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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): April 27, 2006
ADEPT TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-27122 94-2900635
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) file number) Identification Number)
3011 Triad Drive
Livermore, CA 94550
(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (925) 245-3400
None
(Former Name or Former Address, if Changed Since Last Report)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
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Item 1.01. Entry into a Material Definitive Agreement
Adjustment of Performance Options granted to Mr. Robert Bucher/Amendment of
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Option Agreement
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On April 27, 2006, the Compensation Committee of the Board of Directors of
Adept Technology, Inc. ("Adept" or the "Company") determined that Robert Bucher,
Adept's Chief Executive Officer, attained 70% of the performance objectives for
the first half of Adept's 2006 fiscal year applicable to the August 18, 2005
grant of options to purchase up to 50,000 shares of Adept's Common Stock under
the 2003 Stock Option Plan (the "Performance Options"). As a result, the
Performance Options shall be exercisable to purchase up to 35,000 shares of
Adept common stock, subject to time-based vesting (as described below). The
option agreement with respect to such Performance Options is correspondingly
amended in substantially the form attached as an exhibit to this Report on Form
8-K. Per the terms of the Performance Option, 6/48th of the Performance Options
vest on April 27, 2006 (the date on which Adept's Compensation Committee has
determined that specified performance objectives have been met and defined the
number of shares for which the option is exercisable). Thereafter, the
Performance Options vest at 1/48th of the total number of shares subject to the
options per month in equal installments.
The performance objectives include specified financial objectives
(including profits and earnings growth) as well as certain corporate strategic
goals as identified in Exhibit 10.2 of this Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
10.1 Option Agreement for Robert Bucher, as amended.
10.2 Summary of Performance Objectives applicable to August 18, 2005
Performance Option Grant to Robert Bucher.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ADEPT TECHNOLOGY, INC.
Date: April 27, 2006 By: /s/ Robert R. Strickland
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Robert R. Strickland
Chief Financial Officer