EMULEX CORP /DE/
EX-10.2
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;10.2
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EMULEX CORPORATION<BR>
2005 EQUITY INCENTIVE PLAN</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>AMENDMENT TO NON-QUALIFIED STOCK OPTION AGREEMENTS</B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment (the &#147;<U>Amendment</U>&#148;) to any and all Nonqualified Stock Option Agreements
(the &#147;<U>Agreements</U>&#148;) by and between Emulex Corporation, a Delaware corporation (the
&#147;<U>Company</U>&#148;), and the person named below as Optionee, is hereby entered into effective
January&nbsp;16, 2009. All capitalized terms used herein not otherwise defined shall have the same
meanings ascribed to them in the Agreements.
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECITALS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Optionee has been granted certain nonqualified options to purchase shares of the
Company&#146;s common stock (the &#147;<U>Options</U>&#148;) pursuant to the Company&#146;s 2005 Equity Incentive Plan
(the &#147;<U>2005 Plan</U>&#148;), subject to the vesting and termination provisions set forth in the
Agreements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Section&nbsp;4 of the Agreements sets forth the termination provisions of the Options and
provides, <I>inter alia</I>, that (i)&nbsp;the Options terminate on the expiration of the earliest of (a)&nbsp;ten
years after the Grant Date or, if earlier, the Termination Date set forth in the Grant Notice or
(b)&nbsp;three months after the date Optionee&#146;s employment with the Company and its subsidiaries
terminates for any reason other than Disability, death or cause, and (ii)&nbsp;outstanding Options that
are not exercisable at the time Optionee&#146;s employment with the Company and its subsidiaries
terminates for any reason other than Cause (including death or Disability) shall be forfeited and
expire at the close of business on the date of such termination;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Section&nbsp;5.1 of the Agreements sets forth the vesting provisions of the Options, which
provide that the Options shall vest based on the schedule set forth in the Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, on November&nbsp;19, 2008, the Board of Directors of the Company (the &#147;<U>Board</U>&#148;)
approved the Change in Control Retention Plan (the &#147;<U>Retention Plan</U>&#148;), effective November
20, 2008, and on January&nbsp;15, 2009, the Compensation Committee of the Board approved amendments to
certain Key Employee Retention Agreements (&#147;<U>KERAs</U>&#148;), effective January&nbsp;16, 2009, and
Optionee is either a participant in the Retention Plan or party to a KERA;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Section 5(a) of the Retention Plan and Section 5(a) of the KERAs, as amended,
provides that upon a Termination Event during a Change in Control Period (each as defined in the
Retention Plan), the right of a participant to exercise (<U>i.e.</U>, vest in) stock options held
as of the date of his or her termination of employment shall be fully accelerated as of such date
so that the participant will have the right to exercise such stock options in full at any time
during its remaining term;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Section 5(b) of the Retention Plan and Section 5(b) of the KERAs provides that in
addition to the acceleration described in Section&nbsp;5(a), following a Termination Event during a
Change in Control Period, a participant will be permitted to exercise any stock
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">option for a period
of twelve (12)&nbsp;months following the date of his or her termination of employment, provided that
such stock option has not by such time expired according to its terms;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to Section&nbsp;3.3 of the 2005 Plan, the Administrator has the authority, <I>inter
alia</I>, to amend outstanding awards granted under the 2005 Plan, including for the purpose of
modifying the time or manner of vesting and/or the term of any such award; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to Section&nbsp;12.6 of the Agreements, the parties desire to amend the
Agreements so that Optionee may benefit from the protections afforded in Sections 5(a) and 5(b) of
the Retention Plan or Sections 5(a) and 5(b) of the KERA, as applicable, in the case that Optionee
experiences a Termination Event during the Change in Control Period.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AGREEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the foregoing recitals and the covenants set forth herein,
the parties hereto hereby agree as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U>Amendment of Option Agreement</U>. A new Section&nbsp;15 shall be added to each Agreement
as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term and Vesting of Stock Option under Change in Control Retention Plan</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of Section&nbsp;4 and Section&nbsp;5 hereof, this Section&nbsp;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&#146;s Change in Control Retention Plan (the
&#147;Retention Plan&#148;) or Optionee&#146;s Key Employee Retention Agreement (&#147;KERA&#148;), as applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event Optionee&#146;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)&nbsp;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&nbsp;months, or (ii)&nbsp;within 24&nbsp;months after a Change
in Control, then the following provisions will apply:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Acceleration of Vesting</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) In the case of clause (i)&nbsp;above, any unvested portion of the Option shall
not be forfeited at the time Optionee&#146;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&nbsp;months after Optionee&#146;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.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) In the case of clause (ii)&nbsp;above, any unvested portion of the Option shall
not be forfeited at the time Optionee&#146;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Extension of Exercise Period</I>. In the event that the unvested portion of the Option is
accelerated pursuant to either Section&nbsp;15(a)(A) or 15(a)(B), then, the Option shall remain
outstanding and exercisable for a period of 12&nbsp;months from the date of Optionee&#146;s termination of
employment, or, until 10&nbsp;years from the Grant Date, whichever is sooner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <U>Ratification and Affirmance</U>. Subject to the foregoing, the parties hereto hereby
ratify and affirm the Agreements in each and every respect, including, without limitation,
ratification and affirmance of Section&nbsp;9 of the Agreements without change.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Company and Optionee have duly executed this Amendment, to be
effective as of January&nbsp;16, 2009.
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