Document:

Amendment No. One to Master Distribution Agreement

 Exhibit 10.6A 
 AMENDMENT NO. ONE 
 TO 

MASTER DISTRIBUTION AGREEMENT 
 BY AND BETWEEN 
 BLUEARC CORPORATION AND 

HITACHI DATA SYSTEMS CORPORATION 
 This Amendment No. One to the Master Distribution Agreement otherwise known as the Managed Inventory Services Amendment (“MISA”) is made as of the last date of signature
(“Commencement Date”) of the Parties below by and between BlueArc Corporation, a Delaware corporation (“BlueArc”) and Hitachi Data Systems Corporation, a Delaware corporation (“HDS”) to modify the
Master Distribution Agreement (“Agreement”) between the Parties dated November 14, 2006. 
  

					
	HDS	 		 	BlueArc
	Hitachi Data Systems Corporation	 		 	BlueArc Corporation
			
	/s/ John E. Mansfield	 		 	/s/ Rick Martig
	Signature	 		 	Signature
	John E. Mansfield	 		 	Rick Martig
	Name	 		 	Name
	Senior Vice President HDS	 		 	Chief Financial Officer
	Title	 		 	Title
	10/21/2008	 		 	10/14/2008
	Date	 		 	Date

  
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 MISA Recitals 
 A. Under the Agreement, BlueArc supplies and HDS purchases Products to resell directly and through multiple distribution channels to End Users in the Territory. 

B. In place of the forecast formula under Section 5.16 of the Agreement, the Parties desire that BlueArc implement a managed inventory process with
Blue Arc’s contract manufacturer to permit HDS to purchase MISA Products in any supported configuration on BlueArc’s published price list (“Program”) under the terms below. 

NOW, THEREFORE, the Parties agree as follows: 

1. DEFINITIONS 

1.1 “Base Quantity” means in any consecutive * * * period, * * * MISA Products in any configuration outlined in the
BlueArc published price list and specified by HDS in the relevant PO. BlueArc will increase the Base Quantity in increments of * * * additional MISA Products commencing * * * or other mutually agreeable time frame after payment by HDS of a mutually
agreed upon additional amount. 
 1.2 “Calendar Day (s)” means any day other than a United States federally
mandated holiday. 
 1.3 “Deadline” means the * * * following the Commencement Date. 

1.4 “End of Life” or “EOL” means the date on which a MISA Product ceases to be made generally available
by BlueArc for sale to end users. 
 1.5 “MISA Effective Date” means that date on which BlueArc completed all
necessary actions to implement and commence providing the Base Quantity of MISA Products pursuant to the terms of the MISA, which date must be no later the Deadline. BlueArc will notify HDS of its ability to commence the MISA and HDS will
acknowledge such notification as the MISA Effective Date. 
 1.6 “Nonbinding Forecast” means a non-binding
rolling * * * forecast of potential MISA Product orders broken down by model and hardware configuration. 
 1.7
“Non-performance Notice” means written notice from HDS to BlueArc stating BlueArc’s non-performance under Sections 4.2, 4.3, 4.4, 4.8 and 4.13. 
 2. TERM OF MISA. 
 2.1 This MISA will commence on the MISA Effective
Date and, unless sooner terminated under this Section 2.1 or otherwise terminated under Section 16.1 of the Agreement, will remain effective for * * *, or (b) * * * of all MISA Products (“MISA Term”), whichever is
sooner. HDS may not terminate this MISA without cause during the * * * of the MISA Term. Thereafter, HDS may terminate this MISA without cause, on not less than * * * written notice. For clarification purposes, this means that the minimum MISA Term
is * * * unless terminated pursuant to Section 16.1 of the Agreement. 

  
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 2.2 The Parties will start renewal negotiations of the MISA no later than * * * prior to of
the end of MISA Term. If no such renewal is mutually agreed prior to the end of the MISA Term, Parties will revert to the original terms of the Agreement. 
 3. REPRESENTATIONS AND WARRANTS. BlueArc represents, warrants and covenants to HDS that: 
 3.1 no amendment to the Manufacturing Agreement is necessary for BlueArc to implement and commence the Program and perform its obligations under this Program no later than the Deadline, 

3.2 on the MISA Effective Date and continuing for the remainder of the MISA Term, BlueArc will be able to administer the Program and
comply with its obligations under this MISA, 
 3.3 as of the Commencement Date and the MISA Effective Date, BlueArc is not, and
to its knowledge Sanmina is not, in material breach of the Manufacturing Agreement, and neither BlueArc nor Sanmina has provided the other with a written notice of a claim of breach of the Manufacturing Agreement, 

3.4 BlueArc will notify HDS in writing at least * * * prior to the End of Life for any MISA Product. 

4. MANAGED INVENTORY SERVICES. 
 4.1 Order Fulfillment for Base Quantity. Effective on the MISA Effective Date, Sections 5.16, 5.16.1, 5.16.2, 5.16.3 and 5.16.4 of the Agreement are entirely superseded by this Section 4 which
will govern the Base Quantity ordering and supply commitments for the remainder of the MISA Term, as may be extended under Section 2 above. Section 5.16.5 has been satisfied prior to the commencement of the MISA Term. In addition, as
specified in this MISA, certain Sections of Article 5 are modified as more specifically described in Section 4.2 below. 

4.2 Ordering Process for Base Quantity. During the MISA Term, HDS may place POs for MISA Products up to the Base Quantity, and
BlueArc must deliver these MISA Products, in the configuration outlined In the BlueArc published price list and specified by HDS in the PO that BlueArc accepts or must accept under Sections 4.2 and 4.3. HDS will generate POs pursuant to
Section 5.5 of the Agreement. BlueArc will accept or reject HDS’ or a Regional Affiliate’s PO within * * * of receipt from HDS or Regional Affiliate respectively. If BlueArc does not reject a PO for up to the Base Quantity within * *
* of its receipt, the PO will be deemed accepted. BlueArc may accept or reject a PO by electronic mail only. BlueArc must accept any such PO for up to Base Quantity, unless it contains: (a) incorrect part number(s), (b) pricing error,
(c) incorrect maintenance term, (d) incorrect MISA Product quantity, (e) MISA Product in excess of Base Quantity, or (f) incorrect address (in the case of a drop shipment). If HDS subsequently submits a corrected PO for up to
Base Quantity, then BlueArc must accept or reject the PO pursuant to this Section 4.2. For PO’s BlueArc accepts (or must accept) pursuant to this Section 4.2, BlueArc will ship the MISA Products EXW (Incoterms 2000) BlueArc’s
manufacturing or warehousing facilities (“delivery”, “deliver” or “delivered”), pursuant to the PO, the Agreement and this MISA, however, delivery must occur no later than * * * after BlueArc’s
receipt of such PO (or corrected PO) from either HDS or Regional Affiliate. For example, if BlueArc receives a PO for up to Base Quantity on * * *, the MISA Product must be configured and delivered by the * * * after such receipt. 

  
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 Notwithstanding anything to the contrary contained in this MISA from and after the MISA Effective Date, HDS
must purchase * * *, which may be ordered in any configuration, in any given * * *, during the MISA Term. 
 4.3 HDS Change
or Cancellation of Base Monthly Quantity POs. If prior to delivery, HDS cancels a PO for a MISA Product subject to BlueArc’s Base Quantity delivery obligations, then the MISA Product (or parts inventory on hand) for the canceled PO will
remain in inventory. If HDS changes a PO for a MISA Product subject to BlueArc’s Base Quantity delivery obligations, then BlueArc will not be obligated to deliver the MISA Product by the * * * following the date of receipt of the original PO.
Instead, the acceptance and delivery requirements under Section 4.2 will apply and BlueArc will deliver the MISA Product no later than * * * following BlueArc’s receipt of such changed PO that BlueArc accepts (or must accept) under
Section 4.2 above. If HDS so changes a PO subject to the Base Quantity, the MISA Product (or parts inventory on hand) for the changed PO will remain in inventory. 
 4.4 Allocation. Except as otherwise provided in this Section 4.4, if BlueArc cannot meet its full Base Quantity delivery commitments due to matters beyond its reasonable control (for example
due to industry wide shortages in supply of the components used in producing the MISA Products or failures of its suppliers for reasons unrelated to a breach of BlueArc’s obligations to such supplier) and must therefore allocate Base Quantity,
then BlueArc will allocate a portion of its inventory of MISA Products to HDS on a pro rata basis based on historical orders for the previous * * *. If this happens, monthly fees payable under Section 5.1 will be prorated based on the amount of
Base Quantity BlueArc actually supplied during the allocation period. BlueArc will not be entitled to allocate any Base Quantity pursuant to this Section 4.4 for the first * * * BlueArc is unable to meet its delivery commitments as set forth in
this Section. BlueArc will notify HDS in writing promptly after BlueArc learns of any such matter beyond its reasonable control and will also promptly notify HDS after such matter no longer exists. 

4.5 Orders Exceeding Base Quantity. If at any time HDS submits POs for more than the Base Quantity, then BlueArc will use
commercially reasonable efforts to accept those POs under Section 5.6 of the Agreement (as restated on Attachment A) and deliver those MISA Products, but makes no guarantee to HDS that BlueArc will be able to do so. Any acceptance
of these incremental POs will not have any impact on the Base Quantity requirements. 
 4.6 Invoicing. BlueArc will
invoice HDS or Regional Affiliate for all payments of amounts due under POs, Section 5.1 (b) of this MISA and all payments will be due and payable pursuant the terms of Section 5.12 of the Agreement 

4.7 Agreement Terms Modified. From and after the MISA Effective Date, Sections 5.6, 5.7, 5.8, 5.9, 5.10, and 5.11 of the
Agreement, which are amended and restated on Attachment A, will not apply to the Base Quantity that is subject the requirements under Sections 4.1 - 4.4 above. 
 4.8 Inventory. All parts inventory on hand and finished MISA Products inventory will be held at Sanmina’s facilities at BlueArc’s sole risk and expense, and HDS shall have no right to
access such inventory. BlueArc will hold title and bear all risk of loss to such inventory until delivered pursuant to this MISA. 
 4.9 Nonbinding Forecast. As soon as possible following the Commencement Date, HDS will provide BlueArc with a Nonbinding Forecast provided, however, the Nonbinding Forecast or

  
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HDS’ failure to provide it will not affect BlueArc’s obligations under Section 4.2, 4.3, and 4.4 above. HDS will provide such Non-Binding Forecast on a * * * throughout the term of
this MISA. 
 4.10 Liquidated Damages. BlueArc understands that time is of the essence for MISA Effective Date and agrees
that damages resulting from any delay in the MISA Effective Date will be difficult, if not impossible, to determine. Therefore, if BlueArc fails to meet the MISA Effective Date by the Deadline, BlueArc will be in breach of this MISA and will pay to
HDS as fixed, agreed and liquidated damages, and not as a penalty, the sum of * * * per day that BlueArc delays the MISA Effective Date beyond the Deadline, as HDS’ sole and exclusive remedy for such breach. 

4.11 Reporting. At the end of each calendar month and at the end of each week of each calendar month during the MISA Term, BlueArc
will provide to HDS, electronic reports that include POs, shipments, capacity and inventory on hand. No later than * * * following HDS’ request, BlueArc will also provide HDS with daily electronic status reports. All such reports will be
provided in the form attached as Attachment B. 
 4.12 Addition of New Products. New Products may be
added to this MISA and included within the MISA Product definition upon mutual agreement by the Parties. HDS will pay mutually agreed on fees necessary to include such new Products in the MISA. 

4.13 Excusable Delays. For clarification purposes, if BlueArc allocates Base Quantity and HDS’ monthly service fees are
reduced as permitted under Section 4.4, then HDS may not issue a Non-Performance Notice for failure to supply the full Base Quantity. HDS may only issue a Non-Performance Notice if BlueArc fails to provide the allocated amount during the
allocation period. 
 5. CONSIDERATION. 
 5.1 MISA. Subject to all other terms of this Section 5, in return for BlueArc’s Program administration under this MISA, HDS will pay BlueArc: 

a. * * * within * * * following the Commencement Date, provided BlueArc is not otherwise in breach of any provision of
Section 3 on the Commencement Date, and 
 b. * * * on the last day of each calendar month of the MISA Term
starting on the last day of the * * * following the actual MISA Effective Date and continuing for the next * * *. For the succeeding * * *, the fee will be * * * to * * *. If the MISA Effective Date through the last day of the * * * constitutes a
partial month, then HDS will pay a prorata portion of the monthly fee for such partial month as the first payment. HDS will not have any such monthly payment obligation on any of these dates if BlueArc is in material uncured breach of this MISA, in
which case the applicable monthly payment otherwise due will not be payable and all future monthly payments will not be payable. Also, if HDS issues a Non-performance Notice, and BlueArc has not cured such non-performance within * * * from
BlueArc’s receipt of the Non-Performance Notice, then HDS will reduce such monthly payment on a prorata basis for all days BlueArc was not performing from and after BlueArc’s receipt of the Non-performance Notice, based on a thirty
(30) day month. Further, if HDS has issued * * * Non-Performance Notices during any consecutive * * * period, BlueArc waives any cure period for such * * * Non-performance Notice and any succeeding Non-performance Notices until BlueArc has not
received a Non-Performance Notice for * * * following the date of the most recent Non-performance Notice (“Waiver Period”). For clarification purposes: (i) the Waiver Period applies whether or not BlueArc has cured * * * of the
previous * * * non-performance 

  
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incidents, and (ii) during the Waiver Period, BlueArc must fully perform for a minimum of * * * (including following any subsequent Non-performance Notice received during the Waiver Period)
before the cure period will be reinstated. During the Waiver Period the pro-rata monthly fee reduction for any incidences of non-performance will begin on the Non-performance Notice date. 
 As an example, if BlueArc receives * * * Non-performance Notices within * * * but has cured * * * such non-performance incidents, no fee deduction will occur. If HDS issues a * * * Non-Performance Notice
within the next succeeding * * * following the * * * notice and regardless of whether BlueArc has cured the previous * * * non-performance incidents, BlueArc waives the cure period and HDS will reduce its payment for all days of non-performance from
and after the date of the * * * Non-performance Notice on a prorata basis. If BlueArc performs for a minimum of * * * following any Non-Performance Notice, the cure period is automatically reinstated. 

This Section 5.1 (b) contemplates that both MISA Products will be available for the entire MISA Term. If both such MISA Product(s) are EOL then
the payments under this Section 5.1(b) will cease, effective on the EOL date of the last MISA Product to EOL hereunder, until Parties agree on the correct payments for the new situation. 

5.2 Product Pricing. For avoidance of doubt, nothing in this MISA modifies in any way the Product pricing and payment terms for
the purchase of Products as set forth in the following Sections: 5.1 and its subsections, 5.2, 5.3 and its subsections, 5.5, 5.12, 5.13, 5.14, and 5.15 provided, however, the Parties acknowledge that HDS has satisfied its obligations under
Section 5.17 of the Agreement and its subsections. 
 6. MISCELLANEOUS. All capitalized terms not otherwise defined in this
MISA will have the meaning ascribed to them in the Agreement. The provisions of this MISA shall prevail and govern over any conflicting provisions in the Agreement. Except as expressly modified by this MISA, the Agreement shall remain in full force
and effect. From and after the Commencement Date, this MISA shall be incorporated into and become part of the Agreement. 

  
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 Attachment A 

Amended and Restated Sections of the Agreement 
 The following Sections of the Agreement are amended and restated in their entirety as set forth below: Sections 5.6, 5.7, 5.8, 5.9, 5.10, and 5.11. In addition, the sections below will apply ONLY
to MISA Products in excess of BlueArc’s Base Quantity commitments and delivery obligations under Sections 4 of this MISA. 
 5.6
Purchase Order Acceptance. BlueArc will accept or reject HDS’ or a Regional Affiliate’s PO within * * * U.S. business days of receipt from HDS or the Regional Affiliate respectively. If BlueArc does not reject a PO within * * * U.S.
business days of its receipt, the PO will be deemed accepted. BlueArc may accept or reject a PO by telephone, electronic mail, or any other method agreed to by the Parties. 
 5.7 Allocation. Subject to Section 4.4 above, if BlueArc is unable to meet any additional delivery commitments due to matters beyond its reasonable control (for example due to industry wide
shortages in supply of the components used in producing the MISA Products or failures of its suppliers for reasons unrelated to a breach of BlueArc’s obligations to such supplier) and must therefore allocate the MISA Products, then BlueArc will
allocate a portion of its inventory of MISA Products to HDS on a pro rata basis based on historical orders for the previous * * *. 
 5.8
Delivery. If BlueArc accepts the PO, BlueArc will ship the MISA Products EXW (Incoterms 2000) BlueArc’s manufacturing or warehousing facilities, pursuant to the PO terms and this MISA. BlueArc will use commercially reasonable efforts to
meet HDS’ or a Regional Affiliate’s requested delivery date specified in the accepted PO for any MISA Products ordered, subject to HDS’ and its Regional Affiliates’ right to reschedule or cancel delivery as provided for in
Section 5.11. 
 5.9 Notification of Anticipated Delay. If BlueArc anticipates or becomes aware that it will not be able to supply
the ordered MISA Products on the delivery date set forth in the accepted PO for any reason, or that only a portion of the ordered MISA Products will be available to meet a delivery date, BlueArc shall notify HDS or the Regional Affiliate, as
applicable, as soon as practicable after BlueArc has knowledge of the situation. The notification may be communicated by electronic mail to an email address provided by HDS which may be changed from time to time. If BlueArc is unable to meet the
delivery date specified in the accepted PO, HDS shall have the option of (a) rescheduling the delivery date, (b) canceling the affected PO without incurring any reconfiguration, restocking or administrative fees or any other charges, or
(c) working with BlueArc to jointly develop an alternative to resolve the late delivery of MISA Product. If BlueArc is required to expedite MISA Product pursuant to this provision, any additional expenses shall be paid by BlueArc. 

5.10 Lead Times. Subject to the ramp-up mechanism specified in the definition of “Base Quantity” above, HDS and Regional Affiliates
shall place their POs for MISA Products with BlueArc allowing for * * * lead time from the day HDS’ PO is accepted by BlueArc until the delivery date specified in the accepted PO. 
 5.11 Cancellation or Change of POs. Except as set forth in Section 5.9, HDS may, cancel delivery, or a part thereof, or cancel or change the terms of a PO, provided it is done no later than *
* * prior to the delivery date set forth in the accepted PO. Purchases of MISA Product by HDS shall 

  
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be at HDS’ own risk and for its own account. Subject to Section 5.9, BlueArc reserves the right to reject changes to POs for any reason, however, HDS may delay the delivery dates of POs
for up to * * *. If a PO is cancelled or changed by HDS in accordance with the foregoing HDS shall reimburse BlueArc for any actual, reasonable, direct, out of pocket costs incurred by BlueArc as a result of such change or cancellation; provided
that such costs shall not exceed the original value of the PO. 

  
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 Attachment B 

Report Template 
  

											
	 	  	 Rolling * * * Supply
Status

	  	  	 Item Code
	  	 Period Start

Date
	  	 Period End

Date
	  	 Qty

Shipped
	  	 Qty

Remaining

						
	 1
	  		  		  		  		  	
		  	 	  	 	  	 	  	 	  	 
						
	 2
	  		  		  		  		  	
		  	 	  	 	  	 	  	 	  	 
						
	 3
	  		  		  		  		  	
		  	 	  	 	  	 	  	 	  	 
						
	 4
	  		  		  		  		  	
		  	 	  	 	  	 	  	 	  	 
						
	 5
	  		  		  		  		  	
		  	 	  	 	  	 	  	 	  	 
						
	 6
	  		  		  		  		  	
		  	 	  	 	  	 	  	 	  	 
						
	 7
	  		  		  		  		  	
		  	 	  	 	  	 	  	 	  	 
						
	 8
	  		  		  		  		  	
		  	 	  	 	  	 	  	 	  	 
						
	 9
	  		  		  		  		  	
		  	 	  	 	  	 	  	 	  	 
						
	 10
	  		  		  		  		  	
		  	 	  	 	  	 	  	 	  	 

  
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 9Amendment No. Two to Master Distribution Agreement

 Exhibit 10.6B 
 AMENDMENT NO. TWO 
 TO 

MASTER DISTRIBUTION AGREEMENT 
 BY AND BETWEEN 
 BLUEARC CORPORATION AND 

HITACHI DATA SYSTEMS CORPORATION 
 This Amendment No. Two (“Amendment 2”) to the Master Distribution Agreement is made as of August 31, 2009 (“Amendment 2 Effective Date”) by and
between BlueArc Corporation, a Delaware corporation (“BlueArc”) and Hitachi Data Systems Corporation, a Delaware corporation (“HDS”) to modify the Master Distribution Agreement between the Parties dated
November 14, 2006 (“Original Agreement”), as amended (collectively “Agreement”). 
  

					
	HDS	 		 	BlueArc
	Hitachi Data Systems Corporation	 		 	BlueArc Corporation
			
	/s/ Brian Householder	 		 	  
	Signature	 		 	Signature
	Brian Householder	 		 	  
	Name	 		 	Name
	Sr. Vice President Bus. Plan. & Dev.	 		 	  
	Title	 		 	Title
	9/29/2009	 		 	  
	Date	 		 	Date

  
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 RECITALS 
 A. WHEREAS, under the Agreement, BlueArc supplies and HDS purchases Products to resell directly and through multiple distribution channels to End Users in the Territory. 

B. WHEREAS, BlueArc and HDS have previously entered into MISA amending the Original Agreement in order to implement a managed inventory process on the
terms and as further described in the MISA. 
 C. WHEREAS, BlueArc and HDS wish to further amend the Agreement in order to (i) further
modify certain terms set forth in the MISA, as further described below, (ii) allow HDS to make certain prepayments, and (iii) provide for a limited non-solicitation by BlueArc, all as further described and on the terms and conditions
expressly set forth below. 
 NOW THEREFORE, in consideration of mutual covenants and promises set forth herein and for other good and valuable
consideration, the receipt of which both Parties hereby acknowledge, HDS and BlueArc agree as follows: 
 1. REPRESENTATIONS AND
WARRANTIES. Section 3 of the MISA is hereby deleted in its entirety and restated as follows: 
 “BlueArc
represents, warrants and covenants to HDS that: 
  

	 	3.1	no amendment to the Manufacturing Agreement is necessary for BlueArc to implement and perform its obligations under this Amendment, 

 

	 	3.2	on the Amendment 2 Effective Date and continuing for the remainder of the Amendment 2 Term, BlueArc will be able to comply with its obligations under this
Amendment 2, 

  

	 	3.3	as of the Amendment 2 Effective Date, BlueArc is not, and to its knowledge Sanmina is not, in material breach of the Manufacturing Agreement, and neither BlueArc
nor Sanmina has provided the other with a written notice of a claim of breach of the Manufacturing Agreement. 

  

	 	3.4	BlueArc will notify HDS in writing at least * * * for any MISA Product 

 2. DEFINITIONS 
 Section 1.1 of the MISA (“Base
Quantity”) is deleted and replaced with the following definition: 
 * * * 

The following new definitions shall be added to the Agreement for the purposes only of this Amendment 2 provided however,
Section 2.7 will refer to the entire Agreement: 
 2.2 * * * 

  
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 2.3 “Fees” mean any sums payable by HDS or Regional Affiliate under
the Agreement, for the purchase of MISA Product, Software or Support. 
 2.4 * * * 

2.5 * * * 

2.6 “Interim Term” means the period commencing on the date this Amendment 2 is fully executed by the Parties
(regardless of the Amendment 2 Effective Date) and ending ninety (90) days thereafter, unless mutually extended by written agreement of the Parties. 
 2.7 “MISA Product” means the BlueArc * * * Products resold as HNAS by HDS and the * * * Products as listed in the BlueArc published price list. 

2.8 “Prepayment” means a single payment of * * *. 
 3. CONSIDERATION. 
 The following new provisions shall be added to the
Agreement: 
 3.1 Amendment 2 Prepayments. Subject to all other terms of this Amendment 2, and provided
there is no uncured Material Breach of BlueArc under the Agreement at any time from and after the Amendment 2 Effective Date until all Prepayments are made, HDS will make * * * Prepayments in the total amount of * * * to BlueArc as follows:

 a. The first Prepayment (“Prepayment One”) will be due and payable, at HDS’ sole
discretion as to the exact payment date, (but subject to the other conditions of this Amendment 2), at any time on or before * * *. Prepayment One will be an advance payment of Fees for orders placed by HDS pursuant to the Agreement commencing
on * * * and ending on and including * * *. 
 b. The second Pre-payment (“Prepayment Two”) will
be due and payable, at HDS’ sole discretion as to the exact payment date, (but subject to the other conditions of this Amendment 2), at any time between the period commencing on * * * and ending on and including * * *. Prepayment Two will
be an advance payment of Fees for orders placed by HDS pursuant to the Agreement commencing on * * * and ending on and including * * *. If HDS has not placed orders under the Agreement for this period that are equal to Prepayment Two by * * *, then
HDS will provide Blue Arc with a PO dated on or before * * * for the purchase of additional MISA Product, Software and/or Support, at HDS’ sole discretion in any combination, to make up the shortfall. 

c. If (i) there are Severity 1 Problems reported by HDS to BlueArc (as defined in Exhibit B of the Original
Agreement) determined by the Parties to be caused by any MISA Product (including without limitation any Software) distributed by HDS hereunder resulting in a lack of MISA Product availability to the End User or to the inability to use the MISA
Product by an End User, and (ii) such Severity 1 Problems are attributable solely to BlueArc, or its suppliers, vendors or subcontractors, to the exclusion of third party components supplied by HDS and not authorized by BlueArc or modifications
by HDS not authorized by BlueArc or combinations by HDS with any third party products not authorized by BlueArc, that but for such HDS components, modification or combination would not have resulted in

  
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such Severity 1 Problems, and (iii) such Severity 1 Problem lasts more than * * * from the notice of commencement date of such unavailability or non-use, then the timeline for any
Prepayments not already made and the issuance date for any corresponding un-issued Warrants HDS may receive pursuant to this Amendment 2 will be adjusted in proportion to the timeline affected by such Severity 1 Problem. (As an example, if on *
* *, Bluearc received notice that an existing End User had a Severity 1 Problem caused by firmware in Installed * * * Product that remains un-resolved for * * * from such notice, then the deadline for both Prepayments and the issue date for the
Warrants would be extended * * * in the future.) 
 d. * * *. 

e. BlueArc will invoice HDS for Prepayment One no later than * * *. BlueArc will invoice HDS for Prepayment Two no later
than * * *. Subject to the payment by HDS of both Prepayments hereunder, all POs submitted by HDS to BlueArc commencing on * * * and ending and including * * * solely for MISA Product, Software, Support, and as applicable, pursuant to
Section 3.1 (d), NRE funds, as well as any POs for shortfall as further described in Section 3.1 (a) and (b), will be considered paid in full up to the combined total amount of Prepayment One and Prepayment Two. For clarification,
upon payment of each, Prepayment One and Prepayment Two, HDS will receive a credit against each Prepayment for the POs submitted during the applicable periods in this Amendment 2 for the items described in the preceding sentence. 

3.2 HDS will provide POs for all ordered MISA Products, Software and Support to include the MISA Product description, quantity and sales
price. 
 3.3 All MISA Products, Software and associated Support ordered under this Amendment 2 will be provided using the
then most current Product pricing. MISA Products and Software will be shipped no later than * * * for Pre-Payment One and * * * for Pre-Payment Two, subject to any applicable Base Quantity and other limitations and processes set forth in the MISA,
including Article 4 of the MISA. 
 3.4 In the event the Software and/or Support ordered by HDS are not in the configuration
subsequently sold to End Users, HDS will have the option to trade in such Software and/or Support Services for the required configurations on a dollar for dollar basis credit against the applicable Prepayment with * * * and using * * *. If a MISA
Product is not in the configuration subsequently sold to an End User, and provided HDS orders the MISA Product in the minimum configuration, HDS may upgrade this MISA Product to the End User required configuration. In this case, HDS will receive a
credit against the applicable Prepayment for the increased amount payable to BlueArc for the required End User configuration. * * *. 
 3.5 Exhibit A to the Agreement will be amended under Refurbishment Services to limit the number of Evaluation Units conversion for sale to * * * units per * * *. 

4. NON-SOLICITATION AND RELATED MODIFICATIONS. 
 The following new provisions shall be added to the Agreement: 

  
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 4.1 Non-solicitation. Notwithstanding anything to the contrary contained in
the first sentence of Section 14.2.1 of the Original Agreement, during the Interim Term, BlueArc irrevocably agrees that neither BlueArc nor any of BlueArc’s officers, directors, employees, representatives, or agents will directly or
indirectly: (a) solicit or initiate discussions, or solicit any proposal or offer from any third party other than HDS or an HDS Affiliate concerning or related to any Change in Control, or (b) participate in any discussions regarding or
furnish any information with respect to, assist or participate in or facilitate in any other manner, any such BlueArc solicited or initiated discussion, proposal or offer, provided, however, all other terms of Sections 14.2 and 14.3 will apply
during the Interim Term, including without limitation BlueArc’s notification and other obligations under Sections 14.2 and 14.3. The foregoing restrictions shall not apply if HDS or an HDS Affiliate makes an Offer during the Interim Term, in
which case the first sentence of this Section 4.1 shall be of no further force or effect. For the avoidance of doubt, if, during the Interim Term, BlueArc receives from a third party an unsolicited offer concerning or related to a Change in
Control, or if a third party (other than HDS or an HDS Affiliate) initiates discussions concerning or related to a Change in Control, BlueArc may participate in discussions with such third party regarding a Change in Control, including running an
auction process subsequent to receiving such unsolicited offer, subject to the terms and conditions of Section 14.2 and 14.3. Notwithstanding anything to the contrary, BlueArc shall not accept any offer or proposal for a Change in Control
without having provided to HDS the written notice described in the first sentence of Section 14.2.1 of the Agreement, in which case all other terms of Section 14.2 will apply 

4.2 * * *. 
 4.3
* * *. 
 5. WARRANTS. 
 The
following new provisions shall be added to the Agreement: 
 5.1 Subject to the last sentence of this Section 5.1, upon
paying Prepayment One, HDS shall be entitled to a warrant in the form of Exhibit P-1 (attached hereto). The warrant shall entitle HDS to purchase up to $125,000 worth of fully paid and nonassessable Shares at an exercise price per Share to be
determined by BlueArc’s Board of Directors, in good faith, to be the then Fair Market Value of a Share following the receipt by BlueArc, after the date hereof and on or before February 28, 2010, of a valuation report pertaining to the
Company’s capital stock prepared by a reputable third-party valuation firm, which valuation report BlueArc hereby covenants to obtain no later than February 28, 2010. The warrant shall be issued to HDS immediately following such
determination by BlueArc’s Board of Directors and shall be exercisable until the seventh (7th) anniversary of the date of its issuance. 
 5.2 Subject to the last sentence of this Section 5.2, upon paying Prepayment Two, HDS shall be entitled to an additional warrant in the form of Exhibit P-1 (attached hereto). The warrant shall
entitle HDS to purchase up to $125,000 worth of fully paid and nonassessable Shares at the same exercise price per Share as set forth in the warrant issuable pursuant to Section 5.1 above. The warrant issuable pursuant to this Section 5.2
shall be issued to HDS, if at all, immediately following the later of (i) the payment of Prepayment Two and (ii) the determination by BlueArc’s Board of Directors of the exercise price of the warrant

  
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described in Section 5.1 above in accordance with the terms thereof, and shall be exercisable until the seventh (7th) anniversary of the date of its issuance. 

For clarification, Exhibit P-1 attached hereto shall be added to the Agreement. 
 6. EXPIRATION. Section 4 of this Amendment 2 shall terminate and will not apply following the expiration of the Interim Term. 
 7. MISCELLANEOUS. All capitalized terms not otherwise defined in this Amendment 2 will have the meaning ascribed to them in the Agreement, as amended. The provisions of this Amendment 2
shall prevail and govern over any conflicting provisions in the Agreement. Except as expressly modified by this Amendment 2, the Agreement will remain in full force and effect From and after the Amendment 2 Effective Date this
Amendment 2 shall be incorporated into and become part of the Agreement 

  
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 EXHIBIT P-1 WARRANT 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR
OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED. 

 

			
		  	Void after
	Warrant No.:     -    	  	                 ,
201    

 BLUEARC CORPORATION 

WARRANT TO PURCHASE SHARES 
 This
Warrant is issued to Hitachi Data Systems, Inc. (“HDS”) by BlueArc Corporation, a Delaware corporation (the “Company”), in connection with revenues received from HDS. 

1. PURCHASE OF SHARES. SUBJECT TO THE TERMS AND CONDITIONS HEREINAFTER SET FORTH, THE HOLDER OF THIS WARRANT IS ENTITLED, UPON
SURRENDER OF THIS WARRANT AT THE PRINCIPAL OFFICE OF THE COMPANY (OR AT SUCH OTHER PLACE AS THE COMPANY SHALL NOTIFY THE HOLDER HEREOF IN WRITING), TO PURCHASE FROM THE COMPANY UP
TO             FULLY PAID AND NONASSESSABLE SHARES OF THE COMPANY’S COMMON STOCK (EACH A “SHARE” AND COLLECTIVELY THE “SHARES”) AT AN EXERCISE PRICE OF $ PER SHARE
(SUCH PRICE, AS ADJUSTED FROM TIME TO TIME, IS HEREIN REFERRED TO AS THE “EXERCISE PRICE”). 
 2. EXERCISE
PERIOD. THIS WARRANT SHALL BE EXERCISABLE, IN WHOLE OR IN PART, DURING THE TERM COMMENCING ON THE ISSUANCE DATE OF THIS WARRANT AND ENDING AT 5 P.M. CALIFORNIA TIME ON              , 201
(THE “EXERCISE PERIOD”). 
 3. METHOD OF EXERCISE. WHILE THIS WARRANT REMAINS OUTSTANDING AND EXERCISABLE IN
ACCORDANCE WITH SECTION 2 ABOVE, THE HOLDER MAY EXERCISE FROM TIME TO TIME, IN WHOLE OR IN PART, THE PURCHASE RIGHTS EVIDENCED HEREBY. SUCH EXERCISE SHALL BE EFFECTED BY: 

(a) the surrender of the Warrant, together with a notice of exercise to the Secretary of the Company at its principal
offices; and 
 (b) the payment to the Company of an amount equal to the aggregate Exercise Price for the number
of Shares being purchased. 
 4. CERTIFICATES FOR SHARES; AMENDMENTS OF WARRANTS. UPON THE EXERCISE OF THE PURCHASE RIGHTS
EVIDENCED BY THIS WARRANT, ONE OR MORE CERTIFICATES FOR THE NUMBER OF SHARES SO PURCHASED SHALL BE ISSUED AS SOON AS PRACTICABLE THEREAFTER, AND IN ANY EVENT WITHIN THIRTY (30) DAYS OF THE DELIVERY OF THE SUBSCRIPTION NOTICE UPON PARTIAL
EXERCISE, THE COMPANY 

  
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SHALL PROMPTLY ISSUE AN AMENDED WARRANT REPRESENTING THE REMAINING NUMBER OF SHARES PURCHASABLE THEREUNDER. ALL OTHER TERMS AND CONDITIONS OF SUCH AMENDED WARRANT SHALL BE IDENTICAL TO THOSE
CONTAINED HEREIN. 
 5. ISSUANCE OF SHARES. THE COMPANY COVENANTS THAT (I) THE SHARES, WHEN ISSUED PURSUANT TO THE
EXERCISE OF THIS WARRANT, WILL BE DULY AND VALIDLY ISSUED, FULLY PAID AND NONASSESSABLE AND FREE FROM ALL TAXES, LIENS, AND CHARGES WITH RESPECT TO THE ISSUANCE THEREOF, (II) DURING THE EXERCISE PERIOD THE COMPANY WILL RESERVE FROM ITS AUTHORIZED
AND UNISSUED COMMON STOCK SUFFICIENT SHARES IN ORDER TO PERFORM ITS OBLIGATIONS UNDER THIS WARRANT. 
 6. ADJUSTMENT OF
EXERCISE PRICE AND NUMBER OF SHARES. THE NUMBER OF AND KIND OF SECURITIES PURCHASABLE UPON EXERCISE OF THJS WARRANT AND THE EXERCISE PRICE SHALL BE SUBJECT TO ADJUSTMENT FROM TIME TO TIME AS FOLLOWS: 

6.1 Subdivisions, Combinations and Other Issuances. If the Company shall at any time before the expiration of this
Warrant subdivide the Shares, by split-up or otherwise, or combine its Shares, or issue additional shares of its Shares as a dividend, the number of Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the
case of a subdivision or stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the purchase price payable per share, but the aggregate purchase price payable for the total number of
Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 6.1 shall become effective at the dose of business on the date the subdivision or combination becomes effective, or as of the record
date of such dividend, or in the event that no record date is fixed, upon the making of such dividend. 
 6.2
Reclassification, Reorganization and Consolidation. In case of any reclassification, capital reorganization, or change in the capital stock (including because of a change of control) of the Company (other than as a result of a subdivision,
combination, or stock dividend provided for in Section 6.1 above), then the Company shall make appropriate provision so that the holder of this Warrant shall have the right at any time before the expiration of this Warrant to purchase, at a
total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property receivable in connection with such reclassification, reorganization, or change by a holder of the same
number of Shares as were purchasable by the holder of this Warrant immediately before such reclassification, reorganization, or change. In any such case appropriate provisions shall be made with respect to the rights and interest of the holder of
this Warrant so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property deliverable upon exercise hereof, and appropriate adjustments shall be made to the purchase price per
share payable hereunder, provided the aggregate purchase price shall remain the same. 
 6.3 Notice of
Adjustment. When any adjustment is required to be made in the number or kind of shares purchasable upon exercise of the Warrant, or in the Exercise Price, the Company shall promptly notify the holder of such event and of the number of Shares or
other securities or property thereafter purchasable upon exercise of this Warrant. 

  
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 7. NO FRACTIONAL SHARES OR SCRIP. NO FRACTIONAL SHARES OR SCRIP REPRESENTING FRACTIONAL
SHARES SHALL BE ISSUED UPON THE EXERCISE OF THIS WARRANT, BUT IN LIEU OF SUCH FRACTIONAL SHARES THE COMPANY SHALL MAKE A CASH PAYMENT THEREFOR ON THE BASIS OF THE EXERCISE PRICE THEN IN EFFECT. 

8. REPRESENTATIONS OF THE COMPANY. THE COMPANY REPRESENTS THAT ALL CORPORATE ACTIONS ON THE PART OF THE COMPANY, ITS OFFICERS,
DIRECTORS AND STOCKHOLDERS NECESSARY FOR THE SALE AND ISSUANCE OF THIS WARRANT HAVE BEEN TAKEN. 
 9. REPRESENTATIONS AND
WARRANTIES BY THE HOLDER. THE HOLDER REPRESENTS AND WARRANTS TO THE COMPANY AS FOLLOWS: 
 9.1 This Warrant
and the Shares issuable upon exercise thereof are being acquired for its own account, for investment and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act of
1933, as amended (the “Act”). Upon exercise of this Warrant, the Holder shall, if so requested by the Company, confirm in writing, in a form satisfactory to the Company, that the securities issuable upon exercise of this Warrant are being
acquired for investment and not with a view toward distribution or resale. 
 9.2 The Holder understands that the
Warrant and the Shares have not been registered under the Act by reason of their issuance in a transaction exempt from the registration and prospectus delivery requirements of the Act pursuant to Section 4(2) thereof, and that they must be held
by the Holder indefinitely, and that the Holder must therefore bear the economic risk of such investment indefinitely, unless a subsequent disposition thereof is registered under the Act or is exempted from such registration. The Holder further
understands that the Warrant Shares have not been qualified under the California Securities Law of 1968 (the “California Law”) by reason of their issuance in a transaction exempt from the qualification requirements of the California Law
pursuant to Section 25102(f) thereof, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent expressed above. 

9.3 The Holder has such knowledge and experience in financial and business matters that it is capable of evaluating the
merits and risks of the purchase of this Warrant and the Shares purchasable pursuant to the terms of this Warrant and of protecting its interests in connection therewith. 

9.4 The Holder is able to bear the economic risk of the purchase of the Shares pursuant to the terms of this Warrant.

 9.5 The Holder is an “accredited investor” as such term is defined in Rule 501 of Regulation D
promulgated under the Act. 
 10. RESTRICTIVE LEGEND. THE SHARES (UNLESS REGISTERED UNDER THE ACT) SHALL BE STAMPED OR
IMPRINTED WITH A LEGEND IN SUBSTANTIALLY THE FOLLOWING FORM: 
 (a) THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). SUCH 

  
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SECURITIES MAY NOT BE TRANSFERRED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR SUCH TRANSFER MAY BE MADE PURSUANT TO RULE 144 OR IN THE OPINION OF
COUNSEL FOR THE COMPANY, REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT. 
 (b) THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN AN AMENDED AND RESTATED VOTING AGREEMENT AND AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH IS AVAILABLE UPON REQUEST FROM THE COMPANY. THESE TRANSFER RESTRICTIONS ARE BINDING UPON ALL TRANSFEREES OF THE SECURITIES. THE SECURITIES REPRESENTED BY THIS
CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED FOR A PERIOD NOT TO EXCEED 180 DAYS FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT FILED BY THE COMPANY FOR ITS INITIAL PUBLIC OFFERING IF REQUESTED BY THE UNDERWRITERS IN ACCORDANCE WITH SUCH
AGREEMENT. 
 11. WARRANTS TRANSFERABLE. SUBJECT TO COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS SECTION 11, THIS WARRANT
AND ALL RIGHTS HEREUNDER ARE TRANSFERABLE, WITHOUT CHARGE TO THE HOLDER HEREOF (EXCEPT FOR TRANSFER TAXESV UPON SURRENDER OF THIS WARRANT PROPERLY ENDORSED OR ACCOMPANIED BYWRITTEN INSTRUCTIONS OF TRANSFER, WITH RESPSCT TO ANY OFFER SALE OR OTHER
DISPOSITION OF THIS WARRANT OR ANY SHARES ACQUIRED PURSUANT TO THE EXERCISE OF THIS WARRANT BEFORE REGISTRATION OF SUCH WARRANT OR SHARES, THE HOLDER HEREOF AGREES TO GIVE WRITTEN NOTICE TO THE COMPANY PRIOR THERETO, DESCRIBING BRIEFLY THE MANNER
THEREOF-TOGETHER WITH A WRITTEN OPINION OF SUCH HOLDER’S COUNSEL, OR OTHER EVIDENCE, IF REQUESTED BY THE COMPANY, TO THE EFFECT THAT SUCH OFFER, SALE OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION OR QUALIFICATION (UNDER THE ACT AS
THEN IN EFFECT OR ANY FEDERAL OR STATE SECURITIES LAW THEN IN EFFECT) OF THIS WARRANT OR THE SHARES AND INDICATING WHETHER OR NOT UNDER THE ACT CERTIFICATES FOR THIS WARRANT OR THE SHARES TO BE SOLD OR OTHERWISE DISPOSED OF REQUIRE ANY RESTRICTIVE
LEGEND AS TO APPLICABLE RESTRICTIONS ON TRANSFERA8ILITY IN ORDER TO ENSURE COMPLIANCE WITH SUCH LAW. UPON RECEIVING SUCH WRITTEN NOTICE AND REASONABLY SATISFACTORY OPINION OR OTHER EVIDENCE, IF SO REQUESTED, THE COMPANY, AS PROMPTLY AS PRACTICABLE,
SHALL NOTIFY SUCH HOLDER THAT SUCH HOLDER MAY SELL OR OTHERWISE DISPOSE OF THIS WARRANT OR SUCH SHARES, ALL IN ACCORDANCE WITH THE TERMS OF THE NOTICE DELIVERED TO THE COMPANY. IF A DETERMINATION HAS BEEN MADE PURSUANT TO THIS SECTION 11 THAT
THE OPINION OF COUNSEL FOR THE HOLDER OR OTHER EVIDENCE IS NOT REASONABLY SATISFACTORY TO THE COMPANY. THE COMPANY SHALL SO NOTIFY THE HOLDER PROMPTLY WITH DETAILS THEREOF AFTER SUCH DETERMINATION HAS BEEN MADE. EACH CERTIFICATE REPRESENTING THIS
WARRANT OR THE SHARES TRANSFERRED IN ACCORDANCE WITH THIS SECTION 11 SHALL BEAR A LEGEND AS TO THE APPLICABLE RESTRICTIONS ON TRANSFERABILITY IN ORDER TO ENSURE COMPLIANCE WITH SUCH LAWS, UNLESS IN THE AFORESAID OPINION OF COUNSEL FOR THE
HOLDER, SUCH LEGEND IS NOT REQUIRED. IN ORDER 

  
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TO ENSURE COMPLIANCE WITH SUCH LAWS, THE COMPANY MAY ISSUE STOP TRANSFER INSTRUCTIONS TO ITS TRANSFER AGENT IN CONNECTION WITH SUCH RESTRICTIONS. 

12. RIGHTS OF STOCKHOLDERS. NO HOLDER OF THIS WARRANT SHALL BE ENTITLED, AS A WARRANT HOLDER, TO VOTE OR RECEIVE DIVIDENDS OR BE
DEEMED THE HOLDER OF THE SHARES OR ANY OTHER SECURITIES OF THE COMPANY WHICH MAY AT ANY TIME BE ISSUABLE ON THE EXERCISE HEREOF FOR ANY PURPOSE, NOR SHALL ANYTHING CONTAINED HEREIN BE CONSTRUED TO CONFER UPON THE HOLDER OF THIS WARRANT, AS SUCH, ANY
OF THE RIGHTS OF A STOCKHOLDER OF THE COMPANY OR ANY RIGHT TO VOTE FOR THE ELECTION OF DIRECTORS OR UPON ANY MATTER SUBMITTED TO STOCKHOLDERS AT ANY MEETING THEREOF, OR TO GIVE OR WITHHOLD CONSENT TO ANY CORPORATE ACTION (WHETHER UPON ANY
RECAPITALIZATION, ISSUANCE OF STOCK, RECLASSIFICATION OF STOCK, CHANGE OF PAR VALUE, CONSOLIDATION, MERGER, CONVEYANCE, OR OTHERWISE) OR TO RECEIVE NOTICE OF MEETINGS, OR TO RECEIVE DIVIDENDS OR SUBSCRIPTION RIGHTS OR OTHERWISE UNTIL THE WARRANT
SHALL HAVE BEEN EXERCISED AND THE SHARES PURCHASABLE UPON THE EXERCISE HEREOF SHALL HAVE BECOME DELIVERABLE, AS PROVIDED HEREIN. 
 13. NOTICES. ALL NOTICES AND OTHER COMMUNICATIONS REQUIRED OR PERMITTED HEREUNDER SHALL BE IN WRITING, SHALL BE EFFECTIVE WHEN GIVEN, AND SHALL IN ANY EVENT BE DEEMED TO BE GIVEN UPON RECEIPT OR, IF
EARLIER, (A) FIVE (5) DAYS AFTER DEPOSIT WITH THE U.S. POSTAL SERVICE OR OTHER APPLICABLE POSTAL SERVICE, IF DELIVERED BY FIRST CLASS MAIL, POSTAGE PREPAID, (B) UPON DELIVERY, IF DELIVERED BY HAND, (C) ONE BUSINESS DAY AFTER THE
BUSINESS DAY OF DEPOSIT WITH FEDERAL EXPRESS OR SIMILAR OVERNIGHT COURIER, FREIGHT PREPAID OR (D) ONE BUSINESS DAY AFTER THE BUSINESS DAY OF FACSIMILE TRANSMISSION, IF DELIVERED BY FACSIMILE TRANSMISSION WITH COPY BY FIRST CLASS MAIL, POSTAGE
PREPAID, AND SHALL BE ADDRESSED (I) IF TO THE HOLDER, AT THE HOLDER’S ADDRESS AS SET FORTH ON THE SCHEDULE OF INVESTORS TO THE NOTE PURCHASE AGREEMENT, AND (II) IF TO THE COMPANY, AT THE ADDRESS OF ITS PRINCIPAL CORPORATE OFFICES
(ATTENTION: PRESIDENT), WITH A COPY TO MICHAEL DANAHER, WILSON SONSINI GOODRICH & ROSATI, P.C., 650 PAGE MILL ROAD, PALO ALTO, CA 94304 (WHICH COPY SHALL NOT BE DEEMED TO CONSTITUTE NOTICE TO THE COMPANY) OR AT SUCH OTHER ADDRESS AS A PARTY
MAY DESIGNATE BY TEN DAYS ADVANCE WRITTEN NOTICE TO THE OTHER PARTY PURSUANT TO THE PROVISIONS ABOVE. 
 14. GOVERNING
LAW. THIS WARRANT AND ALL ACTIONS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF CALIFORNIA, WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS OF CALIFORNIA OR OF ANY OTHER
STATE. 
 15. RIGHTS AND OBLIGATIONS SURVIVE EXERCISE OF WARRANT. UNLESS OTHERWISE PROVIDED HEREIN, THE RIGHTS AND
OBLIGATIONS Of THE COMPANY, OF THE HOLDER OF THIS WARRANT AND OF THE HOLDER OF THE SHARES ISSUED UPON EXERCISE OF THIS WARRANT, SHALL SURVIVE THE EXERCISE OF THIS WARRANT. 
 (Signature Page Follows) 

  
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 Issued as of September __, 2009. 

 

			
	BlueArc Corporation
	
	 
	By:	 	 
	Its:	 	 

  
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 EXHIBIT A 

NOTICE OF EXERCISE 
 TO:
BlueArc Corporation 
    50 Rio Robles Drive 

   San Jose, CA 94034 
 Attention: President 
 1. The undersigned hereby elects to purchase
                 shares of Common Stock of BlueArc Corporation (the “Shares”) pursuant to the terms of the attached Warrant. 

2. The undersigned elects to exercise the attached Warrant by means of a cash payment, and tenders herewith payment in full for the purchase price of the
shares being purchased, together with all applicable transfer taxes, if any. 
 3. Please issue a certificate or certificates representing said
Shares in the name of the undersigned or in such other name as is specified below: 
  

					
		 	(Name)	  	
			
		 	 	  	
			
		 		  	
		 	(Address)	  	

 4. The undersigned hereby represents and warrants that the aforesaid Shares are being acquired for the account of the
undersigned for investment and not with a view to, or for resale, in connection with the distribution thereof, and that the undersigned has no present intention of distributing or reselling such shares and all representations and warranties of the
undersigned set forth in Section 9 of the attached Warrant (including Section 9.5 thereof) are true and correct as of the date hereof. 
  

					
	 	 		 	(Signature)
	 	 		 	 
		 		 	(Name)
	 	 		 	 
	(Date)	 		 	(Title)

  
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 EXHIBIT B 

FORM OF TRANSFER 
 (To be signed only upon transfer of Warrant) 
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                                         
                            the right represented by the attached Warrant to purchase
                     shares of Common Stock of BLUEARC CORPORATION to which the attached Warrant relates, and appoints
                     Attorney to transfer such right on the books of BLUEARC CORPORATION, with full power of substitution in the premises.

 Dated:                     

			
	(Signature must conform in all respects to name of Holder as specified on the face of the Warrant)
		
	Address:	 	 
		
		 	 
		
		 	 

  

	
	Signed in the presence of:
	
	  
	

  
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