Amendment to Key Employee Retention Agreement between Emulex Corporation and Jeffrey W. Benck
This letter agreement amends the Key Employee Retention Agreement (KERA) between Emulex Corporation and Jeffrey W. Benck. The amendment changes the definition of the "Severance Period" to 24 months. All other terms of the original KERA remain unchanged and in effect. Both parties have agreed to this amendment as of July 12, 2013.
Exhibit 10.3
 | 3333 Susan Street | ###-###-#### | emulex.com | |||
| Costa Mesa, CA 92626 | F ###-###-#### |
July 12, 2013
Mr. Jeffrey W. Benck
7 Bell Pasture Road
Ladera Ranch, CA 92694
Dear Jeff:
Reference is made to that certain Key Employee Retention Agreement between you and Emulex Corporation (“Emulex”), effective as of January 1, 2013 (the “KERA”), which sets forth certain severance benefits that you may be entitled to receive in the event of a qualifying termination of your employment with Emulex. This letter agreement sets forth our mutual understanding with respect to amendment of the KERA as set forth herein. Accordingly, we hereby agree as follows:
Section 3(n) of the KERA is hereby amended and restated in its entirety as follows:
“(n) “Severance Period” means twenty four (24) months.”
Except as specifically amended hereby, the KERA will remain unchanged. As amended hereby, the KERA will continue in full force and effect.
| Very truly yours, | ||
| EMULEX CORPORATION | ||
| By: | /s/ James M. McCluney | |
| Name: | James M. McCluney | |
| Title: | Executive Chairman | |
Accepted and Agreed to:
JEFFREY W. BENCK
| By: | /s/ Jeffrey W. Benck | |
| Date: | July 12, 2013 |
