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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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0000709804-10-000009.txt : 20100308
0000709804-10-000009.hdr.sgml : 20100308
20100308171143
ACCESSION NUMBER: 0000709804-10-000009
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20100303
ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE: 20100308
DATE AS OF CHANGE: 20100308
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: 10664507
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
8-K
March 3, 2010 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):
March 3, 2010
![](logo.jpg)
Adaptec, Inc.
(Exact name of registrant as specified in its charter)
Delaware
|
0-15071
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94-2748530
|
(State of other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification Number)
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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.
Departure of Named Executive Officer
On March 3, 2010, the Company informed Marcus Lowe, the Company's Vice President of Marketing and Business
Development, that his position will be terminated, effective March 5, 2010
On March 3, 2010, the Company informed Marcus Lowe, the Company's Vice President of
Marketing, that his position will be terminated, effective March 5, 2010. In connection with his termination,
the Company and Mr. Lowe agreed upon the following severance arrangements in consideration of Mr. Lowe signing a general release
in favor of the Company (the "Lowe Separation Agreement"): (1) a lump-sum severance payment equal to $260,000, less
applicable taxes and withholdings; (2) a targeted bonus payment equal to $130,000, less applicable taxes and withholdings; (3)
reimbursement of COBRA benefit payments until March 31, 2011 and (4) outplacement services valued at up to $10,000.
Additionally, all equity awards granted prior to October 23, 2008 immediately vested as of the termination date and must be exercised
within three months of termination. The Lowe Separation Agreement was signed by Mr. Lowe on March 4, 2010; however, Mr. Lowe
may revoke his acceptance within seven calendar days of signing it.
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/ MARY L. DOTZ
Mary L. Dotz
Chief Financial Officer
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|
March 8, 2010
3
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