in stock options held as of the termination
date shall be fully accelerated so that all grants of stock options received by the participant
shall thereafter be fully vested and non-forfeitable.

          WHEREAS, pursuant to Section 3.3 of the 2005 Plan, the Administrator has the authority, inter
alia, to amend outstanding awards granted under the 2005 Plan, including for the purpose of
modifying the time or manner of vesting and/or the term of any such award; and

          WHEREAS, pursuant to Section 12 of the Agreement, the parties desire to amend the Agreement so
that Optionee may benefit from the protections afforded in Section 5(a) of the Retention Plan or
Section 5(a) of the KERA, as applicable and consistent with maintaining qualification as an
incentive stock option, in the case that Optionee experiences a Termination Event during the Change
in Control Period.

AGREEMENTS

          NOW, THEREFORE, in consideration of the foregoing recitals and the covenants set forth herein,
the parties hereto hereby agree as follows:

          1. A new Section 14 shall be added to each of Optionee’s ISO Agreements as follows:

 

 

Term and Vesting of Stock Option under Change in Control Retention Plan or Key Employee
Retention Agreement. Notwithstanding the foregoing provisions of Section 4 and Section 5
hereof, this Section 14 shall apply in the event that Optionee experiences a Termination Event
during a Change in Control Period, as each of those terms is defined in the Company’s Change in
Control Retention Plan (the “Retention Plan”) or Optionee’s Key Employee Retention Agreement
(“KERA”).

          In the event Optionee’s employment is terminated by the Company (or its successor) without
Cause or by Optionee for Good Reason (as such terms are defined in the Retention Plan or the KERA,
as applicable), either (i) prior to a Change in Control (as defined in the Retention Plan or the
KERA, as applicable), at a time at which the Compensation Committee determines that there is a
reasonable likelihood that the Company will undergo a Change in Control within the next 12 months,
or (ii) within 24 months after a Change in Control, then the following provisions will apply:

          (a) Acceleration of Vesting. Any unvested portion of the Option shall not be forfeited at the
time Optionee’s employment is terminated, but rather, immediately shall become 100% vested.

          (b) Exercise Period. The Option shall remain outstanding and exercisable for a period of 3
months from the date of Optionee’s termination of employment, or, until 10 years from the Grant
Date (5 years from the Grant Date if, at the time the Option is granted, Optionee owns stock
possessing more than 10% of the total combined voting power of all classes of stock of the Company
or any of its parent or subsidiary corporations), whichever is sooner.

          3. Ratification and Affirmance. Subject to the foregoing, the parties hereto hereby
ratify and affirm the Agreements in each and every respect.

          IN WITNESS WHEREOF, the Company and Optionee have duly executed this Amendment, to be
effective as of April 20, 2010.

	 	 	 	 	 	 	 

	 	 	EMULEX CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:  	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	OPTIONEE	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 

2exv10w46

Exhibit 10.46

APPENDIX

EMULEX CORPORATION

AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT,

RESTRICTED STOCK UNIT AWARD AGREEMENT,

NONQUALIFIED STOCK OPTION AGREEMENT, AND

INCENTIVE STOCK OPTION AGREEMENT

FOR

CHANGE IN CONTROL RETENTION PLAN PARTICIPANTS

OR

EMPLOYEES COVERED BY A KEY EMPLOYEE RETENTION AGREEMENT

This Appendix includes additional and amended terms and conditions that govern the grant of
restricted stock awards, restricted stock units, nonqualified stock options, and incentive stock
options to Grantee/Optionee under the Emulex Corporation Amended and Restated 2005 Equity Incentive
Plan (the “Plan”) because Grantee/Optionee either is a designated participant in the Emulex Change
in Control Retention Plan (the “Retention Plan”) or is party to a Key Employee Retention Agreement
(“KERA”). Capitalized terms not otherwise defined herein shall have the same meanings ascribed to
them in the Plan, the Retention Plan, the KERA, the Restricted Stock Award Agreement (“RSA
Agreement”), the Restricted Stock Unit Award Agreement (“RSU Agreement”), the Nonqualified Stock
Option Agreement (“NQSO Agreement”), and the Incentive Stock Option Agreement (“ISO Agreement”) as
applicable.

ADDENDUM TO RESTRICTED STOCK AWARD AGREEMENT

	 	1.	 	Vesting. This provision supplements Section 3 of Grantee’s RSA Agreement by
adding the following provisions at the end thereof:

Notwithstanding the foregoing, in the event that Grantee’s Continuous Service is
terminated by the Company (or its successor) without Cause or by Grantee for Good
Reason (as such terms are defined in the Company’s Change in Control Retention Plan
(the “Retention Plan”) or Grantee’s Key Employee Retention Agreement (“KERA”), as
applicable), either (i) prior to a Change in Control (as defined in the Retention
Plan or the KERA, as applicable), at a time at which the Compensation Committee
determines that there is a reasonable likelihood that the Company will undergo a
Change in Control within the next 12 months, or (ii) within 24 months after a Change
in Control, then the following provisions will apply:

     (A) In the case of clause (i) above, any unvested shares shall not be forfeited
at the time Grantee’s Continuous Service is terminated, but rather, shall be
retained by Grantee and shall remain unvested, with no further vesting, for a period
of up to 12 months after Grantee’s Continuous Service. If a Change in Control
occurs during such 12-month period, the unvested shares immediately shall become
100% vested as provided in Section 5(a) of the Retention Plan or Section 5(a) of the
KERA, as applicable. If no Change in Control occurs during such 12-month period,
then the unvested shares shall be forfeited.

     (B) In the case of clause (ii) above, any unvested shares shall not be
forfeited at the time Grantee’s Continuous Service is terminated, but rather,
immediately shall become 100% vested as provided in Section 5(a) of the Retention
Plan or Section 5(a) of the KERA, as applicable.

	 	2.	 	No Right to Continued Service. The last sentence of Section 6 of Grantee’s RSA
Agreement is amended in its entirety to read as follows.

In the event Grantee’s Continuous Service with the Company is terminated by the Company,
by Grantee or as a result of Grantee’s death or disability, no unvested shares of Common
Stock shall
become vested after such termination of Continuous Service, except as explicitly
provided in Section 3 hereof.

 

 

ADDENDUM TO RESTRICTED STOCK UNIT AWARD AGREEMENT

Vesting. This provision supplements Section 3 of Grantee’s RSU Agreement by adding the
following provisions at the end thereof:

Notwithstanding the foregoing, in the event that Grantee’s Continuous Service is terminated
by the Company (or its successor) without Cause or by Grantee for Good Reason (as such terms
are defined in the Company’s Change in Control Retention Plan (the “Retention Plan”) or
Grantee’s Key Employee Retention Agreement (“KERA”), as applicable), either (i) prior to a
Change in Control (as defined in the Retention Plan or the KERA, as applicable), at a time
at which the Compensation Committee determines that there is a reasonable likelihood that
the Company will undergo a Change in Control within the next 12 months, or (ii) within 24
months after a Change in Control, then the following provisions will apply:

     (A) In the case of clause (i) above, any unvested Restricted Stock Units shall not be
forfeited at the time Grantee’s Continuous Service is terminated, but rather, shall be
retained by Grantee and shall remain unvested, with no further vesting, for a period of up
to 12 months after Grantee’s Continuous Service. If a Change in Control occurs during such
12-month period, the unvested Restricted Stock Units immediately shall become 100% vested as
provided in Section 5(a) of the Retention Plan or Section 5(a) of the KERA, as applicable.
If no Change in Control occurs during such 12-month period, then the unvested Restricted
Stock Units shall be forfeited.

     (B) In the case of clause (ii) above, any unvested Restricted Stock Units shall not be
forfeited at the time Grantee’s Continuous Service is terminated, but rather, immediately
shall become 100% vested as provided in Section 5(a) of the Retention Plan or Section 5(a)
of the KERA, as applicable.

ADDENDUM TO NONQUALIFIED STOCK OPTION AWARD AGREEMENT

A new Section 15 shall be added to Optionee’s NQSO Agreement as follows:

Term and Vesting of Stock Option under Change in Control Retention Plan or Key Employee
Retention Agreement.

Notwithstanding the foregoing provisions of Section 4 and Section 5 hereof, this Section 15
shall apply in the event that Optionee experiences a Termination Event during a Change in
Control Period, as each of those terms is defined in the Company’s Change in Control
Retention Plan (the “Retention Plan”) or Optionee’s Key Employee Retention Agreement
(“KERA”).

In the event Optionee’s employment is terminated by the Company (or its successor) without
Cause or by Optionee for Good Reason (as such terms are defined in the Retention Plan or the
KERA, as applicable), either (i) prior to a Change in Control (as defined in the Retention
Plan or the KERA, as applicable), at a time at which the Compensation Committee determines
that there is a reasonable likelihood that the Company will undergo a Change in Control
within the next 12 months, or (ii) within 24 months after a Change in Control, then the
following provisions will apply:

(a) Acceleration of Vesting.

     (A) In the case of clause (i) above, any unvested portion of the Option shall not be
forfeited at the time Optionee’s employment is terminated, but rather, shall be retained by
Optionee and shall remain unvested, with no further vesting, for a period of up to 12 months
after Optionee’s employment is terminated. If a Change in Control occurs during such
12-month period, the unvested portion of the Option immediately shall become 100% vested as
provided in Section 5(a) of the Retention Plan or Section 5(a) of the KERA, as applicable.
If no Change in Control occurs during such 12-month period, then the unvested portion of the
Option shall be forfeited.

     (B) In the case of clause (ii) above, any unvested portion of the Option shall not be
forfeited at the time Optionee’s employment terminated, but rather, immediately shall become
100% vested as provided in Section 5(a) of the Retention Plan or Section 5(a) of the KERA,
as applicable.

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(b) Extension of Exercise Period. In the event that the unvested portion of the Option is
accelerated pursuant to either Section 15(a)(A) or 15(a)(B), then, the Option shall remain
outstanding and exercisable for a period of 12 months from the later of the date of
Optionee’s termination of employment and the Change in Control, or, until 10 years from the
Grant Date, whichever is sooner.

ADDENDUM TO INCENTIVE STOCK OPTION AWARD AGREEMENT

A new Section 14 shall be added to Optionee’s ISO Agreement as follows:

Term and Vesting of Stock Option under Change in Control Retention Plan or Key Employee
Retention Agreement.

Notwithstanding the foregoing provisions of Section 4 and Section 5 hereof, this Section 14
shall apply in the event that Optionee experiences a Termination Event during a Change in
Control Period, as each of those terms is defined in the Company’s Change in Control
Retention Plan (the “Retention Plan”) or Optionee’s Key Employee Retention Agreement
(“KERA”).

In the event Optionee’s employment is terminated by the Company (or its successor) without
Cause or by Optionee for Good Reason (as such terms are defined in the Retention Plan or the
KERA, as applicable), either (i) prior to a Change in Control (as defined in the Retention
Plan or the KERA, as applicable), at a time at which the Compensation Committee determines
that there is a reasonable likelihood that the Company will undergo a Change in Control
within the next 12 months, or (ii) within 24 months after a Change in Control, then the
following provisions will apply:

(a) Acceleration of Vesting. Any unvested portion of the Option shall not be forfeited at
the time Optionee’s employment is terminated, but rather, immediately shall become 100%
vested.

(b) Exercise Period. The Option shall remain outstanding and exercisable for a period of 3
months from the date of Optionee’s termination of employment, or, until 10 years from the
Grant Date (5 years from the Grant Date if, at the time the Option is granted, Optionee owns
stock possessing more than 10% of the total combined voting power of all classes of stock of
the Company or any of its parent or subsidiary corporations), whichever is sooner.

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