================================================================================
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
--------
Date of Report (Date of earliest event reported): October 16, 2006
ADEPT TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-27122 94-2900635
(State or other jurisdiction (Commission file number) (I.R.S. Employer
of incorporation) 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)
================================================================================
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))
================================================================================
Item 1.01. Entry into a Material Definitive Agreement
Determination and Adjustment of Performance Options granted to Mr. Robert Bucher
- --------------------------------------------------------------------------------
Per Terms of Performance Options
- --------------------------------
On October 16, 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 performance objectives for the
second half of Adept's 2006 fiscal year applicable to the May 5, 2006 grant of
options to purchase up to 65,000 shares of Adept's Common Stock under the 2003
Stock Option Plan (the "Performance Options") to the extent that the Performance
Options be exercisable to purchase up to 60,000 shares of Adept common stock,
subject to time-based vesting as described below. The option agreement with
respect to such Performance Options correspondingly reflects the determination
regarding the number of shares for which the Performance Options are exercisable
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
October 16, 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 revenue and EBIT goals) as well as certain corporate strategic goals
included in Exhibit 10.2 of the Company's Report on Form 8-K dated May 9, 2006.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
10.1 Option Agreement for Robert Bucher, as amended.
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: October 19, 2006 By: /s/ Steven L. Moore
-------------------
Steven L. Moore
Chief Financial Officer