Document:

EX-10.2

 Exhibit 10.2 

Emulex Corporation 

Form of Lock-Up Agreement 

November     , 2013 

Goldman, Sachs & Co. 
 85 Broad Street 

New York, NY 10004 
 Re: Emulex Corporation -
Lock-Up Agreement 
 Ladies and Gentlemen: 

The undersigned understands that you, as the initial purchaser, propose to enter into a Purchase Agreement with Emulex Corporation, a Delaware
corporation (the “Company”), providing for a private offering of convertible senior notes (the “Notes”), convertible into common stock, par value $0.10 per share, of the Company (the “Shares”), which will be offered
pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Offering”), by means of an offering circular (the “Offering Circular”). 

In consideration of the agreement by Goldman, Sachs & Co. to offer and sell the Notes, and of other good and valuable consideration
the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the period beginning from the date hereof and continuing to and including the date [90][45]1 days
after the date of such final Offering Circular (the “Lock-Up Period”), the undersigned will not offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of any Shares, or any options or
warrants to purchase any Shares, or any securities convertible into, exchangeable for or that represent the right to receive Shares, whether now owned or hereinafter acquired, owned directly by the undersigned (including holding as a custodian) or
with respect to which the undersigned has beneficial ownership within the rules and regulations of the Securities and Exchange Commission (collectively the “Undersigned’s Shares”). 

The foregoing restriction is expressly agreed to preclude the undersigned from engaging in any hedging or other transaction which is designed
to or which reasonably could be expected to lead to or result in a sale or disposition of the Undersigned’s Shares even if such Shares would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions
would include without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to any of the Undersigned’s Shares or with respect to any security that includes,
relates to, or derives any significant part of its value from such Shares. 
 Notwithstanding the foregoing, the undersigned may transfer
the Undersigned’s Shares (i) as a bona fide gift or gifts, provided that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein, (ii) to any trust for the direct or indirect benefit of the
undersigned or the immediate family of the undersigned, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any 

 

	1 	 In the case of Michael J. Rockenbach, the Company’s Executive Vice President and Chief Financial Officer, only.

 
such transfer shall not involve a disposition for value, (iii) with the prior written consent of Goldman, Sachs & Co., (iv) in the event the undersigned’s employment with,
or membership on the Board of Directors of, the Company terminates for any reason; provided, however, that in no case may the undersigned engage in any short sale or otherwise derivatively dispose of any of the
Undersigned’s Shares, (v) to the Company or any broker in order to pay the exercise price (excluding any withholding or other required taxes) for any stock option or other award issued pursuant to the Company’s stock plans existing on
the date hereof that would otherwise expire during the Lock-Up Period or for restricted stock units or awards that vest during the Lock-Up Period; (vi) in connection with any contract, instruction or plan that satisfies all of the requirements
of Rule 10b5-1(c)(1)(i)(B) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (a “10b5-1 Plan”) of such persons existing on the date hereof; (vii) to pay for tax obligations arising in connection
with any stock option issued pursuant to the Company’s stock plans existing on the date hereof that would otherwise expire during the Lock-Up Period or in connection with the vesting of restricted stock units or awards issued pursuant to the
Company’s stock plans; and (viii) pursuant to a 10b5-1 Plan established after the date hereof; provided, however, that no sales of the Undersigned’s Shares shall be made pursuant to any such 10b5-1 Plan prior to
the expiration of the Lock-Up Period unless permitted pursuant to the terms of any of (i) through (vii) above; provided further, that the Company is not required to report the establishment of such 10b5-1 Plan in any public report
or filing with the Securities and Exchange Commission under the Exchange Act during the Lock-Up Period and does not otherwise voluntarily effect any such public filing or report regarding such 10b5-1 Plan unless permitted pursuant to the terms of
any of (i) through (vii) above. 
 For purposes of this Lock-Up Agreement, “immediate family” shall mean any
relationship by blood, marriage or adoption, not more remote than first cousin. In addition, notwithstanding the foregoing, if the undersigned is a corporation, the corporation may transfer the capital stock of the Company to any wholly-owned
subsidiary of such corporation; provided, however, that in any such case, it shall be a condition to the transfer that the transferee execute an agreement stating that the transferee is receiving and holding such capital stock subject
to the provisions of this Agreement and there shall be no further transfer of such capital stock except in accordance with this Agreement, and provided further that any such transfer shall not involve a disposition for value. The undersigned
now has, and, except as contemplated by clauses (i) through (vii) above, for the duration of the Lock-Up Period will have, good and marketable title to the Undersigned’s Shares, free and clear of all liens, encumbrances, and claims
whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer of the Undersigned’s Shares except in compliance with the foregoing
restrictions. 
 The undersigned understands that the Company and Goldman, Sachs & Co. are relying upon this Lock-Up Agreement in
proceeding toward consummation of the offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors, and assigns. 

[Signature Page Follows] 

 
	
	Very truly yours,
	
	  

	Exact Name of Shareholder
	
	  

	Authorized Signature
	
	  

	Title

 [Signature Page to Lock-up Agreement]EX-10.3

 Exhibit 10.3 
  

							
	

	  	 3333 Susan Street
 Costa Mesa, CA 92626
	  	 T (714) 662-5600
 F (714) 241-0792
	    	emulex.com

 November 11, 2013 
 Jim
McCluney 
 Executive Chairman 
 Emulex Corporation 

3333 Susan Street 
 Costa Mesa, CA 92626 

Dear Jim: 
 You have done an admirable job leading Emulex as
Chief Executive Officer for almost seven years, and most recently as Executive Chairman. I have learned a lot from carefully watching your leadership style and having the opportunity to work alongside of you as a partner and confidante these last 5
years . I was most impressed with the way you always put the customers first, the kind of deep partnerships you built, and your commit to invest for the future, all of these traits have influenced our team and helped build Emulex into the company it
is today. For that, I and the team are deeply grateful. 
 As you taught all of us at Emulex, the only constant in our business is change. Even in the 4
months that you have been Executive Chairman and I have been the CEO, there have been big changes. As has been discussed extensively by you and the Emulex Board of Directors (“Board”), the company is announcing new operating improvement
plans, a major stock buyback plan and changes to the Board composition. As the environment in which Emulex operates changes, the company itself needs to change and at times our strategy changes as well to better align with the opportunities in front
of us. 
 As part of the changes to the board composition, you have determined not to seek or accept a nomination to the Emulex Board of Directors for the
next annual meeting of stockholders on February 6, 2014. 
 As a part of these changes, we have also agreed that your employment with Emulex will end
effective February 5, 2014, and the July 20, 2013 Employment Agreement between yourself and Emulex has provisions that are being triggered to provide payments and benefits to you. The following is a summary of what will be provided to you
on the departure date: 
 $22,576 base salary for period until the departure date 

$88,050 EICP adjusted pro-rata for the departure date, assuming target is met 

$1,115,300 for base salary and EICP as one year severance 

$16,714 for COBRA to cover one year 

186,111 units/shares of restricted stock/cash settled units as accelerated vesting 

21,732 stock option accelerated vesting 
 The
amounts above will be reduced by any government required tax withholding. You will be required to sign the General Waiver and Release Form attached to your July 20, 2013 Employment Agreement, before you receive the severance amounts and
benefits outlined above. Emulex may include this letter in a filing with the United States Securities and Exchange Commission. 

 Jim McCluney 

November 11, 2013 
 Page 2 

You have devoted significant efforts to Emulex over an extended period of time, and there are many members of our team that will treasure warm memories of
working for you and with you. I was extremely pleased by your words of encouragement and support for Emulex, and your best wishes for Emulex in the future. Likewise, we all wish you the best. 

 

	
	Sincerely,
	
	/s/ Jeff Benck
	
	Jeff Benck
	President and Chief Executive Officer
	
	APPROVED AND AGREED
	
	 /s/ Jim McCluney

	Jim McCluney
	November 11, 2013

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