Exhibit 10.02
June 1, 2005
Subramanian Sundaresh
Dear Sundi:
On behalf of the Board of Directors, I am pleased to offer you the position of President effective May 26, 2005. You will be responsible for the company day-to-day operational decisions including sales, marketing, engineering, operations, and manufacturing. We will jointly determine Adaptec’s strategy.
I look forward to our partnership in returning Adaptec to being a successful and profitable business. Your new base rate of pay will be $375,000 per year and your Adaptec Incentive Plan (AIP) will be targeted at 75%.
Please sign this letter, indicating acceptance of this offer. I wish you continued success in your career at Adaptec.
Sincerely, | |
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/s/ D. Scott Mercer |
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D. Scott Mercer | |
Interim Chief Executive Officer | |
Accepted: | /s/ Subramanian Sundaresh |
| 6/01/05 |
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| Employee Signature |
| Date |
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