SNPS » Topics » Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; CompensatoryArrangements of Certain Officers.

This excerpt taken from the SNPS 8-K filed Mar 28, 2007.

Item 5.02   Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; CompensatoryArrangements of Certain Officers.

 

On March 22, 2007, the Compensation Committee of Synopsys, Inc. (the “Company”) approved the principal terms of a Relocation Assistance Package (the “Package”) for Joseph W. Logan, Senior Vice President, Worldwide Sales (“Executive”), with a total value not to exceed $250,000.  Pursuant to the Package, the Company would pay Executive, or reimburse on Executive’s behalf, certain eligible expenses incurred as a result of relocating Executive’s current primary residence from Massachusetts to a primary residence near the Company’s California Headquarters location. The elements of the Package shall include:

1.               Closing costs relating to the sale of Executive’s existing primary residence and purchase of a new primary residence;

2.               Personal transportation costs, including airfare and moving services with respect to Executive, Executive’s immediate family and personal property;

3.               Mortgage interest payments on existing and/or a new primary residence; and,

4.               Federal and state taxes owed by Executive as a result of the payments described above being treated as income received by Executive.

The Company may be entitled to recoup expenses advanced under the Package in whole or in part should Executive’s employment terminate prior to the two-year anniversary date of the Package.




 

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.

 

Date: March 28, 2007

 

SYNOPSYS, INC.

 

 

 

 

 

 

 

 

/s/ Brian E. Cabrera

 

 

 

 

Brian E. Cabrera

 

 

Vice President, General Counsel

 

 

and Corporate Secretary

 



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