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                                                                  Exhibit 10.38

                           Oplink Communications, Inc.

                      Executive Change of Control Agreement

         This Executive Change of Control Agreement is entered into by and
between Oplink Communications, Inc., a Delaware corporation (the "Company"), and
Joe Liu ("Executive") to be effective as of the 1st day of June, 2001.

          Whereas, the Company has granted stock options to Executive under the
Oplink Communications, Inc. 2000 Stock Plan (the "Plan") for the purpose of
providing equity compensation to Executive and aligning his interests with those
of the stockholders of the Company; and

         Whereas, the Board of Directors of the Company has determined that it
would be in the best interests of the Company and its stockholders to enhance
the stock options previously granted under the Plan to Executive ("Options") to
provide for acceleration of the vesting and extension of the post-termination
exercise period of the Options in the event of a Change of Control (as defined
below) of the Company in order to align further the interests of Executive with
those of the stockholders of the Company;

         Now, Therefore, for valuable consideration, the adequacy of which is
hereby acknowledged by the parties, the parties hereby agree that the Options
previously granted to Executive shall be subject to the following terms:

         1. Acceleration of Vesting and Period of Exercisability Following a
Change of Control. In the event of the occurrence of a Change of Control (as
described below), and provided that Executive's Options remain in effect
following such Change of Control or is assumed, continued or substituted for any
similar stock award in connection with the Change of Control, then, if
Executive's employment with the Company or its successor ceases by reason of an
Involuntary Termination without Cause (as defined below) or a Voluntary
Termination For Good Reason (as defined below) within one (1) month prior to and
thirteen (13) months following the effective date of the Change of Control,
Executive's Options (or any substituted stock options) shall, as of the date of
such termination of employment, vest in full and become fully exercisable to the
extent not previously vested or exercisable, and shall (notwithstanding Section
8 of this Stock Option Agreement) continue to be exercisable for a period of
twelve (12) months or until the Expiration Date stated in Executive's Grant
Notice, whichever period is shorter.

         Notwithstanding the foregoing, if it is determined that the provision
or operation of the preceding paragraph would by itself preclude treatment of a
Change of Control (defined below) as a "pooling-of-interests" for accounting
purposes, and provided further that in the absence of the preceding paragraph
alone such Change of Control would be treated as a "pooling-of-interests" for
accounting purposes and the successor to the Company wishes to account for such
transaction as a "pooling of interests," then the preceding paragraph shall be
null and void

                                       1.

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provided that there are no other reasons why such Change of Control would not be
treated as a "pooling of interests" for accounting purposes.

         2.   Definitions. The following terms in this Agreement shall have the
meanings set forth below solely for purposes of this Agreement.

        (a)   "Involuntary Termination without Cause" shall mean the involuntary
termination of Executive's employment by the Company for reasons other than any
intentional act of fraud, embezzlement or misappropriation of property of the
Company by Executive which has a materially adverse impact on the business or
affairs of the Company, any intentional unauthorized use or disclosure by
Executive of confidential information or trade secrets of the Company (or any
affiliated corporation or entity of the Company ("Affiliate")), or any other
intentional misconduct by Executive which has a materially adverse impact on the
business or affairs of the Company (or any Affiliate), provided that solely for
the purpose of this Agreement, Executive shall be given thirty (30) days written
notice (and the opportunity to correct such conduct if such conduct can be
corrected during that notice period) of the Company's intention to deem the
termination of Executive's employment to be for any of the foregoing reasons.
The foregoing definition shall not be deemed to be inclusive of all the acts or
omissions which the Company (or any Affiliate) may consider as grounds for
Executive's dismissal or discharge. The foregoing definition shall not include
the termination of Executive's employment as a result of Executive's death or
disability (provided that Executive is provided reasonable accommodation of
Executive's disability to perform Executive's duties for the Company to the
extent required by the federal Americans With Disability Act and any similar
applicable state laws).

         (b)  "Voluntary Termination With Good Reason" shall mean Executive's
voluntary resignation within sixty (60) days following the occurrence of any of
the following actions without Executive's consent: (1) the material, involuntary
reduction in Executive's title, responsibilities, authorities or functions as an
employee of the Company as in effect immediately prior to a Change of Control
(but not merely a change in title or reporting relationships), except in
connection with the termination of Executive's employment for death, disability,
retirement, fraud, misappropriation, embezzlement or any other conduct listed
under the definition of Cause; (2) a substantial reduction in Executive's level
of compensation (including base salary, fringe benefits and target bonuses under
any corporate-performance based bonus or incentive programs) by more than ten
percent (10%), (3) a relocation of Executive's place of employment by more than
fifty (50) miles, provided and only if such change, reduction or relocation is
effected without Executive's consent, (4) the imposition of business travel
requirements substantially more demanding of Executive than such travel
requirements existing immediately prior to the date of the Change of Control,
(5) any material breach of any employment agreement between the Company and
Executive, or (6) any failure by the Company to obtain the assumption of any
material agreement, including this Agreement and the material provisions of any
stock option grant, between Executive and the Company from any successor or
assign of the Company following a Change of Control.

         Notwithstanding the foregoing, Executive must provide the Company with
twenty (20) days advance written notice of Company's conduct giving rise to Good
Reason (the "Cure Period") and during the Cure Period, the Company may attempt
to rescind or correct the matter giving rise to Good Reason. If the Company does
not rescind or correct the conduct giving rise

                                       2.

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to Good Reason to Executive's reasonable satisfaction by the expiration of the
Cure Period, Executive's employment will then terminate with Good Reason.

        (c)    "Change of Control" shall mean any of the following events:

               (1)   the dissolution or liquidation of the Company;

               (2)   a sale, lease or other disposition of all or substantially
all of the assets of the Company so long as the Company's stockholders
immediately prior to such transaction will, immediately after such transaction,
fail to possess direct or indirect beneficial ownership of more than fifty
percent (50%) of the voting power of the acquiring entity (for purposes of this
section, any person who acquired securities of the Company prior to the
occurrence of such asset transaction in contemplation of such transaction and
who after such transaction possesses direct or indirect ownership of at least
ten percent (10%) of the securities of the acquiring entity immediately
following such transaction shall not be included in the group of stockholders of
the Company immediately prior to such transaction);

               (3)   either a merger or consolidation in which the Company is
not the surviving corporation and the stockholders of the Company immediately
prior to the merger or consolidation fail to possess direct or indirect
beneficial ownership of more than fifty percent (50%) of the voting power of the
securities of the surviving corporation (or if the surviving corporation is a
controlled Subsidiary of another entity, then the required beneficial ownership
shall be determined with respect to the securities of that entity which controls
the surviving corporation and is not itself a controlled Subsidiary of any other
entity) immediately following such transaction, or a reverse merger in which the
Company is the surviving corporation and the stockholders of the Company
immediately prior to the reverse merger fail to possess direct or indirect
beneficial ownership of more than fifty percent (50%) of the securities of the
Company (or if the Company is a controlled Subsidiary of another entity, then
the required beneficial ownership shall be determined with respect to the
securities of that entity which controls the Company and is not itself a
controlled Subsidiary of any other entity) immediately following the reverse
merger (for purposes of this section, any person who acquired securities of the
Company prior to the occurrence of a merger, reverse merger, or consolidation in
contemplation of such transaction and who after such transaction possesses
direct or indirect beneficial ownership of at least ten percent (10%) of the
securities of the Company or the surviving corporation (or if the Company or the
surviving corporation is a controlled Subsidiary, then of the appropriate entity
as determined above) immediately following such transaction shall not be
included in the group of stockholders of the Company immediately prior to such
transaction);

               (4)   an acquisition by any person, entity or group within the
meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), or any comparable successor provisions (excluding
any employee benefit plan, or related trust, sponsored or maintained by the
Company or a subsidiary or other controlled Subsidiary of the Company) of the
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act, or comparable successor rule) of securities of the Company
representing at least fifty percent (50%) of the combined voting power entitled
to vote in the election of directors; or

                                       3.

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               (5)   the individuals who, as of the date of this Agreement, are
members of the Board (the "Incumbent Board"), cease for any reason to constitute
at least fifty percent (50%) of the Board. If the election, or nomination for
election by the Company's stockholders, of any new director was approved by a
vote of at least fifty percent (50%) of the Incumbent Board, such new director
shall be considered as a member of the Incumbent Board.

Notwithstanding the foregoing, a public offering (including the initial or any
subsequent public offering) of the common stock of the Company shall not be
considered a "Change of Control."

        3.     Parachute Excise Tax. If any acceleration of the vesting of
Executive's Options under this Agreement ("Acceleration") would (i) constitute a
"parachute payment" within the meaning of Section 280G of the Internal Revenue
Code of 1986, as amended (the "Code"), and (ii) but for this sentence, be
subject to the excise tax imposed by Section 4999 of the Code (the "Excise
Tax"), then such Acceleration shall be reduced to the Reduced Amount. The
"Reduced Amount" shall be whichever of the following which would provide the
largest after-tax benefit to Executive: (i) the largest portion of the
Acceleration that would result in no portion of the Acceleration being subject
to the Excise Tax or (ii) the largest portion, up to and including the total, of
the Acceleration, whichever amount, after taking into account all applicable
federal, state and local employment taxes, income taxes, and the Excise Tax (all
computed at the highest applicable marginal rate), results in Executive's
receipt, on an after-tax basis, of the greater amount of the Acceleration
notwithstanding that all or some portion of the Payment may be subject to the
Excise Tax. In the event that the Acceleration is to be reduced, such
Acceleration shall be cancelled in the reverse order of the date of grant of the
Executive's stock awards unless the Executive elects in writing a different
order for cancellation.

        The accounting firm engaged by the Company for general audit purposes as
of the day prior to the effective date of the Change of Control shall perform
the foregoing calculations. If the accounting firm so engaged by the Company is
serving as accountant or auditor for the individual, entity or group effecting
the Change of Control, the Company shall appoint a nationally recognized
accounting firm to make the determinations required hereunder. The Company shall
bear all expenses with respect to the determinations by such accounting firm
required to be made hereunder.

        The accounting firm engaged to make the determinations hereunder shall
provide its calculations, together with detailed supporting documentation, to
the Corporation and Executive within fifteen (15) calendar days after the date
on which Executive's right to Acceleration arises (if requested at that time by
the Company or Executive) or at such other time as requested by the Company or
Executive. If the accounting firm determines that no Excise Tax is payable with
respect to an Acceleration, either before or after the application of the
Reduced Amount, it shall furnish the Company and Executive with an opinion
reasonably acceptable to Executive that no Excise Tax will be imposed with
respect to such Acceleration. Any good faith determination of the accounting
firm made hereunder shall be final, binding and conclusive upon the Company and
Executive.

        4.     No Additional Rights.  This Agreement and the provisions herein
shall not be construed to be a grant to or modification of any right of the
Executive to continued employment

                                       4.

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with the Company or its successor. Such right, if any, shall be governed by any
other employment agreements between Executive and the Company.

         5.    Successors.  This Agreement shall be binding on the successors of
the Company (including but not limited to any successors of the Company
following a Change of Control) for the benefit of Executive.

         6.    Complete Agreement and Modification of this Agreement. This
Agreement represents the sole agreement of the parties regarding the subject
matter of this Agreement and supersedes any prior or contemporaneous verbal or
written agreements, promises or representations regarding the subject matter of
this Agreement. This Agreement may not be modified except by a written
instrument signed by both parties.

         7.    Attorneys Fees and Costs.  In any legal action in a court of
competent jurisdiction to enforce the terms of this Agreement, the prevailing
party (as determined by a court of competent jurisdiction) shall be entitled to
his or its reasonable attorneys fees and court costs in the action.

         8.    Jurisdiction and Governing Law. Jurisdiction and venue in any
action to interpret or enforce the terms of this Agreement shall be in the State
of California and in the County of Santa Clara of the State of California. This
Agreement shall be governed by the laws of the State of California other than
the choice of laws principles of the laws of that state.

                                       5.

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In Witness Whereof, the parties hereto have executed this Agreement to be
effective as of the date first above written.

Executive                                Oplink Communications, Inc.

   /s/ Joseph Y. Liu                      /s/ Ian Jenks
---------------------------------         --------------------------------------
                                         By: Ian Jenks
                                             -----------------------------------
                                         Its: Chairman of the Board
                                              ----------------------------------

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                                                                   Exhibit 10.39
                                                                     Page 1 of 5

_________ __, 2001

Mr. Frederick R. Fromm
c/o 3469 North First Street
San Jose, California 95134

Dear Mr. Fromm:

         This Employment Letter Agreement sets forth the terms of your
employment agreement with Oplink Communications, Inc. (the "Company"). If you
accept this Employment Letter Agreement, it will supersede the employment offer
letters dated June 30, 2000 and August 16, 2000, by and between you and the
Company.

         1. Position and Responsibilities. Until the Company's 2001 Annual
Meeting of Stockholders, anticipated to take place on November 7, 2001 (the
"Annual Meeting"), you will continue to be employed by the Company as its
President. In that position, you will be responsible for the Sales & Marketing,
R&D, and Merger & Acquisition activities and will report to the Chief Executive
Officer of the Company. Your responsibilities may change from time to time as
the Company deems it necessary. Following the Annual Meeting, you shall assume
the position of Chief Executive Officer and President of the Company. In that
position, you shall report to the Board of Directors of the Company.

         2. Office Location and Hours. You will work at our facility located at
3469 North First Street in San Jose, California. Normal office hours are from
8:30 a.m. to 5:30 p.m., Monday through Friday. As an exempt salaried employee,
you will be expected to work additional hours as required by the nature of your
responsibilities.

         3. Compensation. For your services under this Employment Letter
Agreement, you will receive the following compensation from the Company. All
references to the "$" symbol below refer to the U.S. dollar.

            (a) Base Salary. Effective following the Annual Meeting, you will
receive a base salary of $350,000 per year, less payroll deductions and all
required withholdings, payable under the Company's regular payroll practices,
which currently includes payment on a bi-weekly basis. Your base salary will be
reviewed on an annual basis.

            (b) Living Expense. Effective following the Annual Meeting, you will
be entitled to receive a monthly living expense of up to $8,000 per month,
subject to standard payroll deductions and all required withholdings, to the
extent applicable, and payable under the Company's regular payroll practices,
which currently includes payment on a bi-weekly basis.

            (c) Benefits.

                (1) Standard Benefits. You will continue to be eligible for the
following standard Company benefits: medical insurance, 401(k) retirement
savings plan, vacation, sick leave and holidays. Details about these benefits
are provided in the Employee

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                                                                     Page 2 of 5

Handbook and plan summaries, available for your review. The Company may modify
compensation and benefits from time to time, as it deems necessary.

                   (2) Supplemental Life Insurance. The Company will continue to
maintain a term life insurance policy on your life for $1,000,000 for the
benefit of your designated beneficiary.

               (d) Employee Stock Purchase Plan. You will be eligible to
participate in the Employee Stock Purchase Plan as provided under the terms of
such plan.

               (e) Stock Options. As approved by the Company's Board of
Directors on September 26, 2001, you were granted stock options to purchase (i)
1,000,000 shares of the Company's Common Stock ("Stock Option 1") and (ii)
2,000,000 shares of the Company's Common Stock ("Stock Option 2") pursuant to
the Company's 2000 Equity Incentive Plan on the following terms.

                   (1) Exercise Price. The exercise price of Stock Option 1 and
Stock Option 2 shall be the fair market value of the stock at the time of grant,
as determined by the Company's Board of Directors.

                   (2) Vesting.

                       (A) Standard Vesting. Stock Option 1 shall be fully
vested and exercisable as of the Annual Meeting. Stock Option 2 shall be subject
to vesting on the following terms: one-fourth (1/4/th/) shall vest on the
one-year anniversary of the Annual Meeting, with the balance vesting equally on
a monthly basis thereafter for each month of your employment with the Company
over the next three years.

                       (B) Acceleration of Vesting Following Change of Control.
Effective following the Annual Meeting, in the event of a "Change of Control"
(as defined below) during your employment with the Company, all unvested options
pursuant to Stock Option 2 and any other options to purchase shares of the
Company's Common Stock granted to you by the Company's Board of Directors shall
become fully vested and exercisable as of the date of such Change of Control.

                       (C) Acceleration of Vesting Following Termination Without
Cause. Effective following the Annual Meeting, if you are terminated without
"Cause" during your employment with the Company, all unvested options pursuant
to Stock Option 2 and any other options to purchase shares of the Company's
Common Stock granted to you by the Company's Board of Directors shall become
fully vested and exercisable as of the date of such termination.

                       (D) Definitions. For purposes of this Employment Letter
Agreement, the following terms shall have the meanings set forth below.

                           (1) "Cause" means the occurrence of any of the
following: (i) theft, misappropriation or embezzlement of Company property by
the employee, or falsification of any Company documents or records by the
employee; or (ii) conviction (including any plea of guilty or nolo contendere)
of any felony or other crime involving moral

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                                                                     Page 3 of 5

turpitude or dishonesty by the employee; or (iii) any material breach by the
employee of any employment agreement between the employee and the Company, which
breach is not cured pursuant to the terms of such agreement.

                           (2) "Change of Control" means any one of the
following transactions: (i) a sale, lease or other disposition of all or
substantially all of the assets of the Company; (ii) a merger or consolidation
in which the Company is not the surviving corporation, or (iii) a reverse merger
in which the Company is the surviving corporation but the shares of the Common
Stock outstanding immediately preceding the merger are converted by virtue of
the merger into other property, whether in the form of securities, cash or
otherwise.

          (f) Severance. Effective following the Annual Meeting, if you are
terminated without "Cause" during your employment with the Company, the Company
will make severance payments to you in the form of continuation of your base
salary for a period of 12 months from the date of termination (subject to
applicable payroll deductions and required withholdings); provided, that you
provide the Company with a general release and waiver of claims in a form
reasonably acceptable to the Company and provided that you have not otherwise
materially breached your proprietary information agreement with the Company.

          (g) Loan. Following the Annual Meeting, you will be eligible for a
loan from the Company for the purchase of shares of the Company's Common Stock
pursuant to Stock Option 1 in substantially the form attached hereto as Exhibit
A.

     4.   Terms of Employment.

          (a) Company Policies and Agreements. As a Company employee, you will
be expected to abide by the Company's rules and regulations, acknowledge in
writing that you have read the Company's Employee Handbook, and sign and comply
with the attached Employment, Confidential Information and Invention Agreement,
which prohibits unauthorized use or disclosure of the Company's proprietary
information. During the period of your employment, you will not engage in any
employment or business activity other than for the Company without the express
written consent of the Company. The Company may amend its rules and regulations
at any time.

          (b) Employment At Will. You may terminate your employment with the
Company at any time and for any reason whatsoever simply by notifying the
Company. Likewise, the Company may terminate your employment at any time and for
any reason whatsoever, with or without cause or advance notice. This at-will
employment relationship cannot be changed except in a writing signed by a member
of the Board of Directors of the Company.

          (c) Eligibility for Employment. As required by law, your employment
with the Company is subject to satisfactory proof of your right to work in the
United States.

     5.   Complete Agreement. This Employment Letter Agreement, together with
your Confidential Information and Invention Agreement and stock option
agreements, forms the complete and exclusive statement of the terms of your
employment agreement with the Company. The employment terms in this Employment
Letter Agreement and the Confidential

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                                                                     Page 4 of 5

Information and Invention Agreement supersede any other prior or contemporaneous
agreements or promises made to you by anyone, whether oral or written.

         If you agree to the terms of this Employment Letter Agreement, please
sign and date the attached copy of this Employment Letter Agreement and return
that copy to me.

         We hope that your expertise will be an important part of our continued
effort to strive for excellence and greater success.

Very truly yours,

________________________________
Joseph Y. Liu
Chief Executive Officer

Agreed:

________________________________       ___________________________
Frederick R. Fromm                     Date

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                                                                     Page 5 of 5

                                    Exhibit A
                                 Promissory Note

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