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:
"3.2 Employer
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:
"8.4
Distribution 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 Ap
