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Exhibit 10.27  

 
  Form of Stock Option Agreement
  under 1992 Stock Option Plan    
    

	

	Notice of Grant of Stock Options

and Option Agreement	 	Synopsys, Inc.

ID: 56-1546236

700 East Middlefield Road

Mountain View, CA 94043
	

	

 	
 	
Option Number:

Plan:

ID:
	

Effective
                         you have been granted an Non-Qualified Stock Option (the Option) to buy
             shares of
Synopsys, Inc. (the Company) Common stock at $                         per share. 

This
Option may be exercised, in whole or in part, in accordance with the following vesting schedule, subject to the continuation of employment. 

	Shares
 
	 	Vest Type
	 	Full Vest
	 	Expiration

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

Please
note that if your employment with Synopsys is terminated, except in the case of death or disability or termination for cause, you will be able to exercise all outstanding fully vested options
for thirty (30) days following your date of termination. In the case of death or disability, the post-termination exercise period is one year. 

Optionee
acknowledges and agrees that nothing in this Option Agreement, nor in the plan under which the options were granted shall confirm upon the Optionee any right with respect to continuation of
employment with or service to the Company for any period of specific duration or interfere with or otherwise restrict in any way the Optionee's right or the Company's right to terminate Optionee's
employment or service at any time, with or without cause. 

By
your signature and the signature of the Company's representative below, you and the Company agree that this option is granted under and governed by the terms and conditions of this Notice and the
Company's Stock Option Plan. Optionee has reviewed these documents and agrees to be bound by the terms and conditions thereof. 

	 	 	 
	 	 	 
	
 Secretary	 	 
	 	 	 
	 	 	 
	
	 	
 Date

Date:                         

Time:                        

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Exhibit 10.28  

 
  Synopsys, Inc. Director Compensation Arrangements    
    

	•
	Annual
retainer: $25,000 per year.

	•
	Per
meeting fees for Audit Committee members only, up to a maximum of four meetings per year:

	•
	$2,000
per Audit Committee meeting attended other than the Chairperson

	•
	$4,000
per Audit Committee meeting attended by the Chairperson

	•
	Equity:
pursuant to the 1994 Non-Employee Directors Plan (the Directors Plan), in fiscal 2004, each director was eligible to receive options to purchase Synopsys
common stock with as follows:

	•
	Any
new director receives an option for 30,000 shares, vesting in equal installments over four years.

	•
	Each
continuing director who is reelected at an annual meeting of stockholders receives an option for 20,000 shares, vesting in full on the date immediately prior to the
date of the annual
meeting following their grant, assuming continued board service through such date. If a director is appointed to the Board between annual meetings, the annual grant is prorated based upon the amount
of time since the last annual meeting.

	•
	Each
director receives an option for 5,000 shares for each Board committee membership, up to a maximum of two committee service grants per year. These options vest in full
on the date immediately prior to the date of the annual meeting following their grant, assuming continued committee service through such date. If a director is appointed to the Board between annual
meetings, any committee grants are prorated based upon the amount of time since the last annual meeting.

	•
	All
options have an exercise price equal to the fair market value of the stock of Synopsys on the grant date and a term of ten years from the date of grant. 

Note:
the Directors Plan expired as to future grants in October 2004. As a result, Synopsys intends to present a new director equity plan for stockholder approval at its 2005 annual meeting of
stockholders. 

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Exhibit 4.1.1    
    

        THIS FIRST SUPPLEMENTAL INDENTURE, dated as of August 5, 2004 (this "First Supplemental Indenture"), is by
and among Refco Finance Inc., a Delaware corporation, Refco Group Ltd., LLC, a Delaware limited liability company ("Group Ltd."),
each of the parties identified as a Subsidiary Guarantor on the signature pages hereto (each, a "Subsidiary Guarantor" and collectively, the
"Subsidiary Guarantors") and Wells Fargo Bank, National Association, as trustee (the "Trustee"). 

 
 

W I T N E S S E T H    
    

        WHEREAS, Refco Finance Holdings LLC ("Finance Holdings LLC") and Refco Finance Inc. (together with Finance
Holdings LLC, the "Issuers" and each individually, an "Issuer") and the Trustee are parties to an
indenture dated as of August 5, 2004 (the "Indenture"), providing for the issuance of the Issuers' 9% Senior Subordinated Notes Due 2012 (the
"Securities"). 

        WHEREAS,
Finance Holdings LLC has merged with and into Group Ltd. (the "Merger"), with Group Ltd. being the continuing and
surviving entity; 

        WHEREAS,
as a result of the Merger, Group Ltd. has assumed the obligations of Finance Holdings LLC as an Issuer and the Company under the Indenture and the Securities, including
those for the full and punctual payment of principal of and interest on the Securities, and by executing this First Supplemental Indenture is expressly assuming those obligations; 

        WHEREAS,
pursuant to Section 4.11 of the Indenture, Group Ltd. is required to cause each Subsidiary Guarantor to execute and deliver to the Trustee a Guaranty Agreement
pursuant to which such Subsidiary Guarantor shall guarantee the Issuers' payment of the Securities on the terms and conditions set forth in the Indenture; and 

        WHEREAS,
pursuant to Section 9.01 of the Indenture, Refco Finance Inc., Group Ltd., the Subsidiary Guarantors and the Trustee are authorized to execute and deliver
this First Supplemental Indenture. 

        NOW,
THEREFORE, for and in consideration of the foregoing premises, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities, as
follows: 

        1.    Capitalized Terms.    Capitalized terms used herein without definition shall have the meanings assigned to them
in the Indenture. 

        2.    Assumption by Group Ltd.    Group Ltd. hereby assumes Finance Holdings LLC's obligations as an
Issuer and the Company under the Indenture and the Securities, including those for the full and punctual payment of principal of and interest on the Securities when due, whether at maturity, by
acceleration, by redemption, by required repurchase or otherwise. Group Ltd. is hereby substituted for, and may exercise every right and power of, Finance Holdings LLC under the Indenture with
the same effect as if Group Ltd. had been named as an Issuer or the Company in the Indenture, and Group Ltd. is a successor of Finance Holdings LLC under the Indenture and all references
to the Company under the Indenture shall be references to Group Ltd. and all references to Subsidiaries of the Company under the Indenture shall be references to Subsidiaries of
Group Ltd. 

        3.    Notation on Securities.    Securities authenticated and delivered after the date hereof may bear the following
notation, which may be stamped or imprinted thereon: 

        "In
connection with the merger of Refco Finance Holdings LLC with and into Refco Group Ltd., LLC and pursuant to the First Supplemental Indenture dated as of August  5,2004, Refco Group Ltd., LLC
has expressly assumed Refco Finance Holdings LLC's obligations as an Issuer and the Company under the Indenture and
the Securities, including those for the full and punctual payment of principal of and interest on this Security." 

        4.    Agreements to Become Guarantors.    Each Subsidiary Guarantor hereby (a) guarantees on the terms and
subject to the conditions set forth in Article 11 of the Indenture, jointly and severally, to 

 

each
Holder and to the Trustee and its successors and assigns the full and punctual payment of principal of and interest on the Securities when due, whether at maturity, by acceleration, by
redemption, by required repurchase or otherwise, and all other monetary obligations of the Issuers under the Indenture and the Securities and the full and punctual performance within all applicable
grace periods of all other obligations of the Issuers under the Indenture and the Securities, (b) subordinates such guarantee to the extent and in the manner provided in Article 12 of
the Indenture and (c) agrees to be bound by all other provisions of the Indenture and the Securities applicable to a "Subsidiary Guarantor" thereunder. 

        5.    Ratification of Indenture; Supplemental Indenture Part of Indenture.    Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This First Supplemental Indenture shall form a
part of the Indenture for all purposes, and every holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby. 

        6.    Notices.    For purposes of Section 13.02 of the Indenture, the address for notices to Group Ltd.
and each of the Subsidiary Guarantors shall be: 

Refco
Group Ltd., LLC

One World Financial Center

200 Liberty Street, Tower A

New York, NY 10281

Attention: Robert C. Trosten 

        7.    Governing Law.    This Supplemental Indenture shall be governed by, and construed in accordance with, the laws
of the State of New York. 

        8.    Counterparts.    The parties may sign any number of copies of this First Supplemental Indenture. Each signed
copy shall be an original, but all of them together shall represent the same agreement. 

        9.    Effect of Headings.    The section headings herein are for convenience only and shall not affect the
construction hereof. 

        10.    The Trustee.    The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity
or sufficiency of this First Supplemental Indenture or for or in respect of the recitals contained
herein, all of which recitals are made solely by Refco Finance Inc., Group Ltd. and the Subsidiary Guarantors. 

2

   
        IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed, all as of the date first above written. 

	 	 	REFCO FINANCE INC.,
	

 	
 	

By	
 	

/s/  SCOTT JAECKEL      

	 	 	 	 	Name: Scott Jaeckel
	 	 	 	 	Title: Treasurer
	

 	
 	

REFCO GROUP LTD., LLC,
	

 	
 	

By:	
 	

/s/  PHILIP SILVERMAN      

	 	 	 	 	Name: Philip Silverman
	 	 	 	 	Title: Secretary
	

 	
 	

BERSEC INTERNATIONAL LLC,

KROECK & ASSOCIATES LLC,

LIND-WALDOCK SECURITIES, LLC,

MARKET EDUCATIONAL INSTITUTE, LLC,

MARSHALL METALS, LLC,

REFCO ADMINISTRATION, LLC,

REFCO CAPITAL HOLDINGS, LLC,

REFCO CAPITAL MANAGEMENT, LLC,

REFCO CAPITAL TRADING LLC,

REFCO CAPITAL LLC,

REFCO F/X ASSOCIATES, LLC,

REFCO FINANCIAL, LLC,

REFCO FIXED ASSETS MANAGEMENT, LLC,

REFCO GLOBAL CAPITAL MANAGEMENT LLC,

REFCO GLOBAL FUTURES, LLC,

REFCO GLOBAL HOLDINGS, LLC,

REFCO INFORMATION SERVICES, LLC,

REFCO MANAGED FUTURES, LLC,

REFCO MORTGAGE SECURITIES, LLC,

REFCO REGULATED COMPANIES, LLC,

SUMMIT MANAGEMENT, (NEWCO) LLC,

WESTMINSTER-REFCO MANAGEMENT LLC,
	

 	
 	

each as a Subsidiary Guarantor,
	

 	
 	

By:	
 	

/s/  PHILIP SILVERMAN      

	 	 	 	 	Name: Philip Silverman
	 	 	 	 	Title: Secretary
	

 	
 	

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Trustee,
	

 	
 	

By	
 	

/s/  JOSEPH P. O'DONNELL      

	 	 	 	 	Name: Joseph P. O'Donnell
	 	 	 	 	Title: Assistant Vice President

3

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Exhibit 4.1.1

W I T N E S S E T H

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