Article ID: 10067 
Products
10GBASE-LR, 10GBASE-ER, 10GBASE-LX4, 10GBASE-SR 
Solution
As explained in 
5504, the above-stated Xenpak modules may be installed into any of three host products: N-Series, X-Pedition, and 1G694-13. 
Host product manuals and release notes do not specifically state whether the Xenpak modules are hot-swappable. 
As suggested by the following text extracted from the 10GBase-LR, -ER, -LX, -SR - QuickStart Guide, Xenpak modules are indeed hot-swappable:
    
Hot Swap
    To hot swap a Xenpak PHY, do not press the hot swap button.
    You may remove or install a PHY at any time.