Exhibit 99.1
ADAPTEC, INC.
Adaptec Incentive Plan
Fiscal Year 2008
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 2008 fiscal year from April 1, 2007 through
March 31, 2008 ("Fiscal Year 2008").
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, including Executive Officers of Adaptec, are eligible to
participate in the AIP, unless otherwise determined by the
Compensation Committee ("Participants"). The term "Executive
Officers" shall have the meaning ascribed to such term in the
Adaptec, Inc. Compensation Committee Charter, as it
may be amended from time to time.
4.
Timing
of AIP Payments
Payments that become due under
the AIP will be paid to Participants as soon as administratively
feasible after the overall AIP budget is approved by the
Compensation Committee following the close of the second quarter of
Fiscal Year 2008 or the fourth quarter of Fiscal Year 2008, as
applicable.
5.
Funding the AIP Pool
The AIP reinforces three key
goals that support Adaptec's strategic plans: (i) achieving
Adaptec's strategic goals and (ii) maximizing Adaptec's
revenue ("Revenue") and maximizing Adaptec's Operating Profit
Befo
