Third Amendment to Adaptec, Inc. Savings and Retirement Plan (Effective March 28, 2005)

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment updates the Adaptec, Inc. Savings and Retirement Plan to allow for automatic lump sum distributions of vested account balances not exceeding $1,000 upon a participant's termination, without requiring the participant's consent. All other terms of the plan remain unchanged. The amendment is effective as of March 28, 2005, and is executed by the plan's administrative committee.

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EX-10.03 2 a2159291zex-10_03.htm EXHIBIT 10.03

Exhibit 10.03

Third Amendment to
Adaptec, Inc. Savings and Retirement Plan

        THIS THIRD 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 March 28, 2005:

        The Plan is hereby amended as follows:

1.     Section 8.4(b) is amended to add the following sentence:

        "Effective for distributions on or after March 28, 2005, if a Participant's vested Account balance at the time of distribution does not exceed $1,000, the Participant's Account balance shall be distributed in a single lump sum payment as soon as practicable after termination; such distribution may be made without the Participant's consent."

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 1st day of February, 2005.

    ADAPTEC, INC. SAVINGS AND
RETIREMENT PLAN ADMINISTRATIVE
COMMITTEE

 
 
By:
 
/s/  KERSTIN AIELLO      

 
 
Title:
 
Benefits Manager