QUANTUM CORP /DE/ (Form: 10-K, Received: 06/25/2026 17:17:13)

Exhibit 10.79 Separation Agreement and General Release of Claims This Separation Agreement and General Release of Claims (the “Agreement”) is made by and between Kenneth P. Gianella, an individual (“Employee”) and Quantum Corporation (the “Company”) (hereinafter collectively referred to as the “Parties” and each a “Party”), effective on the eighth calendar day after the date this Agreement is signed by Employee, provided the revocation period set forth in Section 17 below has expired without revocation (the “Effective Date”). Recitals WHEREAS, the Parties entered into a Letter Agreement dated December 15, 2022 (the “Employment Agreement”). WHEREAS, the Parties entered into an Executive Change of Control Agreement dated March 31, 2023 (the “Change of Control Agreement”). WHEREAS, the Parties entered into a retention bonus letter agreement dated October 24, 2024 (the “Retention Agreement”). WHEREAS, the Parties entered into an agreement modifying the terms of the Employment Agreement, Change of Control Agreement and Retention Agreement dated March 28, 2025 (“Letter Agreement”) to provide for certain amended severance rights, including enhanced severance benefits in the event Employee’s employment terminates for any reason within thirty (30) days following the Company’s execution of a definitive agreement providing for a Qualifying Transaction (as defined in the Letter Agreement) on or before the 90th day following the date of the Letter Agreement, in exchange for Employee entering into and not revoking a release of claims in favor of the Company. WHEREAS, the employment relationship between Employee and the Company will terminate effective April 4, 2025 (“Separation Date”). WHEREAS, the Parties acknowledge that the Company has entered into a definitive agreement providing for a Qualifying Transaction. WHEREAS, Employee acknowledges that the Company has paid all accrued but unpaid wages and accrued but unused paid time off as of the Separation Date, and has provided Employee with any pertinent information attendant with the cessation of employment. Any group insurance coverage Employee received through the Company will remain in place through the end of the month of April 2025, subject to COBRA continuation. Except as set forth in this Agreement, all other benefits of employment shall terminate on the Separation Date. WHEREAS, this Agreement sets forth the mutual understanding of the Parties as it relates to the severance benefits he is entitled to receive in exchange for the promises set forth in this Agreement. NOW, THEREFORE, in consideration of the mutual covenants, commitments and agreements contained herein, and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Parties intending to be legally bound hereby agree as follows: Agreement 1. Severance Benefits. a. Severance. The Company agrees to pay Employee severance pay in the gross amount of Four Hundred Seventy-Five Thousand Dollars ($475,000.00), less applicable taxes and other withholdings, which equals twelve (12) months of Employee’s current base salary (the “Salary Severance”), to be paid in a lump sum within two (2) business days following the Effective Date of this Agreement. b. COBRA Payment. Upon Employee’s timely election to continue his existing health benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), and consistent with the terms of COBRA and the Company’s health insurance plan, the Company will reimburse Employee for his monthly COBRA premiums for both him and his co-dependents through the earliest of (A) the 12-month anniversary following the Separation Date, (B) the date Employee and his eligible dependents, if any, are no longer eligible to receive COBRA continuation coverage, and (C) the date on which Employee becomes eligible to receive substantially similar coverage from another employer (the “COBRA Benefits”). Notwithstanding the foregoing if the Company determines in its sole discretion that it cannot provide the COBRA benefits without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of the COBRA benefits, the Company will provide to Employee during the 12 months following the Separation Date a taxable monthly payment in an amount equal to the monthly COBRA premium that Employee would be required to pay to continue coverage under the COBRA Benefits. Such payments would be made regardless of whether Employee elects COBRA continuation coverage, solely if the Company is unable to provide the COBRA Benefits. c. Bonus Payment. The Company agrees to pay Employee a bonus equal to Three Hundred Ten Thousand Eight Hundred and Fifty-Four U.S. Dollars ($310,854.00) (the “Retention Bonus”), less applicable taxes and other withholdings, within two (2) business days following the Effective Date of this Agreement. Employee acknowledges and agrees that his acceptance and receipt of this Retention Bonus nullifies any right to payment of the bonuses described in the Retention Bonus Agreement. Employee acknowledges and agrees that he would not be entitled receive any bonus payment if not for his acceptance of the terms of this Agreement. d. Stock Acceleration. The time-based restricted stock units (RSUs) identified on Exhibit A to this Agreement will become fully vested and the restrictions thereon will lapse as of the Effective Date of this Agreement (the “Vesting Benefit”). 2. No Entitlement to Other Compensation or Benefits. Employee understands and agrees that the Severance Benefits in Section 1 exceed what Employee would otherwise be entitled to but for his promises in this Agreement. 3. Consulting Services. In exchange for the Severance Benefits in Section 1, after the Separation Date, Employee agrees that he will make himself available to the Company from time to time during regular business hours to provide consulting services to the Company, including services to assist the Company’s finance and accounting staff and the Company’s independent registered public accounting firm in the preparation and filing of the Company’s Annual Report on Form 10-K, until the Company’s filing of its Annual Report on Form 10-K for fiscal year ended March 31, 2025 (the “Consultancy Period”). Employee’s primary contact with the Company during the Consultancy Period will be Lewis Moorehead. Employee shall continue to be bound by the Confidentiality Agreement (as defined below) previously executed between him and the Company during the Consultancy Period. Upon presentation of reasonable documentation from Employee, the Company agrees to reimburse Employee for his reasonable out-of-pocket expenses. The Company will make reasonable efforts to accommodate Employee’s scheduling needs. 4. General Release and Waiver of Claims. Employee acknowledges and agrees that the payments and promises set forth in this Agreement are in full satisfaction of all accrued salary, vacation pay, bonus, profit-sharing, stock, stock options or other ownership interest in the Company, termination benefits or other compensation to which Employee may be entitled by virtue of employment with the Company or Employee’s separation from the Company. To the fullest extent permitted by law, Employee hereby releases and waives any claims he may have against the Company and its owners, agents, officers, shareholders, employees, directors, attorneys, subscribers, subsidiaries, affiliates, successors and assigns (collectively “Releasees”), whether known or not known, including, without limitation, claims under any employment laws, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, misrepresentation, violation of public policy, defamation, physical injury, emotional distress, retaliation, claims for additional compensation or benefits arising out of employment or separation of employment, claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. §§2000, et seq., the Equal Pay Act, the Americans with Disabilities Act (42 U.S.C. §§12101, et seq.), the Age Discrimination in Employment Act of 1967, as amended, the Older Workers Benefit Protection Act, the Employee Retirement Income Security Act (ERISA), 29 U.S.C. §§1001, et seq., the Civil Rights Act of 1991, 42 U.S.C. §§1981-1988, the Occupational Safety and Health Act, the Family and Medical Leave Act (29 USC §2601, et seq.) the Fair Credit Reporting Act, the Genetic Information Nondiscrimination Act, the Immigration Reform and Control Act, the California Fair Employment and Housing Act (FEHA), Government Code §12940, et seq., the California Labor Code, the California Family Rights Act (CFRA), the California Private Attorneys General Act (PAGA), the California Business and Professions Act, and any other state laws and/or regulations relating to employment or employment discrimination (the “Release”). To the maximum extent permitted by law, the Release extends to all claims of every nature and kind whatsoever, whether known or unknown, suspected or unsuspected. Employee expressly waives the provisions of Section 1542 of the California Civil Code, and any similar statutory or common law provisions, which provides: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY. Notwithstanding the foregoing, there are certain claims which, under state or federal statutes or regulations, may not be released, or may not be released except with the participation and approval of a state or federal agency. For example, this Agreement shall not be deemed to release (i) any claims for unemployment or workers’ compensation benefits, (ii) any vested rights under the Company’s ERISA-covered employee benefit plans as applicable on the date Employee signs this Agreement, or (iii) any claims that, by law, cannot be released in an agreement between an employer and an employee. In addition, this Agreement does not limit Employee’s rights to indemnification, coverage, exculpation or reimbursement of officers and directors of the Company contained in any organizational documents or indemnification agreement or with respect to any applicable directors’ and officers’ liability insurance to the extent applicable. The Release does not waive any action to enforce either of the Parties’ obligations under this Agreement and/or any claims that might arise after the date the Employee signs this Agreement. 5. Return of Company Property. Employee covenants and agrees that, as of the date that is two (2) business days from the Company’s filing with the Securities and Exchange Commission of its Annual Report on Form 10-K for the period ended March 31, 2025, he will return to the Company all property belonging to the Company, including, but not limited to, keys and passes, credit cards, computer hardware, and shall exclude Employee’s personal copies of his payroll and benefits records. 6. Non-Disclosure of Confidential Information. Employee promises and agrees that he will not, except upon written authorization from the Company or as required by law, disclose any confidential or proprietary information belonging to or concerning the Company, and/or Releasees, vendors, or customers, including, without limitation, financial data, business and marketing plans, budgets, personnel information, product designs and specifications, research and development plans and budgets, technical drawings and specifications, manufacturing methods, technical know-how or other trade secrets. Employee acknowledges and reaffirms in its entirety the Proprietary Information and Invention Agreement (“Confidentiality Agreement”) executed upon commencement of his employment, a copy of which is enclosed with this Agreement as Exhibit B. Notwithstanding anything contained in this Agreement or the Confidentiality Agreement, Employee may disclose confidential information in confidence directly or indirectly to federal, state, or local government officials, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law or regulation or making other disclosures that are protected under the whistleblower provisions of state or federal laws or regulations. Nothing in this Agreement or the Confidentiality Agreement is intended to conflict with Federal law protecting confidential disclosures of a trade secret to the Government or in a court filing, 18 U.S.C. § 1833(b), or to create liability for disclosures of confidential Information that are expressly allowed by 18 U.S.C. § 1833(b) or to restrain Employee’s exercise of protected rights, including without limitation Employee’s statutory rights under Section 7 of the National Labor Relations Act, federal securities laws such as the Dodd-Frank Act, the federal Speak Out Act, or similar state or local laws, to the extent applicable. 7. Non-Solicitation. Employee acknowledges and agrees that, for a period of 12 months, he will not use the Company’s proprietary and/or confidential information or trade secrets (i) to solicit or interfere with the Company’s relationships with any of the Company’s clients, customers, vendors or suppliers for the benefit of himself or any third party following the Separation Date, or (ii) to directly or indirectly solicit, recruit or induce any Company employee to leave their employment or any contractor or terminate their services for the Company following the Separation Date. 8. Confidentiality. Employee agrees the contents, terms, and conditions of this Agreement will be kept confidential and may not be disclosed except to Employee’s immediate family, accountant or attorneys or pursuant to subpoena or court order, unless otherwise required or permitted by law, such as (a) responding to any inquiry from a government authority, (b) complying with the law or making any disclosure to satisfy reporting and/or disclosure laws including, but not limited to, periodic reports to the Securities Exchange Commission, (c) engaging in any protected rights under the NLRA or the federal securities laws, including the Dodd-Frank Act, (d) discussing or disclosing information about unlawful acts in the workplace, such as discrimination or harassment or any other conduct Employee believes is unlawful, and (e) as may be necessary to enforce its terms or as otherwise authorized or required by law, unless and until the Company publicly discloses this Agreement or the terms thereof pursuant to its disclosure obligations under the Securities Exchange Act of 1934 or as otherwise required by applicable law or regulation. With respect to each limited exception set forth above, Employee will inform the person or persons to whom Employee discloses information regarding this Agreement of the confidential nature of this Agreement. Any breach of this confidentiality provision shall be deemed a material breach of this Agreement. The Company will provide Employee a reasonable opportunity to comment on the Company’s press release and Current Report on Form 8-K describing Employee’s separation from the Company. 9. Non-Disparagement. (a) Except as may otherwise be permitted under this Agreement, including Section 6 hereof, Employee agrees that he will not, directly or indirectly, disparage or make negative remarks regarding Releasees or their business, products, services, intellectual property, financial standing, employment practices, agents, representatives, directors, officers, shareholders, attorneys, employees, vendors, affiliates, successors or assigns, or any person acting by, through, under or in concert with any of them, with any written or oral statement, including, but not limited to, any statement posted on social media (including online company review sites) or otherwise on the Internet, whether or not made anonymously or with attribution. (b) The Company agrees it will direct its directors and executive officers to not, directly or indirectly, disparage or make negative public remarks about Employee, whether in any written or oral statement, including, but not limited to, any statement posted on social media (including online company review sites) or otherwise on the Internet. Notwithstanding the foregoing, nothing in this Agreement shall limit the Company’s ability to (a) disclose Employee’s name, position, and dates of employment in response to reference requests from potential future employers or (b) comply with any disclosure or reporting obligations, including, but not limited to providing truthful information in response to inquiries by governmental agencies, in public filings as required by law, or in any legal or administrative proceedings. 10. No Assistance. Employee agrees not to counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company and/or Releasees, unless under a subpoena or other court order to do so. 11. Covenant Not to Sue. Employee promises and states that he has not given or sold any claim discussed in this Agreement to anyone, and that he has not filed a lawsuit, claim, or charge with any court or government agency asserting any claims that are released by the Release. To the fullest extent permitted by law, at no time

subsequent to the execution of this Agreement will Employee pursue, or cause or knowingly permit the prosecution, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal, of any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which he may now have, have ever had, or may in the future have against Releasees, which is based in whole or in part on any matter released by this Agreement. Nothing in this Section shall prohibit or impair Employee or the Company from complying with all applicable laws, nor shall this Agreement be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act. 12. Protected Rights. Employee understands that nothing in this Agreement prevents any party from responding to or otherwise cooperating with any and all government authorities, including responding to any inquiry by any government authority, complying with the law or making any disclosure to satisfy reporting and/or disclosure laws, including, but not limited to, periodic reports to the Securities Exchange Commission. Employee understands that nothing in the General Release and Waiver of Claims and Covenant Not to Sue sections above, or otherwise in this Agreement, limits Employee’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local government agency or commission (“Government Agencies”). Employee further understands that this Agreement does not limit his ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. Nothing in this Agreement shall prohibit Employee from providing truthful information in response to a government inquiry, subpoena or other legal process. Nothing in this Agreement prevents Employee from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that Employee has reason to believe is unlawful. Further, this section does not apply to nor does it in any way restrict or impede Employee from exercising protected rights, including rights under the National Labor Relations Act (“NLRA”) or the federal securities laws, including the Dodd-Frank Act. This Agreement does not limit Employee’s right to receive an award for information provided to any Government Agencies). Employee may also disclose confidential information in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal. 13. Cooperation. Employee agrees to cooperate fully with the Company in connection with any and all existing or future arbitration proceedings, actual or threatened litigation, charges, grievances, actions, appeals or investigations brought by or against the Company or any of the Company Releasees, whether administrative, civil or criminal in nature, in which and to the extent the Company deems Employee’s cooperation necessary. Employee agrees to cooperate fully with the Company in connection with its actual or contemplated defense, prosecution, or investigation of any claims or demands by or against third parties, or other matters arising from events, acts, or failures to act that occurred during the period of his employment by the Company. Such cooperation includes, without limitation, making himself available to the Company upon reasonable notice, without subpoena, to provide complete, truthful and accurate information in witness interviews, depositions, and trial testimony. Upon presentation of reasonable documentation from Employee, the Company agrees to reimburse Employee for his reasonable out-of-pocket expenses and his time at a daily rate (in no less than half day increments) based on Employee’s base salary for the Company as of the Separation Date. The Company will make reasonable efforts to accommodate Employee’s scheduling needs. 14. No Admission of Liability. This Agreement is not and shall not be construed or contended by Employee to be an admission or evidence of any wrongdoing or liability on the part of the Company or Releasees. This Agreement shall be afforded the maximum protection allowable under the Federal Rules of Evidence 408 and/or any other state or federal provisions of similar effect. 15. [Intentionally Omitted.] 16. ADEA Waiver; Consideration Period; Revocation Period. Employee understands and has been advised that his general release of age claims is subject to the terms of the Older Workers Benefit Protection Act of 1990 (OWBPA). The OWBPA provides that an individual cannot waive a right or claim under the Age Discrimination in Employment Act of 1967 (ADEA), unless the waiver is knowing and voluntary. Employee has been advised of these laws and has signed this Agreement with full knowledge of its consequences. Employee further understands that he may take up to twenty-one (21) days to consider this Agreement (the “Consideration Period”). The offer set forth in this Agreement, if not accepted by Employee before the end of the Consideration Period, will automatically expire. By signing below, Employee affirms that he has been advised to consult with an attorney prior to signing this Agreement. Employee also understands he may revoke this Agreement within seven (7) days of signing this document (the “Revocation Period”) by providing notice in writing to the Company, Brian Cabrera, at and that the Severance Benefits to be provided to Employee pursuant to this Agreement will be provided after expiration of the Revocation Period. Employee agrees that any changes made to this Agreement after they have been presented to him, whether material or immaterial, will not restart the twenty-one (21) day Consideration Period. Employee understands he must sign and return this Agreement within twenty-one (21) days of the date of his receipt of this Agreement to be eligible for the Severance Benefits set forth in Section 1 of this Agreement. If Employee signs this Agreement either before the Separation Date or after the Consideration Period, or revokes this Agreement during the Revocation Period, Employee understands that this Agreement is null and void and he shall not be eligible for the Severance Benefits set forth in Section 1 of this Agreement. 17. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the state of California, without giving effect to its principles of conflicts of laws, provided, however, that the arbitration provisions of this Agreement shall be governed solely by the Federal Arbitration Act, 9 U.S.C. § 1-4. 18. Severability. The provisions of this Agreement are severable, and if any part of it is found to be invalid or unenforceable, the other parts shall remain fully valid and enforceable. Specifically, should a court, arbitrator, or government agency conclude that a particular claim may not be released as a matter of law, it is the intention of the parties that the general release, the waiver of unknown claims and the covenant not to sue above shall otherwise remain effective to release any and all other claims. 19. Arbitration. Except as prohibited by law, any legal dispute between Employee and the Company (or between Employee and any Releasees, each of whom is hereby designated a third party beneficiary of this Agreement regarding arbitration) arising out of Employee’s employment, termination of employment, or this Agreement will be resolved through binding arbitration in San Jose, California, in accordance with the then current rules issued by the American Arbitration Association (“AAA”) for the resolution of employment disputes, which rules are available for review at www.adr.org/employment and incorporated herein by reference. Judgment upon the award rendered by the arbitrator in such proceeding may be entered in any court having jurisdiction thereof, provided, however, that the Law applicable to any issues regarding the scope, effectiveness or interpretation of this arbitration provision shall be the Federal Arbitration Act. Nothing in this arbitration provision is intended to limit any right Employee may have to file a charge or claim with (or, to the extent not barred by the Release or Supplemental Release, to obtain relief from) the National Labor Relations Board, or other federal or state agencies. The Parties agree that such arbitration shall be conducted on an individual basis only, not a class, representative or collective basis and hereby waive any right to bring classwide, collective or representative claims before any arbitrator or in any forum. THE PARTIES UNDERSTAND THAT BY AGREEING TO ARBITRATE DISPUTES THEY ARE WAIVING ANY RIGHT THEY MIGHT OTHERWISE HAVE TO A JURY TRIAL. This arbitration provision is not intended to modify or limit substantive rights or the remedies available to the Parties, including the right to seek interim relief, such as injunction or attachment, through judicial process, which shall not be deemed a waiver of the right to demand and obtain arbitration. 20. Entire Agreement. This Agreement is intended by the Parties to be their final agreement with respect to the subject matter hereto. The statements, promises and agreements in this Agreement may not be contradicted by any prior understandings, agreements, promises or statements, including but not limited to, any prior agreement under the Employment Agreement, Change of Control Agreement, Retention Agreement or Letter Agreement. Employee states and promises that in signing this Agreement he has not relied on any statements or promises made by the Company, other than the promises contained in this Agreement. The terms of this Agreement may not be amended, modified or waived, except with the prior approval of the Board, and by an instrument in writing signed by Employee and an authorized officer of the Company or member of the Board. 21. Intent to Bind. In signing this Agreement, Employee intends to bind himself and his heirs, administrators, executors, personal representatives and assigns. 22. Section 409A. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), including the exceptions thereto, and shall be construed and administered in accordance with such intent. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service, as a short-term deferral, or as a settlement payment pursuant to a bona fide legal dispute shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, any installment payments provided under this Agreement shall each be treated as a separate payment. To the extent required under Section 409A, any payments to be made under this Agreement in connection with a termination of employment shall only be made if such termination constitutes a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Employee on account of non- compliance with Section 409A. 23. Attorney’s Fees. If either Party files any arbitration, lawsuit, claim, or charge based on, or in any way related to, Employee’s employment with the Company, any claim that Employee has released in the Release or the promises and agreements contained in this Agreement, the Party that wins the lawsuit or arbitration or prevails on the claim or charge will be entitled to recover from the other Party all costs it incurs in connection with the dispute, including reasonable attorneys’ fees. The Company shall reimburse Employee for up to $2,000 in legal fees in connection with this Agreement. 24. Modification; Counterparts; Electronic/PDF Signatures. It is expressly agreed that this Agreement may not be altered, amended, modified, or otherwise changed in any respect except by another written agreement that specifically refers to this Agreement, executed by authorized representatives of each of the parties to this Agreement. This Agreement may be executed in any number of counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. The Parties acknowledge and agree that execution of an electronic or PDF copy shall have the same force and effect as execution of an original, and a copy of a signature will be equally admissible in any legal proceeding as if an original. 25. Warranties. Employee represents and warrants that (a) Employee has had the opportunity to discuss this Agreement with counsel, and (b) Employee signs this Agreement of Employee’s own volition, without outside inducement or coercion, fully intending to be bound by its terms. The Parties acknowledge that they have read the foregoing Agreement, understand its contents, and accept and agree to the provisions it contains and hereby execute it voluntarily and knowingly and with full understanding of its consequences. In order to bind the parties to this Agreement, the parties, or their duly authorized representatives have signed their names below. Quantum Corporation By: /s/ Brian E. Cabrera Name: Brian E. Cabrera Its: Chief Administrative Officer Date: April 4, 2025 Kenneth P. Gianella By: /s/ Kenneth P. Gianella Date: April 4, 2025

Exhibit 10.80 Separation Agreement and General Release of Claims This Separation Agreement and General Release of Claims (the “Agreement”) is made by and between James J. Lerner, an individual (“Employee”) and Quantum Corporation (the “Company”) (hereinafter collectively referred to as the “Parties” and each a “Party”), effective on the eighth calendar day after the date this Agreement is signed by Employee, provided the revocation period set forth in Section 14 below has expired without revocation (the “Effective Date”). Recitals WHEREAS, the Parties entered into an (i) an offer letter agreement dated June 22, 2018 (the “Employment Agreement”); (ii) an Executive Change of Control Agreement dated March 31, 2023 (the “Change of Control Agreement”); and (iii) a retention bonus letter agreement dated October 24, 2024 (the “Retention Agreement”); WHEREAS, the employment relationship between Employee and the Company terminated effective June 2, 2025 (“Separation Date”); WHEREAS, the Parties acknowledge that as of the Separation Date the Company has not undergone a Change of Control (as defined in the Change of Control Agreement); and WHEREAS, this Agreement sets forth the mutual understanding of the Parties as it relates to the severance benefits that Executive is entitled to receive in exchange for the promises set forth in this Agreement. NOW, THEREFORE, in consideration of the mutual covenants, commitments and agreements contained herein, and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Parties intending to be legally bound hereby agree as follows: Agreement 1. Final Wages. After the Separation Date, Employee will not represent that Employee is an employee, officer, attorney, agent, or representative of the Company for any purpose. Except as otherwise set forth in this Agreement, the Separation Date is the employment termination date for Employee for all purposes, meaning Employee is not entitled to any further compensation, monies, or other benefits from the Company, including coverage under any benefit plans or programs sponsored by the Company, as of the Separation Date, except as otherwise provided in this Agreement. Employee acknowledges that the Company has paid all accrued but unpaid wages due to Employee, with the exception of Employee’s final paycheck for salary and accrued but unused paid time off, which will be paid within two (2) business days following the Separation Date and will include a full days’ accrued salary and unused paid time off through such payment date. 2. Severance Benefits. As consideration for Employee’s execution of, non-revocation of, and compliance with this Agreement, including the Employee’s waiver and release of claims in Section 4 and other post- termination obligations, the Company agrees to provide the following benefits to which Employee is not otherwise entitled (the “Severance Benefits”): a. Severance. The Company agrees to pay Employee severance pay in the gross amount of $700,000.00, less applicable taxes and other withholdings, which equals twelve (12) months of Employee’s current base salary (the “Salary Severance”), to be paid in a lump sum within five (5) business days following the Effective Date of this Agreement. b. COBRA Payment. Upon Employee’s timely election to continue his existing health benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), and consistent with the terms of COBRA and the Company’s health insurance plan, the Company will reimburse Employee for his monthly COBRA premiums for both him and his co-dependents through the earlier of (A) the 12-month anniversary following the Separation Date, and (B) the date Employee and his eligible dependents, if any, are no longer eligible to receive COBRA continuation coverage (the “COBRA Benefits”). Notwithstanding the foregoing if the Company determines in its sole discretion that it cannot provide the COBRA benefits without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of the COBRA benefits, the Company will provide to Employee during the 6 months following the Separation Date a taxable monthly payment in an amount equal to the monthly COBRA premium that Employee would be required to pay to continue coverage under the COBRA Benefits. Such payments would be made regardless of whether Employee elects COBRA continuation coverage, solely if the Company is unable to provide the COBRA Benefits. c. Retention Bonus Payment. The Company agrees to pay to Employee the second installment of his retention bonus equal to $213,220.09 (representing the full bonus amount of $150,000.00 plus a tax gross-up of $63,220.09 as provided in the Retention Bonus Agreement) (the “Retention Bonus”), which will be subject to applicable taxes and other withholdings, within five (5) business days following the Effective Date of this Agreement. Employee acknowledges and agrees that his acceptance and receipt of this Retention Bonus nullifies any right to payment of the bonus(es) described in the Retention Bonus Agreement. Employee acknowledges and agrees that he would not be entitled receive any bonus payment if not for his acceptance of the terms of this Agreement. 3. No Entitlement to Other Compensation or Benefits. Employee understands and agrees that the Severance Benefits in Section 1 exceed what Employee would otherwise be entitled to but for his promises in this Agreement. Employee further acknowledges that the Employee is not entitled to any additional payment or consideration not specifically referenced in this Agreement. 4. General Release and Waiver of Claims. Employee acknowledges and agrees that the payments and promises set forth in this Agreement are in full satisfaction of all accrued salary, vacation pay, bonus, profit-sharing, stock, stock options or other ownership interest in the Company, termination benefits or other compensation to which Employee may be entitled by virtue of employment with the Company or Employee’s separation from the Company. To the fullest extent permitted by law, Employee hereby releases and waives any claims he may have against the Company and its owners, agents, officers, shareholders, employees, directors, attorneys, subscribers, subsidiaries, affiliates, successors and assigns (collectively “Releasees”), whether known or not known, including, without limitation, claims under any employment laws, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, misrepresentation, violation of public policy, defamation, physical injury, emotional distress, retaliation, claims for additional compensation or benefits arising out of employment or separation of employment, claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. §§2000, et seq., the Equal Pay Act, the Americans with Disabilities Act (42 U.S.C. §§12101, et seq.), the Age Discrimination in Employment Act of 1967, as amended, the Older Workers Benefit Protection Act, the Employee Retirement Income Security Act (ERISA), 29 U.S.C. §§1001, et seq., the Civil Rights Act of 1991, 42 U.S.C. §§1981-1988, the Occupational Safety and Health Act, the Family and Medical Leave Act (29 USC §2601, et seq.) the Fair Credit Reporting Act, the Genetic Information Nondiscrimination Act, the Immigration Reform and Control Act, the California Fair Employment and Housing Act (FEHA), Government Code §12940, et seq., the California Labor Code, the California Family Rights Act (CFRA), the California Private Attorneys General Act (PAGA), the California Business and Professions Act, and any other state laws and/or regulations relating to employment or employment discrimination (the “Release”). To the maximum extent permitted by law, the Release extends to all claims of every nature and kind whatsoever, whether known or unknown, suspected or unsuspected. Employee expressly waives the provisions of Section 1542 of the California Civil Code, and any similar statutory or common law provisions, which provides: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY. Notwithstanding the foregoing, there are certain claims which, under state or federal statutes or regulations, may not be released, or may not be released except with the participation and approval of a state or federal agency. For example, this Agreement shall not be deemed to release (i) any claims for unemployment or workers’ compensation benefits, (ii) any vested rights under the Company’s ERISA-covered employee benefit plans as applicable on the date Employee signs this Agreement, or (iii) any claims that, by law, cannot be released in an agreement between an employer and an employee. In addition, this Agreement does not limit Employee’s rights to indemnification, coverage, exculpation or reimbursement of officers and directors of the Company contained in any organizational documents or indemnification agreement or with respect to any applicable directors’ and officers’ liability insurance to the extent applicable. The Release does not waive any action to enforce either of the Parties’ obligations under this Agreement or the Change of Control Agreement (solely if a Change of Control is consummated on or prior to September 2, 2025), and/or any claims that might arise after the date the Employee signs this Agreement. 5. Return of Company Property. Employee covenants and agrees that, as of the date that is two (2) business days from the Separation Date, he will return to the Company all property belonging to the Company, including, but not limited to, keys and passes, credit cards, computer hardware (except as provided in the next sentence), and shall exclude Employee’s personal copies of his payroll and benefits records. Employee may retain his Company-issued laptop, provided that he allows the Company to access and remove all Company confidential or proprietary information. 6. Non-Disclosure of Confidential Information. Employee promises and agrees that he will not, except upon written authorization from the Company or as required by law, disclose any confidential or proprietary information belonging to or concerning the Company, and/or Releasees, vendors, or customers, including, without limitation, financial data, business and marketing plans, budgets, personnel information, product designs and specifications, research and development plans and budgets, technical drawings and specifications, manufacturing methods, technical know-how or other trade secrets. Employee acknowledges and reaffirms in its entirety the Proprietary Information and Invention Agreement (“Confidentiality Agreement”) executed upon commencement of his employment, the form of which is enclosed with this Agreement as Appendix A. Notwithstanding anything contained in this Agreement or the Confidentiality Agreement, Employee may disclose confidential information in confidence directly or indirectly to federal, state, or local government officials, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law or regulation or making other disclosures that are protected under the whistleblower provisions of state or federal laws or regulations. Nothing in this Agreement or the Confidentiality Agreement is intended to conflict with Federal law protecting confidential disclosures of a trade secret to the Government or in a court filing, 18 U.S.C. § 1833(b), or to create liability for disclosures of confidential Information that are expressly allowed by 18 U.S.C. § 1833(b) or to restrain Employee’s exercise of protected rights, including without limitation Employee’s statutory rights under Section 7 of the National Labor Relations Act, federal securities laws such as the Dodd-Frank Act, the federal Speak Out Act, or similar state or local laws, to the extent applicable. 7. Non-Solicitation. Employee acknowledges and agrees that, for a period of 12 months, he will not use the Company’s proprietary and/or confidential information or trade secrets (i) to solicit or interfere with the Company’s relationships with any of the Company’s clients, customers, vendors or suppliers for the benefit of himself or any third party following the Separation Date, or (ii) to directly or indirectly solicit, recruit or induce any Company employee to leave their employment or any contractor or terminate their services for the Company following the Separation Date. 8. Confidentiality. Employee agrees the contents, terms, and conditions of this Agreement will be kept confidential and may not be disclosed except to Employee’s immediate family, accountant or attorneys or pursuant to subpoena or court order, unless otherwise required or permitted by law, such as (a) responding to any inquiry from a government authority, (b) complying with the law or making any disclosure to satisfy reporting and/or disclosure laws including, but not limited to, periodic reports to the Securities Exchange Commission, (c) engaging in any protected rights under the NLRA or the federal securities laws, including the Dodd-Frank Act, (d) discussing or disclosing information about unlawful acts in the workplace, such as discrimination or harassment or any other conduct Employee believes is unlawful, and (e) as may be necessary to enforce its terms or as otherwise authorized or required by law, unless and until the Company publicly discloses this Agreement or the terms thereof pursuant to its disclosure obligations under the Securities Exchange Act of 1934 or as otherwise required by applicable law or regulation. With respect to each limited exception set forth above, Employee will inform the person or persons to whom Employee discloses information regarding this Agreement of the confidential nature of this Agreement. Any breach of this confidentiality provision shall be deemed a material breach of this Agreement. The Company will provide Employee a reasonable opportunity to comment on the Company’s press release and Current Report on Form 8-K describing Employee’s separation from the Company, at least 24 hours before such item is published. 9. Non-Disparagement. (a) Except as may otherwise be permitted under this Agreement, including Section 6 hereof, Employee agrees that he will not, directly or indirectly, disparage or make negative remarks regarding Releasees or their business, products, services, intellectual property, financial standing, employment practices, agents, representatives, directors, officers, shareholders, attorneys, employees, vendors, affiliates, successors or assigns, or any person acting by, through, under or in concert with any of them, with any written or oral statement, including, but not limited to, any statement posted on social media (including online company review sites) or otherwise on the Internet, whether or not made anonymously or with attribution. (b) The Company agrees it will direct its directors and executive officers to not, directly or indirectly, disparage or make negative public remarks about Employee, whether in any written or oral statement, including, but not limited to, any statement posted on social media (including online company review sites) or otherwise on the Internet. Notwithstanding the foregoing, nothing in this Agreement shall limit the Company’s ability to (a) disclose Employee’s name, position, and dates of employment in response to reference requests from potential future employers or (b) comply with any disclosure or reporting obligations, including, but not limited to providing truthful information in response to inquiries by governmental agencies, in public filings as required by law, or in any legal or administrative proceedings. 10. No Assistance. Employee agrees not to counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company and/or Releasees, unless under a subpoena or other court order to do so. 11. Covenant Not to Sue. Employee promises and states that he has not given or sold any claim discussed in this Agreement to anyone, and that he has not filed a lawsuit, claim, or charge with any court or government agency asserting any claims that are released by the Release. To the fullest extent permitted by law, at no time subsequent to the execution of this Agreement will Employee pursue, or cause or knowingly permit the prosecution, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal, of any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which he may now have, have ever had, or may in the future have against Releasees, which is based in whole or in part on any matter released by this Agreement. Nothing in this Section shall prohibit or impair Employee or the Company from complying with all applicable laws, nor shall this Agreement be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act. 12. Protected Rights. Employee understands that nothing in this Agreement prevents any party from responding to or otherwise cooperating with any and all government authorities, including responding to any inquiry by any government authority, complying with the law or making any disclosure to satisfy reporting and/or disclosure laws, including, but not limited to, periodic reports to the Securities Exchange Commission. Employee understands that nothing in the General Release and Waiver of Claims and Covenant Not to Sue sections above, or otherwise in this Agreement, limits Employee’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local government agency or commission (“Government Agencies”). Employee further understands that this Agreement does not limit his ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. Nothing in this Agreement shall prohibit Employee from providing truthful information in response to a government inquiry, subpoena or other legal process. Nothing in this Agreement prevents Employee from discussing or disclosing information about

unlawful acts in the workplace, such as harassment or discrimination or any other conduct that Employee has reason to believe is unlawful. Further, this section does not apply to nor does it in any way restrict or impede Employee from exercising protected rights, including rights under the National Labor Relations Act (“NLRA”) or the federal securities laws, including the Dodd-Frank Act. This Agreement does not limit Employee’s right to receive an award for information provided to any Government Agencies). Employee may also disclose confidential information in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal. 13. Cooperation. Employee agrees to cooperate fully with the Company in connection with any and all existing or future arbitration proceedings, actual or threatened litigation, charges, grievances, actions, appeals or investigations brought by or against the Company or any of the Company Releasees, whether administrative, civil or criminal in nature, in which and to the extent the Company deems Employee’s cooperation necessary. Employee agrees to cooperate fully with the Company in connection with its actual or contemplated defense, prosecution, or investigation of any claims or demands by or against third parties, or other matters arising from events, acts, or failures to act that occurred during the period of his employment by the Company. Such cooperation includes, without limitation, making himself available to the Company upon reasonable notice, without subpoena, to provide complete, truthful and accurate information in witness interviews, depositions, and trial testimony. Upon presentation of reasonable documentation from Employee, the Company agrees to reimburse Employee for his reasonable out-of-pocket expenses and his time at a daily rate (in no less than half day increments) based on Employee’s base salary for the Company as of the Separation Date. The Company will make reasonable efforts to accommodate Employee’s scheduling needs. 14. No Admission of Liability. This Agreement is not and shall not be construed or contended by Employee to be an admission or evidence of any wrongdoing or liability on the part of the Company or Releasees. This Agreement shall be afforded the maximum protection allowable under the Federal Rules of Evidence 408 and/or any other state or federal provisions of similar effect. 15. ADEA Waiver; Consideration Period; Revocation Period. Employee understands and has been advised that his general release of age claims is subject to the terms of the Older Workers Benefit Protection Act of 1990 (OWBPA). The OWBPA provides that an individual cannot waive a right or claim under the Age Discrimination in Employment Act of 1967 (ADEA), unless the waiver is knowing and voluntary. Employee has been advised of these laws and has signed this Agreement with full knowledge of its consequences. Employee further understands that he may take up to twenty-one (21) days to consider this Agreement (the “Consideration Period”). The offer set forth in this Agreement, if not accepted by Employee before the end of the Consideration Period, will automatically expire. By signing below, Employee affirms that he has been advised to consult with an attorney prior to signing this Agreement. Employee also understands he may revoke this Agreement within seven (7) days of signing this document (the “Revocation Period”) by providing notice in writing to the Company, attn: Lewis W. Moorehead, Chief Financial Officer, at , and that the Severance Benefits to be provided to Employee pursuant to this Agreement will be provided after expiration of the Revocation Period. Employee agrees that any changes made to this Agreement after they have been presented to him, whether material or immaterial, will not restart the twenty-one (21) day Consideration Period. Employee understands he must sign and return this Agreement within twenty-one (21) days of the date of his receipt of this Agreement to be eligible for the Severance Benefits set forth in Section 1 of this Agreement. If Employee signs this Agreement after the Consideration Period, or revokes this Agreement during the Revocation Period, Employee understands that this Agreement is null and void and he shall not be eligible for the Severance Benefits set forth in Section 1 of this Agreement. 16. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the state of California, without giving effect to its principles of conflicts of laws, provided, however, that the arbitration provisions of this Agreement shall be governed solely by the Federal Arbitration Act, 9 U.S.C. § 1-4. 17. Severability. The provisions of this Agreement are severable, and if any part of it is found to be invalid or unenforceable, the other parts shall remain fully valid and enforceable. Specifically, should a court, arbitrator, or government agency conclude that a particular claim may not be released as a matter of law, it is the intention of the parties that the general release, the waiver of unknown claims and the covenant not to sue above shall otherwise remain effective to release any and all other claims. 18. Arbitration. Except as prohibited by law, any legal dispute between Employee and the Company (or between Employee and any Releasees, each of whom is hereby designated a third party beneficiary of this Agreement regarding arbitration) arising out of Employee’s employment, termination of employment, or this Agreement will be resolved through binding arbitration in San Jose, California, in accordance with the then current rules issued by the American Arbitration Association (“AAA”) for the resolution of employment disputes, which rules are available for review at www.adr.org/employment and incorporated herein by reference. Judgment upon the award rendered by the arbitrator in such proceeding may be entered in any court having jurisdiction thereof, provided, however, that the Law applicable to any issues regarding the scope, effectiveness or interpretation of this arbitration provision shall be the Federal Arbitration Act. Nothing in this arbitration provision is intended to limit any right Employee may have to file a charge or claim with (or, to the extent not barred by the Release or Supplemental Release, to obtain relief from) the National Labor Relations Board, or other federal or state agencies. The Parties agree that such arbitration shall be conducted on an individual basis only, not a class, representative or collective basis and hereby waive any right to bring classwide, collective or representative claims before any arbitrator or in any forum. THE PARTIES UNDERSTAND THAT BY AGREEING TO ARBITRATE DISPUTES THEY ARE WAIVING ANY RIGHT THEY MIGHT OTHERWISE HAVE TO A JURY TRIAL. This arbitration provision is not intended to modify or limit substantive rights or the remedies available to the Parties, including the right to seek interim relief, such as injunction or attachment, through judicial process, which shall not be deemed a waiver of the right to demand and obtain arbitration. 19. Entire Agreement. This Agreement and its Appendix are intended by the Parties to be their final agreement with respect to the subject matter hereto. The statements, promises and agreements in this Agreement may not be contradicted by any prior understandings, agreements, promises or statements, including but not limited to, any prior agreement under the Employment Agreement, the Change of Control Agreement or the Retention Agreement. Employee states and promises that in signing this Agreement he has not relied on any statements or promises made by the Company, other than the promises contained in this Agreement. The terms of this Agreement may not be amended, modified or waived, except with the prior approval of the Board, and by an instrument in writing signed by Employee and an authorized officer of the Company or member of the Board. 20. Intent to Bind. In signing this Agreement, Employee intends to bind himself and his heirs, administrators, executors, personal representatives and assigns. 21. Section 409A. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), including the exceptions thereto, and shall be construed and administered in accordance with such intent. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service, as a short-term deferral, or as a settlement payment pursuant to a bona fide legal dispute shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, any installment payments provided under this Agreement shall each be treated as a separate payment. To the extent required under Section 409A, any payments to be made under this Agreement in connection with a termination of employment shall only be made if such termination constitutes a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Employee on account of non- compliance with Section 409A. 22. Attorney’s Fees. If either Party files any arbitration, lawsuit, claim, or charge based on, or in any way related to, Employee’s employment with the Company, any claim that Employee has released in the Release or the promises and agreements contained in this Agreement, the Party that wins the lawsuit or arbitration or prevails on the claim or charge will be entitled to recover from the other Party all costs it incurs in connection with the dispute, including reasonable attorneys’ fees. 23. Modification; Counterparts; Electronic/PDF Signatures. It is expressly agreed that this Agreement may not be altered, amended, modified, or otherwise changed in any respect except by another written agreement that specifically refers to this Agreement, executed by authorized representatives of each of the parties to this Agreement. This Agreement may be executed in any number of counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. The Parties acknowledge and agree that execution of an electronic or PDF copy shall have the same force and effect as execution of an original, and a copy of a signature will be equally admissible in any legal proceeding as if an original. 24. Warranties. Employee represents and warrants that (a) Employee has had the opportunity to discuss this Agreement with counsel, and (b) Employee signs this Agreement of Employee’s own volition, without outside inducement or coercion, fully intending to be bound by its terms. The Parties acknowledge that they have read the foregoing Agreement, understand its contents, and accept and agree to the provisions it contains and hereby execute it voluntarily and knowingly and with full understanding of its consequences. [Signature Page Follows] In order to bind the parties to this Agreement, the parties, or their duly authorized representatives have signed their names below. Quantum Corporation James J. Lerner By: /s/ Don Jaworski By: /s/ James J. Lerner Don Jaworski Director Date: July 1, 2025 Date: July 1, 2025


		Page Number
Note Regarding Forward-Looking Statements		3
Summary of Risk Factors		4
	PART I
Item 1.	Business	5
Item 1A.	Risk Factors	11
Item 1B.	Unresolved Staff Comments	26
Item 1C.	Cybersecurity	26
Item 2.	Properties	27
Item 3.	Legal Proceedings	27
Item 4.	Mine Safety Disclosures	27
	PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	28
Item 6.	[Reserved]	29
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 8.	Financial Statements and Supplementary Data	42
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	85
Item 9A.	Controls and Procedures	85
Item 9B.	Other Information	87
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.	87
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	87
Item 11.	Executive Compensation	88
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	88
Item 13.	Certain Relationships and Related Transactions, and Director Independence	88
Item 14.	Principal Accounting Fees and Services	88
	PART IV
Item 15.	Exhibits, Financial Statement Schedules	89
Item 16.	Form 10-K Summary	96

	Signatures	97
	Power of Attorney	97


Name						Position with Quantum
Hugues Meyrath						President and Chief Executive Officer
William H. White						Chief Financial Officer
Anthony Craythorne						Chief Revenue Officer
Laura A. Nash						Chief Accounting Officer


	Year Ended March 31,
(in thousands)	2026		2025

Total revenue	$	279,581	$	274,058
Total cost of revenue (1)	176,540		164,226
Gross profit	103,041		109,832
Operating expenses
Sales and marketing (1)	52,016		52,320
General and administrative (1)	43,917		63,961
Research and development (1)	23,503		31,141
Restructuring charges	8,112		4,090
Total operating expenses	127,548		151,512
Loss from operations	(24,507)		(41,680)
Other expense, net	(1,511)		(710)
Interest expense	(21,575)		(23,607)
Change in fair value of warrant liability	11,315		(45,270)
Change in fair value of convertible note	(4,119)		—
Loss on debt extinguishment, net	(59,641)		(3,003)
Loss before income taxes	(100,038)		(114,270)
Income tax provision	1,008		821
Net loss	$	(101,046)	$	(115,091)


	Year Ended March 31,
(in thousands)	2026		2025

Cost of revenue	$	(21)	$	373
Research and development	73		495
Sales and marketing	(66)		317
General and administrative	(835)		1,643
Total	$	(849)	$	2,828


	Year Ended March 31,
(in thousands)	2026		% of revenue		2025		% of revenue		$ Change		% Change
Product revenue	$	172,385	62	%	$	154,182	57	%	$	18,203	12	%
Service and subscription revenue	99,226		35	%	110,658		40	%	(11,432)		(10)	%
Royalty revenue	7,970		3	%	9,218		3	%	(1,248)		(14)	%
Total revenue	$	279,581	100	%	$	274,058	100	%	$	5,523	2	%


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Quantum Corporation
(Exact name of registrant as specified in its charter)


(408)			944-4000
Registrant's telephone number, including area code



(Former name, former address, and former fiscal year, if changed since last report)


	Year Ended March 31,
(dollars in thousands)	2025		% of revenue		2024		% of revenue		$ Change		% Change
Product revenue	$	154,182	57	%	$	174,879	55	%	$	(20,697)	(12)	%
Service and subscription	110,658		40	%	126,590		41	%	(15,932)		(13)	%
Royalty	9,218		3	%	10,131		3	%	(913)		(9)	%
Total revenue	$	274,058	100	%	$	311,600	99	%	$	(37,542)	(12)	%


	Payments Due by Period
(in thousands)	Total		1 year or less		1 – 3 Years		3 –5 Years		More than 5 years
Debt obligations (1)	$	128,767	$	55,906	$	72,861	$	—	$	—


Future lease commitments (2)	16,895		1,964		2,840		2,522		9,569
Purchase obligations (3)	76,758		76,758		—		—		—
Total	$	222,420	$	134,628	$	75,701	$	2,522	$	9,569


			Page
Report of Independent Registered Public Accounting Firm (PCAOB ID: 248)			43
Report of Independent Registered Public Accounting Firm (PCAOB ID: 32)
Consolidated Balance Sheets			48
Consolidated Statements of Operations and Comprehensive Loss			49
Consolidated Statements of Cash Flows			50
Consolidated Statements of Stockholders’ Deficit			51
Index to Notes to Consolidated Financial Statements			52


	March 31,
	2026		2025
Assets
Current assets:
Cash and cash equivalents	$	15,572	$	16,464
Restricted cash	662		139
Accounts receivable, net of allowance for credit losses of $3,234 and $99, respectively	69,650		52,502
Inventories	16,103		22,434
Prepaid expenses	2,431		2,738
Other current assets	8,068		8,529
Total current assets	112,486		102,806

Property and equipment, net	9,284		11,378
Intangible assets, net	—		281
Goodwill	12,969		12,969
Right-of-use assets, net	7,416		8,580
Other long-term assets	14,737		19,388
Total assets	$	156,892	$	155,402
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	29,342	$	31,463
Accrued compensation	11,862		9,214
Deferred revenue, current portion	75,654		75,076
Accrued restructuring charges	566		786
Term debt	54,811		96,486
Revolving credit facility	—		26,600
Warrant liabilities	14,105		—
Other accrued liabilities	19,457		17,982
Total current liabilities	205,797		257,607
Deferred revenue, net of current portion	39,030		38,847

Convertible note	90,034		—
Operating lease liabilities	8,172		8,934
Other long-term liabilities	12,716		14,380
Total liabilities	355,749		319,768
Commitments and contingencies (Note 10)
Stockholders’ deficit
Preferred stock:
Preferred stock, 20,000 shares authorized; no shares issued as of March 31, 2026 and 2025, respectively	—		—
Common stock:
Common stock, $0.01 par value; 225,000 shares authorized; 14,638 and 6,962 shares issued and outstanding at March 31, 2026 and 2025, respectively	146		70
Additional paid-in capital	853,974		779,645
Accumulated deficit	(1,043,517)		(942,471)
Accumulated other comprehensive loss	(9,460)		(1,610)
Total stockholders' deficit	(198,857)		(164,366)
Total liabilities and stockholders' deficit	$	156,892	$	155,402


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders' Deficit
	Shares	Amount
March 31, 2024	4,792	$	48	$	708,027	$	(827,380)	$	(2,193)	$	(121,498)
Net loss	—	—		—		(115,091)		—		(115,091)
Foreign currency translation adjustments, net of income taxes	—	—		—		—		583		583
Shares issued under employee incentive plans, net	157	2		(2)		—		—		—
Warrants exercised related to long-term debt	856	9		52,975		—		—		52,984
Shares issued related to the SEPA, net	1,157	11		15,817		—		—		15,828
Stock-based compensation	—	—		2,828		—		—		2,828
March 31, 2025	6,962	$	70	$	779,645	$	(942,471)	$	(1,610)	$	(164,366)
Net loss	—	$	—	—		(101,046)		$	—	(101,046)
Foreign currency translation adjustments, net of income taxes	—	—		—		—		594		594
Change in fair value of convertible note	—	—		—		—		(8,444)		(8,444)
Shares issued under employee incentive plans, net	121	1		79		—		—		80
Shares issued related to the SEPA, net	7,555	75		75,099		—		—		75,174
Stock-based compensation	—	—		(849)		—		—		(849)
March 31, 2026	14,638	$	146	$	853,974	$	(1,043,517)	$	(9,460)	$	(198,857)


		Page
Note 1:	Description of Business and Significant Accounting Policies	52
Note 2:	Revenue	62
Note 3:	Balance Sheet Information	63
Note 4:	Debt	64
Note 5:	Leases	68
Note 6:	Restructuring Charges	69
Note 7:	Common Stock	69
Note 8:	Net Loss Per Share	74
Note 9:	Income Taxes	75
Note 10:	Commitments and Contingencies	78
Note 11:	Fair Value of Financial Instruments	79
Note 12:	Segment Information	81
Note 13:	Subsequent Events	83


Machinery and equipment			3 to 5 years



Furniture and fixtures			5 years

Leasehold improvements			Shorter of useful life or life of lease


	Current		Non-Current		Total
As of March 31, 2026	$	123,962	$	39,271	$	163,233


	Deferred revenue by period
		Current		Non-current		Total
Service revenue		$	62,897	$	29,252	$	92,149
Subscription revenue		12,161		9,778		21,939
Product revenue		$	596	$	—	$	596
Total		$	75,654	$	39,030	$	114,684


Manufacturing inventories	March 31,
	2026		2025
Manufactured finished goods	$	5,887	$	10,471
Work in progress	990		380
Raw materials	8,508		9,485
Service parts Inventories	718		2,098
Total manufacturing inventories	$	16,103	$	22,434


Goodwill
	Amount
Balance at March 31, 2024	$	12,969
Goodwill acquired	—
Balance at March 31, 2025	12,969
Goodwill acquired	—
Balance at March 31, 2026	$	12,969


	Year Ended March 31,
Operating leases	2026		2025
Operating lease right-of-use assets	$	7,416	$	8,580

Operating lease liability, current - included in other accrued liabilities	$	799	$	856
Operating lease liability	8,172		8,934
Total operating lease liabilities	$	8,971	$	9,790


	Year Ended March 31,
Lease expense	2026		2025
Operating lease expense	$	2,190	$	2,895
Variable lease expense	251		263
Short-term lease expense	426		48
Total lease expense	$	2,867	$	3,206


Maturity of Lease Liabilities	Operating Leases
Fiscal year ending March 31, 2027	$	1,964
2028	1,606
2029	1,234
2030	1,237
2031	1,285
Thereafter	9,569
Total lease payments	16,895
Less: Imputed interest	(7,924)
Present value of lease liabilities	$	8,971


Lease Term and Discount Rate	March 31,
	2026		2025
Weighted average remaining operating lease term (years)	10.16		10.53
Weighted average discount rate for operating leases	12.67	%	12.64	%


	Severance and benefits





Balance as of March 31, 2024	$	—
Restructuring charges	4,090
Cash payments	(3,266)
Other non-cash	(38)
Balance as of March 31, 2025	786
Restructuring charges	8,112
Cash payments	(8,363)
Other non-cash	31
Balance as of March 31, 2026	$	566


	Shares	Weighted-Average Grant Date Fair Value per Share
Unvested as of March 31, 2025	213	$	6.87
Granted	120	$	6.11
Vested	(4)	$	19.53
Forfeited or cancelled	(200)	$	7.23
Unvested as of March 31, 2026	129	$	6.87


	November 1, 2025	January 1, 2026
Term (years)	7.00 years	7.00 years
Volatility 1	100.2%	98.8%
Dividend yield 2	0.00%	0.00%
Risk-free interest rate 3	3.66%	3.79%
Grant date fair value	$7.39	$5.02







Balance at March 31, 2024	$	4,046
Issuance of warrants	3,157
Exercise of warrants	(52,985)
Repricing adjustment	512
Change in fair value of warrant liabilities	45,270
Balance at March 31, 2025	$	—


Balance at March 31, 2025	$	—
Issuance of warrants	25,420
Change in fair value of warrant liabilities	(11,315)
Balance at March 31, 2026	$	14,105


	For the year ended March 31,
	2026
Federal	$	—
State	(52)
Foreign
Belgium	116
France	77
India	149
Israel	449
Italy	93
Malaysia	79
Mexico	80
United Kingdom	103
Other Foreign Jurisdictions	100
Total Foreign	1,246
Total Income Taxes paid, net of refunds received	$	1,194


	For the year ended March 31,
	2026
At Statutory Rate	$	(21,008)	21.0	%
State Income Taxes, net of Federal Effect	1,733		(1.7)	%
Change in Valuation Allowance	(7,131)		7.1	%
Nontaxable or Nondeductible Items
Loss on Debt Extinguishment	12,526		(12.5)	%
Warrants Mark-to-Market	(2,376)		2.4	%
Legal Services	2,368		(2.4)	%
Other Nondeductible Items	1,477		(1.5)	%
Changes in Tax Laws or Rates	—		—	%
Tax Credits
R&D Credits	4,614		(4.6)	%
Foreign Tax Credit	11,915		(11.9)	%
Cross-Border Tax Laws
Subpart F Inclusion	281		(0.3)	%
Worldwide Changes in UTB	(4,683)		4.7	%
Other	519		(0.5)	%
Foreign Tax Effects
Other Foreign Jurisdictions	773		(0.8)	%
Total Tax Expense	$	1,008	(1.0)	%


	As of March 31,
	2026		2025

Deferred tax assets
Loss carryforwards	$	71,533	$	61,466
Deferred revenue	23,865		25,895
Capitalized research and development	23,094		28,824
Tax credits	2,817		15,517
Disallowed interest	22,890		19,696
Other accruals and reserves not currently deductible for tax purposes	3,651		3,913
Lease obligations	1,853		2,016
Inventory	4,537		3,779
Acquired intangibles	989		1,285
Accrued warranty expense	178		277
Depreciation	1,491		1,755
Gross deferred tax assets	156,898		164,423
Valuation allowance	(154,616)		(161,730)
Total deferred tax assets, net of valuation allowance	2,282		2,693
Deferred tax liabilities
Lease assets	(1,529)		(1,711)
Other	290		(323)
Total deferred tax liabilities	(1,239)		(2,034)
Net deferred tax assets (liabilities)	$	1,043	$	659


	March 31, 2026	September 23, 2025
Discount period (years)	6.48 years	7.0 years
Risk-free interest rate	3.65% - 4.02%	3.52% - 3.83%
Stock price volatility	100.00%	98.00%
Stock price at valuation date	$4.75	$10.69
Probability1	15% - 15% - 70%	35% - 15% - 50%
Fair value (in thousands)	$14,105	$25,420


	March 31, 2026	December 18, 2025
Term (years)	2.7 years	3.0 years
Volatility	85.0%	120.0%
Dividend yield	0.00%	0.00%
Risk-free interest rate	3.77%	3.47%
Probability for maturity	85%	65%
Probability for liquidation event 1	15%	35%