| FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | |||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
ADAPTEC INC [ ADPT ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 06/08/2010 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
| Common Stock | 06/08/2010 | F | 3,820(1) | D | $3.03 | 25,952 | D | |||
| Common Stock | 06/08/2010 | F | 16,501(1) | D | $3.03 | 9,451 | D | |||
| Common Stock | 06/09/2010 | M | 26,933 | A | $2.86 | 36,384 | D | |||
| Common Stock | 06/09/2010 | S | 26,933 | D | $3.03 | 9,451 | D | |||
| Common Stock | 06/09/2010 | M | 113,067 | A | $2.86 | 122,518 | D | |||
| Common Stock | 06/09/2010 | S | 113,067 | D | $3.03 | 9,451 | D | |||
| Common Stock | 06/09/2010 | M | 104,326 | A | $2.94 | 113,777 | D | |||
| Common Stock | 06/09/2010 | S | 104,326 | D | $3.03 | 9,451 | D | |||
| Common Stock | 06/09/2010 | M | 20,674 | A | $2.94 | 30,125 | D | |||
| Common Stock | 06/09/2010 | S | 20,674 | D | $3.03 | 9,451 | D | |||
| Common Stock | 06/09/2010 | M | 45,000 | A | $0 | 54,451 | D | |||
| Common Stock | 06/09/2010 | S | 54,451 | D | $3.03 | 0 | D | |||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Incentive Stock Option (right to buy) | $2.86 | 06/09/2010 | M | 26,933 | (2) | 08/03/2016 | Common Stock | 26,933 | $0 | 0 | D | ||||
| Non-Qualified Stock Option (right to buy) | $2.86 | 06/09/2010 | M | 113,067 | (2) | 08/03/2016 | Common Stock | 113,067 | $0 | 0 | D | ||||
| Incentive Stock Option (right to buy) | $2.94 | 06/09/2010 | M | 104,326 | (3) | 03/31/2015 | Common Stock | 104,326 | $0 | 0 | D | ||||
| Non-Qualified Stock Option (right to buy) | $2.94 | 06/09/2010 | M | 20,674 | (3) | 03/31/2015 | Common Stock | 20,674 | $0 | 0 | D | ||||
| Restricted Stock Units | $0 | 06/09/2010 | M | 45,000 | (4) | (5) | Common Stock | 45,000 | $0 | 0 | D | ||||
| Explanation of Responses: |
| 1. Represents shares that were automatically withheld to cover tax withholding obligations. |
| 2. A total of 140,000 stock options were granted on August 3, 2009. The aggregate of these options vest at the rate of 8.33% of the total option shares at the end of each three month period, such that the total option shares will be fully vested on August 3, 2012. The Company accelerated 100% of the remaining unvested stock options on June 8, 2010. |
| 3. A total of 125,000 stock options were granted on March 31, 2008. The aggregate of these options vested at the rate of 25% of the total option shares on March 31, 2009 and an additional 8.33% of the total option shares vest at the end of each three month period thereafter, such that the total option shares will be fully vested on March 31, 2012. The Company accelerated 100% of the remaining unvested stock options on June 8, 2010. |
| 4. Represents a Restricted Stock Unit for shares of common stock that vests, based on certain performance criteria, over a period of 36 months. The Company accelerated 100% of the remaining unvested restricted stock units on June 8, 2010, which was originally granted on April 1, 2009. Each Restricted Stock Unit represents a contingent right to receive one share of Adaptec, Inc. common stock. |
| 5. Not Applicable. |
| /s/ Mary Dotz | 06/10/2010 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||