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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section 13 or 15(d) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): November&nbsp;18, 2013 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>EMULEX CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-31353</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>51-0300558</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(State of incorporation)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Commission File No.)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(IRS Employer Identification No.)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3333 Susan Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Costa Mesa, California 92626 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (714)&nbsp;662-5600 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Indenture.</U> On November&nbsp;18, 2013, Emulex
Corporation (the &#147;<B>Company</B>&#148;) completed the private offering of $175 million aggregate principal amount of its 1.75% Convertible Senior Notes due 2018 (the &#147;<B>Notes</B>&#148;), including $25 million aggregate principal amount of
Notes pursuant to the full exercise by the initial purchaser of its option to purchase additional Notes. The net proceeds from this offering were $169.7 million, after deducting the initial purchaser&#146;s discounts and estimated offering expenses.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On November 18, 2013, the Company entered into an Indenture (the &#147;<B>Indenture</B>&#148;) with U.S. Bank National Association, as trustee (the
&#147;<B>Trustee</B>&#148;), under which the Notes were issued. Under the Indenture, the Notes are senior unsecured obligations of the Company and pay interest semiannually at a rate of 1.75% per annum. The Notes are convertible at an initial
conversion rate of 97.1322 shares of the Company&#146;s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $10.30 per share) , subject to adjustment as set forth in the Indenture. The Notes
are convertible beginning on August 15, 2018, or earlier only under certain circumstances set forth in the Indenture. Upon conversion of the Notes, holders will receive cash up to the principal amount of each Note, and any excess conversion value
will be delivered in cash and, if applicable, shares of the Company&#146;s common stock (subject to the Company&#146;s right to deliver cash in lieu of all or a portion of such shares of our common stock). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the Company undergoes a &#147;make-whole fundamental change&#148; (as defined in the Indenture) prior to the maturity of the Notes, the Company will
increase the conversion rate for a holder who elects to convert its Notes in connection with such a fundamental change upon conversion, under certain circumstances. In addition, upon a &#147;fundamental change&#148; (as defined in the Indenture),
holders will have the option to require the Company to purchase their Notes at a purchase price of 100% of the principal amount of the Notes to be purchased plus any accrued and unpaid interest to but excluding the purchase date. The Company will
pay cash for all Notes so purchased. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Indenture contains customary terms and covenants, including that upon certain events of default occurring and
continuing, either the Trustee or the holders of at least 25% in principal amount of the outstanding Notes may declare 100% of the principal of and accrued and unpaid interest on all the Notes to be due and payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The above description of the Indenture and the Notes is a summary only and is qualified in its entirety by reference to the Indenture (and the form of Note
included therein), which is attached hereto as Exhibit&nbsp;4.1 and is incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>ASB Agreement</U>. The Company has entered
into a Master Confirmation, dated as of November&nbsp;13, 2013, and a Supplemental Confirmation, dated as of November&nbsp;18, 2013 (together, the &#147;<B>ASB Agreement</B>&#148;), with Goldman, Sachs &amp; Co. (&#147;<B>Goldman Sachs</B>&#148;),
as part of the Company&#146;s previously announced $200 million share repurchase program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the ASB Agreement, the Company has paid $44.3 million to
Goldman Sachs on November&nbsp;18, 2013, and Goldman Sachs has delivered to the Company 4,622,631&nbsp;shares of common stock, representing shares delivered based on the November&nbsp;18, 2013 stock market closing price per share for 80% of the
$44.3 million paid under the ASB Agreement. The total number of shares that the Company will repurchase under the ASB Agreement will be determined based on the daily volume weighted average market price of the Company&#146;s common stock over the
course of a calculation period, less a discount, and is subject to certain adjustments under the ASB Agreement. The calculation period, and duration of the ASB Agreement, is scheduled to run from November 2013 until May 2014 and may be shortened at
the option of Goldman Sachs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form 8-K Page 2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ASB Agreement contains the principal terms and provisions governing the accelerated share repurchase program,
including, but not limited to, the mechanism used to determine the number of shares that will be delivered, the required timing of delivery of the shares, the circumstances under which Goldman Sachs is permitted to make adjustments to valuation and
calculation periods and various acknowledgements, representations and warranties made by the Company and Goldman Sachs to one another. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing
description of the ASB Agreement is a summary and is qualified in its entirety by the terms of the Master Confirmation and the Supplemental Confirmation, copies of which are attached hereto as Exhibit 10.1 and Exhibit 10.2, respectively, and are
incorporated herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.03.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information provided in response to Item 1.01 of this current report on Form 8-K relating to the issuance and sale of the Notes and the Indenture is
incorporated by reference into this Item 2.03. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.02.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Unregistered Sales of Equity Securities. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information provided in response to Item 1.01 of this
current report on Form 8-K relating to the issuance and sale of the Notes, which are convertible into cash and, in certain circumstances, shares of the Company&#146;s common stock, and the Indenture is incorporated by reference in this Item 3.02.
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Items. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On November 18, 2013, the Company completed the purchase of 5,003,000 shares of its common
stock for $38.9 million from buyers of the Notes. On November 18, 2013, the Company also purchased a total of 2,156,650 shares of its common stock in individually negotiated transactions for an aggregate purchase price of $16.9 million. These
purchases, together with the repurchases being made pursuant to the ASB Agreement described in Item 1.01, constitute the initial $100 million of the Company&#146;s previously announced repurchase program. Emulex received delivery of 4,622,631 shares
of its common stock on November&nbsp;19, 2013 pursuant to the ASB Agreement described in Item&nbsp;1.01. The accelerated share repurchase is ongoing to fulfill the initial $100&nbsp;million program. As previously announced, subject to market
conditions and business outlook, the Company expects to initiate a second $100 million share repurchase program after the completion of the accelerated repurchase program under the ASB Agreement described in Item 1.01. There can be no assurances as
to the amount, timing or prices of future repurchases. The specific timing and amount of future repurchases will vary based on market conditions and other factors. The Company&#146;s share repurchase program may be modified, extended or terminated
by the Board of Directors at any time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The effect of the share repurchase has resulted in the delivery to Emulex of stock in the amount of $91,147,662
since November 11, 2013, through a combination of individually negotiated transactions and the accelerated share repurchase program which is ongoing, resulting in a 12.8 percent reduction in its outstanding shares. The number of the Company&#146;s
outstanding shares as of November 11, 2013 was 92,226,858, and the number of shares already delivered to the Company through these actions is 11,782,281. The shares received through these actions have been placed in the Company&#146;s treasury
account. The number of the Company&#146;s outstanding shares as of November 19, 2013 was 80,448,474. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P>
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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
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<TD VALIGN="top">Indenture (including form of Note) with respect to Emulex Corporation&#146;s 1.75% Convertible Senior Notes due 2018, dated as of November 18, 2013, by and between the Emulex Corporation and U.S. Bank, National Association</TD></TR>

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<TD VALIGN="top" NOWRAP>10.1</TD>
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<TD VALIGN="top">Master Confirmation, by Goldman Sachs &amp; Co. to Emulex Corporation, dated November 13, 2013</TD></TR>
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<TD VALIGN="top" NOWRAP>10.2</TD>
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<TD VALIGN="top">Supplemental Confirmation, by Goldman Sachs &amp; Co. to Emulex Corporation, dated November 18, 2013</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form 8-K Page 4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SIGNATURE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: November&nbsp;21, 2013 </P>
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<TD VALIGN="top" COLSPAN="3">EMULEX CORPORATION</TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ MICHAEL J. ROCKENBACH</P></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Michael J. Rockenbach</TD></TR>
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<TD VALIGN="bottom">Executive Vice President and Chief Financial Officer</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:85.25pt; font-size:8pt; font-family:Times New Roman"><B>Description of Document</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Indenture (including form of Note) with respect to Emulex Corporation&#146;s 1.75% Convertible Senior Notes due 2018, dated as of November 18, 2013, by and between Emulex Corporation and U.S. Bank, National Association</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Master Confirmation, by Goldman Sachs &amp; Co. to Emulex Corporation, dated November 13, 2013</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Supplemental Confirmation, by Goldman Sachs &amp; Co. to Emulex Corporation, dated November 18, 2013</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form 8-K Page 6 </P>

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{"company-data": {"conformed-name": "EMULEX CORP /DE/", "cik": "0000350917", "assigned-sic": "3576", "irs-number": "510300558", "state-of-incorporation": "DE", "fiscal-year-end": "0629"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31353", "film-number": "131234253"}, "business-address": {"street1": "3333 SUSAN STREET", "city": "COSTA MESA", "state": "CA", "zip": "92626", "phone": "7146625600"}, "mail-address": {"street1": "3333 SUSAN STREET", "city": "COSTA MESA", "state": "CA", "zip": "92626"}}
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 18, 2013
EMULEX CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
001-31353
51-0300558
(State of incorporation)
(Commission File No.)
(IRS Employer Identification No.)
3333 Susan Street
Costa Mesa, California 92626
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (714) 662-5600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.
Entry into a Material Definitive Agreement.
Indenture.
On November 18, 2013, Emulex
Corporation (the "
Company
") completed the private offering of $175 million aggregate principal amount of its 1.75% Convertible Senior Notes due 2018 (the "
Notes
"), including $25 million aggregate principal amount of
Notes pursuant to the full exercise by the initial purchaser of its option to purchase additional Notes. The net proceeds from this offering were $169.7 million, after deducting the initial purchaser's discounts and estimated offering expenses.
On November 18, 2013, the Company entered into an Indenture (the "
Indenture
") with U.S. Bank National Association, as trustee (the
"
Trustee
"), under which the Notes were issued. Under the Indenture, the Notes are senior unsecured obligations of the Company and pay interest semiannually at a rate of 1.75% per annum. The Notes are convertible at an initial
conversion rate of 97.1322 shares of the Company's common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $10.30 per share) , subject to adjustment as set forth in the Indenture. The Notes
are convertible beginning on August 15, 2018, or earlier only under certain circumstances set forth in the Indenture. Upon conversion of the Notes, holders will receive cash up to the principal amount of each Note, and any excess conversion value
will be delivered in cash and, if applicable, shares of the Company's common stock (subject to the Company's right to deliver cash in lieu of all or a portion of such shares of our common stock).
If the Company undergoes a "make-whole fundamental change" (as defined in the Indenture) prior to the maturity of the Notes, the Company will
increase the conversion rate for a holder who elects to convert its Notes in connection with such a fundamental change upon conversion, under certain circumstances. In addition, upon a "fundamental change" (as defined in the Indenture),
holders will have the option to require the Company to purchase their Notes at a purchase price of 100% of the principal amount of the Notes to be purchased plus any accrued and unpaid interest to but excluding the purchase date. The Company will
pay cash for all Notes so purchased.
The Indenture contains customary terms and covenants, including that upon certain events of default occurring and
continuing, either the Trustee or the holders of at least 25% in principal amount of the outstanding Notes may declare 100% of the principal of and accrued and unpaid interest on all the Notes to be due and payable.
The above description of the Indenture and the Notes is a summary only and is qualified in its entirety by reference to the Indenture (and the form of Note
included therein), which is attached hereto as Exhibit 4.1 and is incorporated herein by reference.
ASB Agreement
. The Company has entered
into a Master Confirmation, dated as of November 13, 2013, and a Supplemental Confirmation, dated as of November 18, 2013 (together, the "
ASB Agreement
"), with Goldman, Sachs & Co. ("
Goldman Sachs
"),
as part of the Company's previously announced $200 million share repurchase program.
Under the ASB Agreement, the Company has paid $44.3 million to
Goldman Sachs on November 18, 2013, and Goldman Sachs has delivered to the Company 4,622,631 shares of common stock, representing shares delivered based on the November 18, 2013 stock market closing price per share for 80% of the
$44.3 million paid under the ASB Agreement. The total number of shares that the Company will repurchase under the ASB Agreement will be determined based on the daily volume weighted average market price of the Company's common stock over the
course of a calculation period, less a discount, and is subject to certain adjustments under the ASB Agreement. The calculation period, and duration of the ASB Agreement, is scheduled to run from November 2013 until May 2014 and may be shortened at
the option of Goldman Sachs.
Form 8-K Page 2
The ASB Agreement contains the principal terms and provisions governing the accelerated share repurchase program,
including, but not limited to, the mechanism used to determine the number of shares that will be delivered, the required timing of delivery of the shares, the circumstances under which Goldman Sachs is permitted to make adjustments to valuation and
calculation periods and various acknowledgements, representations and warranties made by the Company and Goldman Sachs to one another.
The foregoing
description of the ASB Agreement is a summary and is qualified in its entirety by the terms of the Master Confirmation and the Supplemental Confirmation, copies of which are attached hereto as Exhibit 10.1 and Exhibit 10.2, respectively, and are
incorporated herein by reference.
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in response to Item 1.01 of this current report on Form 8-K relating to the issuance and sale of the Notes and the Indenture is
incorporated by reference into this Item 2.03.
Item 3.02.
Unregistered Sales of Equity Securities.
The information provided in response to Item 1.01 of this
current report on Form 8-K relating to the issuance and sale of the Notes, which are convertible into cash and, in certain circumstances, shares of the Company's common stock, and the Indenture is incorporated by reference in this Item 3.02.
Item 8.01.
Other Items.
On November 18, 2013, the Company completed the purchase of 5,003,000 shares of its common
stock for $38.9 million from buyers of the Notes. On November 18, 2013, the Company also purchased a total of 2,156,650 shares of its common stock in individually negotiated transactions for an aggregate purchase price of $16.9 million. These
purchases, together with the repurchases being made pursuant to the ASB Agreement described in Item 1.01, constitute the initial $100 million of the Company's previously announced repurchase program. Emulex received delivery of 4,622,631 shares
of its common stock on November 19, 2013 pursuant to the ASB Agreement described in Item 1.01. The accelerated share repurchase is ongoing to fulfill the initial $100 million program. As previously announced, subject to market
conditions and business outlook, the Company expects to initiate a second $100 million share repurchase program after the completion of the accelerated repurchase program under the ASB Agreement described in Item 1.01. There can be no assurances as
to the amount, timing or prices of future repurchases. The specific timing and amount of future repurchases will vary based on market conditions and other factors. The Company's share repurchase program may be modified, extended or terminated
by the Board of Directors at any time.
Form 8-K Page 3
The effect of the share repurchase has resulted in the delivery to Emulex of stock in the amount of $91,147,662
since November 11, 2013, through a combination of individually negotiated transactions and the accelerated share repurchase program which is ongoing, resulting in a 12.8 percent reduction in its outstanding shares. The number of the Company's
outstanding shares as of November 11, 2013 was 92,226,858, and the number of shares already delivered to the Company through these actions is 11,782,281. The shares received through these actions have been placed in the Company's treasury
account. The number of the Company's outstanding shares as of November 19, 2013 was 80,448,474.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
Description of Document
4.1
Indenture (including form of Note) with respect to Emulex Corporation's 1.75% Convertible Senior Notes due 2018, dated as of November 18, 2013, by and between the Emulex Corporation and U.S. Bank, National Association
10.1
Master Confirmation, by Goldman Sachs & Co. to Emulex Corporation, dated November 13, 2013
10.2
Supplemental Confirmation, by Goldman Sachs & Co. to Emulex Corporation, dated November 18, 2013
Form 8-K Page 4
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.
Dated: November 21, 2013
EMULEX CORPORATION
By:
/s/ MICHAEL J. ROCKENBACH
Michael J. Rockenbach
Executive Vice President and Chief Financial Officer
EXHIBIT INDEX
Exhibit
Number
Description of Document
4.1
Indenture (including form of Note) with respect to Emulex Corporation's 1.75% Convertible Senior Notes due 2018, dated as of November 18, 2013, by and between Emulex Corporation and U.S. Bank, National Association
10.1
Master Confirmation, by Goldman Sachs & Co. to Emulex Corporation, dated November 13, 2013
10.2
Supplemental Confirmation, by Goldman Sachs & Co. to Emulex Corporation, dated November 18, 2013
Form 8-K Page 6