Document:

Second Amendment to Revolving Credit Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT 
 This Second Amendment to Revolving Credit Agreement (this “Amendment”) is entered into as of February 29, 2008 (the
“Effective Date”) by and among Richardson Electronics, Ltd., a Delaware corporation, Richardson Electronics Limited, an English limited liability company, Richardson Electronics Benelux B.V., a Dutch private limited liability
company, Richardson Electronics Pte Ltd, a company organized under the laws of Singapore, Richardson Electronics Pty Limited, a company organized under the laws of New South Wales, Australia, the lenders party hereto (each, a
“Lender” and collectively, the “Lenders”) and JP Morgan Bank, N.A., a national banking association as administrative agent (in such capacity, the “Administrative Agent”). 
 RECITALS 
 WHEREAS, the
Borrowers, the Lenders and the Agent are parties to that certain Revolving Credit Agreement dated as of July 27, 2007 (as amended or modified from time to time, the foregoing being referred to as the “Agreement”); 

WHEREAS, the Borrowers, the Lenders and the Agent desire to amend the Agreement in certain respects on terms and conditions set forth herein;

 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows: 

1. Defined Terms. Capitalized terms used herein but not defined herein shall have the meanings ascribed thereto in the Agreement. 
 2. Amendments to the Agreement. The Agreement is hereby amended as follows: 
 (a) Section 1.1 of the Agreement is hereby amended to delete in their entirety the definitions of “Identified Charges,” “Leverage Ratio,” “Euro Subfacility Limit” and “Singapore
Subfacility Limit” contained therein and to replace said definitions as follows: 
 “‘Identified Charges’ shall
mean (i) severance and restructuring charges related to consolidation of operations by means of creation of an inventory hub, in each case incurred by the US-Borrower and its Subsidiaries and incurred solely in the fiscal quarter ended
June 2, 2007 and not exceeding the sum of Two Million Dollars ($2,000,000) in aggregate in respect of such quarter; (ii) severance charges up to the following amounts in respect of fiscal quarters ended at the following dates:
(x) December 1, 2007: Eight Hundred Thousand Dollars ($800,000); (y) March 1, 2008: One Million Three Hundred Thousand Dollars ($1,300,000) that is part of the US-Borrower’s Display Systems Group (“DSG”)
restructuring; and (z) May 31, 2008: One Million Dollars ($1,000,000); and (iii) inventory write downs up to Two Million Seven Hundred Thousand Dollars ($2,700,000) incurred in the fiscal quarter ended 

 
March 1, 2008, primarily related to the restructuring of DSG; in each case expressed in a Dollar Amount as classified and determined under Agreement
Accounting Principles.” 
 “‘Leverage Ratio’ means, as of any date of calculation, the quotient of (i) Senior
Funded Debt outstanding on such date, over (ii) Adjusted EBITDA calculated for the US-Borrower and its consolidated Subsidiaries for the period of the trailing four consecutive fiscal quarters ending on or most recently ended prior to such date
of determination; provided, that with respect to the fiscal quarter ended June 2, 2007, December 1, 2007, March 1, 2008 and May 31, 2008 there shall be added to Adjusted EBITDA the relevant Identified Charges.”

 “‘Euro Subfacility Limit’ means the Dollar Amount of Twenty Million Dollars ($20,000,000). 
 “‘Singapore Subfacility Limit’ means the Dollar Amount of Twenty Million Dollars ($20,000,000). 
 (b) Section 1.1 is further amended to insert the following new definitions in the appropriate alphabetical sequence: 
 “‘Combined Euro/Singapore Subfacility Limit’ means the Dollar Amount of Twenty Five Million Dollars ($25,000,000).”

 (c) Section 2.1 is deleted in its entirety and replaced as follows: 
 “2.1 Commitments; Credit Facilities. Subject to the limitations set forth in the next sentence, from and including the date of this Agreement
and prior to the Facility Termination Date, each Lender severally agrees, on the terms and conditions set forth in this Agreement, to make Advances, to the extent of such Lender’s Commitment, to the applicable Borrowers. Each Lender agrees, on
the terms and conditions set forth herein to make Advances to any Borrower in the applicable Agreed Currency from time to time in amounts not to exceed in the aggregate at any one time outstanding its Commitment, provided that (i) the Aggregate
Total Outstandings under the Euro Subfacility shall at no time exceed the Euro Subfacility Limit, (ii) the Aggregate Total Outstandings under the Singapore Subfacility shall at no time exceed the Singapore Subfacility Limit, (iii) the
combined Aggregate Total Outstandings under the Euro Subfacility and the Singapore Subfacility shall at no time exceed the Combined Euro/Singapore Subfacility Limit and (iv) the Aggregate Total Outstandings shall at no time exceed the lesser of
(x) the the Borrowing Base and (y) the Aggregate Commitment. Subject to the terms of this Agreement, any Borrower may borrow, repay and reborrow at any time prior to the Facility Termination Date. The Commitments to lend hereunder shall
expire on the Facility Termination Date.” 
 (d) Annex A to the Credit Agreement is deleted in its entirety and replaced with Annex A
attached hereto and made a part hereof. 
  

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 3. Effectiveness. This Amendment shall become effective when the Administrative Agent has received all of
the following acknowledged to be satisfactory by the Administrative Agent: 
 (a) This Amendment, executed by the requisite signatories;

 (b) A certificate, signed by the chief executive officer of Richardson Electronics, Ltd. substantially in the form of Exhibit I attached
hereto and made a part hereof, stating that on the Effective Date (after giving effect to this Amendment) no Default or Unmatured Default has occurred and is continuing and further certifying that the representations and warranties contained in
Article 5 of the Agreement are true and correct on and as of the Effective Date; 
 (c) The representations and warranties contained in
Section 4 of this Amendment shall be true and correct in all material respects; and 
 (d) Such other documents, instruments or
approvals (and, if requested by the Administrative Agent, certified duplicates of executed copies thereof) as the Administrative Agent may reasonably request. 
 4. Representations and Warranties. Each Borrower represents and warrants to the Lenders and the Administrative Agent (which representations and warranties shall become part of the representations and warranties made by such
Borrower under the Agreement) that: 
 (a) The execution, delivery and performance of this Amendment has been duly authorized by all necessary
action and will not require any consent or approval of any person or entity, violate in any material respect any provision of any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award presently in effect having
applicability to it or constitute a default under any indenture or loan or credit agreement or any other agreement, lease or instrument to which any Borrower is a party or by which it or its properties may be bound or affected; 
 (b) No consent, approval or authorization of or declaration or filing with any governmental authority or any non-governmental person or entity, including
without limitation, any creditor or partner of any Borrower is required on the part of such Borrower in connection with the execution, delivery and performance of this Amendment or the transactions contemplated thereby and the execution, delivery
and performance of this Amendment and the transactions contemplated hereby will not violate the terms of any contract or agreement to which such Borrower is a party; 
 (c) The Agreement, as amended hereby, is the legal, valid and binding obligation of each Borrower, enforceable against it in accordance with the terms thereof; 
 (d) The most recent financial statements of each Borrower delivered to the Lenders are complete and accurate in all material respects and present fairly
the financial condition of such Borrowers as of such date in accordance with generally accepted accounting principles. There has been no adverse material change in the condition of the business, properties, operations or condition, financial or
otherwise, of any Borrower since the date of such financial statements which has or could reasonably be expected to have a Material Adverse Effect in respect of the US-Borrower or its Subsidiaries; and 
  

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 (e) After giving effect to this Amendment and the transactions contemplated hereby, no Default or Event
of Default has occurred or exists under the Agreement as of the Effective Date hereof. 
 5. Acknowledgement and Reaffirmation; No Waiver. Each
Borrower hereby ratifies and affirms all of the obligations and undertakings contained in the Agreement and the Agreement remains in full force and effect in accordance with its terms. Each Borrower and each Guarantor hereby acknowledges, agrees and
affirms that each document and instrument securing or supporting the obligations and indebtedness owing to the Lenders and Administrative Agent prior to the date of this Amendment remains in full force and effect in accordance with its terms, and
that such security and support remains in full force effect as to all obligations under the Agreement. 
 6. Expenses. The Borrowers jointly
and severally agree to pay and save the Lenders and Administrative Agent harmless from liability for the payment of all costs and expenses arising in connection with this Amendment, including the reasonable fees and expenses of Baker &
McKenzie LLP, counsel to the Administrative Agent and certain of the Lenders, in connection with the preparation and review of this Amendment and any related documents. 
 7. Governing Law. This Amendment shall be governed by, and shall be construed and enforced in accordance with, the laws of the State of Illinois. 
 8. Counterparts; Facsimile. This Amendment may be executed in one or more counterparts, each of which together shall constitute the same agreement. One or
more counterparts of this Amendment may be delivered by facsimile, with the intention that such delivery shall have the same effect as delivery of an original counterpart thereof. 
 [The remainder of this page has been left blank intentionally] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of
the date first written above. 
  

			
	BORROWERS:
	
	RICHARDSON ELECTRONICS, LTD.
	
	 /s/ Edward J. Richardson

	By:	 	Edward J. Richardson
	Title:	 	Chairman, CEO and President
	
	RICHARDSON ELECTRONICS LIMITED
	
	 /s/ Thomas G. Harbrecht

	By:	 	Thomas Harbrecht
	Title:	 	Director
	
	RICHARDSON ELECTRONICS BENELUX B.V.
	
	 /s/ Thomas G. Harbrecht

	By:	 	Thomas Harbrecht
	Title:	 	Managing Director A
	
	RICHARDSON ELECTRONICS PTE LTD
	
	 /s/ Thomas G. Harbrecht

	By:	 	Thomas Harbrecht
	Title:	 	Director
	
	RICHARDSON ELECTRONICS PTY LIMITED
	
	 /s/ Thomas G. Harbrecht

	By:	 	Thomas Harbrecht
	Title:	 	Director
	
	40 W267 Keslinger Road
	P.O. Box 393
	LaFox, Illinois 60147-0393
	Attention: Michelle Perricone
	Tel: 630-208-2200
	Fax: 630-208-2950

  

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	GUARANTOR
	
	THE UNDERSIGNED, EACH A GUARANTOR OF THE OBLIGATIONS UNDER THE AGREEMENT, BEING FAMILIAR WITH THE TERMS OF THE FOREGOING AMENDMENT, HEREBY RATIFIES AND REAFFIRMS ALL SUCH
OBLIGATIONS, IN EACH CASE AS SET FORTH IN THOSE CERTAIN GUARANTIES, DATED JULY 27, 2007
	
	RICHARDSON ELECTRONICS, LTD.
	
	 /s/ Edward J. Richardson

	By:	 	Edward J. Richardson
	Title:	 	Chairman, CEO and President
	
	RICHARDSON INTERNATIONAL, INC.
	
	 /s/ Edward J. Richardson

	By:	 	Edward J. Richardson
	Title:	 	President

  

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	ADMINISTRATIVE AGENT:
	
	JPMORGAN CHASE BANK, N.A.,
	
	 /s/ Michelle Otten

	By:	 	 Michelle Otten

	Title:	 	Assistant Vice President

  

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	LENDERS:
	
	JPMORGAN CHASE BANK, N.A.,
	
	 /s/ Michelle Otten

	By:	 	 Michelle Otten

	Title:	 	Assistant Vice President
	
	JP MORGAN EUROPE LIMITED
	
	 /s/ Paul Hogan

	By:	 	 Paul Hogan

	Title:	 	Vice President
	
	JP MORGAN CHASE BANK, N.A. London Branch, as Overdraft Lender
	
	 /s/ Paul Hogan

	By:	 	 Paul Hogan

	Title:	 	Vice President
	
	JPMORGAN CHASE BANK, N.A., through its Singapore Branch
	
	 /s/ Ruth Lee

	By:	 	 Ruth Lee

	Title:	 	Assistant Vice President

  

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 EXHIBIT I 
 OFFICER’S CERTIFICATE 
 This Certificate is delivered to JPMorgan Chase Bank, N.A., as Administrative
Agent by Richardson Electronics, Ltd., pursuant to that certain Revolving Credit Agreement, dated as of July 27, 2007 among the Borrowers named therein, the Lenders set forth on the signature pages thereto and the Administrative Agent
identified therein (as amended or modified from time to time, the “Credit Agreement”). All capitalized terms used herein but not defined shall have the respective meanings ascribed thereto in the Credit Agreement. The undersigned,
in his capacity as chief executive officer of Richardson Electronics, Ltd., hereby certifies to the Administrative Agent and the Lenders that on the date hereof no Default or Unmatured Default has occurred and is continuing and that all the
representations and warranties contained in Article V of the Credit Agreement are true and correct on and as of the date hereof. 
 This
Certificate is delivered as of February 29, 2008. 
  

			
	By:	 	 /s/ Kathleen S. Dvorak

		 	Kathleen S. Dvorak
		 	Executive VP & CFO

 ANNEX A 
 PRICING SCHEDULE 
  

										
	 Applicable Margin
	  	Level I
Status	 	 	Level II
Status	 	 	Level III
Status	 
	 Eurocurrency Rate
	  	1.00	%	 	1.25	%	 	1.50	%
	 Commitment Fee
	  	.25	%	 	.25	%	 	.25	%
	 Floating Rate
	  	0.00	%	 	0.00	%	 	0.00	%
	 SIBOR Rate
	  	1.00	%	 	1.25	%	 	1.50	%
	 Standby Letter of Credit Fee
	  	1.00	%	 	1.25	%	 	1.50	%

 For the purposes of this Schedule, the following terms have the following meanings, subject to the
final paragraph of this Schedule: 
 “Financials” means the annual or quarterly financial statements of the US-Borrower
delivered by the US-Borrower pursuant to this Agreement. 
 “Level I Status” exists at any date if, in any fiscal quarter of
the US-Borrower referred to in the most recent Financials, the average Leverage Ratio is less than or equal to 1.0 to 1.00. 
 “Level
II Status” exists at any date if, in any fiscal quarter of the US-Borrower referred to in the most recent Financials, (i) the US-Borrower has not qualified for Level I Status and (ii) the average Leverage Ratio is less than or
equal to 1.5 or 1.00. 
 “Level III Status” exists at any date if, in any fiscal quarter of the US-Borrower referred to in
the most recent Financials, (i) the US-Borrower has not qualified for Level I Status or Level II Status and (ii) the average Leverage Ratio is less than or equal to 2.0 to 1.0. 
 “Status” means, at any date of determination, whichever of Level I Status, Level II Status, or Level III Status. 
 The Applicable Margin set forth above shall be subject to adjustment (upwards or downwards, as appropriate) based on the US-Borrower’s Status as at
the end of each fiscal quarter in accordance with the table set forth above and computed with reference to the average Leverage Ratio during any such fiscal quarter and shall take effect upon delivery to the Administrative Agent of Financials for
the US-Borrower and its Subsidiaries in respect of the fiscal quarter ended March 1, 2008. Prior to such delivery, the Applicable Margin shall be computed under the methods in effect prior to the effectiveness of the Second Amendment to
Revolving Credit Agreement, dated February 29, 2008. Notwithstanding the foregoing, the Applicable Margin shall at all times be set at Level III 

 
until delivery to the Administrative Agent of Financials in respect of the US-Borrower’s fiscal quarter ended on or about May 31, 2008; at such
time and at all measurement points thereafter, the Applicable Margin shall be determined in accordance with the foregoing table. The US-Borrower’s Status as at the last day of each fiscal quarter (which shall be used to compute the average
Leverage Ratio) shall be determined from the then most recent Financials. The numerator upon which the average Leverage Ratio will be calculated shall be based on the sum of daily outstandings for all Loans and Letters of Credit under the Agreement
divided by the total number of days in the applicable quarter. The Leverage Ratio shall be computed by dividing such numerator by Adjusted EBITDA calculated for the US-Borrower and its Subsidiaries for the period of the trailing four consecutive
fiscal quarters ending on or most recently ended prior to any date of determination. Any adjustment shall be effective commencing five (5) Business Days after the delivery to the Lenders of such Financials. In the event that the US-Borrower
shall at any time fail to furnish to the Lenders such Financials (together with a Compliance Certificate) within the time limitations specified by this Agreement, then the maximum Applicable Margin shall apply from the date of such failure until the
fifth (5th) Business Day after such Financials (and accompanying Compliance Certificate) are so delivered.Officer and Director Share Purchase Plan and Election Form

 Exhibit 10.1 
 AVANEX CORPORATION 
 Officer and Director Share Purchase Plan 
 1. Purpose. The purpose of the Plan is to provide a convenient method by which Eligible Individuals of the Company may purchase fully vested Company common
stock at fair market value. This Plan is effective as of April 7, 2008. 
 2. Definitions. 
 2.1 “1934 Act” means the Securities Exchange Act of 1934, as amended. Reference to a specific section of the 1934 Act or regulation
thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.

 2.2 “Board” means the Board of Directors of the Company. 
 2.3 “Committee” means the Compensation Committee of the Board. 
 2.4 “Company” means Avanex Corporation. 
 2.5 “Director” means a nonemployee member of the Board. 
 2.6 “Eligible
Individual” means an Officer or Director who has been designated by the Committee as eligible to participate in the Plan. 
 2.7
“Fair Market Value” means the last quoted per share selling price for Shares on the relevant date, or if there were no sales on such date, the last quoted per share selling price for Shares on the nearest day before the relevant
date. 
 2.8 “Fees” means the cash retainer fees and meeting fees payable to a Director for any given fiscal quarter or
fiscal year of the Company as a result of his or her service on the Board and its committees during the applicable period. 
 2.9
“Officer” means a person who is an officer of the Company within the meaning of Nasdaq guidelines, including all employees with the corporate rank of vice-president or higher. 
 2.10 “Participant” means an Eligible Individual who elects to participate in the Plan in accordance with Section 5.1. 

2.11 “Plan” means this Officer and Director Share Purchase Plan, as it may be amended from time to time. 
 2.12 “Share” means a share of the Company’s common stock. 
 2.13 “Trading Day” means a day on which national stock exchanges and the Nasdaq National Market are open for trading. A Trading Day
begins at the time trading begins on such day. 
 2.14 “Trading Window” means the period commencing at the opening of market
on the third Trading Day following the date of public disclosure of the financial results for a particular fiscal quarter or fiscal year of the Company and continuing until the close of market on the fifteenth Trading Day prior to the 

 
close of the fiscal quarter, provided that during this period no circumstances exist that otherwise closes the Trading Window. 
 3. Administration. 
 3.1 The Plan will be
interpreted and administered by the Committee, whose actions and interpretations will be final and binding. 
 3.2 The Committee, in its sole
discretion, will have the power, subject to, and within the limitations of, the express provisions of the Plan: 
 3.2.1 To interpret and
determine the meaning, validity and parameters of the terms and provisions of the Plan and to determine any question arising under, or in connection with, the administration, operation or validity of the Plan; 
 3.2.2 To determine the form and manner for Participants to make elections under the Plan and to approve forms of election to be used in conjunction with
the Plan; 
 3.2.3 To determine the time or times when Eligible Individuals may elect to participate in the Plan or otherwise change such
elections; 
 3.2.4 To select the Officers and Directors who will be eligible to participate in the Plan from time to time; 
 3.2.5 To make any and all determinations as it may deem necessary or appropriate for the administration of the Plan, including the number of Shares to be
issued in exchange for a Participant’s aggregate deductions; 
 3.2.6 To establish, amend and revoke rules and procedures relating to
the Plan (for example, but not by way of limitation, with respect to Eligible Individual elections to participate in the Plan and the delivery of Shares) as it may deem necessary or appropriate for the administration of the Plan; 
 3.2.3 To employ such brokers, counsel, agents and advisers, and to obtain such broker, legal, clerical and other services, as it may deem necessary or
appropriate in carrying out the provisions of the Plan; and 
 3.2.4 To delegate all or any part of its authority and powers under the Plan
to one or more officers or employees of the Company, including with respect to the day-to-day administration of the Plan. 
 4. Share Subject to the
Plan. 
 4.1 Subject to adjustment as provided in Section 4.2, the total number of Shares available for issuance under the Plan
shall equal two million (2,000,000). Shares granted under the Plan may be either authorized but unissued Shares or treasury Shares. 
 4.2 In
the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares, then the Committee shall, in such manner as it may deem equitable, adjust the number and class of
Shares which may be delivered under the Plan. Notwithstanding the preceding, the number of Shares available for issuance under the Plan always shall be a whole number. 
  

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 5. Election to Purchase Shares. 
 5.1 Elections. 
 (i) Each Eligible
Individual’s decision to participate in the Plan shall be entirely voluntary. An Eligible Individual may become a Participant in the Plan by enrolling or re-enrolling in the Plan during a Trading Window, provided that the Participant does not
otherwise possess material non-public information concerning the Company (within the meaning of the 1934 Act) at the time of his or her election. In order to enroll, an Eligible Individual must complete, sign and submit to the Company an
election form, in such form as the Committee will determine in its sole discretion. 
 (ii) On his or her election form, each Eligible
Individual must authorize payroll deductions or, in the case of Directors, deductions from Fees for the purposes of purchasing fully vested Shares. Any deductions for this Plan will occur after normal and appropriate withholding for all Federal and
State taxes and after voluntary withholdings for participation in other Company benefit plans. With respect to Officers, the payroll deductions may not reduce the individual’s compensation below an amount equal to two (2) times the
federal or applicable state minimum wage, whichever is higher, required to be paid each pay period. Payroll deductions for a Participant who is an Officer will commence with the first full payroll period immediately following the date the
Participant submits a properly completed election form to the Company. Deductions from Fees for a Participant who is a Director will commence on the first day on which the foregone Fees would have been paid to the Director and will apply only to
Fees earned and paid after the date the Participant submits a properly completed election form to the Company. 
 5.2 Duration of
Elections. An Eligible Individual’s election form will remain in effect unless amended or terminated as provided in Section 5.3. 
 5.3 Amendment or Termination of Elections. 
 (i) A Participant may terminate his or her participation in the Plan at any
time by providing notice of termination to the Company in a manner and pursuant to such procedures as the Committee may determine from time to time. A Participant’s election to terminate participation shall be effective as soon as
administratively practicable following the Company’s receipt of the Participant’s notice of termination, provided that the Participant has certified that his or her decision to terminate participation is made in good faith and in full
compliance with both the letter and spirit of all federal and state securities laws. 
 (ii) A Participant may increase or decrease the rate
of his or her payroll deductions or Fee deductions, as applicable, by submitting a new election form to the Company at any time during a Trading Window, provided that the Participant does not otherwise possess material non-public information
concerning the Company (within the meaning of the 1934 Act) at the time of his or her new election. Notwithstanding the foregoing, a Participant may not decrease the rate of his or her deductions below 1% of his or her compensation or Fees, as
applicable. Provided that a Participant has properly submitted a completed election form, the change in payroll or Fee deduction rate will be effective as soon as administratively practicable following the date the Company receives the
Participant’s new election form and will apply only to compensation or Fees earned after such date. 
 6. Purchase and Delivery of Shares.

 6.1 On, or as soon as administratively practicable following, each payroll date or, in the case of Directors, each date on which Fees
would otherwise be paid, each Participant’s aggregate deductions for the applicable period will be converted into fully vested Shares based on the Fair Market Value of a Share on such date. No fractional Shares will be purchased. Any payroll or
Fee deductions which are not sufficient to purchase a full Share will be paid to the Participant in cash. 
  

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 6.2 Shares paid out to a Participant under the Plan will be delivered electronically to the
Participant’s broker as indicated in the Participant’s election form or, if not specified, to the Participant’s broker(s) of record as listed in the Company’s records at the time of delivery. 
 7. Amendment or Termination of the Plan. The Committee may, at any time and for any reason, amend or terminate the Plan without regard to whether the
amendment or termination may adversely affect any Participant. Without limiting the generality of the foregoing, such amendment or termination may be effective immediately notwithstanding that (i) elections have been made and are then in effect
and (ii) deductions have been withheld but not yet applied to the purchase of Shares, in which case such deductions will be paid to the Participant in cash as soon as administratively practicable. No amendment or modification will require the
consent of any Participants. 
 8. No Guarantee of Future Service. Neither the establishment or maintenance of the Plan, the purchase of
Shares, nor any action of the Company or the Committee, will be held or construed to confer upon any Officer any right to be continued as an employee of the Company nor, upon dismissal, any right or interest in any specific assets of the Company
other than as provided in the Plan. The Company expressly reserves the right to discharge any Officer at any time, with or without cause. 
 9. Tax
Reporting. The participant will be responsible for reporting and paying any and all federal, state, or any other tax liabilities that arise from selling or otherwise disposing of the Shares. At any time, the Company may, but will not be
obligated to, withhold from the Participant’s compensation the amount necessary for the Company to meet applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits
attributable to the issuance, sale or disposition of Shares by the Participant. 
 10. Choice of Law. All questions concerning the
construction, validity, and interpretation of the Plan will be governed by the law of the State of California, exclusive of the conflict of laws provisions thereof. 
 11. Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall
be construed and enforced as if the illegal or invalid provision had not been included. 
 12. Requirements of Law. The Company shall not be
required to issue any certificate or certificates for Shares hereunder prior to fulfillment of all the following conditions: (a) the admission of such Shares to listing on all stock exchanges on which such class of stock is then listed;
(b) the completion of any registration or other qualification of such Shares under any U.S. state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the
Committee shall, in its absolute discretion, deem necessary or advisable; and (c) the obtaining of any approval or other clearance from any U.S. state or federal governmental agency, which the Committee shall, in its absolute discretion,
determine to be necessary or advisable. 
 13. Headings. The headings in the Plan are for convenience only and will not be deemed to constitute
a part hereof nor to affect the meaning hereof. 
  

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 AVANEX CORPORATION 
 OFFICER AND DIRECTOR SHARE PURCHASE PLAN 
 ELECTION FORM TO PURCHASE 
 SHARES THROUGH PAYROLL DEDUCTIONS 
 Complete this form if you wish to
participate in the Officer and Director Share Purchase Plan (the “Plan”). The Plan allows you to purchase shares of Avanex Corporation (“Avanex”) common stock pursuant to the terms of the Plan. 
 Plan Overview 
 In order to provide you with a convenient
method of purchasing Avanex shares, Avanex now permits you to elect to purchase fully-vested shares through payroll deduction or, if you are a nonemployee member of Avanex’ Board of Directors, through deduction from your quarterly cash retainer
fees. If you choose to purchase shares by enrolling in the Plan, your election will remain in effect and you will continue to purchase shares at fair market value until such time as you terminate or change your election, you terminate your
employment or service with Avanex or you are otherwise no longer eligible to participate in the Plan. You may terminate your participation in the Plan at any time, provided that you certify that your decision to terminate your participation was made
in good faith and in full compliance with both the letter and spirit of all federal and state securities laws. You may change your election to increase or decrease your deduction rate at any time during an open “Trading Window” (as defined
in the Plan), but only if you do not otherwise possess material non-public information concerning Avanex at the time you change your election. Note, however, that you may not decrease the rate of your deductions below 1% of your compensation or
fees, as applicable. 
 Elections 
 No later than
the beginning of each open “Trading Window,” you will be notified if you are eligible to participate in the Plan. You may submit your Election Form at any time during which the Trading Window is open. On the Election Form, you will
indicate either the percentage or amount that you would like deducted from your compensation or fees, as applicable, for the purpose of purchasing shares. 
 However, if you are an officer of Avanex, please note that, in accordance with applicable employment law requirements, Avanex must pay you an amount at least equal to two (2) times the federal or applicable state minimum wage,
whichever is higher, required to be paid each pay period. As a result, you will not be permitted to reduce your compensation below this amount. For 2008, this amount is $1280 per pay period. 
 In addition, if you are an officer of Avanex, the percentage or amount that you select will be applied to your compensation only after Avanex has deducted from your
compensation the normal and appropriate withholding for all Federal and State taxes and any voluntary withholdings for participation in other Company benefit plans. For example, if your gross compensation per pay period is $10,000 but you receive
only $6,000 after applicable required and voluntary withholdings, the percentage or amount that you select below will apply only to the $6,000 that remain and would ordinarily be paid to you. In this example, if you elect to reduce your cash
compensation by 10% in order to purchase Avanex shares under the Plan, your after-tax cash compensation will be reduced by $600 (10% of 6,000). 
 Please note that, if you are an officer of Avanex, your election will be effective with the first full payroll period immediately following the date you submit a properly completed election form to Avanex. If you are a nonemployee
member of Avanex’ Board of Directors, your election will apply only to fees earned and paid after the date you submit a properly completed election form to Avanex and deductions will commence on the first day on which the foregone fees would
have been paid to you. 
  

 -1- 

 Your election (including the rate or amount of payroll or fee deduction) will remain in effect until you terminate or
change your election, terminate your relationship with Avanex or otherwise no longer are eligible to participate in the Plan. You may change your election to increase or decrease your deduction rate only during an open “Trading Window,”
but only if you do not otherwise possess material non-public information concerning Avanex at the time you change your election. Trading Windows will typically occur approximately every 3 months, but they may happen less frequently, for example, due
to a blackout period. As a result, please note that your election may remain in effect for a period of time that is longer than three (3) months. 
 Purchase of Shares 
 If you are an officer of Avanex, your aggregate deductions for the payroll period will be converted into fully
vested Avanex shares on, or as soon as administratively practicable following, each payroll date. If you are a nonemployee member of Avanex’ Board of Directors, your aggregate deductions for the applicable period will be converted into fully
vested Avanex shares on, or as soon as administratively practicable following, each date on which fees would otherwise be paid. The number of shares that you will receive will be based on the fair market value of an Avanex share on the applicable
date (as determined in accordance with the terms of the Plan). 
 The shares will not be considered a “purchase” that is subject to liability under
Section 16 of the Securities Exchange Act of 1934, as amended (“Section 16”), but will be subject to Section 16 reporting. This means that you can participate in the Plan even though you may be regularly selling shares under
a 10b5-1 plan in connection with the exercise of your stock options or vesting of any restricted stock or restricted stock unit awards. A Form 4 must be filed in connection with each purchase under the Plan. 
 If you would like to enroll in the Plan, please print: 
 Name:
                                        
                                        
     (the “Participant”) 
 Social Security
No.:                                       
                        
 Important—Deadline for Completion and Submission of Election Form: You may elect to purchase Avanex shares through payroll or fee deduction by completing and submitting this Election Form during an open “Trading
Window.” If you submit the Election Form at any other time, your election will be null and void. If you choose not to participate in the Plan, you will be paid your compensation in cash in accordance with Avanex’ normal payroll practices.

 ELECTION 
 For Directors: 

  

	        	I hereby elect to receive shares of Avanex common stock in lieu of the percentage or the amount of the quarterly cash retainer fees that otherwise would be payable to me, as
indicated below, with any remainder to be paid in cash: 

  

	    	            % of quarterly retainer fees (Choose any whole percentage from 0% to 100%) 

 

	    	$             (Insert a dollar amount) 

 For Officers: 
  

	        	I hereby elect to receive shares of Avanex common stock in lieu of the percentage or the amount of compensation payable to me on each payroll date, as indicated below, with any
remainder to be paid in cash: 

  

 -2- 

	    	            % of cash compensation payable on each payroll date (Choose any whole percentage from 0% to 100%)*

  

	    	$            (Insert a dollar amount)* 

  

	    	* Please note that, notwithstanding your election above, the Company must pay you an amount equal to two (2) times the federal or applicable state minimum wage, whichever
is higher, required to be paid each pay period. As a result, your payroll deductions will not reduce your compensation below this amount. 

 DELIVERY INSTRUCTIONS 
 Please deliver all shares to: 
  

			
	Account Number:	  	  

  

			
	Broker Name:	  	  

  

			
	Broker Contact (Phone Number):	  	  

 TAXATION 
 For Directors 
 The fair market value of the shares you purchase will be taxable to you as ordinary income. The amount of income you
will recognize on the receipt of the shares will be the same amount you would recognize if your fees had been paid to you in cash. As with cash payments of your retainer fees, Avanex will report the income to you on a Form 1099. However, in
accordance with current law, because you are not an employee of Avanex, Avanex will not withhold from your income to cover your tax liability. 
 If you are
a taxpayer in countries other than the United States, you may be subject to additional tax obligations. 
 For Officers 
 Your payroll deductions are made on an after-tax basis. This means that the percentage or amount that you selected above will be applied to your compensation only after
Avanex has deducted from your compensation the normal and appropriate withholding for all Federal and State taxes and any voluntary withholdings for participation in other Company benefit plans. As a result, you will have already been taxed on the
compensation that you use for the purpose of purchasing shares. Consequently, in accordance with current law, Avanex will have no further tax reporting or withholding obligations with respect to the amount of your compensation used to purchase
shares. 
 If you are a taxpayer in countries other than the United States, you may be subject to additional tax obligations. 
 NO REVOCATION OF ELECTION 
 After you submit your Election
Form, your election will remain in effect until you terminate or change your election, you terminate your employment or service with the Company or you are otherwise no longer eligible to participate in the Plan. You may terminate your participation
in the Plan at any time, provided that you certify that your decision to terminate your participation in the Plan was made in good faith. You may change 

  

 -3- 

 
your election at any time during a Trading Window (as defined in the Plan), but only if you do not otherwise possess material non-public information
concerning Avanex at the time you change your election. Generally, Trading Windows will typically occur approximately every three (3) months, but they may happen less frequently. This means that your election may remain in effect for a period
of time that is longer than three (3) months. 
 DELIVERY 
 Shares paid out pursuant to this election will be electronically delivered to your broker as listed above or, if none is listed, your broker of record as listed in Avanex’s records at the time of delivery. Payout
will be in the form of whole shares of Avanex common stock with the balance in cash. Delivery will be made as soon as administratively practicable following, each payroll date or, if you are a nonemployee member of Avanex’ Board of Directors,
each date on which your fees would otherwise be paid. 
 PARTICIPANT SIGNATURE 
 I understand that my decision to elect to receive shares in lieu of any compensation, retainer and/or meeting fees payable to me will remain in effect until such time as I terminate or change my election, I terminate
my employment or service with Avanex or I am otherwise no longer eligible to participate in the Plan. I understand that I will recognize ordinary income on the fully-vested shares, which will be reported to me on the appropriate form. 
 I understand that the Compensation Committee shall have the discretion to make all determinations and decisions regarding this election. To the extent the Committee
determines that this election does not comply with applicable laws, now or in the future, this election shall be null and void. In such an event, any compensation or fees subject to this election will be paid in cash when they otherwise become due
and owing. 
 PARTICIPANT 
  

							
	Signed:	  	  
	    	Date:	  	  

 Agreed to and accepted: 
 AVANEX CORPORATION 
  

							
	By: 	  	  
	    	Date:	  	  

				
	Title:	  	  
	    		  	

  

 -4-

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