Exhibit 10.76
Quantum Corporation
224 Airport Parkway
Suite 550
San Jose, CA 95110
USA
+1 [408] 944-4000
April 4, 2019
John A. Fichthorn
875 Third Avenue, 15th Floor
New York, NY 10022
Dear John:
We are pleased to offer you the opportunity to serve on the Board of Directors (the “Board’’) of Quantum Corporation (‘‘Quantum”), which is effective today, based upon the approval of the Quantum Board at its meeting held earlier today.
Under the current Board compensation program, your Board retainer will be $50,000 per annum. You will be paid additional retainers based upon the committee(s) to which you will be appointed. These retainers are paid in cash, generally in quarterly installments, and will be prorated for partial periods of service. Quantum will also reimburse you for any reasonable travel or incidental expenses associated with performing your duties as a Board member.
We will recommend to the Leadership and Compensation Committee that a promise to grant you restricted stock units (RSUs) with a total value of $33,333 be awarded to you, based upon the average closing stock price for the thirty days prior to the day your “promise grant” is awarded. The number of RSUs to be awarded will be determined at the time of award based on the company’s closing stock price on the date of the Leadership and Compensation Committee’s approval, which occurs on the first business day of every month. These RSUs will vest 100% on the date of the Company’s next annual stockholder meeting. Once the RSUs have been approved, you will receive documentation from E*Trade, Quantum’s Stock Administrator, within two (2) months from your start date. If you remain a Board member, you will receive an annual stock grant thereafter, currently set at a total value of $100,000 per annum. Details regarding the annual stock program are subject to change.
To confirm your acceptance of our offer, please sign one copy of this letter, complete the enclosed documents, and return them to Noah D. Mesel via email at noah.mesel@quantum.com or by mail to: Noah D. Mesel, Quantum Corporation, 224 Airport Parkway, Suite 550, San Jose, CA 95110.·
Please contact me if you have any questions. Welcome to Quantum and I look forward to working with you.
Sincerely,
/s/ Jamie Lerner
Jamie Lerner
President & CEO
Quantum Corporation
www.quantum.com