qtm-20260901
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): September 1, 2026
| Quantum Corporation | ||
(Exact name of registrant as specified in its charter) | ||
| Delaware | 001-13449 | 94-2665054 | |||||||||||||||
| (State or other jurisdiction of incorporation or organization) | (Commission File No.) | (I.R.S. Employer Identification No.) | |||||||||||||||
| 10770 E. Briarwood Avenue | |||||||||||||||||
| Centennial, | CO | 80112 | |||||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||||||||
| (408) | 944-4000 | ||||
| Registrant's telephone number, including area code | |||||
| N/A | |||||
| (Former name or former address, if changed since last report) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
| Common Stock, $0.01 par value per share | QMCO | Nasdaq Global Market | ||||||||||||
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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 1, 2026, Quantum Corporation (the “Company”) announced the appointment of Hiral A. Patel as the Company’s Chief Accounting Officer, effective September 1, 2026. In connection with her appointment, Ms. Patel will also assume the role of Principal Accounting Officer.
Ms. Patel, 38, most recently served as Chief Accounting Officer at Pep Boys, an automotive service and retail company, from October 2025 to June 2026. From March 2024 to October 2025, Ms. Patel was Vice President, Controller at IKEA Retail, the global home furnishing division of IKEA. Prior to that, Ms. Patel held positions of Senior Director of Accounting and Corporate Assistant Controller at VeriFone Systems Inc., a leader in payments and commerce solutions, from September 2020 to March 2024. She also served as Assurance Senior Manager for Ernst & Young LLP, a large global independent public accounting firm, from October 2011 to August 2020. Ms. Patel is a Certified Public Accountant and holds a Bachelor of Business Administration degree from Temple University.
In connection with her appointment, Ms. Patel entered into an offer letter (the “Offer Letter”) with the Company providing for (a) an annual base salary of $335,000 and (b) participation in the Company’s bonus program with a target bonus equal to 50% of her base salary, with the actual payout to be based on company and individual performance. In addition, as a material inducement to Ms. Patel entering into employment with the Company, the Leadership and Compensation Committee of the Company’s board of directors approved the grant of 50,000 restricted stock units (“RSUs”), which vest annually in three equal installments on each anniversary of the grant date, subject to continued employment and the terms of the Company’s 2021 Inducement Plan, as amended. The grant is expected to be effective on or around October 1, 2026.
Ms. Patel also entered into the Company’s standard form of change of control agreement for its executive officers (the “Change of Control Agreement”), under which, if a Change of Control (as defined in the Change of Control Agreement) of the Company occurs and within the period beginning three (3) months prior to and ending twelve (12) months following the Change of Control (the “Change of Control Period”), Ms. Patel’s employment with the Company ends as a result of
an Involuntary Termination (as defined in the Change of Control Agreement), the Company will provide to Ms. Patel the following severance payments and benefits:
• a lump sum cash payment equal to (a) twelve (12) months of her then-annual base salary, plus (b) 100% of her target annual bonus opportunity,
• 100% accelerated vesting of her then-outstanding time-vested equity awards, and
• a lump sum cash payment equal to twelve (12) months’ worth of COBRA premiums.
In addition, under the terms of the Offer Letter and outside of the Change of Control Period, if Ms. Patel’s employment with the Company is Involuntarily Terminated, the Company will provide to Ms. Patel the following severance payments and benefits:
• a lump sum cash payment equal to six (6) months of her then-annual base salary, and
• reimbursement of premiums for six (6) months continued COBRA coverage for Ms. Patel and her eligible dependents (or such earlier date that Ms. Patel is no longer eligible for COBRA), subject to the terms set forth in the Offer Letter.
The severance payments and benefits described above are subject to Ms. Patel entering into and not revoking a release of claims in favor of the Company.
The foregoing descriptions of the Offer Letter and the Change of Control Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Offer Letter and the Change of Control Agreement, copies of which are attached as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
Ms. Patel has also entered into the Company’s standard form of indemnification agreement. There is no arrangement or understanding between Ms. Patel and any other person pursuant to which she was selected as an officer of the Company. There are no transactions between Ms. Patel and the Company that would be required to be reported under Item 404(a) of Regulation S-K. Additionally, there are no family relationships between Ms. Patel and any director or executive officer of the Company.
Item 8.01 Other Events.
On September 1, 2026, the Company issued a press release announcing the appointment of Ms. Patel as Chief Accounting Officer. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |||||||
| 10.1# | ||||||||
| 10.2# | ||||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
# Indicates management contract or compensatory plan or arrangement.
SIGNATURE
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.
| Quantum Corporation | ||||||||||||||
| (Registrant) | ||||||||||||||
| September 1, 2026 | /s/ William H. White | |||||||||||||
| (Date) | William H. White | |||||||||||||
| Chief Financial Officer | ||||||||||||||