Stock Repurchase Program of up to $40 Million of Adaptec’s Common Stock

Adaptec, Inc. announced that its Board of Directors has authorized a stock repurchase program of up to $40 million of the Company’s common stock.

"The Board’s decision to support a stock repurchase program underscores our commitment to delivering stockholder value and managing our balance sheet for the benefit of our stockholders," said Sundi Sundaresh, Adaptec’s chief executive officer.

Shares may be repurchased under the program from time to time in the open market, in privately negotiated transactions or in such other manner as is selected by the Company, and any such purchases will be at times and in amounts as the Company deems appropriate, based on market conditions and other relevant considerations.