

12.	Subsequent Events

Transfer of Listing

Adept Technology previously disclosed on a Form 8-K filed on May 24, 2013 its receipt of a notice from the NASDAQ Stock Market indicating that Adept's stockholders' equity reported for its most recently completed fiscal quarter did not meet the minimum requirement of $10,000,000 for continued listing as set forth in NASDAQ's Listing Rule 5450(b)(1)(A). As reported in Adept's Quarterly Report on Form 10-Q filed with the SEC on May 14, 2013, Adept's stockholders' equity was $9,258,000 as of March 30, 2013.

On July 2, 2013, following consideration of its alternative in response to the notice delivered by NASDAQ, the Adept Board of Directors approved the application by the Company for the transfer of the listing of Adept's common stock to The NASDAQ Capital Market, the listing requirements of which are currently met by Adept. The common stock of Adept now trades on The NASDAQ Capital Market.

CFO Separation

On July 2, 2013, the Board of Directors approved the resignation by Michael Schradle from service as Adept's Senior Vice President of Finance and Chief Financial Officer, effective July 12, 2013.

CEO Separation

On August 27, 2013, Adept entered into a separation agreement with Adept's former President and CEO, John Dulchinos, to which Mr. Dulchinos is entitled to receive severance payments of approximately $185,000.

Appointment of Chief Business Development and Strategy Officer

On August 27, 2013 the Adept Board of Directors appointed Terry Hannon to serve as Chief of Business Development and Strategy Officer of the Company.

Appointment of Interim Principal Accounting Officer

On August 27, 2013 the Adept Board of Directors appointed Daniel Weinblatt, current interim Controller of the Company, as interim Principal Accounting Officer of the Company until a successor is duly elected and qualified.

Election of Director

On August 27, 2013, the Adept Board of Directors elected Rob Cain, Adept's President and Chief Executive Officer, to serve as a member of Adept's Board of Directors. Mr. Cain is also designated as a nominee of the Board to stand for election at Adept's 2013 Annual Meeting of Stockholders.

Adoption of Fiscal 2014 Management Incentive Plan

On August 27, 2013, the Adept Board of Directors approved the adoption of a Fiscal 2014 Management Incentive Plan (the "2014 Incentive Plan") which provides for potential performance-based cash compensation for the Company's executive officers and other key employees. The amount of cash compensation potentially payable under the 2014 Plan will be determined based upon (a) the Company meeting or exceeding corporate objectives related to specified levels of revenue and net cash (as both terms are defined in the 2014 Incentive Plan) for the applicable quarter of fiscal 2014, for a total of 12% of the total potential payout in each of the first three quarters, (b) and for purposes of the final payment of 64% of the total possible payout for the fourth quarter, in addition to a specified level of revenue and net cash at fourth quarter end, a specified level of revenue for Adept's full fiscal 2014, and (c) each participant's achievement of individual performance objectives in such quarters. Awards will only be paid under the 2014 Incentive Plan if the applicable corporate and individual performance objectives are met.

Performance Option Program

On August 27, 2013, the Adept Board of Directors approved performance stock option grants to its executive and non-executive employees as part of an incentive rewards program. The options to purchase shares of Adept common stock, one-third of which are subject to an exercise price equal to the grant date common stock price, one-third of which are subject to an exercise price of $4.60, and one-third of which are subject to an exercise price of $6.90, shall vest and become exercisable upon achievement of certain performance objectives tied to growth in the Company's stock price, earnings per share, revenue and net cash.