SiliconBeat

Adept Technology, the Livermore maker of manufacturing robotics, is set to go to court Sept. 16 to try and stop its eviction from its headquarter facilities in the Tri-Valley Technology Center on Triad Drive, according to one of its SEC filings Wednesda. It’s landlord, who gave the company notice back in April that it wished to terminate its lease, and saying that the company owed it a $1 million “termination fee.” The July deadline came and went with Adept still occupying the space. A second termination notice was served giving the company until Aug. 26 to vacacte the premises, which Adept still has not done.

Adept “disputes the landlord’s interpretation” of the lease termination agreement, including its alleged requirement to pay the $1 million termination fee while also “relinquishing” the leased property. Adept said it “is vigorously defending these litigation matters” but warns that “the outcome of these matters cannot be determined at this time.” Furthermore, the company says that “(e)ven if this lawsuit is ultimately resolved in favor of Adept, Adept still expects that it would incur substantial legal fees and expenses in defending the lawsuits.”

The landlord says it has a new tenant for the space with a 13-year lease and now includes among the damages it is seeking from Adept the value of the new lease that was to begin Monday.

Adept also had some good news to report Wednesday. Sales were up 36 percent in the fourth quarter compared with the year-before period and the company reported a net profit of 10 cents a share compared with a 73-cent per-share loss the year before.

The company also named its former chief operating officer, John Dulchinos, as its new chief executive. Former CEO, Robert Bucher, will remain on the company’s board, becoming its chairman. The previous chairman, Michael Kelly, will now be its lead independent director, and will continue to receive his annual retainer of $30,000 that was paid to him as chairman continuing as compensation for his new title.

Bucher, the displaced CEO who now becomes chairman, will continue to earn the same pay for nine months (which works out to about $28,333 per month, and once he quits after that will be given an extra year during which to exercise his options.

Dulchinos will be paid $285,000 per year in salary and get an option good for 100,000 shares which vest over monthly over the next two years.

Finally, the company said it plans to spend $2.5 million buying back its own shares, saying that its current stock price “presents an attractive investment” for the company and its shareholders.