QLOGIC CORP
EXHIBIT 10.1
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<DESCRIPTION>EXHIBIT 10.1
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Exhibit 10.1

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    <B><U><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;A</FONT></U></B>
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    <B><FONT style="font-family: 'Times New Roman', Times">SECOND AMENDMENT
    TO QLOGIC CORPORATION<BR>
    2005 PERFORMANCE INCENTIVE PLAN</FONT></B>
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    <B><FONT style="font-family: 'Times New Roman', Times">APPENDIX&#160;A</FONT></B>
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    <B><FONT style="font-family: 'Times New Roman', Times">NON-EMPLOYEE
    DIRECTOR EQUITY AWARDS</FONT></B>
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    <B><FONT style="font-family: 'Times New Roman', Times">A.1&#160;&#160;Participation</FONT></B>
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    Equity award grants under this Appendix&#160;A shall be made
    only to Non-Employee Directors who have not, within three
    (3)&#160;years immediately preceding such time, received any
    stock option, stock bonus, SAR, or other similar stock award
    from the Corporation or any of its Subsidiaries, except as
    provided by this Appendix&#160;A or pursuant to the
    Corporation&#146;s Non-Employee Director Stock Option Plan (an
    <B>&#147;Eligible Director&#148;</B>).
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    <B><FONT style="font-family: 'Times New Roman', Times">A.2&#160;&#160;Annual
    Equity Award Grants</FONT></B>
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    (a)&#160;<I>Initial Grant.</I>&#160;&#160;After approval of this
    Plan by the stockholders of the Corporation, if any person who
    is not then an officer or employee of the Corporation shall
    first become a Non-Employee Director (including any person who
    may first become a Non-Employee Director on the date the
    stockholders of the Corporation approve this Plan), there shall
    be granted automatically to such person (without any action by
    the Board or the Administrator) on such date a nonqualified
    stock option to purchase 50,000&#160;shares of Common Stock;
    provided that no such grant shall be made to any Non-Employee
    Director who does not qualify as an Eligible Director.
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    (b)&#160;<I>Subsequent Annual Award
    Grants.</I>&#160;&#160;Subject to Section&#160;A.2(c), in each
    calendar year during the term of this Plan, commencing in 2006,
    there shall be granted automatically (without any action by the
    Administrator or the Board) at the close of business on the date
    of each annual meeting of stockholders of the Corporation at
    which the members of the Board are elected or reelected (the
    <B>&#147;Annual Meeting Date&#148;</B>) a nonqualified stock
    option to purchase 16,000&#160;shares of Common Stock and an
    award of 3,000 restricted stock units to each Eligible Director
    who is reelected as a director of the Corporation at such
    meeting; provided, however, that if the Eligible Director is
    serving as the Chairman of the Board on such date, such
    nonqualified stock option shall be an option to purchase
    50,000&#160;shares of Common Stock and such award of restricted
    stock units shall be for 8,000 restricted stock units.
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    (c)&#160;<I>Proration of Annual Grants.</I>&#160;&#160;If a
    period of less than twelve (12)&#160;months has elapsed between
    (i)&#160;the date that the director first received a stock
    option pursuant to Section&#160;A.2(a) above (the date of grant
    of any such option, an &#147;Initial Award Date&#148;) and
    (ii)&#160;the Annual Meeting Date, then the number of shares of
    Common Stock subject to any nonqualified stock option and the
    number of units subject to any award of restricted stock units,
    as applicable, granted to an Eligible Director pursuant to
    Section&#160;A.2(b) shall be prorated by multiplying
    (x)&#160;the number of such shares or such units, as applicable,
    by (y)&#160;a fraction, the numerator of which shall be the
    number of days from and including the Initial Award Date through
    and including the Annual Meeting Date, and the denominator of
    which shall be the number of days since the last annual meeting
    of stockholders at which the members of the Board were elected
    or reelected preceding the Annual Meeting Date through and
    including the Annual Meeting Date (but in no event shall such
    fraction be greater than one (1)).
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    (d)&#160;<I>Maximum Number of Shares.</I>&#160;&#160;Annual
    grants that would otherwise exceed the Share Limit of
    Section&#160;4.2 of the Plan shall be prorated within such
    limitation.
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    (e)&#160;<I>No Automatic
    Adjustments.</I>&#160;&#160;Notwithstanding anything to the
    contrary in this Appendix&#160;A or the Plan, in the event of a
    stock dividend, stock split or other similar event contemplated
    by Section&#160;7.1 of the Plan, the numbers of shares of Common
    Stock and restricted stock units set forth in this
    Section&#160;A.2 shall not be automatically increased following
    such event.
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    <B><FONT style="font-family: 'Times New Roman', Times">A.3&#160;&#160;Terms
    of Options</FONT></B>
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    The purchase price per share of the Common Stock covered by each
    stock option granted pursuant to this Appendix&#160;A shall be
    100% of the fair market value (as that term is defined in
    Section&#160;5.6 of the Plan) of the Common Stock on the date of
    grant of the option. The exercise price of any stock option
    granted under this Appendix&#160;A shall
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    <BR>
    A-1
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    be paid in full at the time of each purchase in any of the
    following methods (or combination thereof): (i)&#160;cash, check
    payable to the order of the Corporation, or electronic funds
    transfer, or (ii)&#160;subject to compliance with all applicable
    laws, rules and regulations, and subject to such procedures as
    the Administrator may adopt, the delivery of previously owned
    shares of Common Stock or pursuant to a &#147;cashless
    exercise&#148; with a third party who provides financing for the
    purposes of (or who otherwise facilitates) the purchase or
    exercise of awards. In the event that the Eligible Director
    exercises a stock option by delivering shares of Common Stock
    previously owned by such Eligible Director and unless otherwise
    expressly provided by the Administrator, any shares delivered
    which were initially acquired by the Eligible Director from the
    Corporation (upon exercise of a stock option or otherwise) must
    have been owned by the Eligible Director at least six months as
    of the date of delivery. Shares of Common Stock used to satisfy
    the exercise price of an option shall be valued at their fair
    market value on the date of exercise. Each stock option granted
    under this Appendix&#160;A and all rights or obligations
    thereunder shall commence on the date of grant of the award and
    expire no later than ten years thereafter, subject to earlier
    termination as provided in Section&#160;A.6 below.
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    <B><FONT style="font-family: 'Times New Roman', Times">A.4&#160;&#160;Payment
    of Restricted Stock Units</FONT></B>
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    Restricted stock units granted pursuant to this Appendix&#160;A
    shall be payable in an equivalent number of shares of Common
    Stock as soon as practicable after such units vest in accordance
    with Section&#160;A.5.
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    <B><FONT style="font-family: 'Times New Roman', Times">A.5&#160;&#160;Vesting
    of Equity Awards</FONT></B>
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    Subject to earlier termination as provided below, (a)&#160;each
    nonqualified stock option granted under this Appendix&#160;A
    shall become vested as to one-third (1/3) of the total number of
    shares of Common Stock subject to the option on each of the
    first, second and third anniversaries of the date of grant of
    the option, and (b)&#160;each award of restricted stock units
    under this Appendix&#160;A shall become vested as to one-third
    (1/3) of the total number of units subject to the award on each
    of the first, second and third anniversaries of the date of
    grant of the award.
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    <B><FONT style="font-family: 'Times New Roman', Times">A.6&#160;&#160;Termination
    of Directorship</FONT></B>
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    If an Eligible Director&#146;s services as a member of the Board
    terminate for any reason, (a)&#160;any portion of a stock option
    granted pursuant to this Appendix&#160;A which is not then
    vested and exercisable shall immediately terminate, and any
    portion of such option which is then vested and exercisable may
    be exercised within a period of one (1)&#160;year after the date
    of such termination, or until the expiration of the option or
    termination of the option pursuant to Section&#160;7.4 of the
    Plan, whichever first occurs, and (b)&#160;any portion of a
    restricted stock unit award granted pursuant to this
    Appendix&#160;A which is not then vested shall terminate as of
    the date of such Eligible Director&#146;s termination of service.
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    <B><FONT style="font-family: 'Times New Roman', Times">A.7&#160;&#160;Plan
    Provisions; Award Agreement</FONT></B>
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    Each equity award granted under this Appendix&#160;A shall
    otherwise be subject to the terms of the Plan (including,
    without limitation, the provisions of Section&#160;7.1 of the
    Plan respecting adjustments to awards that are outstanding as of
    the date of an event contemplated therein and Section&#160;7.4
    of the Plan respecting early termination of outstanding awards).
    Each award granted hereunder shall be evidenced by a written
    award agreement in the form approved by the Board or the
    Compensation Committee of the Board for use in evidencing equity
    award grants made pursuant to this Appendix&#160;A.
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    <BR>
    A-2
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