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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 9, 2000
ADAPTEC, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-15071 94-2748530
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
691 S. Milpitas Boulevard
Milpitas, CA
95035
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (408) 945-8600
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On November 9, 2000, the Board of Directors of Adaptec, Inc. (the
"Company") adopted the Company's 2000 Nonstatutory Stock Option Plan (the
"2000 Plan") and reserved for issuance thereunder of 8,000,000 shares of
common stock of the Company. At that time, the Board of Directors authorized
the Chief Executive Officer of the Company to grant options to purchase up to
an aggregate of 2,610,000 shares of common stock under the 2000 Plan to
non-executive officer employees of the Company. Pursuant to this
authorization, on November 21, 2000, Robert N. Stephens, the Company's Chief
Executive Officer, granted options to purchase an aggregate of 2,220,350
shares of common stock to non-executive officer employees of the Company.
In addition, on November 9, 2000, the Board of Directors of the Company
granted under the Company's 1999 Stock Plan (i) options to purchase an
aggregate of 90,000 shares of common stock to executive officers of the
Company and (ii) options to purchase an aggregate of 105,000 shares of common
stock to non-employee directors of the Company.
The Company believes that the 2000 Plan and the grants thereunder will
facilitate attracting and retaining highly qualified employees, permit equity
participation in the Company by the employees of the Company as consideration
for their services to the Company and provide employees with an equity
incentive associated with the success of the Company's business.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The following exhibit is filed herewith:
EXHIBIT NO. DESCRIPTION OF EXHIBIT
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10.1 2000 Nonstatutory Stock Option Plan and Form of Stock
Option Agreement.
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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.
Date: December 22, 2000 By: /s/ David A. Young
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David A. Young
Vice President and Chief
Financial Officer
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION OF EXHIBIT
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10.1 2000 Nonstatutory Stock Option Plan and Form of Stock
Option Agreement.
