Document:

10-K March 31 2009 Exhibit 10.33

Exhibit 10.33

Fourth Amendment to 

Adaptec, Inc. Savings and Retirement Plan

 

 

THIS FOURTH AMENDMENT to the Adaptec, Inc. Savings and Retirement Plan, originally effective January 1, 1986 and most
recently restated in its entirety January 1, 1997, as amended (the "Plan"), is adopted effective January 1, 2006:

The Plan is hereby amended by adding the following Addendum thereto: 

Code Sections 401 (k) and 401 (m) 2004 Financial Regulations

Addendum to Adaptec, Inc. Savings and Retirement Plan

Section 1. PREAMBLE

1.1  Adoption of Amendment.  This Amendment is adopted to reflect the final regulations under sections 401(k)
and 401(m) of the Code.  This Amendment is intended as a good faith compliance with the requirements of sections 401(k) and 401(m)
of the Code and is to be construed in accordance with guidance issued thereunder.

1.2  Supersession of Inconsistent Provisions.  This Amendment shall supersede the provisions of the
Plan to the extent those provisions are inconsistent with the provisions of this Amendment.

Section II. General Provisions

2.1  Deferral Election Process.  The Plan shall allow Participant's to elect to commence, increase, decrease or
discontinue Elective Deferral Contributions at least once per year, or more frequently as the Plan Administrator may specify in uniform
and nondiscriminatory rules from time to time.

2.2  One-Time Irrevocable Elections.  The Plan does not allow one-time irrevocable elections not to participate.

2.3  Prefunding Contributions.  Except for occasional bona-fide administrative considerations, Elective Deferral
Contributions and Employer Matching Contributions thereon cannot precede the earlier of (a) the performance of services relating to the
contributions and (b) when the compensation that is subject to the election would be payable to the employee in the absence of an
election to defer.

2.4  Vesting of Employer Contributions.  The Plan complies with the vesting requirements.

2.5  Contributions in Excess of Deferral Election.  If a Participant may elect between cash or a Plan contribution
in excess of the cash, the portion in excess of the available cash shall be treated as an Employer Matching Contributioon.

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2.6  Distribution Restrictions Retained.  Thee Plan shall retain the distribution restrictions applicable to elective
contributions for Elective Deferral Contributions, qualified matching contributions and qualified nonelective contributions that transfer
from a plan to the Plan.  The Plan shall not transfer such accounts (except in a case of a direct rollover) to a plan that does not provide
that such transferred amounts will remain subject to the distribution restrictions applicable to elective contributions.

2.7  Distribution Upon Termination and Successor Plan Rules.  Elective deferral contributions, qualified matching
contributions and qualified nonelective contributions that are subject to the distribution restrictions applicable to elective contributions
may be distributed in a lump sum upon Plan termination only if the Employer does not maintain an "alternative defined
contribution plan" at any time during the beginning on the date of Plan termination and ending 12 months after the final distribution
of all Plan assets.  However, if at all times during the 24-month period beginning 12 months before the date of plan termination, fewer
than 2% of the employees who were eligible under the Plan as of the date of plan termination are eligible under the other defined
contribution plan, the other plan is not an alternative defined contribution plan.  In addition, a defined contribution plan is not treated as
an alternative defined contribution plan if it is an employee stock ownership plan as defined in sections 4975(e)(7) or 409(a) of the
Code, a simplified employee pension as defined in section 408(k) of the Code, a SIMPLE IRA as defined in section 408(p) of the Code,
a plan or contract that satisfies the requirements of section 403(b) of the Code or a plan that is described in section 457(b) or (f) of the
Code.  

Section III. Nondiscrimination Testing

3.1  ADP Tests.  To the extent inconsistent with the Plan, the ADP provisions of section 401(k)(3) of the Code
and Treasury Regulation section 1.401(k)-2 are hereby incorporated by reference.  The Plan shall use current year testing method for
its ADP test.

3.2  ACP Tests.  To the extent inconsistent with the Plan, the ACP provisions of section 401(m)(2) of the Code
and Treasury Regulation section 1.401(m)-2 are hereby incorporated by reference.  The Plan shall use current year testing method for
its ACP test.

3.3  Targeted QNECs and QMACs.  Qualified nonelective contributions or qualified matching contributions for a
Plan Year, if any, shall be allocated under any method that is acceptable under the Code and Treasury Regulations.  

3.4  Testing Methods.  All 401(k) and 401(m) plans that are aggregated for Code section 410(b) purposes employ
the same testing method for the same test.  If the Plan changes such that it uses different testing methods for the ACP and ADP test,
then the Plan cannot use:

(a)  The recharacterization method of Treasury Regulation section 1.401(k)-2(b)(3) to correct excess contributions for a Plan
Year;

(b)  The Rules of Treasury Regulation section 1.401(m)-2(a)(6)(ii) to take elective contributions into account under the ACP test
(rather than the ADP test); or

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(c)  The Rules of Treasury Regulation section 1.401(k)-2(a)(6)(v) to take qualified matching contributions into account under the
ADP test (rather than the ACP test).

Section IV. Income or Loss on Distributable Contributions

4.1  Income or Loss on Distributable Contributions.  The income or loss allocable to "excess
deferrals," "excess contributions," and "excess aggregate contributions" shall be determined under the
following method:  The income or loss attributable to such distributable contributions shall be the sum of (i) the income or loss on such
contributions for the "determination year," determined under any reasonable method, plus (ii) the income or loss on such
contributions for the "gap period," determined under such reasonable method.  Any reasonable method used to determine
income or loss hereunder shall be used consistently for all Participants in determining the income or loss allocable to distributable
contributions hereunder and shall be the same method that is used by the Plan in allocating income or loss to Participants' Accounts.
For purposes of this paragraph, the "gap period" means the period between the end of the determination year" and the
date of distribution; provided, however, that income or loss for the "gap period" may be determined as of a date that is no
more than seven days before the date of distribution.

Except as modified by this Amendment, all the terms and provisions of the Plan, as previously amended, shall remain in full force
and effect.

Executed this 15th day of December, 2006.

ADAPTEC, INC. SAVINGS AND 

RETIREMENT PLAN ADMINISTRATIVE

COMMITTEE

 

	
 

By:
	
	
 

/s/ Shirley Olerich

	

Title:
	
	

V.P., Human Resources

 

310-K March 31 2009 Exhibit 10.34

Exhibit 10.34

Fifth Amendment to 

Adaptec, Inc. Savings and Retirement Plan

 

 

THIS FIFTH AMENDMENT to the Adaptec, Inc. Savings and Retirement Plan, originally effective January 1, 1986 and most
recently restated in its entirety January 1, 1997, as amended (the "Plan"), is adopted effective as of the dates specified
below:

The Plan is hereby amended as follows: 

1.Section 8.7 of the Plan is hereby amended, effective as of January 1, 2007, to add the following new paragraph (c) as
follows:

"8.7 Direct Rollover of Eligible Rollover Distribution. 

      (c)  Special Rule for Non-spousal Beneficiaries. Notwithstanding anything in the Plan to the contrary, effective
January 1, 2007, a Beneficiary who is not the surviving spouse of the deceased Participant ("Non-spousal Beneficiary") may
elect to have all or a specified portion of the distribution payable to him or her paid, in a direct trustee-to-trustee transfer, to an individual
retirement account described in section 408(a) of the Code or an individual retirement annuity (other than an endowment contract)
described in section 408(b) of the Code, that is treated as an inherited individual retirement account or annuity, established for the
purposes of receiving the distribution on behalf of the Non-spousal Beneficiary."

2.Section 3.2(b) is amended, effective January 1, 2008, in its entirety to read as follows:

"3.2Employer Contributions

      (b)  Employer Matching Contribution. 

(i)  Effective for Plan Years commencing on or after January 1, 2008, the Employer shall make an Employer Matching Contribution in
the amount of fifty cents ($0.50) for each dollar ($1.00) of Elective Deferral Contributions actually allocated for such Plan Year to the
Elective Deferral Contribution Account of each Participant up to a maximum of three thousand dollars ($3,000.00).

(ii) The Employer may make an additional discretionary Employer Matching Contribution based on Operating Profits on behalf of each
Qualified Participant.  The amount and timing of such additional discretionary Employer Matching Contribution shall be announced prior
to the beginning of each new Plan Year.  For purposes of this Section 3.2(b)(ii), "Qualified Participant" shall mean each
Participant who is employed on the last day of the Plan Year and was continuously employed for the entire six (6) month period
immediately preceding the end of the Plan Year."

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3.Section 8.4(c) is amended, effective January 1, 2008, in its entirety to read as follows:

"8.4Distribution Payments.

      (c)  Distribution in Accordance with Code Section 401(a)(9).  The Minimum Required Distribution Addendum to the
Plan is effective solely with respect to Participants who reached age 70-1/2 before January 1, 2008.  Notwithstanding any other Plan
provision, with respect to each Participant who reaches age 70-1/2 on or after January 1, 2008, a distribution of the entire vested
balance in such Participant's Accounts shall be made to such Participant, in a single lump sum, no later than the "required
beginning date" applicable to such Participant.  "Required beginning date" generally means April 1 of the calendar
year following the later of the calendar year in which such Participant reaches age 70-1/2 or retires, however, with respect to a
Participant who is a 5% owner (as defined in section 416 of the Code) "required beginning date" means April 1 of the
calendar year following the year in which such Participant reaches age 70-1/2."

4.Section 8.4(c) is amended, effective January 1, 2008, in its entirety to read as follows:

"8.5Death Benefits.

      (c)If the Beneficiary is the Participant's surviving spouse, the distribution of the death benefit payable under subsection (a)
above must commence no later then the "required beginning date" as defined in Section 8.4(c) above.  If the surviving
spouse dies before the distributions to such spouse are made, the provisions of this subsection shall apply as if the surviving spouse
were the Participant."

5.Article X of the Plan is amended, effective as of January 1, 2008, in its entirety to read as follows:

"10.1Beneficiary Designation. Subject to the provisions of this Section 10.1 and Section 10.2, each
Participant shall have the right to designate in a manner prescribed by the Committee, a Beneficiary or Beneficiaries to receive the
benefits herein provided in the event of his or her death, and shall have the right at any time to revoke such designation or to substitute
another such Beneficiary or Beneficiaries.  Notwithstanding the foregoing, if a Participant is married, then the Participant's Beneficiary
shall be his or her surviving spouse. However, the Participant may designate a Beneficiary other than his or her spouse (in accordance
with the Committee's procedures at such time); provided, however, that: (i) the Participant's spouse consents to such designation (in
accordance with the Committee's procedures at such time); (ii) such Beneficiary designation may not be changed without the consent of
his or her spouse (except to name the spouse as the sole Beneficiary or if the consent of the spouse expressly permits changes in the
beneficiary designation by the Participant without any requirement of further consent by the spouse) and (iii) the spouse's consent
acknowledges the effect of such Beneficiary designation and is 

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witnessed by a Plan representative or a notary public. Such consent by
the spouse shall not be required if it is established to the satisfaction of the Committee that the consent required under the preceding
sentence cannot be obtained because there is no spouse, the spouse cannot be located, or such other circumstances as may be
prescribed by Treasury Regulations (or other binding authority). Any consent by the spouse or the establishment that such consent
cannot be obtained shall only apply to the particular spouse involved. The marriage of a Participant shall nullify any Beneficiary
designation made by the Participant prior to the marriage.

10.2  Absence of Valid Beneficiary Designation.  If, upon the death of a Participant or Beneficiary, there is no valid
designation of Beneficiary on file with the Employer, the Committee shall designate as the Beneficiary, in order of priority:

(a)The surviving spouse;

(b)Surviving children, including adopted children;

(c)Surviving parents; or

(d)The Participant's estate

The determination of the Committee as to which persons, if any, qualify within the aforementioned categories shall be final and
conclusive upon all persons.  The Committee may require proof of death and/or proof of relationship to the deceased Participant before
payment of any death benefit under the Plan.

10.3Death of Designated Beneficiary.  If a Beneficiary who is entitled to payment under this Article dies before
receiving distribution of the amount to which he or she is entitled, then such amount shall be payable to the contingent Beneficiary
named by the Participant pursuant to the requirements of this Article X. If there is no such contingent Beneficiary, then the remaining
portion of the Participant's vested Account shall be payable to the beneficiary designated by the Participant's Beneficiary, or if none, to
the individual representative of the Beneficiary's estate." 

Except as modified by this Amendment, all the terms and provisions of the Plan, as previously amended, shall remain in full force
and effect.

Executed this 20th day of November, 2007.

ADAPTEC, INC. SAVINGS AND 

RETIREMENT PLAN ADMINISTRATIVE

COMMITTEE

 

	
 

By:
	
	
 

/s/ Kerstin Aiello

	

Title:
	
	

Benefits Manager

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