Quantum names James Clancy operating chief at $400K
Clancy's package includes a 60% target bonus and equity awards subject to continued employment.
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Form Type
8-K
Rhea-AI Filing Summary
Quantum Corporation (QMCO) appointed James C. Clancy Chief Operating Officer effective September 28, 2026; he voluntarily resigned from the board, Audit Committee and Corporate Governance and Nominating Committee that day.
His offer letter provides for a $400,000 annual base salary and a target bonus equal to 60% of base salary, with actual payout based on company and individual performance. He will receive 150,000 RSUs and options to purchase 400,000 shares of common stock; the grants are expected to be effective on or around October 1, 2026, subject to continued employment and the 2023 Long-Term Incentive Plan. The RSUs vest in three equal annual installments, and the options in 48 equal monthly installments. Severance benefits apply to specified involuntary terminations, including a Change of Control Period running from three months before through twelve months after a change of control.
Filing Explained
Clancy’s severance terms add conditional company obligations: after an involuntary termination during the change-of-control period, he may receive 12 months’ base salary plus 100% of his target annual bonus opportunity, accelerated vesting of time-vested equity, and 12 months of COBRA, while outside that period, the terms provide six months’ base salary and COBRA, subject in both cases to signing and not revoking a release.
8-K Event Classification
3 items: 5.02, 8.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Annual base salary: $400,000
Target bonus: 60% of base salary
Restricted stock units: 150,000 RSUs
+3 more
6 metrics
Annual base salary
$400,000
Provided for in the COO offer letter
Target bonus
60% of base salary
Actual payout based on company and individual performance
Restricted stock units
150,000 RSUs
Grant expected to be effective on or around October 1, 2026
Stock options
400,000 shares
Options to purchase shares of common stock; grant expected to be effective on or around October 1, 2026
RSU vesting schedule
3 equal annual installments
On each anniversary of the grant date
Option vesting schedule
48 equal monthly installments
Beginning on the first day of the first month following the grant date
Key Terms
restricted stock units (RSUs), Change of Control Period, Involuntary Termination, COBRA
4 terms
restricted stock units (RSUs) financial
"a grant of 150,000 restricted stock units (“RSUs”)"
Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.
Change of Control Period regulatory
"the “Change of Control Period”"
Involuntary Termination regulatory
"ends as a result of an Involuntary Termination"
COBRA medical
"twelve (12) months’ worth of COBRA premiums"
COBRA is a U.S. federal law that lets employees and their dependents temporarily keep employer-sponsored health insurance after job loss, reduction in hours, or other qualifying events by paying the premiums themselves. Investors should care because offering COBRA can affect a company’s cash flow, administrative costs and legal disclosures when workforce changes occur—similar to a former club member paying to keep their membership active after leaving the club.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What compensation will QMCO's new COO receive?
James C. Clancy's offer letter provides for a $400,000 annual base salary and a target bonus equal to 60% of base salary. He will also receive 150,000 RSUs and options to purchase 400,000 shares of common stock, with the grants expected to be effective on or around October 1, 2026.
How do QMCO's new COO's equity awards vest?
The 150,000 RSUs are scheduled to vest in three equal installments on each anniversary of the grant date. The options to purchase 400,000 shares are scheduled to vest in 48 equal monthly installments beginning on the first day of the first month following the grant date. Both awards are subject to continued employment and the 2023 Long-Term Incentive Plan.
What severance applies to QMCO's COO after a change of control?
If a Change of Control occurs and James C. Clancy's employment ends because of an Involuntary Termination during the period beginning three months before and ending twelve months after the change, the terms provide for 12 months of then-current base salary plus 100% of his target annual bonus, 100% accelerated vesting of then-outstanding time-vested equity awards, and 12 months' worth of COBRA premiums. These benefits are subject to his entering into and not revoking a release of claims.
What severance applies to QMCO's COO outside the change-of-control period?
For an Involuntary Termination outside the Change of Control Period, the offer letter provides for a lump-sum payment equal to six months of then-current base salary and reimbursement of six months of continued COBRA premiums for Clancy and eligible dependents, or until he is no longer eligible for COBRA if earlier. The benefits are subject to a release of claims.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 28, 2026
(Exact name of registrant as specified in its charter) | ||
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Securities registered pursuant to Section 12(b) of the Act:
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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:
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 28, 2026, Quantum Corporation (the “Company”) announced the appointment of James C. Clancy as the Company’s Chief Operating Officer, effective September 28, 2026. In connection with his appointment, effective as of the same date, Mr. Clancy voluntarily resigned his position as a member of the Company’s Board of Directors and as a member of the Company’s Audit Committee and Corporate Governance and Nominating Committee.
Mr. Clancy, 59, has served as a business advisor to various technology companies, most recently including Hycu, an artificial intelligence resilience company, Black Kite, a cyber risk management platform provider, Index Engines, a cybersecurity and cyber recovery solutions provider, and Nexus Advisory Partners, a commercial finance advisory firm, since December 2024. Mr. Clancy previously served as the Senior Vice President, Global Sales, Data Protection Solutions at Dell Technologies Inc., a publicly-traded technology company, from 2019 until December 2024. Prior to that, Mr. Clancy held various positions at Dell including President of Global Specialties Sales from 2018 to 2019 and Senior Vice President, Global Sales, Data Protection Solutions from 2013 to 2018. Additionally, Mr. Clancy served as Divisional Vice President, Americas for EMC’s Backup Recovery Systems Division at EMC Corporation (later acquired by Dell), from 2011 to 2013 and in various senior roles from 1998 to 2011. Mr. Clancy earned a Bachelor of Business Administration and General Management Degree from the University of Massachusetts Dartmouth.
In connection with his appointment, Mr. Clancy entered into an offer letter (the “Offer Letter”) with the Company providing for (a) an annual base salary of $400,000 and (b) participation in the Company’s bonus program with a target bonus equal to 60% of his base salary, with the actual payout to be based on company and individual performance. In addition, Mr. Clancy will receive a grant of 150,000 restricted stock units (“RSUs”), which are scheduled to vest annually in three equal installments on each anniversary of the grant date, and an option to purchase 400,000 shares of the Company’s common stock, which is scheduled to vest in 48 equal monthly installments beginning on the first day of the first month following the grant date, in each case subject to continued employment and the terms of the Company’s 2023 Long-Term Incentive Plan, as amended. The grants are expected to be effective on or around October 1, 2026.
Mr. Clancy 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”), Mr. Clancy’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 Mr. Clancy the following severance payments and benefits:
• a lump sum cash payment equal to (a) twelve (12) months of his then-annual base salary, plus (b) 100% of his target annual bonus opportunity,
• 100% accelerated vesting of his 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 Mr. Clancy’s employment with the Company is Involuntarily Terminated, the Company will provide to Mr. Clancy the following severance payments and benefits:
• a lump sum cash payment equal to six (6) months of his then-annual base salary, and
• reimbursement of premiums for six (6) months continued COBRA coverage for Mr. Clancy and his eligible dependents (or such earlier date that Mr. Clancy 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 Mr. Clancy 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.
Mr. Clancy has also entered into the Company’s standard form of indemnification agreement. There is no arrangement or understanding between Mr. Clancy and any other person pursuant to which he was selected as an officer of the Company. There are no transactions between Mr. Clancy 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 Mr. Clancy and any director or executive officer of the Company.
Item 8.01 Other Events.
On September 28, 2026, the Company issued a press release announcing the appointment of Mr. Clancy as Chief Operating 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# | Offer Letter dated September 24, 2026 by and between the Company and James C. Clancy. | |||||||
10.2# | Form of Amended and Restated Change of Control Agreement by and between the Company and each of the company's Executive Officers (incorporated by reference to Exhibit 10.5 of the Company's Annual Report on Form 10-K filed August 26, 2025). | |||||||
99.1 | Press Release dated September 28, 2026. | |||||||
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 28, 2026 | /s/ William H. White | |||||||||||||
| (Date) | William H. White | |||||||||||||
| Chief Financial Officer | ||||||||||||||
Exhibit 99.1
Quantum Appoints James C. Clancy as Chief Operating Officer
Data management veteran joins Quantum to help enhance organizational performance, drive customer success, and accelerate the next phase of growth
CENTENNIAL, Colo., September 28, 2026 — Quantum Corporation (Nasdaq: QMCO) today announced the appointment of James C. Clancy to the position of Chief Operating Officer. In this role, Clancy will guide the Company’s execution of its operational and strategic objectives, with the goal of strengthening organizational performance, supporting revenue growth and customer success, and advancing Quantum’s ongoing transformation initiatives. Clancy is joining Quantum at a critical juncture for the business, as the Company looks to build on its performance momentum by scaling its ability to provide storage solutions that enable customers to ensure the right data is in the right place at the right cost.
“Jim has developed a deep understanding of our business and our customers through his work on the Board of Directors over the last year,” said Hugues Meyrath, President and Chief Executive Officer of Quantum. “Given the opportunities we see ahead, the Board and I felt that it was the right time to leverage Jim’s expertise in a more integrated way. Throughout Jim’s career, he has consistently built high-performing organizations, driven operational excellence, and delivered growth at scale. As we continue working toward increasing long-term value generation, Jim’s leadership will help strengthen operational execution, drive expanded market opportunities, and enhance the service we deliver to customers and partners worldwide.”
Clancy is an accomplished technology executive with extensive expertise in global data protection, cyber recovery, enterprise storage, and go-to-market leadership. Throughout his career, Clancy has held leadership roles across some of the industry’s most recognized companies. Most notably, as President of Global Storage Sales at Dell, he drove significant global sales growth worldwide. As Senior Vice President of Global Sales for Dell EMC’s Data Protection Solutions, he enhanced sales and data efficiency for the industry market leader. Clancy also served as Senior Vice President at Dell Technologies, where he provided strategic leadership to improve customer relationships, streamline operations, and drive profitable revenue growth. Earlier roles also include Divisional Vice President of Americas for EMC’s Backup Recovery Systems Division and Specialty Sales Management at EMC Corporation (now Dell EMC, DPS). Clancy has also served as a business advisor to HYCU, Black Kite, Index Engines, and Nexus Advisory Partners.
“Since joining the Quantum Board last year, I’ve had the opportunity to work closely with Hugues and the leadership team and to see firsthand the strength of the Company's technology, people, customer relationships, and market position,” said Clancy. “Organizations around the world are facing unprecedented growth in data and increasing pressure to manage that data more efficiently, securely, and cost-effectively. Quantum is uniquely positioned to help customers meet those challenges. I am excited to take on this new role to strengthen execution, accelerate growth, enhance the customer experience, and create long-term value for our customers, partners, employees, and shareholders.”
Clancy earned a Bachelor of Business Administration and General Management from the University of Massachusetts Dartmouth. In conjunction with Clancy accepting the Chief Operating Officer role, he voluntarily resigned from his position as a member of the Quantum Board and its committees.
About Quantum
Quantum delivers end-to-end data management solutions designed for the AI era. With over four decades of experience, our data platform has allowed customers to extract the maximum value from their unique, unstructured data. From high-performance ingest that powers AI applications and demanding data-intensive workloads, to massive, durable data lakes to fuel AI models, Quantum delivers the most comprehensive and cost-efficient solutions. Leading organizations in life sciences, government, media and entertainment, research, and industrial technology trust Quantum with their most valuable asset – their data. For more information, visit www.quantum.com.
Quantum is listed on Nasdaq (QMCO). Quantum and the Quantum logo are registered trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.
Forward-Looking Statements
The information provided in this press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are largely based on our current expectations and projections about future events and financial trends affecting our business. Such forward-looking statements include, in particular, statements about the anticipated benefits of Quantum’s appointment of Mr. Clancy as Chief Operating Officer as well as our strategic priorities, positioning, business prospects, momentum, changes and trends in our business, and the markets in which we operate.
These forward-looking statements may be identified by the use of terms and phrases such as "anticipates", "believes", "can", "could", "estimates", "expects", "forecasts", "intends", "may", "plans", "projects", "targets", "will", and similar expressions or variations of these terms and similar phrases. Additionally, statements concerning future matters and other statements regarding matters that are not historical are forward-looking statements.
Investors are cautioned that these forward-looking statements relate to future events or our future performance and are subject to business, economic, and other risks, and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements.
Such risks and uncertainties include, without limitation, the following: the competitive pressures we face; risks associated with executing our strategy; the distribution of our products and the delivery of our services effectively; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; and other risks described herein and in our filings with the SEC, including under “Risk Factors” in our Annual Report on Form 10-K and any subsequent reports filed with the SEC. We do not intend to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.