Document:

"March 2010 Amendment"

 Exhibit 10.21 
 AMENDMENT TO LOAN DOCUMENTS 
 THIS AMENDMENT TO
LOAN DOCUMENTS (this “Amendment” or the “March 2010 Amendment”) is entered into as of March 15, 2010 (the “March 2010 Amendment Date”) by and between, on the one hand, SILICON VALLEY BANK, a California
corporation (“Bank”), and, on the other hand, ZTI Merger Subsidiary III, Inc., a Delaware corporation formerly known as Zhone Technologies, Inc. (“ZMS-III”, and also a “Borrower”), and Zhone Technologies, Inc., a
Delaware corporation formerly known as Tellium, Inc. (“Zhone”, and also a “Borrower”) (individually and collectively, and jointly and severally, “Borrower”). Borrower’s chief executive office is located at 7001
Oakport Street, Oakland, CA 94621. 
 RECITALS 
 A. Bank and Borrower are parties to that certain Second Amended and Restated Loan and Security Agreement with an Effective Date of
March 16, 2009 (as amended, modified, supplemented or restated, the “Non-Exim Loan Agreement”) in effect between Bank and Borrower, and that certain Loan and Security Agreement (EXIM FACILITY) with an Effective Date of March 16,
2009 (as amended, modified, supplemented or restated, the “Exim Loan Agreement”) in effect between Bank and Borrower. As used herein, the term “Loan Agreement” means, individually and collectively, the Non-Exim Loan Agreement and
the Exim Loan Agreement. Each of the terms “March 2010 Amendment” and “March 2010 Amendment Date”, as respectively defined above, hereby is incorporated into the Loan Agreement. 
 B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 C. Borrower has requested that Bank amend the Loan Agreement to: (i) modify the Revolving Line Maturity Date under each Loan
Agreement, as set forth in Section 2.1 below; (ii) increase the Maximum Combined Amount with respect to the Loan Agreement, as set forth in Section 2.2 below; (iii) in light of the modification referenced in the preceding clause
(ii), decrease the Maximum Revolver Amount under the Non-Exim Loan Agreement and increase the Maximum Revolver Amount under the Exim Loan Agreement, as set forth in Section 2.3 below; (iv) increase the Combined LC Sublimit with respect to
the Loan Agreement, as set forth in Section 2.4 below; (v) in light of the modification referenced in the preceding clause (iv), decrease the Letter of Credit Sublimit under the Non-Exim Loan Agreement and increase the Letter of Credit
Sublimit under the Exim Loan Agreement, as set forth in Section 2.5 below; (vi) modify the Borrowing Base under the Exim Loan Agreement and add a related definition of Permitted Hedged Foreign Currency to the Exim Loan Agreement, as set
forth in Section 2.6 below; (vii) modify the EBITDA financial covenant under the Loan Agreement, as set forth in Section 2.7 below; (viii) add certain provisions to Section 7.7 of the Loan Agreement with respect to the
Campus Real Estate Loan (as defined therein), as set forth in Section 2.8 below; (ix) consent to the proposed termination of existence of Xybridge Technologies, Inc. in accordance with the modifications set forth in Section 2.9 below;
and (x) acknowledge that the customary Letter of Credit fees referenced in Section 2.4(b) of each Loan Agreement include, without limitation, a 1.75% per annum Letter of Credit issuance/renewal fee, as set forth in Section 2.10
below; all as more fully set forth herein. 
  

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 D. Bank has agreed to so amend the Loan Agreement, but only to the extent, in
accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT 
 NOW, THEREFORE, in consideration
of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan
Agreement. 
 2. Amendments to Loan Documents. 
 2.1 Modification of Revolving Line Maturity Date. 
 (a) The definition of “Revolving Line Maturity Date” set forth in Section 13.1 of the Non-Exim Loan Agreement,
which definition currently reads as follows (italics added): 
 “Revolving Line Maturity
Date” is 364 days following the Effective Date. 
 hereby is amended and restated in its
entirety to read as follows: 
 “Revolving Line Maturity Date” is the earlier of March 15,
2011. 
 (b) The definition of “Revolving Line Maturity Date” set forth in Section 13.1 of the
Exim Loan Agreement, which definition currently reads as follows (italics added): 
 “Revolving Line
Maturity Date” is 364 days following the Effective Date. 
 hereby is amended and restated in
its entirety to read as follows: 
 “Revolving Line Maturity Date” is the earlier of
March 15, 2011. 
  

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 2.2 Modification of Maximum Combined Amount. 
 (a) The definition of “Maximum Combined Amount” set forth in Section 13.1 of the Non-Exim Loan Agreement,
which definition currently reads as follows (italics added): 
 “Maximum Combined
Amount” is $20,000,000. 
 hereby is amended and restated in its entirety to read as follows:

 “Maximum Combined Amount” is $25,000,000. 
 (b) The definition of “Maximum Combined Amount” set forth in Section 13.1 of the Exim Loan Agreement, which
definition currently reads as follows (italics added): 
 “Maximum Combined Amount” is
$20,000,000. 
 hereby is amended and restated in its entirety to read as follows: 
 “Maximum Combined Amount” is $25,000,000. 
 2.3 Modification (Decrease) of Maximum Revolver Amount under the Non-Exim Loan Agreement; Modification (Increase) of
Maximum Revolver Amount under the Exim Loan Agreement. 
 (a) The definition of “Maximum Revolver
Amount” set forth in Section 13.1 of the Non-Exim Loan Agreement, which definition currently reads as follows (italics added): 
 “Maximum Revolver Amount” is $10,000,000. 
 hereby is amended and restated in its entirety to read as follows: 
 “Maximum Revolver
Amount” is $5,000,000. 
 (b) The definition of “Maximum Revolver Amount” set forth in
Section 13.1 of the Exim Loan Agreement, which definition currently reads as follows (italics added): 
 “Maximum Revolver Amount” is $10,000,000. 
  

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 hereby is amended and restated in its entirety to read as follows:

 “Maximum Revolver Amount” is $20,000,000. 
 2.4 Modification (Increase) of Combined LC Sublimit. 
 (a) Section 2.1.5(a) of the Non-Exim Loan Agreement, which currently reads as follows (italics added): 
 (a) Anything herein to the contrary notwithstanding, the sum of (i) the aggregate face amount of outstanding Letters
of Credit (including drawn but unreimbursed Letters of Credit) under this Agreement, plus any Letter of Credit Reserve under this Agreement, plus (ii) the aggregate face amount of outstanding “Letters of Credit” (including drawn but
unreimbursed “Letters of Credit”) under the Exim Loan Agreement, plus any “Letter of Credit Reserve” under the Exim Loan Agreement, shall not exceed $7,000,000 (the “Combined LC
Sublimit”). 
 hereby is amended and restated in its entirety to read as follows: 

(a) Anything herein to the contrary notwithstanding, the sum of (i) the aggregate face amount of outstanding Letters
of Credit (including drawn but unreimbursed Letters of Credit) under this Agreement, plus any Letter of Credit Reserve under this Agreement, plus (ii) the aggregate face amount of outstanding “Letters of Credit” (including drawn but
unreimbursed “Letters of Credit”) under the Exim Loan Agreement, plus any “Letter of Credit Reserve” under the Exim Loan Agreement, shall not exceed $25,000,000 (the “Combined LC Sublimit”). 
 (b) Section 2.1.5(a) of the Exim Loan Agreement, which currently reads as follows (italics added): 
 (a) Anything herein to the contrary notwithstanding, the sum of (i) the aggregate face amount of outstanding Letters
of Credit (including drawn but unreimbursed Letters of Credit) under this Agreement, plus any Letter of Credit Reserve under this Agreement, plus (ii) the aggregate face amount of outstanding “Letters of Credit” (including drawn but
unreimbursed “Letters of Credit”) under the Exim Loan Agreement, plus any “Letter of Credit Reserve” under the Exim Loan Agreement, shall not exceed $7,000,000 (the “Combined LC
Sublimit”). 
  

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 hereby is amended and restated in its entirety to read as follows:

 (a) Anything herein to the contrary notwithstanding, the sum of (i) the aggregate face amount of
outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) under this Agreement, plus any Letter of Credit Reserve under this Agreement, plus (ii) the aggregate face amount of outstanding “Letters of Credit”
(including drawn but unreimbursed “Letters of Credit”) under the Exim Loan Agreement, plus any “Letter of Credit Reserve” under the Exim Loan Agreement, shall not exceed $25,000,000 (the “Combined LC
Sublimit”). 
 2.5 Modification (Decrease) of Letters of Credit Sublimit under the Non-Exim Loan
Agreement; Modification (Increase) of Letters of Credit Sublimit under the Exim Loan Agreement. 
 (a) The
portion of Section 2.1.2(a) of the Non-Exim Loan Agreement that currently reads as follows (italics added): 
 The
aggregate face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), plus any Letter of Credit Reserves, under this Agreement may not exceed $7,000,000, subject to the Combined LC Sublimit
set forth in Section 2.1.5(a). 
 hereby is amended and restated in its entirety to read as follows:

 The aggregate face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), plus any
Letter of Credit Reserves, under this Agreement may not exceed $5,000,000, subject to the Combined LC Sublimit set forth in Section 2.1.5(a). 
 (b) Section 2.1.5(a) of the Exim Loan Agreement, which currently reads as follows (italics added): 
 The aggregate face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), plus any Letter of Credit Reserves, under this Agreement may not exceed
$7,000,000, subject to the Combined LC Sublimit set forth in Section 2.1.5(a). 
 hereby is amended and restated in its entirety to read as follows: 
 The aggregate face amount of outstanding Letters
of Credit (including drawn but unreimbursed Letters of Credit), plus any Letter of Credit Reserves, under this Agreement may not exceed $20,000,000, subject to the Combined LC Sublimit set forth in Section 2.1.5(a). 
  

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 2.6 Modification of Definition of “Borrowing Base” under the
Exim Loan Agreement; Related Addition of Definition of “Permitted Hedged Foreign Currency” under the Exim Loan Agreement. 
 (a) The definition of “Borrowing Base” set forth in Section 13.1 of the Exim Loan Agreement, which definition currently reads as follows (italics added): 
 “Borrowing Base” is, as of any date of determination, 90% (the “Eligible Accounts Advance
Rate” and also an “Advance Rate”) of the net amount of Borrower’s Eligible Accounts (as determined by Bank from Borrower’s most recent Transaction Report). The foregoing notwithstanding, Bank may decrease any one or more
Advance Rates in its good faith business judgment based on events, conditions, contingencies, or risks which, as determined by Bank, may adversely affect Collateral. 
 hereby is amended and restated in its entirety to read as follows: 
 “Borrowing Base” is, as of any date of determination, the sum of (i) 90% (the “Eligible Accounts
Standard Advance Rate” and also an “Advance Rate”) of the net amount of Borrower’s Eligible Accounts (as determined by Bank from Borrower’s most recent Transaction Report) that are both invoiced and paid in Dollars or
Permitted Hedged Foreign Currencies; and (ii) 70% (the “Eligible Accounts Non-Standard Advance Rate” and also an “Advance Rate”) of the net amount of Borrower’s Eligible Accounts (as determined by Bank from
Borrower’s most recent Transaction Report) that are not both invoiced and paid in Dollars or Permitted Hedged Foreign Currencies. The foregoing notwithstanding, Bank may decrease any one or more Advance Rates in its good faith business judgment
based on events, conditions, contingencies, or risks which, as determined by Bank, may adversely affect Collateral. 
 (b) The following definition of “Permitted Hedged Foreign Currency” hereby is added (in proper alphabetical order) to Section 13.1 of the Exim Loan Agreement: 
 “Permitted Hedged Foreign Currency” is, as of any date of determination, any Foreign Currency that is
hedged vis-à-vis the Dollar pursuant to currency hedging transactions of Borrower then currently in effect and satisfactory to both Bank and Exim Bank in their respective good faith business judgment. Borrower shall provide, promptly upon
written request of Bank or Exim Bank, evidence in reasonable detail of the currency hedging transactions of Borrower then currently in effect in respect of any Foreign Currency that Borrower desires to be treated as a Permitted Hedged Foreign
Currency hereunder. 
  

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 2.7 Modification of EBITDA Financial Covenant. 
 (a) Section 6.9(b) of the Non-Exim Loan Agreement that currently reads as follows (italics added): 
 (b) Required EBITDA for any 2 Consecutive Fiscal Quarters. For each EBITDA Test Period (as defined below),
Borrower shall achieve EBITDA of not less than the required amount set forth below [note: amounts shown below within pointed brackets ( < $ > ) are negative amounts]: 
  

				
	 EBITDA Test Period
ending on:
	  	Minimum
EBITDA Amount
	 March 31, 2009
	  	<$	9,000,000.00>
	 June 30, 2009
	  	<$	6,400,000.00>
	 September 30, 2009
	  	<$	1,400,000.00>
	 December 31, 2009
	  	$	1,400,000.00
	 March 31, 2010
	  	$	2,000,000.00

 As used herein, the term “EBITDA Test Period” means the 2 consecutive fiscal quarter period then or most recently ended. 
 hereby is amended and restated in its entirety to read as follows: 
 (b) Required EBITDA for any Fiscal Quarter. For each fiscal quarter of Borrower ending on or after March 31, 2010, Borrower shall achieve EBITDA of not less than the required amount set forth below [note: amounts shown below
within pointed brackets ( < $ > ) are negative amounts]: 
  

				
	 Fiscal quarter ending on:
	  	Minimum
EBITDA Amount
	 March 31, 2010
	  	<$	2,500,000.00>
	 June 30, 2010
	  	<$	2,000,000.00>
	 September 30, 2010
	  	<$	500,000.00>
	 December 31, 2010
	  	$	1.00

  

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 (b) Section 6.9(b) of the Exim Loan Agreement that currently reads as
follows (italics added): 
 (b) Required EBITDA for any 2 Consecutive Fiscal Quarters. For each EBITDA
Test Period (as defined below), Borrower shall achieve EBITDA of not less than the required amount set forth below [note: amounts shown below within pointed brackets ( < $ > ) are negative amounts]: 
  

				
	 EBITDA Test Period
ending on:
	  	Minimum
EBITDA Amount
	 March 31, 2009
	  	<$	9,000,000.00>
	 June 30, 2009
	  	<$	6,400,000.00>
	 September 30, 2009
	  	<$	1,400,000.00>
	 December 31, 2009
	  	$	1,400,000.00
	 March 31, 2010
	  	$	2,000,000.00

 As used herein, the term “EBITDA Test Period” means the 2 consecutive fiscal quarter period then or most recently ended. 
  

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 hereby is amended and restated in its entirety to read as follows:

 (b) Required EBITDA for any Fiscal Quarter. For each fiscal quarter of Borrower ending on or after
March 31, 2010, Borrower shall achieve EBITDA of not less than the required amount set forth below [note: amounts shown below within pointed brackets ( < $ > ) are negative amounts]: 
  

				
	 Fiscal quarter ending on:
	  	Minimum
EBITDA Amount
	 March 31, 2010
	  	<$	2,500,000.00>
	 June 30, 2010
	  	<$	2,000,000.00>
	 September 30, 2010
	  	<$	500,000.00>
	 December 31, 2010
	  	$	1.00

 2.8
Modification of Section 7.7 of the Non-Exim Loan Agreement with respect to the Campus Real Estate Loan; Modification of Section 7.7 of the Exim Loan Agreement with respect to the Campus Real Estate Loan. 
 (a) The portion of Section 7.7 of the Non-Exim Loan Agreement that currently reads as follows (italics added):

 With respect to the real estate loan of Campus secured by the real property used by Borrower, Borrower may make
Investments in Campus solely for the purpose of funding, when due, regularly scheduled principal and interest payments in respect of such real estate loan, provided that (i) no Event of Default has occurred and is continuing or would result
therefrom, and (ii) after giving pro forma effect to such Investment, Borrower would be in compliance with the financial covenant(s) in Section 6.9. 
 hereby is amended and restated in its entirety to read as follows: 
 With respect to the real estate loan of Campus secured by the real property used by Borrower (the “Campus Real Estate Loan”),
Borrower may make Investments in Campus solely for the purpose of funding, when due, regularly scheduled principal and interest payments in respect of the Campus Real Estate Loan, provided that (i) no Event of Default has occurred and is
continuing or would result therefrom, and (ii) after giving pro forma effect to such Investment, Borrower would be in compliance with the financial covenant(s) in Section 6.9. Borrower hereby represents and warrants that the current
maturity date of the Campus Real Estate Loan is April 1, 2011, and Borrower hereby covenants and agrees that, no

  

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later than January 5, 2011, Borrower shall restructure the Campus Real Estate Loan on terms and conditions (including with respect to an extended maturity date) satisfactory to Bank in
Bank’s good faith business judgment and shall deliver to Bank evidence (satisfactory to Bank in Bank’s good faith business judgment) that the Campus Real Estate Loan as so restructured is and shall be in full force and effect. 

(b) The portion of Section 7.7 of the Exim Loan Agreement that currently reads as follows (italics added):

 With respect to the real estate loan of Campus secured by the real property used by Borrower, Borrower may make
Investments in Campus solely for the purpose of funding, when due, regularly scheduled principal and interest payments in respect of such real estate loan, provided that (i) no Event of Default has occurred and is continuing or would result
therefrom, and (ii) after giving pro forma effect to such Investment, Borrower would be in compliance with the financial covenant(s) in Section 6.9. 
 hereby is amended and restated in its entirety to read as follows: 
 With respect to the real estate loan of Campus secured by the real property used by Borrower (the “Campus Real Estate Loan”),
Borrower may make Investments in Campus solely for the purpose of funding, when due, regularly scheduled principal and interest payments in respect of the Campus Real Estate Loan, provided that (i) no Event of Default has occurred and is
continuing or would result therefrom, and (ii) after giving pro forma effect to such Investment, Borrower would be in compliance with the financial covenant(s) in Section 6.9. Borrower hereby represents and warrants that the current
maturity date of the Campus Real Estate Loan is April 1, 2011, and Borrower hereby covenants and agrees that, no later than January 5, 2011, Borrower shall restructure the Campus Real Estate Loan on terms and conditions (including with
respect to an extended maturity date) satisfactory to Bank in Bank’s good faith business judgment and shall deliver to Bank evidence (satisfactory to Bank in Bank’s good faith business judgment) that the Campus Real Estate Loan as so
restructured is and shall be in full force and effect. 
 2.9 Provisions regarding Termination of Existence of
Xybridge. 
 (a) Borrower hereby covenants and agrees that Xybridge Technologies, Inc., a Texas corporation
(“Xybridge”), at all times during the period commencing on the March 2010 Amendment Date and ending (if ever) on the date that Xybridge’s legal existence has terminated in accordance with applicable law: (i) has, and shall have,
no material assets; (ii) does not, and shall not, conduct any business activity;

  

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and (iii) does not receive, and shall not receive, any funds or other assets from any Borrower or Guarantor or affiliate of any Borrower or Guarantor (other than in the form of expenditure
by such parties of funds solely for the purpose of administratively winding up and dissolving Xybridge). Borrower hereby further represents and warrants that Borrower intends to cause the winding up, dissolution, and termination of existence of
Xybridge in accordance with applicable law no later than December 31, 2010, and Borrower hereby covenants and agrees to deliver to Bank evidence (satisfactory to Bank in its good faith business judgment) of such termination of existence of
Xybridge, promptly and in any event within 10 Business Days following the effective date of such termination. 
 (b) Bank and Borrower hereby agree (and Guarantor hereby acknowledges and agrees) that, anything in the Loan Documents to the contrary notwithstanding, but subject to Section 2.9(a) above: (i) Borrower shall be permitted to cause
the winding up, dissolution, and termination of existence of Xybridge in accordance with applicable law (evidence of which termination shall be provided to Bank in accordance with Section 2.9(a) above); (ii) Xybridge may continue to have a
“forfeited existence” entity status with the Texas Secretary of State and not be in good standing with the Texas Comptroller of Public Accounts, in each case until such termination of existence of Xybridge; (iii) Xybridge is no longer
a Material Guarantor or a Material Domestic Subsidiary; (iv) Xybridge is and remains a Guarantor until the date that Xybridge’s legal existence has terminated in accordance with applicable law; (v) the termination of Xybridge’s
legal existence in accordance with applicable law shall not constitute an Event of Default under Section 8.10 of each of the Non-Exim Loan Agreement and the Exim Loan Agreement; (vi) the Loan Documents are hereby deemed modified to
reflect, as applicable, this Section 2.9; and (vii) each Guarantor hereby reaffirms its respective obligations under the Guaranty and other applicable Loan Documents. 
 2.10 Modification of Section 2.4(b) of each Loan Agreement. 
 (a) Section 2.4(b) of the Non-Exim Loan Agreement, which currently reads as follows (italics added): 
 (b) Letter of Credit Fee. Bank’s customary fees and expenses for the issuance or renewal of Letters of
Credit, upon the issuance, each anniversary of the issuance, and the renewal, of any such Letter of Credit by Bank. 
 hereby is amended and restated in its entirety to read as follows: 
 (b) Letter of Credit Fee.
Bank’s customary fees and expenses for the issuance or renewal of Letters of Credit, including, without limitation, a Letter of Credit Fee of 1.75% per annum of the face amount of each Letter of Credit issued, upon the issuance, each
anniversary of the issuance, and the renewal, of any such Letter of Credit by Bank. 
  

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 (b) Section 2.4(b) of the Exim Loan Agreement, which currently reads as
follows (italics added): 
 (b) Letter of Credit Fee. Bank’s customary fees and expenses for the
issuance or renewal of Letters of Credit, upon the issuance, each anniversary of the issuance, and the renewal, of any such Letter of Credit by Bank. 
 hereby is amended and restated in its entirety to read as follows: 
 (b) Letter of Credit Fee. Bank’s customary fees and expenses for the issuance or renewal of Letters of Credit, including, without limitation, a Letter of Credit Fee of 1.75% per annum of the face amount of each Letter of
Credit issued, upon the issuance, each anniversary of the issuance, and the renewal, of any such Letter of Credit by Bank. 
 3. Limitation of Amendments. 
 3.1 The amendments set forth in Section 2,
above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or
(b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document, as amended. 
 3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions,
representations, warranties, covenants and agreements set forth in the Loan Documents (as amended by this Amendment, as applicable) are hereby ratified and confirmed and shall remain in full force and effect. 
 4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to
Bank as follows: 
 4.1 Immediately after giving effect to this Amendment, (a) the representations
and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and
correct as of such date), and (b) no Event of Default has occurred and is continuing; 
 4.2 Borrower
has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Documents, as amended by this Amendment; 
  

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 4.3 The certificate of incorporation of Borrower delivered to Bank on
the Effective Date remain true, accurate and complete and have not been otherwise amended, supplemented or restated and are and continue to be in full force and effect; 
 4.4 The execution, delivery and performance by Borrower of this Amendment have been duly authorized, and do not
(i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law, (iii) contravene, conflict or violate, in any material respect,
any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any its Subsidiaries or any of their property or assets (other than immaterial property and immaterial assets) may be
bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and
effect), or (v) constitute an event of default under any material agreement by which Borrower is bound; and 
 4.5 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 
 5. Release by Borrower and Guarantor. Each of Borrower and Guarantor (individually and collectively, “Obligor”) hereby agree as follows: 
 5.1 FOR GOOD AND VALUABLE CONSIDERATION, Obligor hereby forever relieves, releases, and discharges Bank and its
present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action,
of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever connected with or related to facts, circumstances, issues,
controversies or claims existing or arising from the beginning of time through and including the date of execution of this Amendment (collectively “Released Claims”). Without limiting the foregoing, the Released Claims shall include
any and all liabilities or claims arising out of or in any manner whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or documents executed in connection with any of the foregoing or the
origination, negotiation, administration, servicing and/or enforcement of any of the foregoing. 
 5.2 In
furtherance of this release, Obligor expressly acknowledges and waives any and all rights under Section 1542 of the California Civil Code, which provides as follows: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR EXPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY
AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” (Emphasis added.) 
  

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 5.3 By entering into this release, Obligor recognizes that no facts
or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Obligor hereby to fully, finally and forever
settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected; accordingly, if Obligor should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any
understanding of the facts was incorrect, Obligor shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Obligor acknowledges that it is not relying
upon and has not relied upon any representation or statement made by Bank with respect to the facts underlying this release or with regard to any of such party’s rights or asserted rights. 
 5.4 This release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any
action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Obligor acknowledges that the release contained herein constitutes a material inducement to Bank to enter into this Amendment, and that Bank
would not have done so but for Bank’s expectation that such release is valid and enforceable in all events. 
 5.5 Obligor hereby represents and warrants to Bank, and Bank is relying thereon, as follows: 
 (a) Except as expressly stated in this Amendment, neither Bank nor any agent, employee or representative of Bank has made any statement or representation to Obligor regarding any fact relied upon by Obligor in entering into this
Amendment. 
 (b) Obligor has made such investigation of the facts pertaining to this Amendment and all of
the matters appertaining thereto, as it deems necessary. 
 (c) The terms of this Amendment are
contractual and not a mere recital. 
 (d) This Amendment has been carefully read by Obligor, the contents
hereof are known and understood by Obligor, and this Amendment is signed freely, and without duress, by Obligor. 
  

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 (e) Obligor represents and warrants that it is the sole and lawful
owner of all right, title and interest in and to every claim and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to any person, firm or entity any claims or
other matters herein released. Obligor shall indemnify Bank, defend and hold it harmless from and against all claims based upon or arising in connection with prior assignments or purported assignments or transfers of any claims or matters released
herein. 
 6. Fee. In consideration for Bank entering into this Amendment, Borrower shall pay Bank a fee in the mutually
agreed amount of $200,000.00, which fee shall be earned in full and payable concurrently with the execution and delivery of this Amendment. Such fee shall be non-refundable and in addition to all interest and other fees payable to Bank under
the Loan Documents. Bank is authorized to charge such fee to Borrower’s loan account. 
 7. Bank Expenses.
Borrower shall pay to Bank, when due, all Bank Expenses (including reasonable attorneys’ fees and expenses), when due, incurred in connection with or pursuant to this Amendment. 
 8. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together
shall be deemed to constitute one and the same instrument. 
 9. Effectiveness; Conditions Precedent to Initial Credit
Extension on or after the March 2010 Amendment Date. This Amendment shall be deemed effective upon the due execution and delivery by each party hereto to Bank of this Amendment. Bank’s obligation to make the initial Credit Extension
on or after the March 2010 Amendment Date is subject to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, the following documents, duly executed and in full force and effect: 
 (a) the updated Exim Borrower Agreement (including the Economic Impact Certification, attached both as Annex B to the Exim
Borrower Agreement and as Annex E to the Master Guaranty Agreement comprising the Exim Guaranty); it being acknowledged and agreed that such updated Exim Borrower Agreement, when executed and delivered, amends and restates (and is in identical form
to) the prior Exim Borrower Agreement dated as of March 16, 2009. 
 10. Post-March 2010 Amendment Date Delivery
Requirement. In order to induce Bank to execute and deliver this Amendment without prior or concurrent receipt of the following documents, Borrower and Guarantor hereby covenant and agree to deliver to Bank, as soon as practicable but in
any event no later than 60 days following the March 2010 Amendment Date, the following documents, duly executed and in full force and effect: 
 (a) the completed updated Borrowing Resolutions for Borrower, and the completed updated certified resolutions and incumbency certificate of Guarantor, in each case in form and substance substantially
identical to such documents executed and delivered by Borrower and Guarantor, respectively, in March 2009. 
 [Remainder of page
intentionally left blank; signature page immediately follows.] 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and delivered as of the date first written above. 
  

									
	BANK:	 		 	BORROWER:
			
	Silicon Valley Bank	 		 	ZTI MERGER SUBSIDIARY III, INC.,
a Delaware corporation
					
	By	 	/s/ RICK FREEMAN	 		 	By	 	/s/ KIRK MISAKA
	Name	 	Rick Freeman	 		 	Name	 	Kirk Misaka
	Title	 	Relationship Manager	 		 	Title	 	Chief Financial Officer
				
		 		 		 	ZHONE TECHNOLOGIES, INC.,
a Delaware corporation
					
		 		 		 	By	 	/s/ KIRK MISAKA
		 		 		 	Name	 	Kirk Misaka
		 		 		 	Title	 	Chief Financial Officer

 {Consent of Guarantors
immediately follows} 
 Signature Page 

 CONSENT 
 Each of the undersigned hereby expressly agrees to Sections 2.9 and 5 and 10 of the foregoing Amendment and acknowledges that its consent to the rest of the foregoing Amendment is not required, but the
undersigned nevertheless does hereby agree and consent to the entire foregoing Amendment and to the documents and agreements referred to therein and to all future modifications and amendments thereto, and any termination thereof, and to any and all
other present and future documents and agreements between or among the foregoing parties. Nothing herein shall in any way limit any of the terms or provisions of the Guaranty, the Guarantor Security Agreement, or any other Loan Documents, executed
by the undersigned, all of which are hereby ratified and affirmed. 
 GUARANTOR: 
  

									
	Paradyne Corporation	 		 	Paradyne Networks, Inc.
					
	By	 	/s/ KIRK MISAKA	 		 	By	 	/s/ KIRK MISAKA
	Name	 	Kirk Misaka	 		 	Name	 	Kirk Misaka
	Title	 	Chief Financial Officer	 		 	Title	 	Chief Financial Officer
			
	Premisys Communications, Inc.	 		 	Xybridge Technologies, Inc.
					
	By	 	/s/ KIRK MISAKA	 		 	By	 	/s/ KIRK MISAKA
	Name	 	Kirk Misaka	 		 	Name	 	Kirk Misaka
	Title	 	Chief Financial Officer	 		 	Title	 	Chief Financial Officer
				
	Zhone Technologies International, Inc.	 		 		 	
					
	By	 	/s/ KIRK MISAKA	 		 		 	
	Name	 	Kirk Misaka	 		 		 	
	Title	 	Chief Financial OfficerEmployment Agreement - Kevin Lewis

 Exhibit 10.2(d) 
 January 5, 2009 
 Kevin Lewis 
 4751 Grapevine Terrace 
 Fort Worth, Texas 76123 
 Dear Kevin: 
 Blockbuster Inc.
(“Blockbuster”), 1201 Elm Street, Dallas, Texas 75270, agrees to employ you and you agree to accept employment with Blockbuster upon the following terms and conditions (the “Agreement”): 
 1. Term. The term of this Agreement shall be one (1) year and shall commence on January 5, 2009 (the “Commencement
Date”, but will be automatically renewed on March 1 of each year for a one (1) year term commencing on the date of automatic renewal, unless terminated by Blockbuster pursuant to Paragraph 8(a) or (b) or otherwise. As used in
this Agreement, the “Term” refers to the period beginning on the initial Commencement Date of this Agreement and for one (1) year thereafter or, if the term of your employment has been automatically renewed pursuant to this Paragraph
1, the period beginning on the date of automatic renewal and ending on the first anniversary of the date of automatic renewal, notwithstanding any earlier termination pursuant to Paragraph 8(a) or (b) or otherwise. 
 2. Duties. You agree to devote your entire business time, attention and energies to the business of Blockbuster and its subsidiaries
during your employment. You will be SVP Digital of Blockbuster, and you agree to perform all duties reasonable and consistent with that or such comparable office as the Chairman and CEO of Blockbuster or other individual designated by the Chief
Executive Officer (the “CEO”) of Blockbuster may assign to you from time to time. 
 3. Compensation.

 (a) Salary. For all the services rendered by you in any capacity under this Agreement, Blockbuster agrees to pay you
$29,166.67 Dollars a month in base salary (“Salary”), less applicable deductions and withholding taxes, in accordance with Blockbuster’s payroll practices as they may exist from time to time. 
 (b) Bonus Compensation. You also will receive bonus compensation (“Bonus”) in accordance with Blockbuster’s Short-Term
Incentive Plan or, if applicable, Blockbuster’s Senior Executive Short-Term Incentive Plan, each as may be amended from time to time (either of such plans, as applicable, to be hereinafter referred to as the “STIP”) and as follows:

  

	 	(i)	 Your target bonus (“Target Bonus”) for each calendar year will be 40% of your Salary on November 1st of the calendar year; provided that, for any years in which you are
a participant in Blockbuster’s Senior Executive Short-Term Incentive Plan, for purposes of this Section 3(b)(i), your Target Bonus will be based on your Salary as defined in such plan. Your Bonus may be prorated for any portion of the
calendar year that you were employed under this Agreement. 

 Kevin Lewis 
 January 5, 2009 
  Page
 2
 
  

	 	(ii)	Your Bonus for any calendar year will be payable, less applicable deductions and withholding taxes, by the end of the first quarter of the following year.

 4. Benefits. You will participate in such vacation, medical, dental, life insurance, long-term
disability insurance, 401(k), long-term incentive and other plans as Blockbuster may have or establish from time to time and in which you would be entitled to participate under the terms of the plan. This provision, however, will not be construed to
either require Blockbuster to establish any welfare, compensation or long-term incentive plans, or to prevent the modification or termination of any plan once established, and no action or inaction with respect to any plan will affect this
Agreement. 
 5. Business Expenses; Car Allowance and Insurance. During your employment under this Agreement, Blockbuster
will reimburse you for such reasonable travel and other business expenses incurred in the performance of your duties, provided that you can present Blockbuster with adequate substantiation of such expenses, and consistent with Blockbuster’s
then applicable expense reimbursement policies for Blockbuster executives at comparable position levels, but in no event shall a reimbursement be paid to you later than March 15th of the taxable year following the year in which the applicable
expense was incurred. You will receive a car allowance and car insurance for one (1) vehicle in accordance with Blockbuster’s policies, as same may be amended from time to time. 
 6. Non-Competition, Confidential Information, Etc. 
 (a) Non-Competition. You agree that your employment with Blockbuster is on an exclusive basis and that, while you are employed by Blockbuster, you will not engage in any other business activity
which is in conflict with your duties and obligations (including your commitment of time) under this Agreement. You agree that, during the Non-Compete Period (as defined below), you will not directly or indirectly engage in or participate as an
owner, partner, stockholder, officer, employee, director, agent of or consultant for any Blockbuster Competitor (as defined below) and will perform no services for a Blockbuster Competitor similar to any services performed for Blockbuster;
provided, however, that this provision will not prevent you from investing as less than a one (1%) percent stockholder in the securities of any company listed on a national securities exchange or quoted on an automated quotation
system. The Non-Compete Period will cover the entire Term plus the longer of any period after the Term for which you receive payments pursuant to Paragraph 8(c)(i) or one (1) year. A Blockbuster Competitor is any business entity which engages
in the acquisition, aggregation, or delivery of audio or video entertainment, including but not limited to the rental, sale, or trading of video, DVD, or other movie product, equipment, or video games, either (i) in electronic, digital, or
internet commerce, or (ii) in one or more geographic areas where Blockbuster has its operations (or is engaged in real estate site selection or has taken other steps toward the commencement of operations), either alone or in association with
another entity. In every case, the good faith judgment of Blockbuster will be conclusive as to whether a business entity constitutes a Blockbuster Competitor. You agree that this non-compete covenant is ancillary to an otherwise enforceable
agreement, including but not limited to the confidentiality covenant and the payment provisions in Paragraph 3. 
 (b)
Confidential Information. You agree that, during the Term and at any time thereafter, (i) you will not (a) use for any purpose other than the duly authorized business of Blockbuster conducted in the course of your employment at
Blockbuster or, (b) disclose to any third party, any business information, technological information, intellectual property, trade secrets and other information belonging to Blockbuster or any of its affiliated companies or relating to
Blockbuster’s business, technology, or customers (“Confidential Information”), including, without limitation, any written (including in any electronic form) or oral communication incorporating Confidential Information in any way; and
(ii) you will comply with any and all confidentiality obligations of Blockbuster to a third party, whether arising under a written agreement or otherwise. Information will not be deemed Confidential Information which (x) is or becomes
generally available to the public other than as a result of a disclosure by you or at your direction or by any other person who directly or indirectly receives such information from you, or (y) is or becomes available to you on a
non-confidential basis from a source which is entitled to disclose it to you. 

 Kevin Lewis 
 January 5, 2009 
  Page
 3
 
  

 (c) No Employee Solicitation. You agree that, during the Term and for one
(1) year thereafter, you will not, directly or indirectly, engage, employ or solicit the employment or consulting services of any person who is then or has been within six (6) months prior to the time of such action, an employee of
Blockbuster or any of its affiliated companies. 
 (d) Blockbuster Ownership. Any inventions, discoveries, ideas,
processes, programs, systems, improvements or contributions (whether or not patentable), including but not limited to any useful process, method, formula or, technique that is conceived, developed or discovered by you during your employment by
Blockbuster shall be the sole property of Blockbuster. Any works of authorship or other materials created by you, in any form (including in any electronic form), created by you in the course of employment with Blockbuster and/or any of its
affiliated companies and any works in progress resulting from such employment will be works-made-for hire pursuant to 17 U.S.C., Section 201 (the Copyright Act) and Blockbuster will be deemed the sole owner throughout the universe of any and
all rights of every nature in and to such works (including, without limitation, any copyrights, patents, trade secrets and trademarks), whether such rights are now known or hereafter defined or discovered, with the right to use the works in
perpetuity in any manner Blockbuster determines in its sole discretion without any further payment to you. If, for any reason, any of such results and proceeds are not legally deemed a work-made-for-hire and/or there are any rights in such results
and proceeds which do not accrue to Blockbuster under the preceding sentence, then you hereby irrevocably assign and agree to assign any and all of your rights, title and interest thereto, including, without limitation, any and all copyrights,
patents, trade secrets, trademarks, and/or other rights of every nature in the work, whether known or hereafter defined or discovered, and Blockbuster will have the right to use the work in perpetuity throughout the universe in any manner
Blockbuster determines in its sole discretion without any further payment to you. You will, as may be requested by Blockbuster from time to time, do any and all things which Blockbuster may deem useful or desirable to establish or document
Blockbuster’s rights in any such results and proceeds, including, without limitation, the execution of appropriate copyright, trademark and/or patent applications, assignments or similar documents and, if you are unavailable or unwilling to
execute such documents, you hereby irrevocably designate the CEO or his designee as your attorney-in-fact with the power to execute such documents on your behalf. To the extent you have any rights in the results and proceeds of your services under
this Agreement that cannot be assigned as described above, you unconditionally and irrevocably waive the enforcement of such rights. This Paragraph 6(d) is subject to, and does not limit, restrict, or constitute a waiver by Blockbuster or any of its
affiliated companies of any ownership rights to which Blockbuster or any of its affiliated companies may be entitled by operation of law by virtue of being your employer. 
 (e) Litigation. You agree that, during the Term and for a six-year period following your termination of employment, you will assist Blockbuster or any of Blockbuster’s affiliated companies in
the defense of any claims that may be made against Blockbuster or any of Blockbuster’s affiliated companies, and in the prosecution of any claims that may be made by Blockbuster or any of Blockbuster’s affiliated companies, in each case,
to the extent that such claims may relate to the services performed by you for Blockbuster or any of Blockbuster’s affiliated companies. You agree to promptly inform Blockbuster if you become aware of any lawsuits involving such claims that may
be filed against Blockbuster or any of Blockbuster’s affiliated companies. For periods following your termination of employment, Blockbuster agrees to provide you with reasonable compensation for such assistance. You also agree to promptly
inform Blockbuster if you are asked to assist in any investigation of Blockbuster or any of Blockbuster’s affiliated companies, regardless of whether a lawsuit has been filed against Blockbuster or any of Blockbuster’s affiliated companies
with respect to such investigation. You further agree that, during the pendency of any litigation or other proceeding involving Blockbuster or any of Blockbuster’s affiliated companies in which you are assisting, (i) you will not
communicate with anyone (other than your own attorneys or tax advisors), except to the extent necessary in the performance of your duties under this Agreement, with respect to the facts or subject matter of any pending litigation, or regulatory or
administrative proceeding involving Blockbuster or any of Blockbuster’s affiliated companies, other than any litigation or other proceeding in which you are a party-in-opposition, without giving prior

 Kevin Lewis 
 January 5, 2009 
  Page
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notice to Blockbuster or Blockbuster’s counsel; and (ii) in the event that any other party attempts to obtain information or documents from you with respect to matters possibly related
to such litigation or other proceeding, you will promptly notify Blockbuster’s counsel before providing such information or documents. 
 (f) No Right to Give Interviews, Write Books, or Articles. During the Term and at any time thereafter, except as authorized by Blockbuster, you will not (i) give any interviews or speeches, or
(ii) prepare or assist any person or entity in the preparation of any books, articles, television or motion picture productions or other creations, in either case, concerning Blockbuster or any of its affiliated companies or any of their
respective officers, directors, agents, employees, suppliers or customers. 
 (g) Return of Property. All documents,
data, recordings, or other property, whether tangible or intangible, including all information stored in electronic form, obtained or prepared by or for you and utilized by you in the course of your employment with Blockbuster or any of its
affiliated companies, will remain the exclusive property of Blockbuster. In the event of the termination of your employment for any reason, Blockbuster reserves the right, to the extent permitted by law and in addition to any other remedy
Blockbuster may have, to deduct from any monies otherwise payable to you the following: (i) all amounts you may owe to Blockbuster or any of its affiliated companies at the time of or subsequent to the termination of your employment with
Blockbuster, and (ii) the value of the Blockbuster property which you retain in your possession after the termination of your employment with Blockbuster. In the event that the law of any state or other jurisdiction requires the consent of any
employee for such deductions, this Agreement will serve as such consent. 
 (h) Non-Disparagement. You agree that, during
the Term and at any time thereafter, you will not, in any communications with the press or other media or any customer, client or supplier of Blockbuster or any of its affiliated companies, criticize, ridicule or make any statement which disparages
or is derogatory of Blockbuster or any of its affiliated companies or any of their respective directors or officers. 
 (i)
Injunctive Relief. Blockbuster has entered into this Agreement in order to obtain the benefit of your unique skills, talent, and experience. You acknowledge and agree that any violation of paragraphs 6(a) through (h) of this Agreement
will result in irreparable damage to Blockbuster, and, accordingly, Blockbuster shall be entitled to obtain injunctive and other equitable relief for any breach or threatened breach of such paragraphs, in addition to any other remedies available to
Blockbuster. 
 (j) Survival; Modification of Terms. Your obligations under Paragraph 6(a) through (i) will remain
in full force and effect for the entire period provided therein notwithstanding the termination of your employment for any reason or the expiration of the Term. You and Blockbuster agree that the restrictions and remedies contained in paragraphs
6(a) through (i) are reasonable and that it is your intention and the intention of Blockbuster that such restrictions and remedies will be enforceable to the fullest extent permissible by law. If a court of competent jurisdiction will find that
any such restriction or remedy is unenforceable but would be enforceable if some part were deleted or the period or area of application reduced, then such restriction or remedy will apply with the modification necessary to make it enforceable.

 (k) Transitional Consulting Services. You agree that for a period of one (1) year immediately following
termination of your employment with Blockbuster (other than for Cause or due to death or disability), you will agree to perform consulting and advisory services for up to 10 hours per week as reasonably requested by Blockbuster. 
 7. Disability. If you become “disabled” within the meaning of such term under Blockbuster’s Short-Term Disability
(“STD”) program and its Long-Term Disability (“LTD”) program during the Term (such condition is referred to as a “Disability”), you will receive compensation under the STD program for the first twenty-six
(26) weeks of consecutive absence in accordance with its terms. Thereafter, you will

 Kevin Lewis 
 January 5, 2009 
  Page
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be eligible to receive benefits under the LTD program in accordance with its terms. If you have not returned to work by December 31st of a calendar year during the Term, you will receive bonus compensation for the calendar year(s) during
the Term in which you receive compensation under the STD program, determined as follows: 
  

	 	(i)	 for the portion of the calendar year from January 1st until the date on which you first receive compensation under the STD program, bonus compensation will be determined in
accordance with the STIP (i.e., based upon Blockbuster’s achievement of specified goals and Blockbuster’s good faith estimate of your achievement of your personal goals, if applicable) and prorated for such period; and

  

	 	(ii)	for any subsequent portion of the calendar year in which you receive compensation under the STD program, bonus compensation will be in an amount based on
Blockbuster’s achievement of specified goals and prorated for such period(s). 

 Bonus compensation under this Paragraph 7
will be paid, less applicable deductions and withholding taxes, by the end of the first quarter of the year(s) following the year as to which such bonus compensation is payable. You will not receive bonus compensation for any portion of the calendar
year(s) during the Term while you receive benefits under the LTD program. For the periods that you receive compensation and benefits under the STD and LTD programs, such compensation and benefits and the bonus compensation provided under this
Paragraph 7 are in lieu of Salary and Bonus under paragraphs 3(a) and (b). Notwithstanding anything to the contrary in this Agreement, the Term will not automatically extend in the event you are receiving benefits under the STD or LTD programs.

 8. Termination. 
 (a) Termination for Cause. Blockbuster may, at its option, terminate your employment under this Agreement forthwith for Cause and thereafter will have no further obligations under this Agreement,
including, without limitation, any obligation to pay Salary or Bonus or provide benefits. Cause will mean: (i) Your conviction of or entry into a plea bargain or settlement which admits your guilt for a felony involving moral turpitude,
dishonesty or a breach of trust regarding Blockbuster or any of its affiliates or subsidiaries; (ii) Your disparagement of the business or affairs of Blockbuster or any of its affiliates or subsidiaries; (iii) Your commission of any act of
theft, dishonesty, fraud, embezzlement, misappropriation or any other act or omission that is materially injurious to Blockbuster or any of its affiliates or subsidiaries regardless of whether a criminal conviction is obtained; (iv) Your
failure to perform, or gross negligence or misconduct in the performance of the duties and services required by this Agreement; (v) Your failure to devote substantially all of your business time to Blockbuster’s business affairs (excluding
failure due to illness, incapacity or incidental civic activities), which failure is not remedied within a reasonable time after written demand is delivered by Blockbuster, identifying the manner in which Blockbuster believes that you have failed to
devote substantially all of your business time to Blockbuster’s business affairs; (vi) Your violation of the Business Conduct Statement or other business or ethics policy as Blockbuster may adopt from time to time; (vii) Your knowing
or willful violation of any federal or state securities laws; (vii) Your unauthorized disclosure of Confidential Information; (ix) Your failure to obey a material lawful directive that is appropriate to your position from an executive(s)
in your reporting line; or (x) your material breach of this Agreement. If Blockbuster does not give a prompt written notice of termination to you after learning of the occurrence of an event giving rise to Cause, in no way has Blockbuster
waived its right to terminate you for that event or any subsequent event giving rise to Cause. 
 (b) Termination Without
Cause. Blockbuster may terminate your employment under this Agreement without Cause at any time during the Term by written notice to you. 

 Kevin Lewis 
 January 5, 2009 
  Page
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 (c) Termination Payments/Benefits. If your employment terminates under Paragraph
8(b), you will thereafter receive, less applicable withholding taxes, and conditioned on your execution of a General Release and Waiver of Claims substantially in the form attached hereto as an Addendum: 
  

	 	(i)	your Salary, as in effect on the date on which your employment terminates, for twelve (12) months after the date of such termination, which will be paid in
accordance with Blockbuster’s then effective payroll practices; 

  

	 	(ii)	 bonus compensation for the portion of the calendar year from January 1st until the date of the termination, payable by the end of the first quarter of the following year, will be determined
in accordance with the STIP (i.e., based on Blockbuster’s achievement of specified goals and Blockbuster’s good faith estimate of your achievement of your personal goals, if applicable) and prorated for such period;

  

	 	(iii)	medical, dental and vision insurance coverage provided under COBRA at existing employee rates pursuant to Blockbuster’s then-current benefit plans until the end of
the Term or, if earlier, the date on which you become eligible for medical, dental or vision coverage from a third party; provided, that, during the period that Blockbuster provides you with this coverage, an amount equal to the difference
between the applicable COBRA premiums less existing employee rates (or such other amount as may be required by law) will be included in your income for tax purposes to the extent required by law and Blockbuster may withhold taxes from your
compensation for this purpose; and provided, further, that you may elect to continue your medical, dental or vision insurance under COBRA at your own expense for the balance, if any, of the period required by law;

  

	 	(iv)	your car allowance until the end of the Term, paid in accordance with Blockbuster’s then effective payroll practices; 

  

	 	(v)	life insurance coverage until the end of the Term, pursuant to Blockbuster’s then-current policy in the amount then furnished to Blockbuster employees at no cost
(the amount of such coverage will be reduced by the amount of life insurance coverage furnished to you at no cost by a third party employer); and 

  

	 	(vi)	stock options granted to you under Blockbuster’s Long-Term Management Incentive Plan (“LTMIP”) which are exercisable on or prior to the date of
termination of your employment under Paragraph 8(b) hereof and that would have vested and become exercisable on or before the last date of the Term will be exercisable until six (6) months after the date of such termination or, if earlier, the
expiration date of the stock options. 

 (d) Termination of Benefits. Notwithstanding anything in this
Agreement to the contrary (except as otherwise provided in Paragraph 8(c) with respect to medical, dental and vision benefits and life insurance), participation in all Blockbuster benefit plans and programs (including, without limitation, vacation
accrual, the 401(k) plan, excess plans, LTD and accidental death and dismemberment and business travel and accident insurance) will terminate upon the termination of your employment except to the extent otherwise expressly provided in such plans or
programs and subject to any vested rights you may have under the terms of such plans or programs. The foregoing will not apply to the LTMIP and, after the termination of your employment, your rights under the LTMIP will be governed by the terms of
the LTMIP option agreements and the applicable LTMIP plans together with Paragraph 8(c)(vi). 

 Kevin Lewis 
 January 5, 2009 
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 (e) Resignation from Official Positions. If your employment with Blockbuster
terminates for any reason, you will be deemed to have resigned at that time from any and all officer or director positions that you may have held with Blockbuster or any of its then-current or previously affiliated companies and all board seats or
other positions in other entities you held on behalf of Blockbuster. If, for any reason, this Paragraph 8(e) is deemed insufficient to effectuate such resignation, you agree to execute, upon the request of Blockbuster, any documents or instruments
which Blockbuster may deem necessary or desirable to effectuate such resignation or resignations, and you hereby authorize the Secretary and any Assistant Secretary of Blockbuster to execute any such documents or instruments as your
attorney-in-fact. 
 9. Death. In the event of your death prior to the end of the Term while actively employed, your
beneficiary or estate will receive (i) your Salary up to the date on which the death occurs; (ii) any Bonus earned in the prior year but not yet paid; and (iii) bonus compensation for the calendar year in which the death occurs,
determined in accordance with the STIP (i.e., based upon Blockbuster’s achievement of specified goals and Blockbuster’s good faith estimate of your achievement of your personal goals, if applicable) and pro-rated for the portion of
the year through the date of death, payable, less applicable deductions and withholding taxes, by the end of first quarter of the following year. In the event of your death after the termination of your employment while you are entitled to receive
compensation under Paragraph 8(c)(i) your beneficiary or estate will receive (x) any Salary payable under Paragraph 8(c)(i) up to the date on which the death occurs; (y) any bonus compensation earned under Paragraph 8(c)(ii) with respect
to the prior year but not yet paid; and (z) any bonus compensation for the calendar year in which the death occurs, determined in accordance with Paragraph 8(c)(ii) and pro-rated for the portion of the year through the date of death, payable,
less applicable deductions and withholding taxes, by the end of the first quarter of the following year. Notwithstanding anything to the contrary in this Agreement, the Term will terminate as of the date of your death. 
 10. No Acceptance of Payments. You represent that you have not accepted or given nor will you accept or give, directly or indirectly,
any money, services or other valuable consideration from or to anyone other than Blockbuster for the inclusion of any matter as part of any film, television program or other production produced, distributed and/or developed by Blockbuster and/or any
of its affiliated companies. 
 11. Equal Opportunity Employer. You recognize that Blockbuster is an equal opportunity
employer. You agree that you will comply with Blockbuster policies regarding employment practices and with applicable federal, state and local laws prohibiting discrimination on the basis of race, color, sex, religion, national origin, citizenship,
age, marital status, sexual orientation, disability or veteran status. 
 12. Business Conduct Statement. You acknowledge
you have read and agree that you will comply with the Business Conduct Statement as it may be amended from time to time. 
 13.
Notices. All notices under this Agreement must be given in writing, by personal delivery or by mail, at the parties’ respective addresses shown on this Agreement (or any other address designated in writing by either party), with a copy,
in the case of Blockbuster, to the attention of the General Counsel of Blockbuster. Any notice given by mail will be deemed to have been given three (3) days following such mailing. 
 14. Assignment. This is an Agreement for the performance of personal services by you and may not be assigned by you or Blockbuster
except that Blockbuster may assign this Agreement to any affiliated company of or any successor in interest to Blockbuster. 
 15. TEXAS LAW AND JURISDICTION. YOU ACKNOWLEDGE THAT THIS AGREEMENT HAS BEEN EXECUTED, IN WHOLE OR IN PART, IN TEXAS, AND YOUR EMPLOYMENT DUTIES ARE PRIMARILY PERFORMED IN TEXAS. ACCORDINGLY, YOU AGREE THAT THIS AGREEMENT AND ALL
MATTERS OR ISSUES ARISING OUT OF OR RELATING TO YOUR BLOCKBUSTER

 Kevin Lewis 
 January 5, 2009 
  Page
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EMPLOYMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF TEXAS APPLICABLE TO CONTRACTS ENTERED INTO AND PERFORMED ENTIRELY THEREIN. ANY ACTION TO ENFORCE THIS AGREEMENT WILL BE BROUGHT SOLELY IN
THE STATE OR FEDERAL COURTS LOCATED IN THE CITY OF DALLAS. THE LOSING PARTY TO ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE RESPONSIBLE FOR PAYING ANY AND ALL COSTS, FEES, AND EXPENSES INCURRED BY THE OTHER PARTY IN CONNECTION
WITH SUCH MATTER(S). 
 16. No Implied Contract. The parties intend to be bound only upon execution of a written
agreement and no negotiation, exchange of draft or partial performance will be deemed to imply an agreement. Neither the continuation of employment nor any other conduct will be deemed to imply a continuing agreement upon the expiration of the Term.

 17. Entire Understanding. This Agreement contains the entire understanding of the parties hereto relating to the
subject matter contained in this Agreement, and can be changed only by a writing signed by both parties. 
 18. Void
Provisions. If any provision of this Agreement, as applied to either party or to any circumstances, will be found by a court of competent jurisdiction to be unenforceable but would be enforceable if some part were deleted or the period or area
of application were reduced, then such provision will apply with the modification necessary to make it enforceable, and will in no way affect any other provision of this Agreement or the validity or enforceability of this Agreement. 
 19. Supersedes Prior Agreement. This Agreement supersedes and cancels all prior agreements relating to your employment by Blockbuster
or any of its affiliated companies with respect to the period covered by the Term. 
 20. No Waiver. No waiver by
Blockbuster of any breach by you of, or compliance with, any condition or provision of this Agreement to be performed by you shall be deemed a waiver of similar or dissimilar provisions or conditions at any time. 
 21. Executive Acknowledgement. You acknowledge that you have read and understand this Agreement, are fully aware of its legal
effects, and have not acted in reliance upon any representations or promises made by Blockbuster other than those contained in writing herein, and have entered into this Agreement freely and based upon your own judgment. 

 Kevin Lewis 
 January 5, 2009 
  Page
 9
 
  

 If the foregoing correctly sets forth our understanding, please sign, date and return
this Agreement to the undersigned for execution on behalf of Blockbuster; after this Agreement has been executed by Blockbuster and a fully-executed copy returned to you, it will constitute a binding agreement between us. 
  

			
	Very truly yours,
	
	BLOCKBUSTER INC.
		
	By:	 	 /s/ James W. Keyes

		 	James W. Keyes
		 	Chairman and Chief Executive Officer

  

	
	ACCEPTED AND AGREED:
	
	 /s/ Kevin Lewis

	 Kevin Lewis

	
	 Date: 2/5/09

 Kevin Lewis 
 January 5, 2009 
  Page
 10
 
  

 GENERAL RELEASE AND WAIVER OF CLAIMS 
 a. Release of Claims. As consideration by you, you agree on behalf of yourself, your spouse and child or children (if any), your
heirs, beneficiaries, devisees, executors, administrators, attorneys, personal representatives, successors and assigns, to release, forever discharge and covenant not to sue Blockbuster or any of its respective subsidiaries, divisions, parent and
affiliated companies, branches, predecessors, successors and assigns and with respect to such entities and their officers and directors, trustees, employees, agents, shareholders, administrators, partners, representatives, attorneys, insurers and
fiduciaries, past and present, from any and all manner of claims, debts, demands, damages, liabilities and causes of action, whether known or unknown, from the beginning of time, which you, or your successors and assigns, may have had or may
presently have, relating to or arising out of the employment relationship or the termination of said relationship including, but not limited to, causes of action for libel, slander, breach of contract, impairment of economic opportunity, intentional
infliction of emotional distress or any other tort, or claims under federal, state, or local constitutions, statutes, regulations, ordinances or common law, including, but not limited to, the Employee Retirement Income Security Act of 1974; the
Civil Rights Acts of 1866, 1871, 1964 and 1991; the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act of 1990; the Rehabilitation Act of 1973; the Equal Pay Act of 1963; the Family and Medical Leave Act of
1992, as amended, and the Americans with Disabilities Act of 1990, as amended. You acknowledge and agree that you have been paid all wages owed to you and that you have received all leave to which you are entitled. You understand that you are not
waiving any right under the Older Workers Benefit Protection Act to test the knowing and voluntary nature of this General Release and Waiver of Claims in court. 
 b. Post-Release Claims. You do not waive any rights or claims that may arise after the date this Release is executed. 
 c. No Admission. Nothing contained in this Release constitutes an admission of liability by Blockbuster concerning any aspect of your employment with or separation from Blockbuster. 
 d. Confidentiality. You acknowledge that, during the course of the employment relationship, you were privy to confidential and
proprietary business information belonging to Blockbuster, the unauthorized disclosure of which could cause serious and irreparable injury to Blockbuster and its affiliates. The information includes, but is not limited to, information concerning
existing and prospective expansion plans; existing and potential financing sources and arrangements; existing and prospective marketing plans and activities; proprietary computer software programs and applications; business plans and strategies and
other non-public information. You agree to hold and safeguard the confidential information in trust for Blockbuster, its successors and assigns, and agree that you will not, at any time, misappropriate, use for your own advantage, disclose or
otherwise make available to anyone who is not an officer of Blockbuster, for any reason, any of the confidential information, regardless of whether the confidential information was developed or prepared by you or others. You agree not to remove any
writings containing confidential information from Blockbuster’s premises or possession without Blockbuster’s express consent. You agree to promptly return to Blockbuster all confidential information in your possession or under your control
(whether in original, copy, or disk form). Before disclosing any confidential information under compulsion of legal process, you agree to promptly give notice to Blockbuster of the fact that you have been served with legal process pursuant to which
the disclosure of confidential information may be requested. Such notice will be given within sufficient time to permit Blockbuster to intervene in the matter or to take such other actions as may be necessary or appropriate to protect its interest
in its confidential business information. The scope of this Release is not limited to information that is patented, patentable, copyrighted or technically classifiable as a trade secret. These restrictions will not apply to confidential information
which is or becomes generally available to the public other than as a result of a disclosure by you or any other person who directly or indirectly receives such information from you, or is or becomes available to you on a non-confidential basis from
a source which is entitled to disclose it to you. 

 Kevin Lewis 
 January 5, 2009 
  Page
 11
 
  

 e. Cooperation. Subject to reimbursement by Blockbuster of reasonable
out-of-pocket travel costs and expenses, you agree to cooperate fully with Blockbuster and its counsel with respect to any matter (including litigation, investigation or governmental proceeding) which relates to matters with which you were involved
during the term of your employment with Blockbuster. Such cooperation will include appearing from time to time at the offices of Blockbuster or Blockbuster’s counsel for conferences and interviews and in general providing the officers of
Blockbuster and its counsel with the full benefit of your knowledge with respect to any such matter. You agree to render such cooperation in a timely fashion and at such times as may be mutually agreeable to the parties concerned. 
 f. Litigation. You agree that, during the pendency of any litigation or other proceeding, and anytime thereafter, (x) you will
not communicate with anyone (other than your attorneys and tax advisors) with respect to the facts or subject matter of any pending or potential litigation, or regulatory or administrative proceeding involving Blockbuster or any of its officers,
directors, agents, employees, suppliers or customers, other than any litigation or other proceeding in which you are a party-in-opposition, without giving prior notice to Blockbuster’s General Counsel, and (y) in the event that any other
party attempts to obtain information or documents from you with respect to matters possibly related to such litigation or other proceeding, you will promptly so notify Blockbuster’s General Counsel. 
 g. Confidentiality of Release. This Release and the terms hereof are confidential. You agree not to disclose this Release or its
provisions to any person except to your attorney or tax advisor. 
 h. Rights upon Breach. For breach of any provision of
this Release, the parties will have such remedies and rights as are customarily available at law or in equity, except that, in any action or proceeding brought to enforce this Release or to recover damages for its breach, the prevailing party will
be entitled to recover, should it substantially prevail in the matter, reasonable attorneys’ fees and litigation expenses. In the event you, or any party acting on your behalf, breach this Release, Blockbuster’s obligations imposed herein
will be extinguished and Blockbuster will not be obligated to continue performance under this Release. In such a case, you will be required to re-pay Blockbuster all consideration received pursuant to this Release and this Release will act as a
complete and total bar to any recovery. 
 i. Injunctive Relief. The legal remedies for the breach of this Release would
not be adequate and, in addition to any other remedies available at law, these provisions may be specifically enforced by temporary or permanent injunctive or other equitable relief. 
 j. Texas Law and Jurisdiction. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS,
IRRESPECTIVE OF THE CONFLICT OF LAWS RULES. FURTHERMORE, BECAUSE YOU AND BLOCKBUSTER AGREE THAT THE TEXAS COURTS ARE THE EXCLUSIVE FORUM FOR RESOLVING ANY DISPUTES ARISING OUT OF THIS AGREEMENT OR YOUR EMPLOYMENT, THE PARTIES SUBMIT THEMSELVES TO
THE PERSONAL JURISDICTION OF THE TEXAS COURTS. 
 k. Advice of Counsel. You are herein advised to discuss this Release
with an attorney of your choice before signing it. 
 l. No Parol Evidence. This Release represents the full
understanding between you and Blockbuster, other than any Employment Agreement signed by you and an officer of Blockbuster and still in effect, and no parol evidence other than the Employment Agreement will be relevant to supplement or explain this
Release. 
 m. Void Provisions. Should any provision of this Release be found unenforceable, the remainder of the
Release, in its modified form, will nonetheless be fully enforceable. 

 Kevin Lewis 
 January 5, 2009 
  Page
 12
 
  

 n. Headings. The headings of the sections are included solely for convenience. If
the headings and the text of the Release conflict, the text shall control. All references to sections are to the Release unless otherwise indicated. 
 o. Executive Acknowledgement. You acknowledge that you have read and understand this Release, are fully aware of its legal effects, and have not acted in reliance upon any representations or
promises made by Blockbuster other than those contained in writing herein, and have entered into this Release freely and based upon your own judgment. 
 p. Review. You acknowledge that you have been given a reasonable period of time to review and consider this Release. This Release will become effective and enforceable immediately upon its
execution. 
  

							
				
	  
	 		 		 	  

	[NAME]	 	 	 	 	 	[DATE]

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