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exv10w4

EXHIBIT
10.4

EMULEX CORPORATION

AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

     This Restricted Stock Unit Award Agreement (this “Agreement”), is made and entered into
effective as of the grant date (the “Grant Date”) set forth in the Notice of Grant of Award
attached hereto (the “Notice”), by and between Emulex Corporation, a Delaware corporation (the
“Company”), and the Director, Employee or Consultant (“Grantee”) named in the Notice.

     Pursuant to the Emulex Corporation Amended and Restated 2005 Equity Incentive Plan (the
“Plan”), the Administrator of the Plan has authorized the grant (the “Award”) to Grantee of
restricted stock units (“Restricted Stock Units”) upon the terms and subject to the conditions set
forth in this Agreement and in the Plan. Capitalized terms not otherwise defined herein shall have
the meanings ascribed to them in the Plan.

     NOW, THEREFORE, in consideration of the premises and the benefits to be derived from the
mutual observance of the covenants and promises contained herein and other good and valuable
consideration, the sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

     1. Basis for Award. This Award is made pursuant to the Plan for valid consideration provided
to the Company by Grantee. By Grantee’s execution of the Notice, Grantee agrees to the terms and
conditions of the Restricted Stock Units set forth in the Plan, the Notice, and this Agreement.

     2. Restricted Stock Unit Award. Each Restricted Stock Unit represents the right to receive
one (1) share of the Common Stock of the Company (the “Common Stock”) upon vesting. Grantee shall
have none of the rights of a shareholder with respect to shares of Common Stock underlying an
Award, including the right to vote the shares of Common Stock and to receive dividends thereon,
unless and until such shares of Common Stock are reflected as issued and outstanding shares on the
Company’s stock ledger.

     3. Vesting. The Restricted Stock Units shall vest according to the vesting schedule set forth
in the Notice. If Grantee ceases Continuous Service for any reason (including, without limitation,
termination of employment or service by the Company, resignation by Grantee, or Grantee’s death or
Disability), all unvested Restricted Stock Units immediately shall be canceled. The Administrator
may accelerate vesting of the Restricted Stock Units in such circumstances as it, in its sole
discretion, may determine, consistent with the terms of the Plan.

     4. Conversion of Units and Issuance of Shares. Upon each vesting date, one (1) share of
Common Stock shall become issuable for each Restricted Stock Unit that vests on such date. Within
five (5) days thereafter, upon satisfaction of any tax withholding obligations, the Company will
transfer to Grantee the number of shares of Common Stock with respect to which the restrictions
have lapsed. Prior to the date upon which all Restricted Stock Units have fully vested (the “Final
Vesting Date”), any fractional Restricted Stock Unit shall be carried forward to the next partial
vesting date. On each subsequent partial vesting date, including the Final Vesting Date, any
fractional Restricted Stock Units shall be aggregated into whole Restricted Stock Units and such
whole Restricted Stock Units shall be converted into shares of Common Stock pursuant to the terms
hereof. Any fractional Restricted Stock Unit remaining after the Award becomes fully vested shall
be settled in cash.

     5. Compliance with Laws and Regulations. The issuance and transfer of shares of Common Stock
shall be subject to compliance by the Company and Grantee with all applicable requirements of
federal and state securities laws, with all applicable requirements of any stock exchange on which
the Company’s Common Stock may be listed at the time of such issuance or transfer, and other
applicable laws and regulations governing the Award.

     6. Tax Withholding. Grantee shall pay to the Company (in cash, or to the extent permitted by
the Administrator, by tendering shares of Common Stock held by Grantee, including shares of Common
Stock underlying Restricted Stock Units that become vested (“Share Withholding”), with a Fair
Market Value on the date the Restricted Stock Units vest equal to the amount of Grantee’s minimum
statutory tax withholding liability, or to

 

 

the extent permitted by the Administrator, a combination thereof) any federal, state or local
taxes of any kind required by law to be withheld with respect to the Restricted Stock Units that
have vested. The Company shall, to the extent permitted by law, have the right to deduct from any
payment of any kind otherwise due to Grantee any federal, state or local taxes of any kind required
by law to be withheld with respect to the Restricted Stock Units. Payment of the tax withholding
by a Participant who is an officer, director or other “insider” subject to Section 16(b) of the
Exchange Act by tendering Common Stock or in the form of Share Withholding is subject to
pre-approval by the Administrator, in its sole discretion, in a manner that complies with the
specificity requirements of Rule 16b-3 under the Exchange Act, including the name of the
Participant involved in the transaction, the nature of the transaction, the number of shares to be
acquired or disposed of by the Participant and the material terms of the Award involved in the
transaction.

     7. No Right to Continued Service. Nothing in this Agreement shall be deemed to impose any
limitation on any right of the Company to terminate Grantee’s employment or service at any time,
with or without cause.

     8. Representations and Warranties of Grantee. Grantee represents and warrants to the Company
that:

          a. Terms of the Plan. Grantee has received a copy of the Plan, has read and
understands the Plan, the Notice and this Agreement, and agrees to be bound by their terms and
conditions.

          b. Tax Consequences. Grantee acknowledges that there may be adverse tax consequences
upon the vesting of Restricted Stock Units or disposition of the shares of Common Stock underlying
such Restricted Stock Units once vested, that Grantee should consult a tax advisor prior to such
vesting or disposition, and that Grantee will be responsible for his/her own tax liability as a
result of the grant or vesting of the Award.

          c. Further Documents. Grantee agrees upon request to execute any further documents or
instruments necessary or desirable in the sole determination of the Company to carry out the
purposes or intent of the Award.

     9. Compliance with U.S. Federal Securities Laws. Grantee understands and acknowledges that
notwithstanding any other provision of the Agreement to the contrary, the vesting and holding of
the Restricted Stock Units is expressly conditioned upon compliance with the Securities Act and all
applicable federal and state securities laws. Grantee agrees to cooperate with the Company to
ensure compliance with such laws.

     10. Cancellation of Unvested Stock Units. Unless otherwise provided in an employment
agreement, the terms of which have been approved by the Administrator, if unvested Restricted Stock
Units do not become vested on or before the expiration of the period during which the applicable
vesting conditions must occur, such unvested Restricted Stock Units shall be automatically
cancelled immediately upon the occurrence of the event (including, without limitation, a
termination of Grantee’s Continuous Service) or time period after which such unvested Restricted
Stock Units may no longer become vested.

     11. Transferability. Neither the Restricted Stock Units, nor any interest therein or amount
or shares payable in respect thereof may be sold, assigned, transferred, pledged or otherwise
disposed of, alienated or encumbered, either voluntarily or involuntarily prior to vesting.

     12. Adjustments. The number of unvested Restricted Stock Units and the securities issuable
upon vesting shall be automatically adjusted to reflect any stock split, stock dividend,
recapitalization, merger, consolidation, reorganization, combination or exchanges of shares or
other similar event affecting the Company’s outstanding Common Stock subsequent to the effective
date of this Agreement.

     13. Modification. The Agreement may not be modified except in writing signed by
both parties.

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     14. Plan Governs. The terms and provisions of the Plan are incorporated herein by reference,
and Grantee hereby acknowledges receiving a copy of the Plan. In the event of a conflict or
inconsistency between the terms and provisions of the Plan and the provisions of this Agreement,
the Plan shall govern and control.

     15. Interpretation. Any dispute regarding the interpretation of this Agreement shall be
submitted by Grantee or the Company to the Administrator for review. The resolution of such a
dispute by the Administrator shall be final and binding on the Company and Grantee.

     16. Entire Agreement. The Plan and the Notice are incorporated herein by reference. This
Agreement, the Notice and the Plan constitute the entire agreement of the parties and supercede all
prior undertakings and agreements with respect to the subject matter hereof.

     17. Notices. Any notice required to be given or delivered to the Company under the terms of
this Agreement shall be in writing and addressed to the Corporate Secretary of the Company at its
principal corporate offices. Any notice required to be given or delivered to Grantee shall be in
writing and addressed to Grantee at the address shown in the Company’s records. All notices shall
be deemed to have been given or delivered upon: (a) personal delivery; (b) three (3) days after
deposit in the United States mail by certified or registered mail (return receipt requested); (c)
one (1) business day after deposit with any return receipt express courier (prepaid); or (d) one
(1) business day after transmission by facsimile or telecopier.

     18. Successors and Assigns. The Company may assign any of its rights under this Agreement.
This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the
Company. Subject to the restrictions on transfer set forth herein, this Agreement shall be binding
upon Grantee and Grantee’s heirs, executors, administrators, legal representatives, successors and
assigns.

     19. Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware without giving effect to its conflict of law principles. If any
provision of this Agreement is determined by a court of law to be illegal or unenforceable, then
such provision will be enforced to the maximum extent possible and the other provisions will remain
fully effective and enforceable.

3exv10w5

EXHIBIT
10.5

APPENDIX

EMULEX CORPORATION

AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT,

RESTRICTED STOCK UNIT AWARD AGREEMENT, AND

NONQUALIFIED STOCK OPTION AGREEMENT

FOR

CHANGE IN CONTROL RETENTION PLAN PARTICIPANTS

OR

EMPLOYEES COVERED BY A KEY EMPLOYEE RETENTION AGREEMENT

This Appendix includes additional and amended terms and conditions that govern the grant of
restricted stock awards, restricted stock units, and nonqualified stock options to Grantee/Optionee
under the Emulex Corporation Amended and Restated 2005 Equity Incentive Plan (the “Plan”) because
Grantee/Optionee either is a designated participant in the Emulex Change in Control Retention Plan
(the “Retention Plan”) or is party to a Key Employee Retention Agreement (“KERA”). Capitalized
terms not otherwise defined herein shall have the same meanings ascribed to them in the Plan, the
Retention Plan, the KERA, the Restricted Stock Award Agreement (“RSA Agreement”), the Restricted
Stock Unit Award Agreement (“RSU Agreement”), and the Nonqualified Stock Option Agreement (“NQSO
Agreement”) as applicable.

ADDENDUM TO RESTRICTED STOCK AWARD AGREEMENT

	 	1.	 	Vesting. This provision supplements Section 3 of Grantee’s RSA Agreement by
adding the following provisions at the end thereof:

Notwithstanding the foregoing, in the event that Grantee’s Continuous Service is
terminated by the Company (or its successor) without Cause (as such term is defined
in the Company’s Change in Control Retention Plan (the “Retention Plan”) or
Grantee’s Key Employee Retention Agreement (“KERA”), as applicable), either (i)
prior to a Change in Control (as defined in the Retention Plan or the KERA, as
applicable), at a time at which the Compensation Committee determines that there is
a reasonable likelihood that the Company will undergo a Change in Control within the
next 12 months, or (ii) within 24 months after a Change in Control, then the
following provisions will apply:

     (A) In the case of clause (i) above, any unvested shares shall not be forfeited
at the time Grantee’s Continuous Service is terminated, but rather, shall be
retained by Grantee and shall remain unvested, with no further vesting, for a period
of up to 12 months after Grantee’s Continuous Service. If a Change in Control
occurs during such 12-month period, the unvested shares immediately shall become
100% vested as provided in Section 5(a) of the Retention Plan or Section 5(a) of the
KERA, as applicable. If no Change in Control occurs during such 12-month period,
then the unvested shares shall be forfeited.

     (B) In the case of clause (ii) above, any unvested shares shall not be
forfeited at the time Grantee’s Continuous Service is terminated, but rather,
immediately shall become 100% vested as provided in Section 5(a) of the Retention
Plan or Section 5(a) of the KERA, as applicable.

	 	2.	 	No Right to Continued Service. The last sentence of Section 6 of Grantee’s RSA
Agreement is amended in its entirety to read as follows.

In the event Grantee’s Continuous Service with the Company is terminated by the Company,
by Grantee or as a result of Grantee’s death or disability, no unvested shares of Common
Stock shall become vested after such termination of Continuous Service, except as
explicitly provided in Section 3 hereof.

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ADDENDUM TO RESTRICTED STOCK UNIT AWARD AGREEMENT

Vesting. This provision supplements Section 3 of Grantee’s RSU Agreement by adding the
following provisions at the end thereof:

Notwithstanding the foregoing, in the event that Grantee’s Continuous Service is terminated
by the Company (or its successor) without Cause (as such term is defined in the Company’s
Change in Control Retention Plan (the “Retention Plan”) or Grantee’s Key Employee Retention
Agreement (“KERA”), as applicable), either (i) prior to a Change in Control (as defined in
the Retention Plan or the KERA, as applicable), at a time at which the Compensation
Committee determines that there is a reasonable likelihood that the Company will undergo a
Change in Control within the next 12 months, or (ii) within 24 months after a Change in
Control, then the following provisions will apply:

     (A) In the case of clause (i) above, any unvested Restricted Stock Units shall not be
forfeited at the time Grantee’s Continuous Service is terminated, but rather, shall be
retained by Grantee and shall remain unvested, with no further vesting, for a period of up
to 12 months after Grantee’s Continuous Service. If a Change in Control occurs during such
12-month period, the unvested Restricted Stock Units immediately shall become 100% vested as
provided in Section 5(a) of the Retention Plan or Section 5(a) of the KERA, as applicable.
If no Change in Control occurs during such 12-month period, then the unvested Restricted
Stock Units shall be forfeited.

     (B) In the case of clause (ii) above, any unvested Restricted Stock Units shall not be
forfeited at the time Grantee’s Continuous Service is terminated, but rather, immediately
shall become 100% vested as provided in Section 5(a) of the Retention Plan or Section 5(a)
of the KERA, as applicable.

ADDENDUM TO NONQUALIFIED STOCK OPTION AWARD AGREEMENT

A new Section 15 shall be added to Optionee’s NQSO Agreement as follows:

     Term and Vesting of Stock Option under Change in Control Retention Plan or Key Employee
Retention Agreement.

Notwithstanding the foregoing provisions of Section 4 and Section 5 hereof, this Section 15
shall apply in the event that Optionee experiences a Termination Event during a Change in
Control Period, as each of those terms is defined in the Company’s Change in Control
Retention Plan (the “Retention Plan”) or Optionee’s Key Employee Retention Agreement
(“KERA”).

In the event Optionee’s employment is terminated by the Company (or its successor) without
Cause (as such term is defined in the Retention Plan or the KERA, as applicable), either (i)
prior to a Change in Control (as defined in the Retention Plan or the KERA, as applicable),
at a time at which the Compensation Committee determines that there is a reasonable
likelihood that the Company will undergo a Change in Control within the next 12 months, or
(ii) within 24 months after a Change in Control, then the following provisions will apply:

(a) Acceleration of Vesting.

     (A) In the case of clause (i) above, any unvested portion of the Option shall not be
forfeited at the time Optionee’s employment is terminated, but rather, shall be retained by
Optionee and shall remain unvested, with no further vesting, for a period of up to 12 months
after Optionee’s employment is terminated. If a Change in Control occurs during such
12-month period, the unvested portion of the Option immediately shall become 100% vested as
provided in Section 5(a) of the Retention Plan or Section 5(a) of the KERA, as applicable.
If no Change in Control occurs during such 12-month period, then the unvested portion of the
Option shall be forfeited.

     (B) In the case of clause (ii) above, any unvested portion of the Option shall not be
forfeited at the time Optionee’s employment terminated, but rather, immediately shall become
100% vested as provided in Section 5(a) of the Retention Plan or Section 5(a) of the KERA,
as applicable.

(b) Extension of Exercise Period. In the event that the unvested portion of the Option is
accelerated pursuant to either Section 15(a)(A) or 15(a)(B), then, the Option shall remain
outstanding and exercisable for a period of 12 months from the date of Optionee’s termination of employment, or, until
10 years from the Grant Date, whichever is sooner.

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