Document:

Exhibit 10.21

 

NON-RECOURSE RECEIVABLES PURCHASE
AGREEMENT

 

This NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT (the
“Agreement”), dated as of October 28, 2004, is between SILICON VALLEY BANK (“Buyer”) having a
place of business at 3003 Tasman Drive, Santa Clara, California 95054 and FINISAR CORPORATION (“Seller”), a Delaware
corporation, with its chief executive office at 1308 Moffett Park Drive,
Sunnyvale, California.

 

1              DEFINITIONS.

 

When
used herein, the following terms have the following meanings.

 

1.1          “Account Debtor” has
the meaning set forth in the California Uniform Commercial Code and shall
include any person liable on any Purchased Receivable, including without
limitation, any guarantor of the Purchased Receivable and any issuer of a
letter of credit or banker’s acceptance.

 

1.2          “Adjustments” means
all discounts, allowances, returns, disputes, counterclaims, offsets, defenses,
rights of recoupment, rights of return, warranty claims, or short payments,
asserted by or on behalf of any Account Debtor with respect to any Purchased
Receivable.

 

1.3          “Administrative Fee” means
for any Purchase the percentage of the Total Purchased Receivables Amount set
forth in the Schedule for such Purchase.

 

1.4          “Business Day” means
any day other than a Saturday, Sunday, or other day on which banks in
California are required or authorized by law to close.

 

1.5          “Discount Rate” means
for any Purchase the “Discount Rate” set forth in the Schedule for such
Purchase.

 

1.6          “Due Date” means for
any Purchase the “Due Date” set forth in the Schedule for such Purchase.

 

1.7          “Event of Default” has
the meaning set forth in Section 10 hereof.

 

1.8          “Insolvency
Event” means, with respect to any Account Debtor, (a) the
commencement, by the filing of a petition for relief, of a case, action or
proceeding with respect to such Account Debtor before any court or other
governmental authority relating to bankruptcy, reorganization, insolvency,
liquidation, receivership, dissolution, winding-up or relief of debtors, (b) such
Account Debtor is generally not paying its debts when due, or (c) the
making or commencement of any general assignment for the benefit of creditors,
composition, marshaling of assets for creditors, or other similar arrangement
in respect of the creditors generally or any substantial portion of the
creditors of such Account Debtor.

 

1.9          “Interest Reserve” means
for any Purchase, an upfront reserve collected by Buyer from Seller, equal to
the aggregate amount of the Discount Rate as accrued during the Interest
Reserve Period.

 

1.10        “Interest Reserve Period” means
a 90 day period after the Due Date.

 

1.11        “Invoice Amount” means
for any Purchase, the “Invoice Amount” set forth in the Schedule for such
Purchase.

 

1.12        “Open Amount” means the portion of
any Purchased Receivable which has been pre-paid to the Seller.

 

1.13        “Payment in Full” means for any
Purchase that Buyer has received payments on account of the Purchased
Receivables under such Purchase equal to the Total Purchased Receivables Amount
for such Purchase.

 

 

1.14        “Prime Rate” means per
the annum rate of interest from time to time announced and made effective by
Buyer as its Prime Rate (which rate may or may not be the lowest rate available
from Buyer at any given time).

 

1.15        “Purchase” means the
purchase by Buyer from Seller of one or more Purchased Receivables on a
Purchase Date as listed in the Schedule applicable to such Purchase.

 

1.16        “Purchase Date” means
for any Purchase the date set forth as the “Purchase Date” in the Schedule for
such Purchase.

 

1.17        “Purchase Price” means
for any Purchase the “Purchase Price” set forth on the Schedule for such
Purchase.

 

1.18        “Purchased Receivables” means
for any Purchase all those Receivables arising out of the invoices and other
agreements identified on the Schedule for such Purchase.

 

1.19        “Purchased Receivable
Amount” means for any Purchased Receivable, the “Invoice Amount” set forth
with respect to such Purchased Receivable on the applicable Schedule minus the
Open Amount.

 

1.20        “Receivables”
means accounts, receivables, chattel paper, instruments, contract rights,
documents, general intangibles, letters of credit, drafts, bankers acceptances,
and other rights to payment, and all proceeds thereof.

 

1.21        “Related Property” has
the meaning as set forth in Section 9 hereof.

 

1.22        “Repurchase Amount” has
the meaning set forth in Section 4.2 hereof.

 

1.23        “Schedule” means for
each Purchase a schedule executed by the parties in the form of Exhibit A
hereto identifying the Purchased Receivables subject to such Purchase and
setting forth financial and other details relating to such Purchase, all as
contemplated by Exhibit A.

 

1.24        “Settlement Date” has
the meaning set forth in Section 3.2 hereof.

 

1.25        “Total Purchased Receivables Amount” means
for any Purchase the total of the Purchased Receivable Amounts for all
Purchased Receivables subject to such Purchase as set forth on the applicable
Schedule.

 

1.26        “UCC”
means the Uniform Commercial Code of California as amended from time to time.

 

2              PURCHASE AND SALE
OF RECEIVABLES.

 

2.1          Sale and Purchase.  Subject to the terms and
conditions of this Agreement, with respect to each Purchase, effective on each
applicable Purchase Date, Seller agrees to sell to Buyer and Buyer agrees to
buy from Seller all right, title, and interest (but none of the obligations
with respect to) of the Seller to the payment of all sums owing or to be owing
from the Account Debtors under each Purchased Receivable to the extent of the
Purchased Receivable Amount for such Purchased Receivable.

 

Each purchase and sale hereunder shall be in the sole
discretion of Buyer and Seller.  In any
event, Buyer will not (i) purchase any Receivables in excess of an
aggregate outstanding amount exceeding Twenty Million Dollars ($20,000,000.00),
or (ii) purchase any Receivables under this Agreement after October       ,
2005.  The purchase of each Purchased
Receivable may be evidenced by an assignment or bill of sale in a form
acceptable to Buyer.

 

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2.2          Purchase Price and Related Matters.  With respect to each Purchase:

 

(a)           Payment of Purchase Price.  On the Purchase Date, Purchase
Price, less the Administrative Fee and reasonable legal fees owing hereunder,
shall be paid by Buyer to Seller.

 

(b)           Payment of the Interest Reserve.  On the Purchase Date, Seller shall
pay to Buyer the Interest Reserve.  If
Payment in Full is made on or before the Due Date, Buyer will refund to Seller
the Interest Reserve.  If Payment in Full
is made after the Due Date but prior to the end of the Interest Reserve Period
then Buyer will rebate the additional interest expense on a per diem basis to
Seller.  If Payment in Full does not
occur prior to the end of the Interest Reserve Period, Buyer shall retain the
Interest Reserve as an additional fee hereunder.

 

2.3          Facility Fee.  A fully earned, non-refundable facility
fee of Fifteen Thousand Dollars ($15,000.00) is due to Buyer from Seller upon
execution of this Agreement.

 

2.4          Nature of
Transaction.  It is the intent of the
parties hereto that each purchase and sale of Receivables hereunder is and
shall be a true sale of such Receivables for all purposes and not a loan
arrangement.  Each such sale shall be,
subject to the terms hereof, absolute and irrevocable, providing Buyer with the
full risks and benefits of ownership of the Purchased Receivables (such that
the Purchased Receivables would not be property of the Seller’s estate in the
event of the Seller’s bankruptcy).  The
parties agree that appropriate UCC financing statements have been or shall
promptly be filed to reflect that Seller is the seller and Buyer is the
purchaser of Receivables hereunder.

 

3              COLLECTIONS,
CHARGES AND REMITTANCES.

 

3.1          Application of Payments.  All payments in respect of any
Purchased Receivable, whether received from an Account Debtor or any other
source and whether received by Seller or Buyer, shall be the property of Buyer
and Seller shall have no ownership interest therein.

 

3.2          Collection by
Seller.  In order to facilitate the
collection of the Purchased Receivables in the ordinary course of business,
Seller agrees to act as Buyer’s agent for collection of the Purchased
Receivables.  Accordingly, Buyer hereby
appoints the Seller its attorney-in-fact to ask for, demand, take, collect, sue
for and receive all payments made in respect of the Purchased Receivables and
to enforce all rights and remedies thereunder and designates Seller as Buyer’s
assignee for collection; provided that such appointment of Seller as
such attorney-in-fact or assignee for collection may be revoked by Buyer at any
time.  Seller, as such attorney-in-fact,
shall use due diligence and commercially reasonable lawful efforts in
accordance with its usual policies and practices to collect all amounts owed by
the Account Debtors on each Purchased Receivable when the same become due.  In the enforcement or the collection of
Purchased Receivables, Seller shall commence any legal proceedings only in its
own name as an assignee for collection or on behalf of Buyer or, with Buyer’s
prior written consent, in Buyer’s name.  Seller shall have no obligation to commence
any such legal proceedings unless Buyer has agreed to share the legal fees and
other expenses to be incurred in such proceedings on a basis which is
acceptable to Seller.  In no event shall
Seller take any action which would make Buyer a party to any litigation or
arbitration proceeding without Buyer’s prior written consent.  Until Buyer has received Payment in Full as
to any Purchase, Seller shall (i) hold in trust for Buyer and turn over to
Buyer forthwith upon receipt all payments made to Seller by Account Debtors
with respect to the Purchased Receivables subject to such Purchase and (ii) turn
over to Buyer forthwith on receipt all instruments, chattel paper and other
proceeds of the Purchased Receivables; provided that unless an Event of
Default has occurred and is continuing, Seller shall remit amounts received by
Seller and due to Buyer on a weekly basis on Friday of each week (each a “Settlement
Date”), commencing on the first Friday after the Purchase Date.  On each Settlement Date, Seller shall deliver
to Buyer a report, in form and substance acceptable to Buyer, of the account
activity (including dates and amounts of payments) and changes in account
status for each Purchased Receivable.

 

3.3          No Obligation to Take Action.  Buyer shall have no obligation to
perform any of Seller’s obligations under any Purchased Receivables or to take
any action or commence any proceedings to realize upon any Purchased
Receivables (including without limitation any defaulted Purchased Receivables),
or to enforce any of its rights or remedies with respect thereto.

 

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4              NON-RECOURSE;
REPURCHASE OBLIGATIONS.

 

4.1          Non-Recourse.  Except as otherwise set forth in this
Agreement, Buyer’s acquisition of Purchased Receivables from Seller hereunder
shall be without recourse against Seller.

 

4.2          Seller’s Agreement to Repurchase.  Seller agrees to pay to Buyer on
demand, the full face amount, or any unpaid portion, of any Purchased
Receivable: (A) with respect to such Purchase Receivable there has been
any breach of warranty or representation set forth in Section 6.1
hereof (except for breaches of warranty or representations which are permitted
to be, and have been, cured pursuant to Section 7 and/or 10 hereof)
or any breach of any covenant contained in this Agreement with respect to such
Purchased Receivable; or (B) with respect to such Purchased Receivable the
Account Debtor asserts any discount, allowance, return, dispute, counterclaim,
offset, defense, right of recoupment, right of return, warranty claim, or short
payment (except for such matters as are permitted to be, and have been, cured
pursuant to Section 7 and/or 10 hereof); together with, in the case
of (A) or (B), all reasonable attorneys’ and professional fees and
expenses and all court costs incurred by Buyer in collecting such Purchased
Receivable and/or enforcing its rights under, or collecting amounts owed by
Seller in connection with this Agreement (collectively, the “Repurchase Amount”).  Upon such payment, the respective Purchased
Receivables shall be deemed property of and owned solely by the Seller (and
shall not be deemed to be a Purchased Receivable hereunder).

 

4.3          Seller’s Payment of the Amounts Due Buyer. 
All amounts due from Seller to Buyer shall be paid by Seller
to Buyer in immediately available funds by federal wire pursuant to
instructions provided from time to time by Buyer.

 

5              POWER OF ATTORNEY.

 

Seller does hereby irrevocably appoint Buyer and its
successors and assigns as Seller’s true and lawful attorney-in-fact, and hereby
authorizes Buyer: (a) to sell, assign, transfer, pledge, compromise, or
discharge the whole or any part of the Purchased Receivables; (b) to
demand, collect, receive, sue, and give releases to any Account Debtor for the
monies due or which may become due upon or with respect to the Purchased
Receivables and to compromise, prosecute, or defend any action, claim, case or
proceeding relating to the Purchased Receivables, including the filing of a
claim or the voting of such claims in any bankruptcy case, all in Buyer’s name
or Seller’s name, as Buyer may choose; (c) to prepare, file and sign
Seller’s name on any notice, claim, assignment, demand, draft, or notice of or
satisfaction of lien or mechanics’ lien or similar document with respect to
Purchased Receivables; (d) to notify all Account Debtors with respect to
the Purchased Receivables to pay Buyer directly; (e) to receive, open, and
dispose of all mail addressed to Seller for the purpose of collecting the
Purchased Receivables; (f) to endorse Seller’s name on any checks or other
forms of payment on the Purchased Receivables; (g) to execute on behalf of
Seller any and all instruments, documents, financing statements and the like to
perfect Buyer’s interests in the Purchased Receivables; and (h) to do all
acts and things necessary or expedient, in furtherance of any such purposes.

 

6              REPRESENTATIONS, WARRANTIES AND COVENANTS.

 

6.1          Receivables’ Warranties, Representations and Covenants.  To induce Buyer to purchase the Purchased
Receivables and to render its services to Seller, and with full knowledge that
the truth and accuracy of the following are being relied upon by the Buyer in
determining whether to accept receivables as Purchased Receivables, Seller
represents, warrants, covenants and agrees, with respect to each Purchased
Receivable, that, as of the date of the applicable Purchase pertaining to such
Purchased Receivable:

 

(a)           Seller is
the absolute owner of each of the Purchased Receivables and has full legal
right to sell, transfer and assign such receivables;

 

(b)           The
correct amount of each Purchased Receivable is as set forth on the applicable
Schedule and is not in dispute;

 

(c)           The
payment of each Purchased Receivable is not contingent upon the fulfillment of
any obligation or contract, and any and all obligations required of the Seller
have been fulfilled as of the applicable Purchase Date;

 

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(d)           Such
Purchased Receivable is based on an actual sale and delivery of goods and/or
services actually rendered, is due no later than the applicable Due Date and is
owing to Seller, is not past due or in default, has not been previously sold,
assigned, transferred, or pledged, and is free of any and all liens, security
interests and encumbrances other than liens, security interests or encumbrances
in favor of Buyer or any other division or affiliate of Silicon Valley Bank;

 

(e)           There are
no defenses, offsets, or counterclaims against such Purchased Receivable, and
no agreement has been made under which the Account Debtor may claim any
deduction or discount, except as otherwise stated on the applicable Schedule;

 

(f)            Seller
and, to Seller’s knowledge, each Account Debtor set forth on the applicable
Schedule with respect to such Purchased Receivable, is not insolvent as that
term is defined in the United States Bankruptcy Code and the California Uniform
Commercial Code, and no such Account Debtor, to the knowledge of Seller, has
filed or had filed against it a voluntary or involuntary petition for relief
under the United States Bankruptcy Code; and

 

(g)           No
Account Debtor set forth on the applicable Schedule with respect to such
Purchased Receivable has objected to the payment for, or the quality or the quantity
of the subject matter of, the Purchased Receivable, each such Account Debtor is
liable for the amount set forth on such Schedule.

 

6.2          Additional Warranties, Representations and
Covenants.  In addition to the
foregoing warranties, representations and covenants, to induce Buyer to buy the
Purchased Receivables, Seller hereby represents, warrants, covenants and agrees
that:

 

(a)           Seller
will not assign, transfer, sell, or grant, or permit any lien or security
interest in any interest the Seller may have in any Purchased Receivables to or
in favor of any other party, without Buyer’s prior written consent.

 

(b)           The
Seller’s name, form of organization, chief executive office, and the place
where the records concerning all Purchased Receivables are kept is set forth at
the beginning of this Agreement or, if located at any additional location, as
set forth on a schedule attached to this Agreement, and Seller will give Buyer
at least 10 days prior written notice if such name, organization, chief
executive office or records concerning Purchased Receivables is changed or
added and shall execute any documents necessary to perfect Buyer’s interest in
the Purchased Receivables.

 

(c)           Seller
shall (i) pay all of its normal gross payroll for employees, and all
federal and state taxes, as and when due, including without limitation all
payroll and withholding taxes and state sales taxes; (ii) deliver at any
time and from time to time at Buyer’s reasonable request, evidence satisfactory
to Buyer that all such amounts have been paid to the proper taxing authorities.

 

(d)           Seller
has not filed a voluntary petition for relief under the United States
Bankruptcy Code or had filed against it an involuntary petition for relief and
is not contemplating or anticipating any such filing.

 

(e)           If
Payment in Full of any Purchased Receivable has not occurred by the applicable
Due Date, then Seller shall within 10 days of such date provide a written
report to Buyer setting forth the reasons for such delay in payment.

 

(f)            So long
as any Purchased Receivable is outstanding, Seller shall deliver to Buyer:  i) weekly, each Friday, a settlement report
as detailed in Section 3.2 hereof and (ii) within five (5) days
of filing, copies of all statements, reports and notices made available to
Seller’s security holders and all reports on Form 10-K, 10-Q and 8-K filed
with the Securities and Exchange Commission.

 

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7              ADJUSTMENTS.

 

In the event any Adjustment or dispute is asserted by
any Account Debtor, Seller shall promptly advise Buyer and Seller shall,
subject to the Buyer’s approval, resolve such disputes and advise Buyer of any
Adjustments and promptly remit to Buyer the difference between the Invoice
Amount on the Purchase Date and the Invoice Amount after such Adjustment.  Unless Buyer has otherwise elected to
exercise its rights under Section 4.2 hereof, Buyer shall remain the
absolute owner of any Purchased Receivable which is subject to Adjustment, and,
until the amount of such adjustment (as set forth above) is paid by Seller to
Buyer, any rejected, returned, or recovered personal property, with the right
to take possession thereof at any time, and if such possession is not taken by
Buyer, Seller agrees to resell it for Buyer’s account at Seller’s expense with
the proceeds made payable to Buyer. 
While Seller retains possession of said returned goods and such goods
are the property of Buyer, Seller shall segregate said goods and mark them “property
of Silicon Valley Bank.”

 

8              INDEMNIFICATION.

 

(a)            Seller
hereby agrees that in the event any Account Debtor is released from all or any
part of its payment obligations with respect to any Purchased Receivable by
reason of: (1) any act or omission of Seller not permitted by this
Agreement and not consented to in writing by Buyer; or (2) the operation
of any of the provisions of the documentation pertaining to such Purchased
Receivables, which result in the termination of the Account Debtor’s obligation
to pay all of any part of the Purchased Receivables, then, upon the happening
of any such event, Seller shall thereafter pay to Buyer on the date when the
Account Debtor would otherwise have paid the Purchased Receivable to Buyer an
amount equal to the lesser of (a) the amount of the Purchased Receivable
not payable by the Account Debtor as a result of such event and (b) the
unpaid portion of the Purchased Receivable Amount for such Purchased
Receivable.

 

(b)            Seller
hereby agrees to pay, and to indemnify and hold harmless Buyer from and
against, any taxes which may at any time be asserted in respect of this
transaction or the subject matter thereof (including, without limitation, any
sales, occupational, excise, gross receipts, general corporation, personal
property, privilege or license taxes, but not including taxes imposed upon the
Buyer with respect to its income arising out of this transaction) and costs,
expenses and reasonable counsel fees in defending against the same, whether
arising by reason of the acts to be performed by Seller hereunder or imposed against
Buyer, Seller, the property involved or otherwise; provided that with
respect to any of the foregoing for which Seller shall be liable, Seller shall
receive reasonably prompt notice from Buyer of this assertion of any such taxes
on Buyer of which Buyer has notice.

 

9              ADDITIONAL RIGHTS.

 

To
secure the prompt payment and performance to Buyer of all of the Purchased
Receivables and the obligations of Seller hereunder, Seller hereby grants to
Buyer a continuing lien upon and security interest in all of Seller’s now
existing or hereafter arising rights and interest in the following, whether now
owned or existing or hereafter created, acquired, or arising, and wherever
located (the “Related Property”): (A) Seller’s rights to any returned or
rejected goods in respect of the Purchased Receivables, with respect to which
Buyer has all the rights of any unpaid seller, including the rights of
replevin, claim and delivery, reclamation, and stoppage in transit; (B) All
books and records pertaining to the Purchased Receivables or the foregoing
goods; and (C) All proceeds of the foregoing, whether due to voluntary or
involuntary disposition, including insurance proceeds.  Seller is not authorized to sell, assign,
transfer or otherwise convey any interest in any Related Property without Buyer’s
prior written consent.  Seller agrees to
sign UCC financing statements, in a form acceptable to Buyer, and any other
instruments and documents requested by Buyer to evidence, perfect, or protect
the interests of Buyer in the Purchased Receivables and the Related
Property.  Seller agrees to deliver to
Buyer the originals of all instruments, chattel paper and documents evidencing
or related to Purchased Receivables and Related Property.

 

10           DEFAULT.

 

The occurrence of any one or more of the following
shall constitute an Event of Default hereunder:

 

(a)           Seller
fails to pay any amount owed to Buyer as and when due;

 

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(b)           There
shall be commenced by or against Seller any voluntary or involuntary case under
the United States Bankruptcy Code, or any assignment for the benefit of
creditors, or appointment of a receiver or custodian for any of its assets;

 

(c)           Seller
shall become insolvent in that its debts are greater than the fair value of its
assets, or Seller is generally not paying its debts as they become due or is
left with unreasonably small capital;

 

(d)           Any
involuntary lien, garnishment, attachment or the like is issued against or
attaches to the Purchased Receivables or any Related Property;

 

(e)           Seller
shall breach any covenant, agreement, warranty, or representation set forth
herein, and the same is not cured (whether pursuant to the provisions of Section 6
hereof, if applicable, or otherwise) to Buyer’s satisfaction within 10 days after
Buyer has given Seller oral or written notice thereof; provided, that if such
breach is incapable of being cured it shall constitute an immediate default
hereunder;

 

(f)            Seller
is not in compliance with, or otherwise is in default under, any term of any
document, instrument or agreement evidencing a debt, obligation or liability of
any kind or character of Seller, now or hereafter existing, in favor of Buyer
or any division or affiliate of Silicon Valley Bank, regardless of whether such
debt, obligation or liability is direct or indirect, primary or secondary,
joint, several or joint and several, or fixed or contingent, together with any
and all renewals and extensions of such debts, obligations and liabilities, or
any part thereof; or

 

(g)           An event
of default shall occur under any guaranty executed by any guarantor of the
obligations of Seller to Buyer under this Agreement, or any material provision
of any such guaranty shall for any reason cease to be valid or enforceable or
any such guaranty shall be repudiated or terminated, including by operation of
law.

 

11           REMEDIES UPON DEFAULT.

 

Upon the occurrence of an Event of Default, Buyer has
and may exercise all the rights and remedies under this Agreement and under
applicable law, including the rights and remedies of a secured party under the
California Uniform Commercial Code, all the power of attorney rights described
in Section 5 with respect to all Purchased Receivables and Related
Property, and the right to collect, dispose of, sell, lease, use, and realize
upon all Purchased Receivables and all Related Property.

 

12           ACCRUAL OF INTEREST.

 

If any amount owed by Seller to Buyer hereunder is not
paid when due, such amount shall bear interest from such date until paid at a
per annum rate equal to the Prime Rate plus 5.0%.

 

13           FEES, COSTS AND EXPENSES.

 

The Seller will pay to Buyer immediately upon demand
all reasonable fees, costs and expenses (including reasonable fees of attorneys
and professionals and their costs and expenses) that Buyer incurs with any of the
following: (a) preparing, negotiating, and administering, and enforcing
this Agreement or any other agreement executed by Buyer and Seller in
connection herewith, including any amendments, waivers or consents in
connection with any of the foregoing, (b) enforcing Buyer’s rights under,
or collecting amounts owed by Seller to Buyer in connection with this
Agreement, including, without limitation, to enforce (i) Seller’s
agreement to repurchase as set forth in Section 4.2, (ii) Seller’s
payment of any amounts owing by Seller pursuant to Section 7 hereof, or (iii) Seller’s
payment of any amounts owing by Seller pursuant to Section 8 hereof, (c) enforcing
any other rights against Seller or any guarantor, (d) protecting or
enforcing its title to the Purchased Receivables or its security interest in
the Related Property, and (e) the representation of Buyer in connection
with any bankruptcy case or insolvency proceeding involving Seller or any
guarantor.  Seller shall indemnify and
hold Buyer harmless from and against any and all claims, actions, damages,
costs, expenses, and liabilities of any nature whatsoever arising in connection
with any of the foregoing, except to the extent arising as a result of Buyer’s
own gross negligence or willful misconduct.

 

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14           SEVERABILITY, WAIVER, AND CHOICE OF LAW.

 

In
the event that any provision of this Agreement is deemed invalid by reason of
law, this Agreement will be construed as not containing such provision and the
remainder of the Agreement shall remain in full force and effect.  If Buyer waives a default it may enforce a
later default.  Any consent or waiver
under, or amendment of, this Agreement must be in writing.  Nothing contained herein, or any action taken
or not taken by Buyer at any time, shall be construed at any time to be
indicative of any obligation or willingness on the part of Buyer to amend this
Agreement or to grant to Seller any waivers or consents.  This Agreement has been transmitted by Seller
to Buyer at Buyer’s office in the State of California and has been executed and
accepted by Buyer in the State of California. 
This Agreement shall be governed by and interpreted in accordance with
the internal laws of the State of California.

 

15           NOTICES.

 

All notices shall be given to Buyer and Seller at the
addresses or faxes set forth on the first page of this Agreement and shall
be deemed to have been delivered and received: (a) if mailed, three
calendar days after deposited in the United States mail, first class, postage
pre-paid, (b) one calendar day after deposit with an overnight mail or
messenger service; or (c) on the same date of confirmed transmission if
sent by hand delivery, telecopy, telefax or telex.

 

16           JURY TRIAL.

 

SELLER
AND BUYER EACH HEREBY (a) WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL ON
ANY CLAIM OR ACTION ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, ANY
RELATED AGREEMENTS, OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY; (b) RECOGNIZE
AND AGREE THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO
ENTER INTO THIS AGREEMENT; AND (c) REPRESENT AND WARRANT THAT IT HAS
REVIEWED THIS WAIVER, HAS DETERMINED FOR ITSELF THE NECESSITY TO REVIEW THE
SAME WITH ITS LEGAL COUNSEL, AND KNOWINGLY AND VOLUNTARILY WAIVES ALL RIGHTS TO
A JURY TRIAL.

 

17           TITLES AND SECTION HEADINGS.

 

The titles and section headings used herein are for
convenience only and shall not be used in interpreting this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement under
seal as of the date first written above.

 

SELLER:

 

	
  FINISAR CORPORATION

  	
   

  
	
   

  	
   

  	
   

  
	
  By

  	
    /s/ S. K.
  Workman

  	
   

  
	
  Title

  	
    CFO

  	
   

  
	
   

  	
   

  	
   

  
	
  BUYER:

  	
   

  
	
   

  	
   

  
	
  SILICON VALLEY BANK

  	
   

  
	
   

  	
   

  
	
  By

  	
    /s/ Amanda
  Peters

  	
   

  
	
  Title

  	
    V.P.

  	
   

  
							

 

9

 

EXHIBIT A

SCHEDULE

 

10

 

SCHEDULE DATED                                      

TO

NON-RECOURSE RECEIVABLES PURCHASE
AGREEMENT

 

DATED AS OF OCTOBER       ,
2004

 

	
  Seller:

  	
   

  	
  Finisar Corporation

  
	
   

  	
   

  	
   

  
	
  Buyer:

  	
   

  	
  Silicon Valley Bank

  
	
   

  	
   

  	
   

  
	
  Purchase
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Due
  Date:

  	
   

  	
             days
  from Purchase Date (not less than thirty (30) days)

  
	
   

  	
   

  	
   

  
	
  Total
  Purchased Receivables:

  	
   

  	
  $                  (List
  of Receivables total)

  
	
   

  	
   

  	
   

  
	
  Discount
  Rate:

  	
   

  	
                 % (Prime Rate + 0.50%)

  
	
   

  	
   

  	
   

  
	
  Purchase
  Price:

  	
   

  	
  $                        (is                             %
  of the Total Purchased Receivables which is the 

  
	
  straight discount of
  the Total Purchased Receivables discounted from the Due Date to the Purchase
  Date at the Discount Rate).

  
	
   

  	
   

  	
   

  
	
  Administrative
  Fee:

  	
   

  	
               (0.25%
  multiplied by the Total Purchased Receivables.)

  
	
   

  	
   

  	
   

  
	
  Interest
  Reserve:

  	
   

  	
  $                  

  

 

Seller warrants
and represents that (a) its warranties and representations in the
Agreement are true and correct as of the date of this Schedule and (b) no
Event of Default has occurred under the Agreement.

 

SELLER:  FINISAR CORPORATION

 

	
  By:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BUYER: SILICON VALLEY
  BANK

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

11

 

FIRST AMENDMENT TO NON-RECOURSE
RECEIVABLES PURCHASE AGREEMENT

 

This
First Amendment to Non-Recourse Receivables Purchase Agreement (this “First
Amendment”) is entered into as of Oct. 20, 2005, by and between SILICON VALLEY BANK, a California-chartered bank, with its
principal place of business at 3003 Tasman Drive, Santa Clara, California 95054
(“Buyer”) and FINISAR CORPORATION, a Delaware
corporation with its chief executive office located at 1399 Moffett Park Drive,
Sunnyvale, California 94089 (“Seller”).

 

1.             DESCRIPTION OF
EXISTING INDEBTEDNESS AND OBLIGATIONS. 
Among other indebtedness and obligations which may be owing by Seller to
Buyer, Seller is indebted to Buyer pursuant to a receivables purchase
arrangement dated as of October 28, 2004, evidenced by, among other
documents, a certain Non-Recourse Receivables Purchase Agreement dated as of October 28,
2004, between Seller and Buyer (as amended, the “Purchase Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the same meaning as in the Purchase Agreement.

 

2.             DESCRIPTION OF
CHANGE IN TERMS.

 

A.            Modifications to
Purchase Agreement.

 

1.             The
Purchase Agreement shall be amended by deleting the following text appearing in
Section 2.1 thereof:

 

“Each
purchase and sale hereunder shall be in the sole discretion of Buyer and
Seller.  In any event, Buyer will not (i) purchase
any Receivables in excess of an aggregate outstanding amount exceeding Twenty
Million Dollars ($20,000,000.00), or (ii) purchase any Receivables under
this Agreement after October 27, 2005.”

 

and
inserting in lieu thereof the following:

 

“Each
purchase and sale hereunder shall be in the sole discretion of Buyer and
Seller.  In any event, Buyer will not (i) purchase
any Receivables in excess of an aggregate outstanding amount exceeding Twenty
Million Dollars ($20,000,000.00), or (ii) purchase any Receivables under
this Agreement after October 26, 2006.”

 

3.             FEES.  Seller shall pay to Buyer a facility fee
equal to $15,000.00, which fee shall be due on the date hereof and shall be
deemed fully earned as of the date hereof. 
Seller shall also reimburse Buyer for all legal fees and expenses
incurred in connection with this amendment to the Purchase Agreement.

 

4.             RATIFICATION OF
PERFECTION CERTIFICATES.  Seller
hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in that certain Perfection Certificate dated as of October 28,
2004 and acknowledges, confirms and agrees the disclosures and information
provided to Buyer in the Perfection Certificate have not changed, as of the
date hereof.

 

5.             CONTINUING
VALIDITY.  Except as expressly
modified pursuant to this First Amendment, the terms of the Purchase Agreement
remain unchanged and in full force and effect. 
Buyer’s agreement to modifications to the Purchase Agreement pursuant to
this First Amendment in no way shall obligate Buyer to make any future
modifications to the Purchase Agreement. 
It is the intention of Buyer and Seller to retain as liable parties all
makers of the Purchase Agreement, unless the party is expressly released by
Buyer in writing.  No maker will be
released by virtue of this First Amendment.

 

12

 

6.             COUNTERSIGNATURE.  This First Amendment shall become effective
only when it shall have been executed by Seller and Buyer.

 

This First Amendment is executed as a sealed
instrument under the laws of the State of California as of the date first
written above.

 

	
  SELLER:

  	
  BUYER:

  
	
   

  	
   

  
	
  FINISAR CORPORATION

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  
	
  By:

  	
    /s/
  S. K. Workman

  	
   

  	
  By:

  	
    /s/ Amanda
  Peters

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
    S. K.
  Workman

  	
   

  	
  Name:

  	
    Amanda
  Peters

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
    CFO

  	
   

  	
  Title:

  	
    Vice
  President

  

 

 

SECOND
AMENDMENT TO NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT

 

This Second
Amendment to Non-Recourse Receivables Purchase Agreement (this “First Amendment”)
is entered into as of Oct. 26, 2006, and is effective as of October 26,
2006, by and between SILICON VALLEY BANK, a
California-chartered bank, with its principal place of business at 3003 Tasman
Drive, Santa Clara, California 95054 (“Buyer”) and FINISAR CORPORATION, a Delaware corporation with its chief
executive office located at 1399 Moffett Park Drive, Sunnyvale, California
94089 (“Seller”).

 

1.             DESCRIPTION OF
EXISTING INDEBTEDNESS AND OBLIGATIONS. 
Among other indebtedness and obligations which may be owing by Seller to
Buyer, Seller is indebted to Buyer pursuant to a receivables purchase arrangement
dated as of October 28, 2004, evidenced by, among other documents, a
certain Non-Recourse Receivables Purchase Agreement dated as of October 28,
2004, between Seller and Buyer, as amended by a certain First Amendment to
Non-Recourse Receivables Purchase Agreement dated as of October 20, 2005,
between Seller and Buyer (as amended, the “Purchase Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the same meaning as in the Purchase Agreement.

 

2.             DESCRIPTION OF
CHANGE IN TERMS.

 

A.            Modifications
to Purchase Agreement.

 

1.                                   The
Purchase Agreement shall be amended by deleting the following text appearing in
Section 2.1 thereof:

 

“Each purchase and sale hereunder shall be in the sole
discretion of Buyer and Seller.  In any
event, Buyer will not (i) purchase any Receivables in excess of an
aggregate outstanding amount exceeding Twenty Million Dollars ($20,000,000.00),
or (ii) purchase any Receivables under this Agreement after October 26,
2006.”

 

and inserting in lieu thereof the following:

 

“Each purchase and sale hereunder shall be in the sole
discretion of Buyer and Seller.  In any
event, Buyer will not (i) purchase any Receivables in excess of an
aggregate outstanding amount exceeding Twenty Million Dollars ($20,000,000.00),
or (ii) purchase any Receivables under this Agreement after December 25,
2006.”

 

3.             FEES.  Seller shall pay to Buyer a modification fee
equal to $2,500.00, which fee shall be due on the dale hereof and shall be
deemed fully earned as of the date hereof. 
Seller shall also reimburse Buyer for all legal fees and expenses
incurred in connection with this amendment to the Purchase Agreement.

 

4.             RATIFICATION OF
PERFECTION CERTIFICATES.  Seller
hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures
contained in that certain Perfection Certificate dated as of October 20,
2005, and acknowledges, confirms and agrees the disclosures and information
provided to Buyer in the Perfection Certificate have not changed, as of the
date hereof.

 

5.             NO DEFENSES OF
SELLER.  Seller hereby acknowledges
and agrees that Seller has no offsets, defenses, claims, or counterclaims
against Buyer, and that if Seller now has, or ever did have, any offsets,
defenses, claims, or counterclaims against Buyer, whether known or unknown, at
law or in equity, all of them are hereby expressly WAIVED and Seller hereby
RELEASES Buyer from any liability thereunder.

 

6.             CONTINUING
VALIDITY.  Except as expressly
modified pursuant to this First Amendment, the terms of the Purchase Agreement
remain unchanged and in full force and effect. 
Buyer’s agreement to modifications to the Purchase Agreement pursuant to
this First Amendment in no way shall obligate Buyer to make any future

 

 

modifications to
the Purchase Agreement.  It is the
intention of Buyer and Seller to retain as liable parties all makers of the
Purchase Agreement, unless the party is expressly released by Buyer in
writing.  No maker will be released by

virtue of this First Amendment.

 

7.             COUNTERSIGNATURE.  This Second Amendment shall become effective
only when it shall have been executed by Seller and Buyer.

 

[The
remainder of this page is intentionally left blank]

 

 

This Second Amendment is
executed as a sealed instrument under the laws of the State of California as of
the date first written above.

 

	
  BORROWER:

  	
   

  	
  BANK:

  
	
   

  	
   

  	
   

  	
   

  
	
  FINISAR CORPORATION

  	
   

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ S. K. Workman

  	
   

  	
  By:

  	
  /s/ Nick Tsiagkas

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  S. K. Workman

  	
   

  	
  Name:

  	
  Nick Tsiagkas

  
	
   

  	
   

  	
   

  
	
  Title:

  	
  CFO

  	
   

  	
  Title:

  	
  Relationship Manager

  
						

 

 

THIRD
AMENDMENT TO NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT

 

This Third
Amendment to Non-Recourse Receivables Purchase Agreement (this “Amendment”) is
entered into as of December 21, 2006, and is effective as of December 25,
2006, by and between SILICON VALLEY BANK, a California-chartered bank, with
its principal place of business at 3003 Tasman Drive, Santa Clara, California
95054 (“Buyer”) and FINISAR CORPORATION, a Delaware corporation with its
chief executive office located at 1399 Moffett Park Drive, Sunnyvale,
California 94089 (“Seller”).

 

1.             DESCRIPTION OF
EXISTING INDEBTEDNESS AND OBLIGATIONS. 
Among other indebtedness and obligations which may be owing by Seller to
Buyer, Seller is indebted to Buyer pursuant to a receivables purchase
arrangement dated as of October 28, 2004, evidenced by, among other
documents, a certain Non-Recourse Receivables Purchase Agreement dated as of October 28,
2004, between Seller and Buyer, as amended by a certain First Amendment to
Non-Recourse Receivables Purchase Agreement dated as of October 20, 2005,
between Seller and Buyer, and as further amended by a certain Second Amendment
to Non-Recourse Receivables Purchase Agreement dated as of October 26,
2006, between Seller and Buyer (as amended, the “Purchase Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the same meaning as in the Purchase Agreement.

 

2.             DESCRIPTION OF
CHANGE IN TERMS.

 

A.            Modifications to
Purchase Agreement.

 

1.                                       The
Purchase Agreement shall be amended by deleting the following text appearing in
Section 2.1 thereof:

 

“Each purchase and sale
hereunder shall be in the sole discretion of Buyer and Seller.  In any event, Buyer will not (i) purchase
any Receivables in excess of an aggregate outstanding amount exceeding Twenty
Million Dollars ($20,000,000.00), or (ii) purchase any Receivables under
this Agreement after December 25, 2006.”

 

and inserting in lieu
thereof the following:

 

“Each purchase and sale
hereunder shall be in the sole discretion of Buyer and Seller.  In any event, Buyer will not (i) purchase
any Receivables in excess of an aggregate outstanding amount exceeding Twenty
Million Dollars ($20,000,000.00), or (ii) purchase any Receivables under
this Agreement after October 26, 2007.”

 

2.                                       The
Schedule appearing as Exhibit A to the Loan Agreement is hereby
replaced with the Schedule attached as Exhibit A hereto.

 

3.             10-Q FILINGS.  Notwithstanding the terms of the Purchase
Agreement to the contrary, Seller must deliver to Buyer its 10-Q filings with
respect to its fiscal quarters ending October 31, 2006 and January 31,
2007 on or before April 30, 2007.

 

4.             FEES.  Seller shall pay to Buyer a modification fee
equal to $12,500.00, which fee shall be due on the date hereof and shall be
deemed fully earned as of the date hereof. 
Seller shall also reimburse Buyer for all legal fees and expenses
incurred in connection with this amendment to the Purchase Agreement.

 

5.             RATIFICATION OF
PERFECTION CERTIFICATE.  Seller
hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in that certain Perfection Certificate dated as of October 20,
2005, and acknowledges, confirms and agrees the disclosures and information
provided to Buyer in the Perfection Certificate have not changed, as of the
date hereof.

 

 

6.             NO DEFENSES OF
SELLER.  Seller hereby acknowledges
and agrees that Seller has no offsets, defenses, claims, or counterclaims
against Buyer, and that if Seller now has, or ever did have, any offsets,
defenses, claims, or counterclaims against Buyer, whether known or unknown, at
law or in equity, all of them are hereby expressly WAIVED and Seller hereby
RELEASES Buyer from any liability thereunder.

 

7.             CONTINUING
VALIDITY.  Except as expressly
modified pursuant to this Amendment, the terms of the Purchase Agreement remain
unchanged and in full force and effect. 
Buyer’s agreement to modifications to the Purchase Agreement pursuant to
this Amendment in no way shall obligate Buyer to make any future modifications
to the Purchase Agreement.  It is the
intention of Buyer and Seller to retain as liable parties all makers of the
Purchase Agreement, unless the party is expressly released by Buyer in
writing.  No maker will be released by
virtue of this Amendment.

 

8.             COUNTERSIGNATURE.  This Amendment shall become effective only
when it shall have been executed by Seller and Buyer.

 

[The
remainder of this page is intentionally left blank]

 

 

This Amendment is
executed as a sealed instrument under the laws of the State of California as of
the date first written above.

 

	
  SELLER:

  	
   

  	
  BUYER:

  
	
   

  	
   

  	
   

  
	
  FINISAR CORPORATION

  	
   

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ J.E. Drury

  	
   

  	
  By:

  	
  /s/ Nick Tsiagkas

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  John Drury

  	
   

  	
  Name:

  	
  Nick Tsiagkas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Vice President and
  Corporate

  	
   

  	
  Title:

  	
  Relationship Manager

  
	
   

  	
  Controller and Acting
  CFO

  	
   

  	
   

  

 

 

FOURTH
AMENDMENT TO NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT

 

This Fourth Amendment to Non-Recourse Receivables
Purchase Agreement (this “Amendment”) is entered into as of Nov. 1, 2007,
and is effective as of October 26, 2007, by and between SILICON VALLEY BANK, a California corporation, with its
principal place of business at 3003 Tasman Drive, Santa Clara, California 95054
(“Buyer”) and FINISAR CORPORATION, a Delaware
corporation with its chief executive office located at 1399 Moffett Park Drive,
Sunnyvale, California 94089 (“Seller”).

 

1.            DESCRIPTION OF
EXISTING INDEBTEDNESS AND OBLIGATIONS. 
Among other indebtedness and obligations which may be owing by Seller to
Buyer, Seller is indebted to Buyer pursuant to a receivables purchase
arrangement dated as of October 28, 2004, evidenced by, among other
documents, a certain Non-Recourse Receivables Purchase Agreement dated as of October 28,
2004, between Seller and Buyer, as amended by a certain First Amendment to
Non-Recourse Receivables Purchase Agreement dated as of October 20, 2005,
between Seller and Buyer, as further amended by a certain Second Amendment to
Non-Recourse Receivables Purchase Agreement dated as of October 26, 2006,
between Seller and Buyer, and as further amended by a certain Third Amendment
to Non-Recourse Receivables Purchase Agreement dated as of December 21,
2006, between Seller and Buyer (as amended, the “Purchase Agreement”).  Capitalized terms used but not otherwise defined
herein shall have the same meaning as in the Purchase Agreement.

 

2.            DESCRIPTION OF
CHANGE IN TERMS.

 

A.            Modifications to
Purchase Agreement.

 

1.                                 The
Purchase Agreement shall be amended by deleting the following text appearing in
Section 2.1 thereof:

 

“In any event, Buyer will
not (i) purchase any Receivables in excess of an aggregate outstanding
amount exceeding Twenty Million Dollars ($20,000,000.00), or (ii) purchase
any Receivables under this Agreement after October 26, 2007.”

 

and inserting in lieu
thereof the following:

 

“in any event, Buyer will
not (i) purchase any Receivables in excess of an aggregate outstanding
amount exceeding Twenty Million Dollars ($20,000,000.00), or (ii) purchase
any Receivables under this Agreement after October 25, 2008.”

 

3.             10-Q FILINGS.  Notwithstanding the terms of the Purchase
Agreement to the contrary, Buyer and Seller hereby agree that Seller must
deliver to Buyer its 10-Q filings with respect to its fiscal quarters
ended/ending October 31, 2006, January 31, 2007, July 31, 2007, October 31,
2007 and January 31, 2008 on or before April 30, 2008.

 

4.             10-K FILINGS.  Notwithstanding the terms of the Purchase
Agreement to the contrary, Buyer and Seller hereby agree that Seller must
deliver to Buyer its 10-K filing with respect to its fiscal year ended April 30,
2007 on or before April 30, 2008.

 

5.             FEES.  Seller shall pay to Buyer a modification fee
equal to $15,000.00, which fee shall be due on the date hereof and shall be
deemed fully earned as of the date hereof. 
Seller shall also reimburse Buyer for all legal fees and expenses
incurred in connection with this amendment to the Purchase Agreement.

 

6.             RATIFICATION OF
PERFECTION CERTIFICATE.  Seller
hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in that certain Perfection Certificate dated as of October 20,
2005,

 

 

and acknowledges,
confirms and agrees the disclosures and information provided to Buyer in the
Perfection Certificate have not changed, as of the date hereof.

 

7.            NO DEFENSES OF
SELLER.  Seller hereby acknowledges and
agrees that Seller has no offsets, defenses, claims, or counterclaims against
Buyer, and that if Seller now has, or ever did have, any offsets, defenses,
claims, or counterclaims against Buyer, whether known or unknown, at law or in
equity, all of them are hereby expressly WAIVED and Seller hereby RELEASES
Buyer from any liability thereunder.

 

8.            CONTINUING VALIDITY.  Except as expressly modified pursuant to this
Amendment, the terms of the Purchase Agreement remain unchanged and in full
force and effect.  Buyer’s agreement to
modifications to the Purchase Agreement pursuant to this Amendment in no way
shall obligate Buyer to make any future modifications to the Purchase
Agreement.  It is the intention of Buyer
and Seller to retain as liable parties all makers of the Purchase Agreement,
unless the party is expressly released by Buyer in writing.  No maker will be released by virtue of this
Amendment.

 

9.            COUNTERSIGNATURE.  This Amendment shall became effective only
when it shall have been executed by Seller and Buyer.

 

[The
remainder of this page is intentionally left blank]

 

 

This
Amendment is executed as a sealed instrument under the laws of the State of
California as of the date first written above.

 

	
  SELLER:

  	
   

  	
  BUYER:

  
	
   

  	
   

  	
   

  	
   

  
	
  FINISAR CORPORATION

  	
   

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ S. K. Workman

  	
   

  	
  By:

  	
  /s/ Nick Tsiagkas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  S. K. Workman

  	
   

  	
  Name:

  	
  Nick Tsiagkas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  CFO

  	
   

  	
  Title:

  	
  Relationship Manager

  
						

 

 

FIFTH
AMENDMENT TO NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT

 

This Fifth
Amendment to Non-Recourse Receivables Purchase Agreement (this “Amendment”) is
entered into as of March 14, 2008, by and between SILICON VALLEY BANK, a California
corporation, with its principal place of business at 3003 Tasman Drive, Santa
Clara, California 95054 (“Buyer”) and FINISAR
CORPORATION, a Delaware corporation with its chief executive office
located at 1399 Moffett Park Drive, Sunnyvale, California 94089 (“Seller”).

 

1.             DESCRIPTION OF
EXISTING INDEBTEDNESS AND OBLIGATIONS. 
Among other indebtedness and obligations which may be owing by Seller to
Buyer, Seller is indebted to Buyer pursuant to a receivables purchase
arrangement dated as of October 28, 2004, evidenced by, among other
documents, a certain Non-Recourse Receivables Purchase Agreement dated as of October 28,
2004, between Seller and Buyer, as amended by a certain First Amendment to
Non-Recourse Receivables Purchase Agreement dated as of October 20, 2005,
between Seller and Buyer, as further amended by a certain Second Amendment to
Non-Recourse Receivables Purchase Agreement dated as of October 26, 2006,
between Seller and Buyer, as further amended by a certain Third Amendment to
Non-Recourse Receivables Purchase Agreement dated as of December 21, 2006,
between Seller and Buyer, and as further amended by a certain Fourth Amendment
to Non-Recourse Receivables Purchase Agreement dated as of November 1,
2007, between Seller and Buyer (as amended, the “Purchase Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the same meaning as in the Purchase Agreement.

 

2.             DESCRIPTION OF
CHANGE IN TERMS.

 

A.            Modifications to
Purchase Agreement.

 

1.                                     The
Purchase Agreement shall be amended by inserting the following new definition,
appearing alphabetically in Section 1 thereto (and thereby amending the
existing numbering in Section 1):

 

“              “Revolving Line Agreement” is  that certain Loan and Security Agreement
dated as of March 14, 2008 between Seller and Buyer, as may be amended
from time to time.”

 

2.                                     The
Purchase Agreement shall be amended by deleting the following text appearing in
Section 2.1 thereof:

 

“In any event, Buyer will
not (i) purchase any Receivables in excess of an aggregate outstanding
amount exceeding Twenty Million Dollars ($20,000,000.00), or (ii) purchase
any Receivables under this Agreement after October 25, 2008.”

 

and inserting in lieu
thereof the following:

 

“In any event, Buyer will
not (i) purchase any Receivables in excess of an aggregate outstanding
amount exceeding Ten Million Dollars ($10,000,000.00), or (ii) purchase
any Receivables under this Agreement after October 25, 2008.”

 

3.                                     The
Purchase Agreement shall be amended by deleting the following text appearing in
Section 10 thereof:

 

“              (g)          An event of default shall occur under any
guaranty executed by any guarantor of the obligations of Seller to Buyer under
this Agreement, or any material provision of any such guaranty shall for any
reason cease to be valid or enforceable or any such guaranty shall be
repudiated or terminated, including by operation of law.”

 

 

and inserting in lieu
thereof the following:

 

“              (g)           An Event of Default (as defined in the
Revolving Line Agreement) under the Revolving Line Agreement; or

 

(h)           An event of default
shall occur under any guaranty executed by any guarantor of the obligations of
Seller to Buyer under this Agreement, or any material provision of any such
guaranty shall for any reason cease to be valid or enforceable or any such
guaranty shall be repudiated or terminated, including by operation of law.”

 

3.             FEES.  Seller shall reimburse Buyer for all legal
fees and expenses incurred in connection with this amendment to the Purchase
Agreement.

 

4.             RATIFICATION OF
PERFECTION CERTIFICATE.  Seller
hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in that certain Perfection Certificate dated as of October 20,
2005, and acknowledges, confirms and agrees the disclosures and information
provided to Buyer in the Perfection Certificate have not changed, as of the
date hereof.

 

5.             NO DEFENSES OF
SELLER.  Seller hereby acknowledges
and agrees that Seller has no offsets, defenses, claims, or counterclaims
against Buyer, and that if Seller now has, or ever did have, any offsets,
defenses, claims, or counterclaims against Buyer, whether known or unknown, at
law or in equity, all of them are hereby expressly WAIVED and Seller hereby
RELEASES Buyer from any liability thereunder.

 

6.             CONTINUING
VALIDITY.  Except as expressly
modified pursuant to this Amendment, the terms of the Purchase Agreement remain
unchanged and in full force and effect. 
Buyer’s agreement to modifications to the Purchase Agreement pursuant to
this Amendment in no way shall obligate Buyer to make any future modifications
to the Purchase Agreement.  It is the
intention of Buyer and Seller to retain as liable parties all makers of the
Purchase Agreement, unless the party is expressly released by Buyer in
writing.  No maker will be released by
virtue of this Amendment.

 

7.             COUNTERSIGNATURE.  This Amendment shall become effective only
when it shall have been executed by Seller and Buyer.

 

[The
remainder of this page is intentionally left blank]

 

 

This Amendment is
executed as a sealed instrument under the laws of the State of California as of
the date first written above.

 

	
  SELLER:

  	
   

  	
  BUYER:

  
	
   

  	
   

  	
   

  
	
  FINISAR CORPORATION

  	
   

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ S. K. Workman

  	
   

  	
  By:

  	
  /s/ Nick Tsiagkas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  S. K. Workman

  	
   

  	
  Name:

  	
  Nick Tsiagkas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  CFO

  	
   

  	
  Title:

  	
  Relationship ManagerExhibit 10.22

 

LETTER OF CREDIT REIMBURSEMENT
AGREEMENT

 

This LETTER OF
CREDIT REIMBURSEMENT AGREEMENT (this “Agreement”) dated as of April 29,
2005, between SILICON VALLEY BANK, a California chartered bank, with
its principal place of business at 3003 Tasman Drive, Santa Clara, California
95054 (“Bank”) and FINISAR CORPORATION, a Delaware corporation (“Borrower”),
provides the terms on which Bank shall extend credit to Borrower and Borrower
shall repay Bank.  The parties agree as
follows:

 

1              ACCOUNTING
AND OTHER TERMS

 

Accounting terms not defined in this Agreement shall be construed
following GAAP.  Calculations and
determinations must be made following GAAP. 
The term “financial statements” includes the notes and schedules
attached thereto.  The terms “including”
and “includes” always mean “including (or includes) without limitation,” in
this or any Credit Document.  Capitalized
terms in this Agreement shall have the meanings set forth in Article 13.

 

2              LOAN
AND TERMS OF PAYMENT

 

2.1          Promise to Pay.  Borrower
hereby unconditionally promises to pay Bank the unpaid principal amount of all
Credit Extensions and interest on the unpaid principal amount of the Credit
Extensions as and when due in accordance with this Agreement.

 

2.1.1       Letter of Credit Line.

 

(a)           Borrower
may request Letters of Credit from time to time hereunder, in each instance in
accordance with such procedures as may from time to time be acceptable to Bank.

 

(b)           The
Letter of Credit Line terminates on the Letter of Credit Line Maturity Date.

 

2.1.2       Issuance
of Letters of  Credit.

 

(a)           The
face amount of outstanding Letters of Credit (including drawn but unreimbursed
Letters of Credit and any Letter of Credit Reserve) may not exceed the Letter
of Credit Line.  Borrower’s Letter of
Credit reimbursement obligation shall be secured by cash on terms acceptable to
Bank on and after (i) the Letter of Credit Line Maturity Date, or (ii) the
termination of the Letter of Credit Line by Borrower, or (iii) the
occurrence of an Event of Default hereunder. 
All Letters of Credit shall be in form and substance acceptable to Bank
in its sole discretion, and shall be subject to the terms and conditions of
Bank’s standard Application and Letter of Credit Agreement (“Letter of Credit
Application”).  Borrower agrees to
execute any further documentation in connection with the Letters of Credit as
Bank may reasonably request.

 

(b)           The
obligation of Borrower to immediately reimburse Bank for drawings made under
Letters of Credit shall be absolute, unconditional and irrevocable, and shall
be performed strictly in accordance with the terms of this Agreement and such
Letters of Credit, and the Letter of Credit Application.  Borrower shall indemnify, defend, protect,
and hold Bank harmless from any loss, cost, expense or liability, including,
without limitation, reasonable attorneys’ fees, arising out of or in connection
with any Letters of Credit.

 

(c)           Borrower
may request that Bank issue a Letter of Credit payable in a currency other than
United States Dollars.  Upon the issuance
of any Letter of Credit payable in a currency other than United States Dollars,
Bank shall create a reserve under the Letter of Credit Line for protection
against fluctuations in currency exchange rates, in an amount equal to ten
percent (10%) of the face amount of such Letter of Credit (the “Letter of
Credit Reserve”).  The amount of the
Letter of Credit Reserve may be amended by Bank from time to time to account
for fluctuations in the exchange rate. 
The availability of funds under the Letter of Credit Line shall be
reduced by the amount of the Letter of Credit Reserve for as long as such
Letter of Credit remains outstanding.

 

2.2          Undisbursed Credit Extensions.  Bank’s
obligation to issue any Letters of Credit hereunder shall terminate if, in Bank’s
sole discretion, there has been a material adverse change in the general
affairs, management, results of operation, condition (financial or otherwise)
or the prospect of repayment of the Obligations, or there has

 

 

been any material
adverse deviation by Borrower from the most recent business plan of Borrower
presented to and accepted by Bank prior to the execution of this Agreement.

 

2.3          Fees.  Borrower shall pay to Bank:

 

(a)           Commitment
Fee.  A fully earned, non-refundable
commitment fee of Thirty-Five Thousand Dollars ($35,000.00) due and payable on
the Closing Date;

 

(b)           Letter
of Credit Fee.  Borrower shall pay
Bank’s customary fees and expenses for the issuance or renewal of Letters of
Credit upon the issuance or renewal of such Letter of Credit by Bank; and

 

(c)           Bank
Expenses.  All Bank Expenses
(including reasonable attorneys’ fees and expenses) incurred through and after
the Closing Date, when due.

 

3              CONDITIONS PRECEDENT

 

3.1          Conditions Precedent to Initial Credit
Extension.  Bank’s obligation to make the
initial Credit Extension is subject to the condition precedent that Bank shall
have received, in form and substance satisfactory to Bank, such documents, and
completion of such other matters, as Bank may reasonably deem necessary or
appropriate, including, without limitation, the following:

 

(a)           this
Agreement;

 

(b)           a
certificate of the Secretary of Borrower with respect to articles, bylaws,
incumbency and resolutions authorizing the execution and delivery of this
Agreement, the Credit Documents, and all transactions related thereto;

 

(c)           payment
of the fees and Bank Expenses;

 

(d)           Certificate
of Foreign Qualification (if applicable);

 

(e)           Certificate of Good
Standing/Legal Existence; and

 

(f)            such
other documents, and completion of such other matters, as Bank may reasonably
deem necessary or appropriate.

 

3.2          Conditions Precedent to all Credit Extensions.  Bank’s
obligations to make each Credit Extension, including the initial Credit
Extension, is subject to the representations and warranties in Article 5
shall be true in all material respects on the date any Credit Extension is
requested by Borrower hereunder and on the effective date of each Credit
Extension and no Event of Default shall have occurred and be continuing, or
result from the Credit Extension.  Each
Credit Extension is Borrower’s representation and warranty on that date that
the representations and warranties in Article 5 remain true in all
material respects.

 

4              NEGATIVE PLEDGE
REGARDING ASSETS

 

4.1          Negative Pledge.  In accordance with Sections 7.1 and 7.5
hereof, Borrower has granted to Bank a negative pledge with respect to its
Assets.

 

4.2          Authorization to File
Financing Statements.  Borrower
hereby authorizes Bank to file UCC financing statements with all appropriate
filing offices (in Bank’s discretion) naming Borrower as Debtor and Bank as
Secured Party therein with the following “collateral” description: THE PURPOSE
OF THIS FINANCING STATEMENT IS TO GIVE NOTIFICATION THAT DEBTOR AND SECURED
PARTY ARE PARTIES TO THAT CERTAIN LETTER OF CREDIT REIMBURSEMENT AGREEMENT,
WHEREBY DEBTOR, IN CONNECTION WITH SECURED PARTY’S CREDIT EXTENSIONS TO DEBTOR,
HAS AGREED, AMONG OTHER THINGS, NOT TO, VOLUNTARILY OR INVOLUNTARILY, ASSIGN,
MORTGAGE, PLEDGE, LEASE, SUFFER ANY ATTACHMENT, GRANT A SECURITY INTEREST IN,
OR ENCUMBER ANY OF

 

2

 

DEBTOR’S ASSETS OR
PROPERTY (SUBJECT TO EXCEPTIONS SET FORTH THEREIN), WITHOUT SECURED PARTY’S
WRITTEN CONSENT IN EACH INSTANCE.

 

5              REPRESENTATIONS
AND WARRANTIES

 

Borrower
represents and warrants to Bank as follows:

 

5.1          Due Organization and
Authorization.  Borrower, and
each Subsidiary, is duly existing and in good standing in its state of
formation and qualified and licensed to do business in, and in good standing
in, any state in which the conduct of its business or its ownership of property
requires that it be qualified except where the failure to do so could not
reasonably be expected to cause a Material Adverse Change.  The execution, delivery and performance of
the Credit Documents have been duly authorized, and do not conflict with
Borrower’s organizational documents, nor shall they constitute an event of
default under any material agreement by which Borrower is bound.  Borrower is not in default under any agreement
to which or by which it is bound in which the default could reasonably be
expected to cause a Material Adverse Change.

 

5.2          Litigation.  There are no actions or proceedings
pending or, to the knowledge of Borrower’s Responsible Officers or legal
counsel, threatened by or against Borrower or any Subsidiary in which an
adverse decision could reasonably be expected to cause a Material Adverse
Change.

 

5.3          No Material
Deterioration in Financial Statements. 
All consolidated financial statements for Borrower and any
Subsidiary delivered to Bank fairly present in all material respects Borrower’s
consolidated financial condition and Borrower’s consolidated results of
operations.  There has not been any
material deterioration in Borrower’s consolidated financial condition since the
date of the most recent financial statements submitted to Bank.

 

5.4          Insurance.  Borrower shall keep
its business insured for risks and in amounts, and as Bank may reasonably
request.  Insurance policies shall be in
a form, with companies, and in amounts that are satisfactory to Bank.

 

5.5          Solvency.  The fair salable value of Borrower’s assets
(including goodwill minus disposition costs) exceeds the fair value of its
liabilities; Borrower is not left with unreasonably small capital after the
transactions in this Agreement; and Borrower is able to pay its debts
(including trade debts) as they mature.

 

5.6          Regulatory Compliance.  Borrower is not an “investment company”
or a company “controlled” by an “investment company” under the Investment
Company Act of 1940.  Borrower is not
engaged as one of its important activities in extending credit for margin stock
(under Regulations X, T and U of the Federal Reserve Board of Governors).  Borrower has complied in all material
respects with the Federal Fair Labor Standards Act.  Borrower has not violated any laws,
ordinances or rules, the violation of which could reasonably be expected to
cause a Material Adverse Change.  None of
Borrower’s or any Subsidiary’s properties or assets has been used by Borrower
or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons,
in disposing, producing, storing, treating, or transporting any hazardous
substance other than legally.  Borrower
and each Subsidiary has timely filed all required tax returns and paid, or made
adequate provision to pay, all material taxes, except those being contested in
good faith with adequate reserves under GAAP. 
Borrower and each Subsidiary has obtained all consents, approvals and
authorizations of, made all declarations or filings with, and given all notices
to, all government authorities that are necessary to continue its business as
currently conducted except where the failure to obtain or make such consents,
declarations, notices or filings would not reasonably be expected to cause a
Material Adverse Change.

 

5.7          Subsidiaries;
Investments.  Borrower does not
own any stock, partnership interest or other equity securities except for
Permitted Investments and its equity interest in its Subsidiaries.

 

5.8          Full Disclosure.  No written representation, warranty or
other statement of Borrower in any certificate or written statement given to
Bank taken together with all such written certificates and written statements
given to Bank contains any untrue statement of a material fact or omits to
state a material fact necessary to make the statements contained in the
certificates or statements not misleading (it being recognized by Bank that the
projections and forecasts provided by Borrower in good faith and based upon
reasonable assumptions are not viewed

 

3

 

as facts and that
actual results during the period or periods covered by such projections and
forecasts may differ from the projected or forecasted results).

 

6              AFFIRMATIVE COVENANTS

 

Borrower shall do
all of the following:

 

6.1          Government Compliance.  Borrower shall maintain its, and all
Subsidiaries’, legal existence and good standing in their respective
jurisdictions of formation and maintain qualification in each jurisdiction in
which the failure to so qualify would reasonably be expected to have a material
adverse effect on Borrower’s business or operations.  Borrower shall comply, and have each
Subsidiary comply, with all laws, ordinances and regulations to which it is
subject, noncompliance with which could have a material adverse effect on
Borrower’s business or operations or would reasonably be expected to cause a
Material Adverse Change.

 

6.2          Financial Statements, Reports, Certificates.

 

(a)           Borrower
shall deliver to Bank: (i) as soon as available, but no later than thirty
(30) days after the last day of each month, a company prepared consolidated
balance sheet and income statement covering Borrower’s consolidated operations
during the period certified by a Responsible Officer and in a form acceptable
to Bank; (ii) as soon as available, but no later than ninety (90) days
after the last day of Borrower’s fiscal year, audited consolidated financial
statements of Borrower prepared under GAAP, consistently applied, together with
an unqualified opinion on the financial statements from an independent
certified public accounting firm reasonably acceptable to Bank; (iii) within
five (5) days of filing, Borrower shall provide Bank copies of or
electronic notice of links to all statements, reports and notices made
available to Borrower’s security holders or to any holders of Subordinated Debt
and all reports on Form 10-K, 10-Q and 8-K filed with the Securities and
Exchange Commission; (iv) a prompt report of any material legal actions pending
or threatened against Borrower or any Subsidiary; (v) as requested by
Bank, Board-approved projections; and (vi) other financial information
reasonably requested by Bank.

 

(b)           Within
thirty (30) days after the last day of each month, Borrower shall deliver to
Bank, with the monthly financial statements, a Compliance Certificate signed by
a Responsible Officer in the form of Exhibit A.

 

6.3          Taxes.  Borrower shall make, and cause each
Subsidiary to make, timely payment of all material federal, state, and local
taxes or assessments (other than taxes and assessments which Borrower is
contesting in good faith, with adequate reserves maintained in accordance with
GAAP) and will deliver to Bank, on demand, appropriate certificates attesting
to such payments.

 

6.4          Accounts.  In order to permit Bank to monitor
Borrower’s financial performance and condition, Borrower, and all Borrower’s
Subsidiaries, shall maintain Borrower’s, and such Subsidiaries’, primary
depository, operating and securities accounts with Bank, which accounts shall
represent at least fifty percent (50.0%) of the dollar value of Borrower’s and
such Subsidiaries accounts at all financial institutions.

 

6.5          Financial Covenant.  Borrower shall have at all times, to be
tested as of the last day of each month, cash or cash equivalents of at least
Forty Million Dollars ($40,000,000.00), net of any and all Indebtedness owing
by Borrower to Bank, including, without limitation, all Obligations outstanding
hereunder (including the face amount of any issued, but undrawn, Letters of
Credit).

 

6.6          Further Assurances.  Borrower
shall execute any further instruments and take further action as Bank
reasonably requests to effect the purposes of this Agreement.

 

7              NEGATIVE COVENANTS

 

Borrower shall not do any of the following without
Bank’s prior written consent, which consent will not be unreasonably withheld:

 

4

 

7.1          Dispositions.  Convey, sell, lease, transfer, assign or
otherwise dispose of (collectively a “Transfer”), all or any part of Borrower’s
assets, business or property, including the Intellectual Property
(collectively, the “Assets”), except for Transfers of (a) inventory in the
ordinary course of business; (b) nonexclusive licenses and similar
arrangements for the use of the property of Borrower or its Subsidiaries in the
ordinary course of business; (c) worn-out or obsolete equipment or (d) Non-Core
Business Intellectual Property.  Borrower
shall not enter into an agreement with any Person other than Bank which
restricts the subsequent granting of a security interest in the Assets.

 

7.2          Changes in Business,
Ownership, Management or Business Locations.  (i) Engage in or permit any of its
Subsidiaries to engage in any business other than the businesses currently
engaged in by Borrower or reasonably related thereto, or (ii) permit or
suffer any Change in Control or (iii) permit or suffer any change in
Borrower’s chief executive officer, chief financial officer or president.  Borrower shall not, without at least thirty
(30) days’ prior written notice to Bank: (a) relocate its chief executive
office, or (b) change its jurisdiction of organization, or (c) change
its organizational structure or type, or (d) change its legal name, or (e) change
any organizational number (if any) assigned by its jurisdiction of
organization.

 

7.3          Mergers or
Acquisitions.  Merge or
consolidate, or permit any of its Subsidiaries to merge or consolidate, with
any other Person, or acquire, or permit any of its Subsidiaries to acquire, all
or substantially all of the capital stock or property of another Person; except
where (a) no Event of Default has occurred and is continuing or would
exist after giving effect to the transactions and (b) Borrower is the
surviving legal entity.

 

7.4          Indebtedness.  Create, incur, assume, or be liable for
any Indebtedness, or permit any Subsidiary to do so, other than Permitted
Indebtedness.

 

7.5          Encumbrance.  Create, incur, or allow any Lien on any
of the Assets, including any right to receive income or the sale of any
accounts, or permit any of its Subsidiaries to do so, subject to Permitted
Liens.

 

7.6          Distributions;
Investments.  (a) Directly
or indirectly acquire or own any Person, or make any Investment in any Person,
other than Permitted Investments, or permit any of its Subsidiaries to do so;
or (b) pay any dividends or make any distribution or payment or redeem,
retire or purchase any capital stock.

 

7.7          Transactions with
Affiliates.  Directly or
indirectly enter into or permit to exist any material transaction with any
Affiliate of Borrower, except for transactions that are in the ordinary course
of Borrower’s business, upon fair and reasonable terms that are no less
favorable to Borrower than would be obtained in an arm’s length transaction
with a non-affiliated Person.

 

7.8          Subordinated Debt.  Make or permit any payment on any
Subordinated Debt, except under the terms of the Subordinated Debt, or amend
any provision in any document relating to the Subordinated Debt.

 

7.9          Compliance.  (a) Become an “investment
company” or a company controlled by an “investment company”, under the
Investment Company Act of 1940 or undertake as one of its important activities
extending credit to purchase or carry margin stock, or use the proceeds of any
Credit Extension for that purpose; (b) fail to meet the minimum funding
requirements of ERISA, or permit a Reportable Event or Prohibited Transaction,
as defined in ERISA, to occur; or (c) fail to comply with the Federal Fair
Labor Standards Act or violate any other law or regulation, if the violation
could reasonably be expected to have a material adverse effect on Borrower’s
business or operations or would reasonably be expected to cause a Material
Adverse Change, or permit any of its Subsidiaries to do so.

 

8              EVENTS OF DEFAULT

 

Any
one of the following shall constitute an event of default hereunder (an “Event
of Default”):

 

8.1          Payment Default.  Borrower
fails to pay any of the Obligations when due, including, without limitation,
the failure of Borrower to immediately reimburse Bank for any drawing under any
Letter of Credit.

 

5

 

8.2          Covenant Default.  (a) Borrower
fails or neglects to perform any obligation in Section 6.2 or Section 6.5
or violates any covenant in Article 7; or (b) Borrower fails or
neglects to perform, keep, or observe any other material term, provision,
condition, covenant or agreement contained in this Agreement, any of the Credit
Documents, or in any present or future agreement between Borrower and Bank and
as to any default under such other material term, provision, condition,
covenant or agreement that can be cured, has failed to cure the default within
ten (10) days after the occurrence thereof; provided, however, that if the
default cannot by its nature be cured within the ten (10) day period or
cannot after diligent attempts by Borrower be cured within such ten (10) day
period, and such default is likely to be cured within a reasonable time, then
Borrower shall have an additional period (which shall not in any case exceed
thirty (30) days) to attempt to cure such default, and within such reasonable
time period the failure to have cured such default shall not be deemed an Event
of Default (provided that no Credit Extensions shall be made during such cure period).  Grace periods provided under this Section shall
not apply, among other things, to financial covenants or any other covenants
that are required to be satisfied, completed or tested by a date certain.

 

8.3          Material Adverse
Change.  A Material Adverse
Change occurs.

 

8.4          Attachment.  (a) Any material portion of Borrower’s
assets is attached, seized, levied on, or comes into possession of a trustee or
receiver and the attachment, seizure or levy is not removed in ten (10) days;
(b) the service of process upon Borrower seeking to attach, by trustee or
similar process, any material funds of Borrower on deposit with Bank, or any
entity under control of Bank (including a subsidiary); (c) Borrower is
enjoined, restrained, or prevented by court order from conducting a material
part of its business; (d) a judgment or other claim becomes a Lien on a
material portion of Borrower’s assets; or (e) a notice of lien, levy, or
assessment is filed against a material portion of Borrower’s assets by any
government agency and not paid within ten (10) days after Borrower
receives notice.  These are not Events of
Default if stayed or if a bond is posted pending contest by Borrower (but no
Credit Extensions shall be made during the cure period).

 

8.5          Insolvency.  (a) Borrower is unable to pay its
debts (including trade debts) as they become due or otherwise becomes
insolvent; (b) Borrower begins an Insolvency Proceeding; or (c) an
Insolvency Proceeding is begun against Borrower and not dismissed or stayed
within forty-five (45) days (but no Credit Extensions shall be made before any
Insolvency Proceeding is dismissed).

 

8.6          Other Agreements.  If there is a default in any agreement to
which Borrower is a party with a third party or parties resulting in a right by
such third party or parties, whether or not exercised, to accelerate the
maturity of any Indebtedness in an amount in excess of One Million Dollars
($1,000,000.00) or that could result in a Material Adverse Change.

 

8.7          Judgments.  If a judgment or judgments for the payment
of money in an amount, individually or in the aggregate, of at least of One
Million Dollars ($1,000,000.00) shall be rendered against Borrower and shall
remain unsatisfied and unstayed for a period often (10) days (provided
that no Credit Extensions will be made prior to the satisfaction or stay of
such judgment).

 

8.8          Misrepresentations.  If Borrower or any Person acting for Borrower
makes any material misrepresentation or material misstatement now or later in
any warranty or representation in this Agreement or in any writing delivered to
Bank or to induce Bank to enter this Agreement or any Credit Document.

 

8.9          Subordinated Debt.  A
default or breach occurs under any agreement between Borrower and any creditor
of Borrower that signed a subordination agreement with Bank, or any creditor
that has signed a subordination agreement with Bank breaches any terms of the
subordination agreement.

 

9              BANK’S RIGHTS AND REMEDIES

 

9.1          Rights and Remedies.    When
an Event of Default occurs and continues, Bank may, without notice or demand,
do any or all of the following:

 

(a)           Declare
all Obligations immediately due and payable (but if an Event of Default
described in Section 8.5 occurs all Obligations are immediately due and
payable without any action by Bank);

 

6

 

(b)           Stop
advancing money or extending credit for Borrower’s benefit under this Agreement
or under any other agreement between Borrower and Bank;

 

(c)           Demand
that Borrower: (i) deposit cash with Bank in an amount equal to the
aggregate amount of any Letters of Credit remaining undrawn, as collateral
security for the repayment of any future drawings under such Letters of Credit,
and Borrower shall forthwith deposit and pay such amounts, and (ii) pay in
advance all Letter of Credit fees scheduled to be paid or payable over the
remaining term of any Letters of Credit;

 

(d)           Apply to
the Obligations any (i) balances and deposits of Borrower it holds, or (ii) any
amount held by Bank owing to or for the credit or the account of Borrower;

 

(e)           Place a “hold”
on any account maintained with Bank; and

 

(f)            Exercise all rights
and remedies hereunder or under applicable law.

 

9.2          Bank Expenses.  Any amounts paid by Bank as provided
herein shall constitute Bank Expenses and are immediately due and payable.  No payments by Bank shall be deemed an
agreement to make similar payments in the future or Bank’s waiver of any Event
of Default.

 

9.3          Remedies Cumulative.  Bank’s rights and remedies under this
Agreement, the Credit Documents, and all other agreements are cumulative.  Bank has all rights and remedies provided by
law or in equity.  Bank’s exercise of one
right or remedy is not an election, and Bank’s waiver of any Event of Default
is not a continuing waiver.  Bank’s delay
is not a waiver, election, or acquiescence. 
No waiver hereunder shall be effective unless signed by Bank and then is
only effective for the specific instance and purpose for which it was given.

 

9.4          Demand Waiver.  Borrower
waives demand, notice of default or dishonor, notice of payment and nonpayment,
notice of any default, nonpayment at maturity, release, compromise, settlement,
extension, or renewal of accounts, documents, instruments, chattel paper, and
guarantees held by Bank on which Borrower is liable.

 

10           NOTICES

 

All notices or demands by any party to this Agreement
or any related agreement must be in writing and be personally delivered or sent
by an overnight delivery service, by certified mail, postage prepaid, return
receipt requested, or by facsimile at the addresses listed below.  Either Bank or Borrower may change its notice
address by giving the other party written notice.

 

	
  If to Borrower:

  	
  Finisar Corporation

  	
   

  
	
   

  	
  1399 Moffett Park Drive

  	
   

  
	
   

  	
  Sunnyvale, California
  94089

  
	
   

  	
  Attn:

  	
   

  	
  Steve Workman

  	
   

  
	
   

  	
  FAX:

  	
   

  	
  408-541-4154

  	
   

  
	
   

  	
   

  
	
  If to Bank:

  	
  Silicon Valley Bank

  	
   

  
	
   

  	
  2400 Geng Road,
  Suite 200

  	
   

  
	
   

  	
  Palo Alto, California
  94303

  
	
   

  	
  Attn:

  	
   

  	
  Amanda Peters

  	
   

  
	
   

  	
  FAX:

  	
   

  	
  650-320-0016

  	
   

  
						

 

Notice will be deemed to have been given (a) if
by personal delivery, on the date of delivery; (b) if by overnight
delivery service, on the earlier of the date delivery was first attempted or
the next Business Day after such notice has been delivered to the overnight
delivery service; (c) if by certified mail, postage prepaid, return
receipt requested, on the earlier of the date delivery was first attempted or
the second Business Day after such notice has been delivered to the United
States Postal Service; and (d) if by facsimile transmission, on the date
of the transmission if sent on a Business Day prior to 3:00 p.m.,
California time, or on the next Business Day if sent after such time, provided
that a copy of such notice is also sent on the same day as the facsimile
transmission by overnight delivery service.

 

7

 

11           CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER

 

California law governs the Credit Documents without regard to
principles of conflicts of law.  Borrower
and Bank each submit to the exclusive jurisdiction of the State and Federal
courts in California, and Borrower accepts jurisdiction of the courts and venue
in Santa Clara County, California. 
NOTWITHSTANDING THE FOREGOING, BANK SHALL HAVE THE RIGHT TO BRING ANY
ACTION OR PROCEEDING AGAINST BORROWER OR ITS PROPERTY IN THE COURTS OF ANY
OTHER JURISDICTION WHICH BANK DEEMS NECESSARY OR APPROPRIATE IN ORDER TO
ENFORCE BANK’S RIGHTS AGAINST BORROWER OR ITS PROPERTY.

 

BORROWER
AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE CREDIT DOCUMENTS OR ANY
CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL
OTHER CLAIMS.  THIS WAIVER IS A MATERIAL
INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT.  EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS
COUNSEL.

 

12           GENERAL PROVISIONS

 

12.1        Successors and Assigns.  This Agreement binds and is for the
benefit of the successors and permitted assigns of each party.  Borrower may not assign this Agreement or any
rights or Obligations under it without Bank’s prior written consent which may
be granted or withheld in Bank’s discretion. 
Bank has the right, without the consent of or notice to Borrower, to
sell, transfer, assign, negotiate, or grant participation in all or any part
of, or any interest in, Bank’s obligations, rights and benefits under this
Agreement, the Credit Documents or any related agreement.

 

12.2        Indemnification.  Borrower hereby indemnifies, defends and
holds Bank and its directors, officers, employees and agents harmless against: (a) all
obligations, demands, claims, and liabilities asserted by any other party or
Person in connection with the transactions contemplated by the Credit
Documents; and (b) all losses or Bank Expenses incurred, or paid by Bank
from, following, or consequential to transactions between Bank and Borrower
(including reasonable attorneys’ fees and expenses), except for losses caused
by Bank’s gross negligence or willful misconduct.

 

12.3        Time of Essence.  Time is of the essence for the
performance of all Obligations in this Agreement.

 

12.4        Severability of
Provision.  Each provision of
this Agreement is severable from every other provision in determining the
enforceability of any provision.

 

12.5        Amendments in
Writing:  Integration.  All amendments to this Agreement must be
in writing signed by both Bank and Borrower. 
This Agreement and the Credit Documents represent the entire agreement
about this subject matter, and supersede prior negotiations or agreements.  All prior agreements, understandings,
representations, warranties, and negotiations between the parties about the
subject matter of this Agreement and the Credit Documents merge into this
Agreement and the Credit Documents.

 

12.6        Counterparts.  This Agreement may be executed in any
number of counterparts and by different parties on separate counterparts, each
of which, when executed and delivered, are an original, and all taken together,
constitute one Agreement.

 

12.7        Survival.  All covenants, representations and
warranties made in this Agreement continue in full force until this Agreement
has terminated pursuant to its terms, and all Obligations have been
satisfied.  The obligation of Borrower in
Section 12.2 to indemnify Bank shall survive until the statute of
limitations with respect to such claim or cause of action shall have run.

 

12.8        Confidentiality.  In
handling any confidential information, Bank shall exercise the same degree of
care that it exercises for its own proprietary information, but disclosure of
information may be made: (a) to Bank’s subsidiaries or affiliates in
connection with their business with Borrower; 
(b) to prospective transferees or

 

8

 

purchasers of any
interest in the Credit Extensions (provided, however, Bank shall use
commercially reasonable efforts in obtaining such prospective transferee’s or
purchaser’s agreement to the terms of this provision); (c) as required by
law, regulation, subpoena, or other order, (d) as required in connection
with Bank’s examination or audit; and (e) as Bank considers appropriate in
exercising remedies under this Agreement. 
Confidential information does not include information that either: (i) is
in the public domain or in Bank’s possession when disclosed to Bank, or becomes
part of the public domain after disclosure to Bank; or (ii) is disclosed
to Bank by a third party, if Bank does not know that the third party is
prohibited from disclosing the information.

 

12.9        Attorneys’ Fees, Costs and Expenses.  In
any action or proceeding between Borrower and Bank arising out of the Credit
Documents, the prevailing party will be entitled to recover its reasonable
attorneys’ fees and other reasonable costs and expenses incurred, in addition
to any other relief to which it may be entitled.

 

13           DEFINITIONS

 

13.1        Definitions.  In this Agreement:

 

“Affiliate” is a
Person that owns or controls directly or indirectly the Person, any Person that
controls or is controlled by or is under common control with the Person, and
each of that Person’s senior executive officers, directors, partners and, for
any Person that is a limited liability company, that Person’s managers and
members.

 

“Assets” is defined in Section 7.1.

 

“Bank Expenses” are
all audit fees and expenses and reasonable costs or expenses (including
reasonable attorneys’ fees and expenses) for preparing, negotiating,
administering, defending and enforcing the Credit Documents (including appeals
or Insolvency Proceedings).

 

“Business
Day” is any day that is not a Saturday, Sunday or a day on
which Bank is closed.

 

“Change in Control” is
a transaction or series of transactions in which any “person” or “group”
(within the meaning of Section 13(d) and 14(d)(2) of the
Securities Exchange Act of 1934, as amended) becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Securities Exchange Act of 1934, as
amended), directly or indirectly, of greater than 35% of the shares of all
classes of stock then outstanding of Borrower ordinarily entitled to vote in
the election of directors.

 

“Closing
Date” is the date of this Agreement.

 

“Contingent Obligation” is, for any Person,
any direct or indirect liability, contingent or not, of that Person for (a) any
indebtedness, lease, dividend, letter of credit or other obligation of another
such as an obligation directly or indirectly guaranteed, endorsed, co-made,
discounted or sold with recourse by that Person, or for which that Person is
directly or indirectly liable; (b) any obligations for undrawn letters of
credit for the account of that Person; and (c) all obligations from any
interest rate, currency or commodity swap agreement, interest rate cap or
collar agreement, or other agreement or arrangement designated to protect a
Person against fluctuation in interest rates, currency exchange rates or
commodity prices; but “Contingent Obligation” does not include endorsements in
the ordinary course of business.  The
amount of a Contingent Obligation is the stated or determined amount of the
primary obligation for which the Contingent Obligation is made or, if not
determinable, the maximum reasonably anticipated liability for it determined by
the Person in good faith; but the amount may not exceed the maximum of the
obligations under any guarantee or other support arrangement.

 

“Credit Documents” are,
collectively, this Agreement, the Letter of Credit Application and any other
present or future agreement between Borrower and/or for the benefit of Bank in
connection with this Agreement, all as amended, extended or restated.

 

“Credit Extension” is
each Letter of Credit, or any other extension of credit by Bank for Borrower’s
benefit.

 

“ERISA” is the Employment Retirement Income
Security Act of 1974, and its regulations.

 

“Event of Default” is defined in Article 8.

 

9

 

“GAAP” is generally accepted
accounting principles in the United States.

 

“Indebtedness” is (a) indebtedness
for borrowed money or the deferred price of property or services, such as
reimbursement and other obligations for surety bonds and letters of credit, (b) obligations
evidenced by notes, bonds, debentures or similar instruments, (c) capital
lease obligations and (d) Contingent Obligations.

 

“Insolvency Proceeding” is
any proceeding by or against any Person under the United States Bankruptcy
Code, or any other bankruptcy or insolvency law, including assignments for the
benefit of creditors, compositions, extensions generally with its creditors, or
proceedings seeking reorganization, arrangement, or other relief.

 

“Intellectual Property” is
any copyrights, copyright rights, copyright applications, copyright
registrations and like protections in each work of authorship and derivative
work, whether published or unpublished, now owned or later acquired; any
patents, trademarks, service marks and applications therefor; any trade secret
rights, including any rights to unpatented inventions, now owned or hereafter
acquired.

 

“Investment” is any
beneficial ownership of (including stock, partnership interest or other
securities) any Person, or any loan, advance or capital contribution to any
Person.

 

“Letter of Credit” means a letter of credit
or similar undertaking issued by Bank pursuant to Section 2.1.1.

 

“Letter of Credit Application” is defined
in Section 2.1.2(a).

 

“Letter of Credit Line” is
the issuance of a Letter of Credit or Letters of Credit of up to Seven Million
Dollars ($7,000,000.00).

 

“Letter
of Credit Line Maturity Date” is April 29, 2006.

 

“Letter of Credit Reserve” is defined in Section 2.1.2(c).

 

“Lien”
is a mortgage, lien, deed of trust, charge, pledge, security
interest or other encumbrance.

 

“Material Adverse Change” is: (a) a
material impairment in the value of the Assets; (b) a material adverse
change in the business, operations, or condition (financial or otherwise) of
Borrower; (c) a material impairment of the prospect of repayment of any
portion of the Obligations; or (d) the determination by Bank, based upon
information available to it and in its reasonable judgment, that there is a
reasonable likelihood that Borrower shall fail to comply with one or more of
the financial covenants in Article 6 during the next succeeding financial
reporting period.

 

“Non-Core Business Intellectual
Property” is Intellectual Property owned, developed, or
obtained by Borrower, which Intellectual Property is not material in Borrower’s
core business and the disposition of which will not have any material adverse
effect on Borrower or its business.

 

“Obligations” are
all liabilities, obligations, covenants, agreements, debts, principal,
interest, Bank Expenses and other amounts Borrower owes Bank now or later,
including letters of credit, cash management services, and foreign exchange
contracts, if any, and including interest accruing after Insolvency Proceedings
begin and debts, liabilities, or obligations of Borrower assigned to Bank.

 

“Permitted Indebtedness” is:

 

(a)           Borrower’s
Indebtedness to Bank under this Agreement or the Credit Documents;

 

(b)           Indebtedness
existing on the Closing Date and disclosed to Bank;

 

10

 

(c)           Subordinated
Debt;

 

(d)          Indebtedness to trade
creditors incurred in the ordinary course of business;

 

(e)           Indebtedness
secured by Permitted Liens; and

 

(f)           Extensions,
refinancings, modifications, amendments and restatements of any items of
Permitted Indebtedness (a) through (e) above, provided that the
principal amount thereof is not increased or the terms thereof are not modified
to impose more burdensome terms upon Borrower or its Subsidiary, as the case
may be.

 

“Permitted Investments” are:
(i) marketable direct obligations issued or unconditionally guaranteed by
the United States or its agency or any state maturing within 1 year from its
acquisition, (ii) commercial paper maturing no more than 1 year after its
creation and having the highest rating from either Standard & Poor’s
Corporation or Moody’s Investors Service, Inc., (iii) Bank’s
certificates of deposit issued maturing no more than 1 year after issue, (iv) any
other investments administered through Bank, (v) any Investments currently
owned by Borrower that were made in accordance with Borrower’s investment
policy in effect at the time the Investment was made, and (vi) any
Investments made hereafter in accordance with Borrower’s investment policy, as
amended from time to time, provided that such investment policy (and any such
amendments thereto) has been approved by Bank.

 

“Permitted
Liens” are:

 

(a)           Liens
for taxes, fees, assessments or other government charges or levies, either not
delinquent or being contested in good faith and for which Borrower maintains
adequate reserves on its Books;

 

(b)           Purchase
money Liens and capital leases (i) on equipment acquired or held by
Borrower incurred for financing the acquisition of the equipment securing no
more than One Hundred Thousand Dollars ($100,000.00) in the aggregate amount
outstanding, or (ii) existing on equipment when acquired;

 

(c)           Leases
or subleases and non-exclusive licenses or sublicenses granted in the ordinary
course of Borrower’s business;

 

(d)           Liens
incurred in the extension, renewal or refinancing of the indebtedness secured
by Liens described in (a) through (c), but any extension, renewal
or replacement Lien must be limited to the property encumbered by the existing
Lien and the principal amount of the indebtedness may not increase; and

 

(e)           Banker’s
liens, rights of set-off, and similar Liens in favor of other financial
institutions arising in connection with Borrower’s deposit accounts held at
such institutions.

 

“Person” is any
individual, sole proprietorship, partnership, limited liability company, joint
venture, company, trust, unincorporated organization, association, corporation,
institution, public benefit corporation, firm, joint stock company, estate,
entity or government agency.

 

“Responsible Officer” is
each of the Chief Executive Officer, President, Chief Financial Officer and
Controller of Borrower.

 

“Subordinated Debt” is
debt incurred by Borrower subordinated to Borrower’s debt to Bank (pursuant to
a subordination agreement entered into between Bank, Borrower and the
subordinated creditor), on terms acceptable to Bank.

 

“Subsidiary” is any
Person, or any other business entity of which more than 50% of the voting stock
or other equity interests is owned or controlled, directly or indirectly, by
the Person or one or more Affiliates of the Person.

 

11

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement as of the date
first above written.

 

BORROWER:

 

FINISAR CORPORATION

 

	
  By:

  	
  /s/ S.K. Workman

  	
   

  
	
  Name:

  	
  S.K. Workman

  	
   

  
	
  Title:

  	
  CFO

  	
   

  
	
   

  
	
   

  
	
  BANK:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  SILICON VALLEY BANK

  	
   

  
	
   

  
	
  By:

  	
  /s/ Amanda
  Peters

  	
   

  
	
  Name:

  	
  Amanda Peters

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
					

 

S-1

 

EXHIBIT A

COMPLIANCE
CERTIFICATE

 

TO:                            SILICON VALLEY BANK

FROM:         FINISAR CORPORATION

 

The undersigned authorized officer of FINISAR
CORPORATION certifies that under the terms and conditions of the Letter of
Credit Reimbursement Agreement between Borrower and Bank (the “Agreement”), (i) Borrower
is in complete compliance for the period ending                     with
all required covenants except as noted
below and (ii) there are no Events of Default, and all representations and
warranties in the Agreement are true and correct in all material
respects on this date.  Attached are the
required documents supporting the certification.  The
Officer certifies that these are prepared in accordance with Generally Accepted
Accounting Principles (GAAP) consistently applied from one period to the
next except as explained in an accompanying letter or footnotes.  The Officer
acknowledges that no borrowings may be requested at any time or date of
determination that Borrower is not in compliance with any of the terms of the Agreement,
and that compliance is determined not just at the date this certificate
is delivered.

 

Please
indicate compliance status by circling Yes/No under “Complies” column.

 

	
  Reporting Covenant

  	
   

  	
  Required

  	
   

  	
  Complies

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Monthly financial
  statements with CC

  	
   

  	
  Monthly within 30 days

  	
   

  	
  Yes

  	
  No

  
	
  Annual financial
  statements (CPA Audited)

  	
   

  	
  FYE within 90 days

  	
   

  	
  Yes

  	
  No

  
	
  10-Q, 10-K and 8-K

  	
   

  	
  Within 5 days after
  filing with SEC

  	
   

  	
  Yes

  	
  No

  

 

	
  Financial Covenant

  	
   

  	
  Required

  	
   

  	
  Actual

  	
   

  	
  Complies

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Maintain on a Monthly
  Basis:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Minimum
  Cash and Cash Equivalents (net of SVB debt and L/Cs)

  	
   

  	
  $

  	
  40,000,000

  	
   

  	
  $

  	
                    

  	
   

  	
  Yes

  	
  No

  
										

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BANK
  USE ONLY

  
	
  Comments Regarding
  Exceptions:  See
  Attached.

  	
   

  	
  Received by:

  	
   

  	
   

  
	
  Sincerely,

  	
   

  	
   

  	
  AUTHORIZED
  SIGNER

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SIGNATURE

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TITLE

  	
   

  	
  Verified:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  AUTHORIZED
  SIGNER

  	
   

  
	
  DATE

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Compliance Status:

  	
  Yes

  	
  No

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

 

FIRST AMENDMENT
TO LETTER OF CREDIT REIMBURSEMENT AGREEMENT

 

This First Amendment to
Letter of Credit Reimbursement Agreement (this “First Amendment”) is entered
into as of Oct. 20, 2005, by and between SILICON
VALLEY BANK, a California-chartered bank, with its principal place of business at 3003 Tasman
Drive, Santa Clara, California 95054 (“Bank”) and FINISAR CORPORATION, a
Delaware corporation with its chief executive office located at 1399 Moffett
Park Drive, Sunnyvale, California 94089 (“Borrower”).

 

1.                                       DESCRIPTION OF EXISTING INDEBTEDNESS AND
OBLIGATIONS.  Among other indebtedness and obligations which may be owing by Borrower to
Bank, Borrower is indebted to Bank pursuant to a financing arrangement
dated as of April 29, 2005, evidenced by, among other documents, a certain
Letter of Credit Reimbursement Agreement dated as of April 29, 2005,
between Borrower and Bank (as amended, the “Reimbursement
Agreement”).  Capitalized terms used but
not otherwise defined herein shall have the same meaning as in the
Reimbursement Agreement.

 

2.                                       DESCRIPTION OF CHANGE IN TERMS.

 

A.                                   Modifications to Reimbursement Agreement.

 

1.                                      The Reimbursement Agreement shall be amended by deleting the following definitions
appearing in Section 13.1
thereof:

 

““Letter
of Credit Line” is
the issuance of a Letter of Credit or Letters of Credit of up to Seven Million Dollars ($7,000,000.00).

 

“Letter
of Credit Line Maturity Date” is April 29, 2006.”

 

and
inserting in lieu thereof the following:

 

““Letter
of Credit Line” is the issuance of a Letter of Credit or
Letters of Credit of up to Twenty Million Dollars ($20,000,000.00).

 

“Letter
of Credit Line Maturity Date” is October 26, 2006.”

 

3.                                       FEES.  Borrower shall pay to Bank a loan fee equal
to $100,000.00, which fee shall be due on the date hereof and shall be deemed
fully earned as of the date hereof. Borrower shall also reimburse Bank for all
legal fees and expenses incurred in connection with this amendment to the
Reimbursement Agreement.

 

4.                                       CONTINUING
VALIDITY.  Borrower understands and
agrees that in modifying the existing Obligations, Bank is relying upon
Borrower’s representations, warranties, and agreements, as set forth in the
Reimbursement Agreement. Except as expressly modified pursuant to this First
Amendment, the terms of the Reimbursement Agreement remain unchanged and in
full force and effect. Bank’s agreement to modifications to the existing Obligations
pursuant to this First Amendment in no way shall obligate Bank to make any
future modifications to the Obligations. Nothing in this First Amendment shall
constitute a satisfaction of the Obligations. It is the intention of Bank and
Borrower to retain as liable parties all makers of the Reimbursement Agreement,
unless the party is expressly released by Bank in writing. No maker will be
released by virtue of this First Amendment.

 

5.                                       COUNTERSIGNATURE.  This First Amendment shall become effective only
when it shall have been executed by Borrower and Bank.

 

 

This First
Amendment is executed as a sealed instrument under the laws of the State of
California as of the date first written above.

 

	
  BORROWER:

  	
   

  	
  BANK:

  
	
   

  	
   

  	
   

  
	
  FINISAR CORPORATION

  	
   

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ S. K. Workman

  	
   

  	
  By:

  	
    /s/ Amanda Peters

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
    S. K. Workman

  	
   

  	
  Name:

  	
    Amanda Peters

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
    CFO

  	
   

  	
  Title:

  	
    Vice President

  
						

 

 

SECOND
AMENDMENT TO LETTER OF CREDIT REIMBURSEMENT AGREEMENT

 

This Second Amendment to Letter of Credit
Reimbursement Agreement (this “First Amendment”) is entered into as of Oct. 26,
2006, and is effective as of October 26, 2006, by and between SILICON VALLEY
BANK, a California-chartered bank,
with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 (“Bank”) and FINISAR CORPORATION, a Delaware corporation with its chief executive office located at 1399 Moffett Park Drive,
Sunnyvale, California 94089 (“Borrower”).

 

1.                                       DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. 
Among other indebtedness and obligations which may be owing by Borrower
to Bank, Borrower is indebted to Bank pursuant to a financing arrangement dated
as of April 29, 2005, evidenced by, among other documents, a certain Letter of
Credit Reimbursement Agreement dated as of April 29, 2005, between Borrower and
Bank, as amended by a certain First Amendment to Letter of Credit Reimbursement
Agreement dated as of October 20, 2005, between Borrower and Bank (as amended,
the “Reimbursement Agreement”).  Capitalized
terms used but not otherwise defined herein shall have the same meaning as in
the Reimbursement Agreement.

 

2.                                       DESCRIPTION
OF CHANGE IN TERMS.

 

A.                                  Modifications to Reimbursement Agreement.

 

1.                                     The Reimbursement Agreement shall be amended by
deleting the following definition appearing in Section 13.1 thereof:

 

“                                          “Letter of Credit Line Maturity
Date” is October 26, 2006.”

 

and inserting in lieu thereof the following:

 

“                                          “Letter of Credit Line Maturity Date” is December 25, 2006.”

 

3.                                       FEES.  Borrower shall pay to Bank a modification fee
equal to $16,666.67, which fee shall be due on the date hereof and shall be
deemed fully earned as of the date hereof. 
Borrower shall also reimburse Bank for all legal fees and expenses
incurred in connection with this amendment to the Reimbursement Agreement.

 

4.                                       RATIFICATION
OF PERFECTION CERTIFICATE.  Borrower
hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in a certain Perfection Certificate dated as of October
20, 2005 between Borrower and Bank, and acknowledges, confirms and agrees the
disclosures and information Borrower provided to Bank in the Perfection
Certificate has not changed, as of the date hereof.

 

5.                                       NO
DEFENSES OF BORROWER.  Borrower
hereby acknowledges and agrees that Borrower has no offsets, defenses, claims,
or counterclaims against Bank with respect to the Obligations, or otherwise,
and that if Borrower now has, or ever did have, any offsets, defenses, claims,
or counterclaims against Bank, whether known or unknown, at law or in equity,
all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from
any liability thereunder.

 

6.                                       CONTINUING VALIDITY.  Borrower
understands and agrees that in modifying the existing Obligations, Bank is relying upon Borrower’s representations,
warranties, and agreements, as set forth in the Reimbursement Agreement. 
Except as expressly modified pursuant to this First Amendment, the terms
of the Reimbursement Agreement remain unchanged and in full force and
effect.  Bank’s agreement to
modifications to the existing Obligations
pursuant to this First Amendment in no way shall obligate Bank to make any
future modifications to the Obligations.  Nothing in this First Amendment shall
constitute a satisfaction of the Obligations. 
It is the intention of Bank and Borrower to retain as liable
parties all makers of the Reimbursement Agreement, unless the party is expressly released by Bank in writing.  No maker will be released by virtue of this
First Amendment.

 

 

7.                                       COUNTERSIGNATURE.  This Second Amendment shall become effective
only when it shall have been executed by
Borrower and Bank.

 

[The remainder of this page is intentionally left
blank]

 

 

This Second Amendment is executed
as a sealed instrument under the laws of the State of California as of the date
first written above.

 

	
  BORROWER:

  	
   

  	
  BANK:

  
	
   

  	
   

  	
   

  	
   

  
	
  FINISAR CORPORATION

  	
   

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ S. K. Workman

  	
   

  	
  By:

  	
    /s/ 
  Nick Tsiagkas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
    S. K. Workman

  	
   

  	
  Name:

  	
    Nick Tsiagkas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
    CFO

  	
   

  	
  Title:

  	
    Relationship Manager

  
							

 

 

THIRD AMENDMENT
TO LETTER OF CREDIT REIMBURSEMENT AGREEMENT

 

This
Third Amendment to Letter of Credit Reimbursement Agreement (the “Amendment”)
is entered into as of December 21, 2006,
and is effective as of December 25, 2006, by and between SILICON VALLEY BANK, a California-chartered bank, with its principal place of
business at 3003 Tasman Drive, Santa Clara, California
95054 (“Bank”) and FINISAR CORPORATION, a Delaware corporation with its
chief executive office located at 1399 Moffett Park Drive, Sunnyvale,
California 94089 (“Borrower”).

 

1.                                       DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. 
Among other indebtedness and obligations which may be owing by Borrower
to Bank, Borrower is indebted to Bank pursuant to a financing arrangement dated
as of April 29, 2005, evidenced by, among other documents, a certain Letter of
Credit Reimbursement Agreement dated as of April 29, 2005, between Borrower and
Bank, as amended by a certain First Amendment to Letter of Credit Reimbursement
Agreement dated as of October 20, 2005, between Borrower and Bank, and as
further amended by a certain Second Amendment to Letter of Credit Reimbursement
Agreement dated as of October 26, 2006, between Borrower and Bank (as amended,
the “Reimbursement Agreement”). 
Capitalized terms used but not otherwise defined herein shall have the
same meaning as in the Reimbursement Agreement.

 

2.                                       DESCRIPTION
OF CHANGE IN TERMS.

 

A.                                   Modifications to Reimbursement Agreement.

 

1.                                      The Reimbursement Agreement shall be amended by
deleting the following definition appearing in Section 13.1 thereof:

 

“                                          “Letter of Credit Line” is the issuance of a Letter of Credit or Letters of
Credit of up to Twenty Million Dollars ($20,000,000.00).”

 

“                                          “Letter of Credit Line Maturity Date” is December 25, 2006.” and inserting in lieu
thereof the following:

 

“                                          “Letter of Credit Line” is the issuance of a Letter of Credit or Letters of
Credit of up to Fifteen Million Dollars ($ 15,000,000.00).”

 

“                                          “Letter
of Credit Line Maturity Date” is October 26, 2007.”

 

3.                                       10-Q
FILINGS.  Notwithstanding the terms
of the Reimbursement Agreement to the contrary, Borrower must deliver to Bank
its 10-Q filings with respect to its fiscal quarters ending October 31,
2006 and January 31, 2007 on or before April 30, 2007.

 

4.                                       FEES.  Borrower shall pay to Bank a modification fee
equal to $31,250.00, which fee shall be due on the date hereof and shall be
deemed fully earned as of the date hereof. 
Borrower shall also reimburse Bank for all legal fees and expenses
incurred in connection with this amendment to the Reimbursement Agreement.

 

5.                                       RATIFICATION
OF PERFECTION CERTIFICATE.  Borrower
hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in a certain Perfection Certificate dated as of October
20, 2005 between Borrower and Bank, and acknowledges, confirms and agrees the
disclosures and information Borrower provided to Bank in the Perfection
Certificate have not changed, as of the date hereof.

 

6.                                       NO
DEFENSES OF BORROWER.  Borrower
hereby acknowledges and agrees that Borrower has no offsets, defenses, claims,
or counterclaims against Bank with respect to the Obligations, or otherwise,
and that if Borrower now has, or ever did have, any offsets, defenses, claims,
or counterclaims against Bank, whether known or unknown, at law or in equity,
all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from
any liability thereunder.

 

 

7.                                       CONTINUING
VALIDITY.  Borrower understands and
agrees that in modifying the existing Obligations, Bank is relying upon
Borrower’s representations, warranties, and agreements, as set forth in the
Reimbursement Agreement.  Except as
expressly modified pursuant to this Amendment, the terms of the Reimbursement
Agreement remain unchanged and in full force and effect.  Bank’s agreement to modifications to the
existing Obligations pursuant to this Amendment in no way shall obligate Bank
to make any future modifications to the Obligations.  Nothing in this Amendment shall constitute a
satisfaction of the Obligations.  It is
the intention of Bank and Borrower to retain as liable parties all makers of
the Reimbursement Agreement, unless the party is expressly released by Bank in
writing.  No maker will be released by
virtue of this Amendment.

 

8.                                       COUNTERSIGNATURE.  This Amendment shall become effective only
when it shall have been executed by Borrower and Bank.

 

[The remainder
of this page is intentionally left blank]

 

 

This Amendment is executed as a sealed instrument
under the laws of the State of California as of the date first written above.

 

	
  BORROWER:

  	
   

  	
  BANK:

  
	
   

  	
   

  	
   

  	
   

  
	
  FINISAR CORPORATION

  	
   

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ 
  J.E. Drury

  	
   

  	
  By:

  	
    /s/ 
  Nick Tsiagkas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
    John Drury

  	
   

  	
  Name:

  	
    Nick Tsiagkas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
    Vice President and Corporate

  	
   

  	
  Title:

  	
    Relationship Manager

  
	
   

  	
    Controller and Acting CFO

  	
   

  	
   

  	
   

  
							

 

 

FOURTH AMENDMENT TO LETTER OF CREDIT REIMBURSEMENT
AGREEMENT

 

This Fourth Amendment to Letter of Credit
Reimbursement Agreement (the “Amendment”) is entered into as of Nov. 1,
2007, and is effective as of October 26, 2007, by and between SILICON VALLEY BANK, a California corporation, with its principal
place of business at 3003 Tasman Drive, Santa Clara, California 95054 (“Bank”) and FINISAR
CORPORATION, a Delaware corporation with its chief executive office
located at 1399 Moffett Park Drive, Sunnyvale, California 94089 (“Borrower”).

 

1.                                     DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. 
Among other indebtedness and obligations which may be owing by Borrower
to Bank, Borrower is indebted to Bank pursuant to a financing arrangement dated
as of April 29, 2005, evidenced by, among other documents, a certain Letter of
Credit Reimbursement Agreement dated as of April 29, 2005, between Borrower and
Bank, as amended by a certain First Amendment to Letter of Credit Reimbursement
Agreement dated as of October 20, 2005, between Borrower and Bank, as further
amended by a certain Second Amendment to Letter of Credit Reimbursement
Agreement dated as of October 26, 2006, between Borrower and Bank, and as
further amended by a certain Third Amendment to Letter of Credit Reimbursement
Agreement dated as of December 21, 2006, between Borrower and Bank (as amended,
the “Reimbursement Agreement”).  Capitalized
terms used but not otherwise defined herein shall have the same meaning as in
the Reimbursement Agreement.

 

2.                                     DESCRIPTION
OF CHANGE IN TERMS.

 

A.                                  Modifications
to Reimbursement Agreement.

 

1.                                       The Reimbursement Agreement shall be amended by
deleting the following definition appearing
in Section 13.1 thereof:

 

                                                                                                “                                          “Letter of Credit Line Maturity Date” is October 26,
2007.”

 

and inserting in lieu thereof the following:

 

                                                       “                                          “Letter of Credit Line Maturity Date” is October 25,
2008.”

 

3.                                     10-Q
FILINGS.  Notwithstanding the terms
of the Reimbursement Agreement to the contrary, Bank and Borrower hereby agree
that Borrower must deliver to Bank its 10-Q filings with respect to its fiscal
quarters ended/ending October 31, 2006, January 31, 2007, July 31, 2007,
October 31, 2007 and January 31, 2008 on or before April 30, 2008.

 

4.                                     10-K
FILINGS.  Notwithstanding the terms
of the Reimbursement Agreement to the contrary, Bank and Borrower hereby agree
that Borrower must deliver to Bank its 10-K filing with respect to its fiscal
year ended April 30, 2007 on or before April 30, 2008.

 

5.                                     FEES.  Borrower shall pay to Bank a modification fee
equal to $37,500.00, which fee shall be due on the date hereof and shall be
deemed fully earned as of the date hereof. 
Borrower shall also reimburse Bank for all legal fees and expenses
incurred in connection with this amendment to the Reimbursement Agreement.

 

6.                                     RATIFICATION
OF PERFECTION CERTIFICATE.  Borrower
hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in a certain Perfection Certificate dated as of October
20, 2005 between Borrower and Bank, and acknowledges, confirms and agrees the
disclosures and information Borrower provided to Bank in the Perfection
Certificate have not changed, as of the date hereof.

 

7.                                     NO
DEFENSES OF BORROWER.  Borrower
hereby acknowledges and agrees that Borrower has no offsets, defenses, claims,
or counterclaims against Bank with respect to the Obligations, or otherwise,
and that if Borrower now has, or ever did have, any offsets, defenses, claims,
or counterclaims against Bank, whether known or unknown, at law or in equity,
all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from
any liability thereunder.

 

 

8.                                     CONTINUING
VALIDITY.  Borrower understands and
agrees that in modifying the existing Obligations, Bank is relying upon
Borrower’s representations, warranties, and agreements, as set forth in the
Reimbursement Agreement.  Except as
expressly modified pursuant to this Amendment, the terms of the Reimbursement
Agreement remain unchanged and in full force and effect.  Bank’s agreement to modifications to the
existing Obligations pursuant to this Amendment in no way shall obligate Bank
to make any future modifications to the Obligations.  Nothing in this Amendment shall constitute a
satisfaction of the Obligations.  It is
the intention of Bank and Borrower to retain as liable parties all makers of
the Reimbursement Agreement, unless the party is expressly released by Bank in
writing.  No maker will be released by
virtue of this Amendment.

 

9.                                     COUNTERSIGNATURE.  This Amendment shall become effective only
when it shall have been executed by Borrower and Bank.

 

[The remainder
of this page is intentionally left blank]

 

 

This Amendment is executed as a
sealed instrument under the laws of the State of California as of the date first
written above.

 

	
  BORROWER:

  	
   

  	
  BANK:

  
	
   

  	
   

  	
   

  	
   

  
	
  FINISAR CORPORATION

  	
   

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ 
  S. K. Workman

  	
   

  	
  By:

  	
    /s/ 
  Nick Tsiagkas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
    S. K. Workman

  	
   

  	
  Name:

  	
    Nick Tsiagkas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
    CFO

  	
   

  	
  Title:

  	
    Relationship Manager

  
							

 

 

FIFTH AMENDMENT
TO LETTER OF CREDIT REIMBURSEMENT AGREEMENT

 

This Fifth Amendment to Letter
of Credit Reimbursement Agreement (the “Amendment”) is entered into as of
March 14, 2008, by and between SILICON
VALLEY BANK, a
California corporation, with its principal place of business at 3003 Tasman
Drive, Santa Clara, California 95054 (“Bank”) and FINISAR CORPORATION, a
Delaware corporation with its chief executive office located at 1399 Moffett
Park Drive, Sunnyvale, California 94089 (“Borrower”).

 

1.             DESCRIPTION OF
EXISTING INDEBTEDNESS AND OBLIGATIONS. 
Among other indebtedness and obligations which may be owing by Borrower
to Bank, Borrower is indebted to Bank pursuant to a financing arrangement dated
as of April 29, 2005, evidenced by, among other documents, a certain Letter of
Credit Reimbursement Agreement dated as of April 29, 2005, between Borrower and
Bank, as amended by a certain First Amendment to Letter of Credit Reimbursement
Agreement dated as of October 20, 2005, between Borrower and Bank, as further
amended by a certain Second Amendment to Letter of Credit Reimbursement
Agreement dated as of October 26, 2006, between Borrower and Bank, as further
amended by a certain Third Amendment to Letter of Credit Reimbursement
Agreement dated as of December 21, 2006, between Borrower and Bank, and as
further amended by a certain Fourth Amendment to Letter of Credit Reimbursement
Agreement dated as of November 1, 2007, between Borrower and Bank (as amended,
the “Reimbursement Agreement”). 
Capitalized terms used but not otherwise defined herein shall have the
same meaning as in the Reimbursement Agreement.

 

2.                                       DESCRIPTION
OF CHANGE IN TERMS.

 

A.                                   Modifications
to Reimbursement Agreement.

 

1.                                      The Reimbursement Agreement shall be amended by
inserting the following text appearing at the end of Section 6.5
thereof:

 

“Notwithstanding
the foregoing, Borrower need not comply with this covenant (and Bank will not
test this covenant) from March 14, 2008 until the Revolving Line Agreement
is terminated.”

 

2.                                     The Reimbursement Agreement shall be amended by
inserting the following new Section 8.10 appearing immediately
after Section 8.9 thereof:

 

“                                          8.10                        Revolving Line Agreement.  The occurrence of an Event of Default (as defined in the Revolving
Line Agreement) under the Revolving Line Agreement.”

 

3.                                      The Reimbursement Agreement shall be amended by
inserting the following new definition appearing alphabetically in Section 13.1
thereof:

 

“                                           “Revolving  Line 
Agreement” is  that
certain  Loan  and 
Security Agreement dated as of March 14, 2008 between Borrower and
Bank, as may be amended from time to time.”

 

4.                                      The Reimbursement Agreement shall be amended by
deleting the following definition appearing in Section 13.1
thereof:

 

“                                         “Letter of Credit Line” is the issuance of a Letter of Credit or Letters of
Credit of up to Fifteen Million Dollars ($15,000,000.00).”

 

and
inserting in lieu thereof the following:

 

“                                          “Letter of Credit Line” is the issuance of a Letter of
Credit or Letters of Credit of up to Ten Million Five Hundred Thousand Dollars
($10,500,000.00).”

 

3.                                       FEES.  Borrower shall reimburse Bank for all legal
fees and expenses incurred in connection with this amendment to the
Reimbursement Agreement.

 

 

4.                                       RATIFICATION
OF PERFECTION CERTIFICATE.  Borrower
hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in a certain Perfection Certificate dated as of October
20, 2005 between Borrower and Bank, and acknowledges, confirms and agrees the
disclosures and information Borrower provided to Bank in the Perfection
Certificate have not changed, as of the date hereof.

 

5.                                       NO
DEFENSES OF BORROWER.  Borrower
hereby acknowledges and agrees that Borrower has no offsets, defenses, claims,
or counterclaims against Bank with respect to the Obligations, or otherwise,
and that if Borrower now has, or ever did have, any offsets, defenses, claims,
or counterclaims against Bank, whether known or unknown, at law or in equity,
all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from
any liability thereunder.

 

6.                                       CONTINUING
VALIDITY.  Borrower understands and
agrees that in modifying the existing Obligations, Bank is relying upon
Borrower’s representations, warranties, and agreements, as set forth in the
Reimbursement Agreement.  Except as
expressly modified pursuant to this Amendment, the terms of the Reimbursement
Agreement remain unchanged and in full force and effect.  Bank’s agreement to modifications to the
existing Obligations pursuant to this Amendment in no way shall obligate Bank
to make any future modifications to the Obligations.  Nothing in this Amendment shall constitute a
satisfaction of the Obligations.  It is
the intention of Bank and Borrower to retain as liable parties all makers of
the Reimbursement Agreement, unless the party is expressly released by Bank in
writing.  No maker will be released by
virtue of this Amendment.

 

7.                                       COUNTERSIGNATURE.  This Amendment shall become effective only
when it shall have been executed by Borrower and Bank.

 

[The remainder
of this page is intentionally left blank]

 

 

This Amendment is executed as a sealed instrument
under the laws of the State of California as of the date first written above.

 

	
  BORROWER:

  	
   

  	
  BANK:

  
	
   

  	
   

  	
   

  	
   

  
	
  FINISAR CORPORATION

  	
   

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ 
  S. K. Workman

  	
   

  	
  By:

  	
    /s/ 
  Nick Tsiagkas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
    S. K. Workman

  	
   

  	
  Name:

  	
    Nick Tsiagkas

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
    CFO

  	
   

  	
  Title:

  	
    Relationship Manager

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