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 restr
