Addendum to Employment Agreement between Adaptec and Subramanian Sundaresh (President and CEO Appointment)
This addendum to the employment agreement appoints Subramanian Sundaresh as President and Chief Executive Officer of Adaptec, effective November 14, 2005. He will also join the company's Board of Directors. The agreement sets his annual base salary at $400,000 and targets his incentive plan at 85%. The letter requires Sundaresh's acceptance and signature to confirm his promotion and new terms of employment.
Exhibit 10.01
November 14, 2005
Addendum to Employment Agreement
Subramanian Sundaresh
Dear Sundi:
On behalf of the Board of Directors, I am pleased to offer you the position of President and Chief Executive Officer effective November 14, 2005. You will also join Adaptec’s Board of Directors.
Over the past six months you demonstrated much leadership and we are very confident that you will successfully fulfill all expectations and requirements of the role. Your new base rate of pay will be $400,000 per year and your Adaptec Incentive Plan (AIP) will be targeted at 85%.
Please sign this letter, indicating acceptance of your promotion. I wish you continued success in your career at Adaptec.
| Sincerely, | |
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| /s/ Shirley Olerich |
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| Shirley Olerich | |
| Vice President of Human Resources | |
| Accepted: | /s/ Subramanian Sundaresh |
| 11/14/05 |
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| Employee Signature | Date | |
INIT:
