Document:

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                                                                   Exhibit 10.23

                       STOCK PLEDGE AND SECURITY AGREEMENT

         THIS STOCK PLEDGE AND SECURITY AGREEMENT is made as of April 5, 2001 by
THOMAS K. GREGORY, individually ("Pledgor"), in favor of JNI CORPORATION (the
"Company").

                                    RECITALS

                  A.       The Company has agreed to loan to Pledgor the
principal amount of Five Hundred Fifty Thousand Dollars ($550,000), repayment of
which is evidenced by that certain Secured Recourse Promissory Note (the
"Note"), dated of even date herewith.

                  B.       Pledgor is the record and beneficial owner of 110,000
of the outstanding shares of the Common Stock of the Company (the "Stock"), as
more particularly described in EXHIBIT A hereto, together with all proceeds and
substitutions of any thereof, all interest paid thereon, and all other cash and
noncash proceeds of the foregoing (the "Pledged Collateral").

                  C.       The Company has required as a condition of entering
into the Note that Pledgor deliver this Pledge Agreement to secure the
obligations of Pledgor under the Note.

         NOW, THEREFORE, Pledgor and the Company agree as follows:

         1.       PLEDGE OF COLLATERAL. Pledgor hereby pledges to the Company
and grants to the Company a security interest in the Pledged Collateral, as
security for the prompt performance of all of Pledgor's obligations under the
Note (the "Obligations"). Any certificate or certificates for the securities
included in the Pledged Collateral, accompanied by an instrument of assignment
duly executed in blank by Pledgor, have been, or will be immediately upon the
subsequent receipt thereof by Pledgor, delivered by Pledgor to the Company.

         2.       REPRESENTATIONS, WARRANTIES AND COVENANTS. Pledgor represents
and warrants to and covenants with the Company that:

                  a.       The Pledged Collateral is owned by Pledgor free and
clear of any security interests, liens, encumbrances, options or other
restrictions created by Pledgor, except for the security interest in favor of
the Company created hereby;

                  b.       Pledgor has full power and authority to create a
first lien on the Pledged Collateral in favor of the Company and no disability
or contractual obligation exists that would prohibit Pledgor from pledging the
Pledged Collateral pursuant to this Agreement, and Pledgor will not assign,
create or permit to exist any other claim to, lien or encumbrance upon, or
security interest in any of the Pledged Collateral; and

                  c.       The Pledged Collateral is not the subject of any
present or threatened suit, action, arbitration, administrative or other
proceeding, and Pledgor knows of no reasonable grounds for the institution of
any such proceedings.

         3.       EVENTS OF DEFAULT. Each of the following shall constitute an
event of default ("Event of Default") hereunder:

                  a.       The occurrence of an Event of Default under the Note;
or

                  b.       The breach of any provision of this Agreement by
Pledgor or the failure by Pledgor to observe or perform any of the provisions of
this Agreement.

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         4.       THE COMPANY'S REMEDIES UPON DEFAULT. Upon the occurrence of an
Event of Default, the Company shall have the right to exercise all such rights
as a secured party under the California Uniform Commercial Code as it, in its
sole judgment, shall deem necessary or appropriate, including the right to
liquidate the Pledged Collateral and apply the proceeds thereof to reduce the
principal amount outstanding under the Note. After the disposal of any of the
Pledged Collateral, the Company may deduct all reasonable legal and other
expenses and attorney's fees for protecting its interest and enforcing its
remedies under the Note and this Agreement and shall apply the residue of the
proceeds to, or hold as a reserve against, the Obligations in such manner as the
Company in its reasonable discretion shall determine, and shall pay the balance,
if any to Pledgor.

         5.       NOTICES. Unless otherwise provided in this Agreement, all
notices or demands by any party relating to this Agreement or any other
agreement entered into in connection herewith shall be in writing and shall be
personally delivered or sent by certified mail, postage prepaid, return receipt
requested, or by prepaid telefacsimile to Pledgor or to the Company, as the case
may be.

                 If to Pledgor:              Thomas K. Gregory

                                             ----------------------

                                             ----------------------

                                             ----------------------
                                             FAX:
                                                 ------------------

                 If to the Company:          JNI Corporation
                                             10945 Vista  Sorrento Parkway
                                             San Diego, CA 92121
                                             Attn: Gloria Purdy
                                             FAX: (858) 523-7005

         The parties hereto may change the address at which they are to receive
notices hereunder, by notice in writing in the foregoing manner given to the
other.

         6.       CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.

                  This Agreement shall be governed by, and construed in
accordance with, the internal laws of the State of California, without regard to
principles of conflicts of law. Each of Pledgor and the Company hereby submits
to the exclusive jurisdiction of the state and Federal courts located in the
County of San Diego, State of California. PLEDGOR AND THE COMPANY EACH HEREBY
WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE
TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING, WITHOUT LIMITATION, CONTRACT
CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR
STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER
CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. EACH
PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

         7.       GENERAL PROVISIONS.

                  a.       SUCCESSORS AND ASSIGNS. This Agreement shall bind and
inure to the benefit of the respective successors and permitted assigns of each
of the parties; PROVIDED, HOWEVER, that neither this Agreement nor any rights
hereunder may be assigned by Pledgor without the Company's prior written
consent, which consent may be granted or withheld in the Company's sole
discretion. The Company shall have the right without the consent of or notice to
Pledgor to sell, transfer, negotiate, or grant participation in all or any part
of, or any interest in, the Company's obligations, rights and benefits
hereunder.

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                  b.       TIME OF ESSENCE. Time is of the essence for the
performance of all obligations set forth in this Agreement.

                  c.       SEVERABILITY OF PROVISIONS. Each provision of this
Agreement shall be severable from every other provision of this Agreement for
the purpose of determining the legal enforceability of any specific provision.

                  d.       AMENDMENTS IN WRITING, INTEGRATION. This Agreement
cannot be amended or terminated orally. All prior agreements, understandings,
representations, warranties, and negotiations between the parties hereto with
respect to the subject matter of this Agreement, if any, are merged into this
Agreement.

                  e.       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, shall be deemed to be an original, and
all of which, when taken together, shall constitute but one and the same
Agreement.

                  f.       SURVIVAL. All covenants, representations and
warranties made in this Agreement shall continue in full force and effect so
long as any Obligations remain outstanding.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement the
day and year first above written.

                                               COMPANY:

                                               JNI Corporation

                                               By:
                                                  ------------------------------
                                               Title:
                                                     ---------------------------

                                               PLEDGOR:

                                               ---------------------------------
                                               Thomas K. Gregory

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                                    EXHIBIT A

    Pledgor Name             Certificate Number           Number of Shares/Units
    ------------             ------------------           ----------------------<PAGE>

                                                                   Exhibit 10.24

                        SECURED RECOURSE PROMISSORY NOTE

$1,200,000                                                 San Diego, California

         1.       FUNDAMENTAL PROVISIONS. The following terms will be used as
defined terms in this Secured Recourse Promissory Note ("Note"):

                  EFFECTIVE DATE OF THIS NOTE:       April 5, 2001

                  MAKER:                             Charles McKnett

                  HOLDER:                            JNI Corporation

                  PRINCIPAL AMOUNT:                  $1,200,000
                                                     United States Currency

                  INTEREST RATE:                     5% per annum

                  MATURITY DATE:                     April 5, 2002

         2.       PROMISE TO PAY. For good and valuable consideration, Maker
promises to pay to Holder, or order, the principal amount of One Million Two
Hundred Thousand Dollars ($1,200,000) ("Principal Amount") with interest at the
rate of five percent (5%) per annum ("Interest Rate") on the Principal Amount
from the Effective Date of this Note until paid in full in accordance with the
terms contained herein.

                  Should any interest not be paid when due, it shall thereafter
accrue interest as principal.

                  All payments made by Maker shall be free and clear and without
withholding taxes or other charges of any nature. If Maker is required now or
hereafter by any law or regulation to make such deduction, Maker shall pay to
Holder such additional amounts as may be necessary so that Holder shall receive
the full amount hereunder.

         3.       PAYMENT SCHEDULE. The Principal Amount and all accrued but
unpaid Interest shall be due and payable in full on the Maturity Date. Payment
shall be made in lawful money of the United States delivered to JNI Corporation,
attn: Gloria Purdy 10945 Vista Sorrento Parkway, San Diego, California 92121, or
at such other place as the Holder of this Note may from time to time designate.

         4.       EXTENSION OF MATURITY DATE UPON CHANGE OF CONTROL. Upon a
Change of Control of Holder (as defined below), the Maturity Date shall be
extended until April 5, 2003; PROVIDED that no Event of Default exists at the
time the Change of Control occurs; PROVIDED, FURTHER, that this Note shall
become immediately due and payable upon the termination of Maker's employment
with any successor to Holder pursuant to this section. A "Change of Control"
shall be deemed to have occurred if any of the following occurs with respect to
Holder: (i) the direct or indirect sale or exchange in a single or series of
related transactions by the stockholders of Holder of more than fifty percent
(50%) of the voting stock of Holder; (ii) a merger or consolidation in which
Holder is a party or (iii) the sale, exchange, or transfer of all or
substantially all of the assets of Holder.

         5.       DEFAULT INTEREST RATE AND LATE CHARGES. The Maker and Holder
agree that, from the nature of the matter, it will be extremely difficult to fix
the actual damage, out of pocket expenses and administrative efforts which would
accrue to the Holder in the event the Maker should not make payment on or prior
to the Maturity Date. The Maker therefore agrees that if the Maker shall fail to
pay in full on the Maturity Date (subject to extension as provided in Section 4)
any amount of principal, interest, fees or any other amounts due hereunder,
Maker shall pay a late payment charge of five percent (5%) of such overdue
amount as liquidated damages to compensate the Holder for damage sustained by
reason of such late payment. All principal not paid in full by the Maturity Date
(subject to extension as provided in Section 4) shall thereafter accrue interest
at a rate equal to five percent (5%) per annum in excess of the Interest Rate
until the date of payment.

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         6.       PREPAYMENTS. This Note may be prepaid at any time in whole or
in part before due without prepayment penalty or premium. Any partial
pre-payments shall be applied first to any taxes, attorney fees, late fees,
other fees and other charges or expenses then owing, second to unpaid accrued
interest, and lastly to unpaid principal.

         7.       STOCK PLEDGE AND SECURITY AGREEMENT. This Note is secured by
that certain Stock Pledge and Security Agreement, dated as of the date hereof,
executed by Maker, as Pledgor, in favor of Holder (the "Stock Pledge
Agreement"), with respect to certain pledged collateral as more particularly
described in the Stock Pledge Agreement (the "Pledged Collateral"). Reference is
hereby made to the Stock Pledge Agreement for a description of the Pledged
Collateral and for a description of Holder's rights with respect to the Pledged
Collateral.

         8.       FULL RECOURSE. Notwithstanding the foregoing, Maker
acknowledges that this Note is a full recourse note and that Maker is liable for
full payment of this Note without regard to the value at any time or from time
to time of the Pledged Collateral. In the event of any Event of Default (as
defined below) in the payment of this Note, Holder shall have and may exercise
any and all remedies of a secured party under the California Commercial Code,
and any other remedies available at law or in equity, with respect to the
Pledged Collateral. Maker (i) acknowledges that state or federal securities laws
may restrict the public sale of securities, and may require private sales at
prices or on terms less favorable to the seller than public sales and (ii)
agrees that where Holder, in its sole discretion, determines that a private sale
is appropriate, such sale shall be deemed to have been made in a commercially
reasonable manner.

         9.       EVENT OF DEFAULT. At the option of Holder, it shall be an
"Event of Default" hereunder if:

                  a.       Maker fails to pay when due any sum payable under
this Note; or

                  b.       Maker fails to perform any other obligation set forth
in this Note or in the Stock Pledge Agreement or an event of default by Maker
occurs under the Stock Pledge Agreement (other than the payment of money to
Holder) and such failure shall remain unremedied for five (5) consecutive
calendar days after written notice thereof shall have been given to Maker; or

                  c.       Maker shall suffer or consent to or apply for the
appointment of a receiver, trustee, custodian or liquidator of itself or any
substantial portion of its property, or shall make a general assignment for the
benefit of creditors; or Maker shall file a voluntary petition in bankruptcy, or
seeking reorganization, in order to effect a plan or other arrangement with
creditors or any other relief under the Bankruptcy Reform Act, Title 11 of the
United States Bankruptcy Code, as amended or recodified from time to time (the
"Bankruptcy Code"), or under any state or federal law granting relief to
debtors, whether now or hereafter in effect; or any involuntary petition or
proceeding pursuant to the Bankruptcy Code or any other applicable state or
federal law relating to bankruptcy, reorganization or other relief for debtors
is filed or commenced against Maker, and such involuntary petition or proceeding
is not dismissed within thirty days of its filing or commencement; or Maker
shall file an answer admitting the jurisdiction of such a court and the material
allegations of any involuntary petition; or Maker shall be adjudicated a
bankrupt, or an order for relief shall be entered by any court of competent
jurisdiction under the Bankruptcy Code or any other applicable state or federal
law relating to bankruptcy, reorganization or other relief for debtors.

                  d.       Maker's employment with Holder is terminated for
Cause. "Cause" shall mean (i) any act of personal dishonesty taken by Maker in
connection with the responsibilities as an employee that is intended to result
in substantial personal enrichment of Maker, (ii) the conviction of a felony, or
(iii) a willful act by Maker which constitutes gross misconduct injurious to the
Holder.

         10.      ACCELERATION. Upon the occurrence of an Event of Default, at
the option of Holder, the entire sum of principal, interest, and all other
charges due under this Note, shall become immediately due and payable without
presentment, demand, protest or notice of dishonor, all of which are hereby
expressly waived by Maker; and holder shall have all rights, powers and remedies
available under this Note, all of which rights, powers and remedies may be
exercised at any time by holder and from time to time after the occurrence of an
Event of Default. All rights, powers and remedies of holder in connection with
this Note are cumulative and not exclusive and shall be in addition to any other
rights, powers or remedies provided by law or equity.

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         11.      COSTS OF COLLECTION. The Maker agrees to pay all costs of
collection when incurred, including attorneys' fees, expenses and any other
costs attributable to collection, whether or not suit is filed, and all costs
incurred in realizing upon any collateral securing this Note. No extension of
the time for the payment of this Note or any installment hereof made by
agreement with any person now or hereafter liable for the payment of this Note
shall operate to release, discharge, modify, change or affect the original
liability under this Note of any of the undersigned not a party to such
agreement.

         12.      NO WAIVER. No delay or omission of Holder in exercising any
right or power arising in connection with any Event of Default shall be
construed as a waiver or as an acquiescence therein, nor shall any single or
partial exercise thereof preclude any further exercise thereof. Holder may, as
its option, in writing, waive any of the conditions herein and no such waiver
shall be deemed to be a waiver of Holder's rights hereunder, but rather shall be
deemed to have been made in pursuance of this Note and not in modification
thereof. No waiver of any Event of Default shall be construed to be a waiver of
or acquiescence in or consent to any preceding or subsequent Event of Default.

         13.      WAIVER OF NOTICES. Maker, all endorsers and all persons liable
or to become liable on this Note waive presentment, protest, demand, notice of
protest, dishonor or non-payment of this Note, and any and all other notices or
matters of a like nature, consent to any and all renewals and extensions of the
time of payment hereto, and agree further that any time and from time to time
without notice, the terms of payment hereof may be modified, without in any way
affecting the liability of any party to this Note, any endorser, or any person
liable or to become liable with respect to any indebtedness evidenced hereby. No
single or partial exercise of, or forbearance from exercising, any power
hereunder or under any security agreement or other agreement or instrument
securing or pertaining to this Note shall preclude other or further exercises
thereof or the exercise of any other power. Neither the granting of any
extension of time, nor the acceptance or release of any security for this Note,
nor the cancellation, modification or invalidity of any document evidencing or
securing this Note, nor any delay or omission on the part of the Holder hereof
in exercising any right hereunder, shall operate as a waiver of such right or of
any other right under this Note to release any Maker or endorser of this Note or
general partner of any of the foregoing. The release of any party liable on this
Note shall not operate to release any other party liable hereon. The acceptance
by the Holder hereof of any payment which is less than the payment in full of
all amounts due and payable at the time of such payment shall not constitute a
waiver of any default which may then exist or the right to accelerate at that
time or any subsequent time or nullify any prior acceleration without the
express prior written consent of the Holder hereof. The right to plead any and
all statutes of limitations as a defense to any demand on this Note, or any
agreement to the same, or any instrument securing this Note, or any and all
obligations or liabilities arising out of or in connection with this Note, is
expressly waived by the Maker and each and every endorser or guarantor, if any,
to the fullest extent permitted by law.

         14.      PERMISSIBLE INTEREST. In no contingency or event whatsoever,
by acceleration or otherwise, shall the amount of interest paid or agreed to be
paid to the holder of this Note, its successors or assigns, for the loan, use,
forbearance or detention of money exceed the maximum, if any, permissible under
applicable law. If, from any circumstances, the Holder, or its successors or
assigns, should ever receive as interest an amount that would exceed the highest
lawful rate, such amount as would be excessive interest shall be applied to the
reduction of the unpaid principal balance of this Note and not the payment of
interest. This provision shall control every other provision of this Note and
all agreements between Maker and the Holder, and its successors and assigns.

         15.      REPRESENTATIONS. Maker represents and warrants that Maker is
the lawful title owner of the Pledged Collateral, with authority to execute this
Note and the Stock Pledge Agreement.

         16.      BENEFIT OF NOTICE; ASSIGNMENT. The provisions of this Note
shall bind Maker, its successors, devisees and assigns for the benefit of Holder
or its successors, devisees and assignees. This Note may be assigned in whole or
in part by Holder, but not Maker, of this Note.

         17.      CHOICE OF LAW AND VENUE. This Note shall be governed by, and
construed in accordance with, the internal laws of the State of California,
without regard to principles of conflicts of law. Each of Pledgor and Holder
hereby submits to the exclusive jurisdiction of the state and Federal courts
located in the County of San Diego, State of California. MAKER AND HOLDER EACH
HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE
TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING, WITHOUT

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LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW OR STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES THAT THE
FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS
NOTE. EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH
ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

         18.      SEVERABLE PROVISIONS. The provisions of this Note are intended
by the Maker to be severable and divisible and the invalidity or
unenforceability of a provision or term herein shall not invalidate or render
unenforceable the remainder of this Note or any part hereof.

         19.      TIME IS OF THE ESSENCE. Maker agrees that time is strictly of
the essence for every provision hereof.

         20.      JOINT AND SEVERAL LIABILITY. The obligations of Maker shall be
the joint and several obligations of all such persons or entities signing as
Maker, and any married person who executes this Note agrees that recourse may be
had against his or her separate property for satisfaction of his or her
obligations hereunder.

         21.      NOTICE. Unless otherwise provided in this Note, all notices or
demands by any party relating to this Note or any other agreement entered into
in connection herewith shall be in writing and shall be personally delivered or
sent by certified mail, postage prepaid, return receipt requested, or by prepaid
telefacsimile to Maker or to Holder, as the case may be, at its addresses set
forth below:

                 If to Maker:                Charles McKnett

                                             ----------------------

                                             ----------------------

                                             ----------------------
                                             FAX:
                                                 ------------------

                 If to Holder:               JNI Corporation
                                             10945 Vista Sorrento Parkway
                                             San Diego, CA 92121
                                             Attn: Gloria Purdy
                                             FAX: (858) 523-7005

The parties hereto may change the address at which they are to receive notices
hereunder, by notice in writing in the foregoing manner given to the other.

         22.      AMENDMENTS IN WRITING, INTEGRATION. This Note cannot be
amended or terminated orally. All prior agreements, understandings,
representations, warranties, and negotiations between the parties hereto with
respect to the subject matter of this Note, if any, are merged into this Note.

         IN WITNESS WHEREOF, Maker has executed this Note as of the Effective
Date of this Note.

                                               ---------------------------------
                                               Charles McKnett

                                       4

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