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Exhibit 10.01    
    

 
 

ADAPTEC, INC.
  
  Adaptec Incentive Plan Document
  Fiscal Year 2005    
    

1.    Plan Name and Effective Date  

        The name of the plan is the Adaptec Incentive Plan (the "AIP"). The AIP is effective for Adaptec's 2005 fiscal year from April 1, 2004 through
March 31, 2005 ("Fiscal Year 2005"). 

2.    Purpose  

        The purpose of the AIP is to provide a direct financial incentive for eligible executives, managers and individual contributors to make a significant contribution
to Adaptec's established goals in order to help Adaptec's stockholders realize increased value from their investment. 

3.    Eligibility  

        All full or part-time exempt employees in grade 21 and above are eligible to participate in the AIP. Employees in grades 21 and above working in
Singapore are not eligible to participate in the AIP except for 8 or 9 key managers and executives as determined by the Compensation Committee of Adaptec's Board of Directors (the "Compensation
Committee"). All eligible employees must have worked for Adaptec at least six months and must still be an employee of Adaptec at the time payments are made, as discussed below, in order to qualify to
participate in the AIP. Commissioned sales
employees, temporary employees and independent contractors are not eligible to participate in the AIP. All Adaptec employees that are eligible to participate in the AIP are deemed to be "Participants"
in the AIP. 

4.    Timing of AIP Payments  

        Except for holdback payments as described in Section 8 below, payments that become due under the AIP will be paid to Participants as soon as
administratively feasible after the overall budget is approved by the Compensation Committee following the close of the second quarter of Fiscal Year 2005 or the fourth quarter of Fiscal Year 2005, as
applicable. 

5.    Funding the AIP Pool  

        The AIP reinforces two key goals that support Adaptec's strategic plans: maximizing Adaptec's revenue ("Revenue") and maximizing Adaptec's Operating Profit Before
Taxes ("OPBT"). In order for the Compensation Committee to fund the AIP incentive pool (the "AIP Pool") and in order for Participants to be eligible to receive payments from the AIP Pool, Revenue and
OPBT each must meet minimum thresholds as determined by the Compensation Committee. 

        The
matrix for determining the size of the AIP Pool for Adaptec's Q1 and Q2 performance is set forth in Chart A and the matrix for determining the size of the AIP Pool for Adaptec's Q3
and Q4 performance is set forth in Chart B. The size of the AIP Pool will be determined by the amount that each of Adaptec's Revenue and OPBT exceeds the minimum thresholds established by the
Compensation Committee; as Revenue and OPBT increase, the AIP Pool will increase as set forth in Chart A and Chart B. Revenue and OPBT are each weighted equally in determining the size of the AIP
Pool. In addition, the Compensation Committee may increase or decrease the size of the AIP Pool by 25% based on Adaptec's performance during Fiscal Year 2005. 

        If
the Revenue and OPBT minimum thresholds set by the Compensation Committee are both not met, then no AIP Pool will be established. Notwithstanding the foregoing, in extraordinary and
extenuating circumstances, the Compensation Committee may determine to fund the AIP Pool and 

make
payments to Participants if Revenue and/or OPBT do not meet the established minimum thresholds. In all cases, the Compensation Committee must review and approve the funding of the AIP Pool. 

Chart A  

	Q1 and Q2

	AIP Pool

(in millions)
	 	Revenue

(in millions)*
	 	OPBT

(in millions)**

	 	 	6.38 X + 26.00	 	Y + 6.50
	100% Payout	 	5.88 X + 24.00	 	Y + 6.00
	 	 	5.38 X + 22.00	 	Y + 5.50
	 	 	4.88 X + 20.00	 	Y + 5.00
	 	 	4.38 X + 18.00	 	Y + 4.50
	 	 	3.88 X + 16.00	 	Y + 4.00
	 	 	3.38 X + 14.00	 	Y + 3.50
	 	 	2.88 X + 12.00	 	Y + 3.00
	 	 	2.38 X + 10.00	 	Y + 2.50
	 	 	1.88 X + 8.00	 	Y + 2.00
	 	 	1.38 X + 6.00	 	Y + 1.50
	 	 	0.88 X + 4.00	 	Y + 1.00
	 	 	0.00 X + 2.00	 	Y + 0.50
	 	 	0.00 X	 	Y

Chart B  

	Q3 and Q4

	AIP Pool

(in millions)
	 	Revenue

(in millions)*
	 	OPBT

(in millions)**

	 	 	6.38 X + 50.8	 	Y + 20.2
	100% Payout	 	5.88 X + 48.8	 	Y + 19.7
	 	 	5.38 X + 46.8	 	Y + 19.2
	 	 	4.88 X + 44.8	 	Y + 18.7
	 	 	4.38 X + 42.8	 	Y + 18.2
	 	 	3.88 X + 40.8	 	Y + 17.7
	 	 	3.38 X + 38.8	 	Y + 17.2
	 	 	2.88 X + 36.8	 	Y + 16.7
	 	 	2.38 X + 34.8	 	Y + 16.2
	 	 	1.88 X + 32.8	 	Y + 15.7
	 	 	1.38 X + 30.8	 	Y + 15.2
	 	 	0.88 X + 28.8	 	Y + 14.7
	 	 	0.00 X + 26.8	 	Y + 14.2

6.    Calculation of Payments  

        Chart C shows the targeted incentives by a Participant's grade/position and as a percentage of a Participant's base salary if Adaptec were to reach the 100%
funding level set forth in Chart A and Chart B, as applicable. Chart C also shows what percentage of the eligible employee population would be targeted to receive an incentive payment. 

Chart C  

        Participants: AIP Payments (for six months) 

	Grade/Position
 
	 	Target % of Base Salary
	 	Target Receiving
	 
	Chief Executive Officer	 	85	%	100	%
	Chief Financial Officer	 	60	%	100	%
	Vice President/General Manager	 	50	%	100	%
	Vice President	 	40	%	100	%
	31-33	 	25	%	70-90	%
	29-30	 	15	%	70-90	%
	27-28	 	12	%	70-90	%
	24-26	 	10	%	70-90	%
	21-23	 	8	%	70-90	%

7.    AIP Payments  

        Once the AIP Pool amount is determined for each six-month period, the actual payment to a Participant is based on the Participant's performance and
can range from 0 to 200% of target incentive amount. In no case will the sum of all payments exceed the amount funded by the AIP. All payments from the AIP Pool made to Section 16(b) officers
of Adaptec will be recommended by Adaptec's CEO and will be reviewed by the Compensation Committee. In addition, the Compensation Committee will approve the CEO's payment from the AIP Pool. 

8.    Holdback AIP Payments for Executive Participants  

        Payments under the AIP that are to be made to Participants with a position of Vice President or higher ("Executive Participants") for first and second fiscal
quarter achievements will be paid as follows. Fifty percent (50%) of payments earned by Executive Participants during the first half of Fiscal Year 2005 will be paid at the same time as AIP payments
are made to other Participants and fifty percent (50%) will be held back pending the performance of Adaptec in the second half of Fiscal Year 2005. This holdback will be paid to Executive Participants
at the same time that other Participants receive payments under the AIP following the close of the fourth quarter of Fiscal Year 2005 and could be funded at 0% to 150% depending on how Adaptec
performs relative to the Revenue and OPBT thresholds established by the Compensation Committee. 

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Exhibit 10.01

ADAPTEC, INC. Adaptec Incentive Plan Document Fiscal Year 2005QuickLinks
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Exhibit 10.02    
    

June 4,
2004 

Kenneth
B. Arola

198 Alden Lane

Livermore, CA 94550

Dear
Ken: 

        We
regret to notify you that your position has been eliminated due to a reorganization of Adaptec's business. Between today and August 2, 2004, your focus is to transition work
duties and participate in an exit meeting with your manager and exit interview with your human resources consultant. Between August 3 and September 6 you will be on vacation status
(192 hours). You will remain on Adaptec's payroll and continue to receive payroll checks through your termination date, November 5, 2004. Your final payroll check will include any unused
accrued vacation, sabbatical payout, if eligible, and a refund of any unused amounts that have been deducted from your earnings for purposes of participating in Adaptec's Employee Stock Purchase Plan. 

        We
find these circumstances unfortunate and wish to offer you certain severance benefits so you can pursue other opportunities outside of Adaptec. You are eligible for outplacement
benefits, which are outlined in your packet. 

        Please
sign and return the Separation Agreement and General Release along with the exit paperwork to Adaptec Human Resources in the enclosed envelope no later than August 2, 2004. 

SEPARATION
AGREEMENT AND GENERAL RELEASE 

	1.
	Adaptec's
Consideration for Agreement: In exchange for the release and agreements described herein, Adaptec agrees as follows:

	a)
	Provided
that you have returned all Adaptec property, equipment, and assets, your severance payment will be processed in two payments: the first payable November 12, 2004, equal
to 2 months of your regular base pay less legally mandated payroll deductions and withholdings. On January 7, 2005 you will receive a second payment, which will be equal to
4 months of your regular base pay plus an additional $20,000 payment (gross) less legally mandated payroll deductions and withholdings. These payments are being given as consideration for this
Agreement and are not otherwise due.

	b)
	You
also acknowledge that Adaptec stock option grants that have vested as of the termination date must be exercised within three (3) months of termination. However, stock
options granted from plans assumed through acquisitions may vary.

	c)
	Beginning
on December 1, 2004, you shall be entitled to continuation of your Adaptec health, vision and dental benefits pursuant to the Consolidated Omnibus Budget and
Reconciliation Act ("COBRA"). You must submit completed COBRA Qualifying Event Notification enrollment forms directly to Ceridian for coverage. Adaptec agrees to pay the premiums for those COBRA
benefits through and until May 31, 2005, at which time said benefits shall cease unless you elect to pay for those benefits.

	2.
	Consideration
for Agreement: In consideration for the payments and undertakings described above, you individually and on behalf of your representatives, successors, and assigns, do
hereby completely release and forever discharge Adaptec, its shareholders, employees, owners, officers and directors, Board Members, and all other representatives, agents, entities, subsidiaries,
divisions, directors, attorneys, successors, and assigns from all claims, rights, demands, actions, obligations, and causes of action of any and every kind, nature and character, known or unknown,
which you 

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may
now have, or have ever had, against them arising from or in any way connected with the employment relationship between the parties, any actions during the relationship or the termination thereof.
This Release covers all statutory, common law, constitutional and other claims, including but not limited to: all "wrongful discharge" and "constructive discharge" claims; all claims relating to any
contracts of employment, express or implied; any claims for defamation, misrepresentation, fraud, or breach of the covenant of good faith and fair dealing, express or implied; any claim for negligent
or intentional infliction of emotional distress; any claim for negligence; any claims for attorney's fees or costs; any tort claims of any nature; any claims under federal, state or municipal statute
or ordinance; any claims under the California Fair Employment and Housing Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, 42 U.S.C. Section 1981, the Age
Discrimination in Employment Act, the Older Workers' Benefit Protection Act, the Americans With Disabilities Act, the Employee Retirement Income Security Act, the California Labor and Civil Codes, the
California Constitution, Federal Rehabilitation Act of 1973, Federal Family and Medical Leave Act, the California Family Rights Act, the Worker Adjustment and Retraining Notification Act, CalWARN, and
any other laws and regulations relating to employment, employment discrimination, and employment termination. 

	3.
	Wavier
of Unknown Future Claims: You have read Section 1542 of the Civil Code of the State of California, which provides as follows: 

A general release does not extend to claims with the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must
have materially affected his settlement with the debtor.

You
acknowledge that Section 1542 gives you the right not to release existing claims, of which you are not now aware, unless you voluntarily choose to waive this right. Having been so apprised,
you hereby voluntarily waive the rights described in Section 1542, and elect to assume all risks for claims that now exist in your favor known or unknown, arising from the subject matter of
this Agreement. 

	4.
	Confidentiality
of Agreement: You agree that the existence, terms and conditions of this Agreement, including any and all references to any alleged underlying claims, are strictly
confidential. You shall not disclose, discuss or reveal the existence or the terms of this Agreement to any persons, entities or organizations except to your spouse, attorney, financial advisor, or as
required by court order.

	5.
	Savings
Clause: Should any of the provisions of this Agreement be determined to be invalid by a court or government agency of competent jurisdiction, it is agreed that such
determination shall not affect the enforceability of the other provisions herein. California law shall govern the validity and interpretation of this Agreement.

	6.
	Preparation
of Agreement: Regardless of which party initially drafted this Agreement, it shall not be construed against any one party, and shall be construed and enforced as a mutually
prepared Agreement.

	7.
	Mandatory
Arbitration Clause: You and Adaptec agree that any action to enforce the terms and conditions of this Agreement or for the breach of this Agreement, shall be referred to
final and binding arbitration. Any arbitration proceeding will be governed by the rules and procedures of the American Arbitration Association and the Federal Arbitration Act and the parties hereto
expressly waive their rights, if any, to have any such matters heard by a court or jury, or administrative agency whether federal or state. The prevailing party in any arbitration to enforce this
Agreement or remedy its breach will be entitled to costs and reasonable attorney's fees incurred.

	8.
	Complete
and Voluntary Agreement: This Agreement constitutes the entire understanding of the parties on the subjects covered. You expressly warrant that you have read and fully
understand this 

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Agreement;
that you have had the opportunity to seek legal counsel of your own choosing and to have the terms of the Agreement fully explained to you that you are not executing this Agreement in
reliance on any promises, representations or inducements other than those contained herein; and that you are executing this Release voluntarily, free of any duress or coercion. 

	(a)
	You
have until August 2, 2004 in which to consider whether or not to sign this Agreement, and that, having been advised of that entitlement; you may elect to sign this
Agreement at any time prior to the expiration of that time period.

	(b)
	You
may rescind within seven (7) calendar days of signing the Agreement the provisions of Section 3 of this Agreement with respect to claims arising under the Age
Discrimination in Employment Act ("ADEA Rescission Period"). To be effective, rescission must be in writing, delivered to Shirley Olerich, Adaptec Inc., 691 South
Milpitas Blvd, M/S 15, Milpitas, CA 95035, within the applicable rescission period, or sent to Adaptec, at such address, by certified mail, return receipt requested, postmarked
within the applicable rescission period. 

        Cancellation
of Agreement By Adaptec: If you exercise your right of rescission under Section 8 (b) of this Agreement, Adaptec will have the right to terminate this
Agreement in its entirety. 

        Effective
Date: This Agreement is effective on the eighth day after it is signed and received by Adaptec HR. If you wish to accept the terms of this Agreement, please sign on the line
provided below and return the original in the enclosed self addressed envelope. 

Sincerely, 

 

Shirley
Olerich

VP of Human Resources 

I
have read and understand the Agreement above and agree to be bound by its terms and conditions. 

Agreed:

	Dated:	 	7/30/04
	 	BY:	 	Ken Arola
 Print	 	/s/  KEN AROLA      
 (Signature)

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Exhibit 10.02

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