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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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0000709804-08-000002.txt : 20080201
0000709804-08-000002.hdr.sgml : 20080201
20080201122245
ACCESSION NUMBER: 0000709804-08-000002
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20080128
ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
FILED AS OF DATE: 20080201
DATE AS OF CHANGE: 20080201
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: ADAPTEC INC
CENTRAL INDEX KEY: 0000709804
STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER COMMUNICATIONS EQUIPMENT [3576]
IRS NUMBER: 942748530
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0331
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-15071
FILM NUMBER: 08567086
BUSINESS ADDRESS:
STREET 1: 691 S MILPITAS BLVD
STREET 2: M/S25
CITY: MILPITAS
STATE: CA
ZIP: 95035
BUSINESS PHONE: 4089458600
MAIL ADDRESS:
STREET 1: 691 SOUTH MILPITAS BLVD
STREET 2: M/S25
CITY: MILPITAS
STATE: CA
ZIP: 95035
8-K
1
body8k.htm
February 1, 2008 8K DOC
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):
January 28, 2008
Adaptec, Inc.
(Exact name of registrant as specified in its charter)
Delaware
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0-15071
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94-2748530
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(State of other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification Number)
|
691 S. Milpitas Blvd.
Milpitas, California 95035
(Address of principal executive offices including zip code)
(408) 945-8600
(Registrant's telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
Termination of Named Executive Officer
On January 28, 2008, Adaptec, Inc. (the "Company") informed Stephen Terlizzi, the Company's Vice President and
General Manager of the Storage and Solutions Group, that his position will be terminated, effective February 1, 2008. In connection
with his termination, the Company has proposed to Mr. Terlizzi, by letter dated as of January 28, 2008 (the "Terlizzi
Separation Agreement"), to provide him with the following severance arrangements, in consideration of signing a general
release in favor of the Company: (1) a lump-sum severance payment equal to nine months of his base salary, (2) COBRA benefits until
November 30, 2008 and (3) outplacement services. The terms of the Terlizzi Separation Agreement are consistent with Mr.
Terlizzi's Executive Employment Agreement with the Company, dated as of August 14, 2007, which was filed as an exhibit to the
Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007. Mr. Terlizzi has until February 22, 2008 to
accept the proposed terms.
In addition, in connection with his termination, the Company will pay Mr. Terlizzi the remainder of his retention bonus, which is
equal to four months of his base salary, under the terms of his Retention Bonus Agreement, effective on August 14, 2007, which was
filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007. The retention bonus is
in addition to, and not in lieu of, any severance benefits Mr. Terlizzi is entitled to receive under his employment agreement.
2
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.
Adaptec, Inc.
|
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By: /s/ CHRISTOPHER G. O'MEARA
Christopher G. O'Meara
Vice President and Chief Financial Officer
|
|
February 1, 2008
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