Document:

Offer Letter dated November 8, 2004

 Exhibit 10.7 
 November 8, 2004 
 Revised 
 Mr. Kevin Port 
 721 Esplanade, #403 
 Redondo Beach, CA 90277 
 Dear Kevin: 
 This will
confirm our offer of employment to you: 
  

			
	Position:	 	Your position will be Vice President International Operations, reporting to Barry Lipsky, President and CEO.
		
	Location:	 	Franklin’s Headquarters at One Franklin Plaza, Burlington, New Jersey.
		
	Annual Salary:	 	You will be paid bi-weekly at an annual rate of $150,000.
		
	Salary Review:	 	You will be eligible for your first merit increase in January 2006 during Franklin’s annual review process. Your earned increase will be prorated based on your completed months of service
at the time of your salary review.
		
	Bonus:	 	You will be eligible to participate in Franklin’s Bonus Program for FY05. The amount of your bonus, if any, depends on both the Company’s performance including overall profitability
and your own individual achievements. Your FY06 target bonus will be 20% of your annual base salary, based on performance (details to be outlined).
		
	Stock Options:	 	You will be granted a ten-year non-qualified Stock Option to purchase fifteen thousand (15,000) shares of Franklin’s common stock (subject to Board approval). The option will vest in four
equal installments on each of the first, second, third, and fourth anniversaries of your first day of employment. The grant date will be your first day of employment and the strike price will be the closing price of Franklin’s common stock on
the American Stock Exchange on that date. In addition, you will participate in Franklin’s standard Stock Option Plan and be eligible for subsequent grants.

 Kevin Port 
  

			
	Relocation:	 	Franklin will provide you relocation benefits which are: two (2) house-hunting trips, closing costs associated with the selling of your home (i.e. attorney fees, title fees, excluding
real estate commissions), closing costs associated with the purchase of a home in NJ ( attorney fees, mortgage application fees, title fees, excluding mortgage points) and 60 days temporary lodging while you search for a place of residence.
You are eligible to receive the relocation benefits for one (1) year from your official date of hire as a Franklin employee. This one year agreement can only be extended in writing with the approval of the CEO. You agree that if you separate
from the Company voluntarily or with cause within one (1) year of your start date, you will repay these moneys to Franklin at the time of your separation. “Cause” means your acts or omissions that result in injury or harm to
Franklin.
		
	Auto Allowance:	 	You will be paid an Auto Allowance of $10,000 annually. Franklin will also pay reasonable car rental fees for you until your car is transported to NJ. The normal expense procedure should
be utilized for this reimbursement.
		
	Benefits:	 	You will be able to participate in Franklin’s major medical, life insurance, dental, disability and 401(k) plans. Benefit forms are enclosed for your completion. Please bring them with you
on your first day of employment.
		
	Vacation:	 	As of your official date of hire, you will earn and accrue vacation time based on 1.25 days for each month of service you complete (the equivalent of 15 days per year). In 2005 and each
year thereafter, you will be allowed two personal days.
		
	Start Date:	 	We ask that you start on December 6, 2004 (time worked prior to this date will be paid at a consultant rate).
		
	Severance:	 	If your employment is terminated by Franklin “without cause” within the first 12 months of employment, you will receive the following severance package:
		
		 	 a)      Salary: Salary continuation at your then-current rate of base salary for three
months;

		
		 	 b)      Benefits: Medical and dental benefits, life insurance coverage and disability coverage, all on terms and
conditions no less favorable than as in effect immediately before termination or, to the extent more favorable to you, after your termination for the period during which your salary continuation runs

  

 Page 2 

			
		 	“Cause” is defined as a willful act of dishonesty, fraud or gross negligence. Prior to termination “with cause”, you will receive written notice including the grounds for
such termination from me and be provided reasonable opportunity to cure.
		
	Confidentiality:	 	You acknowledge that Franklin has informed you that Franklin requires that its employees not disclose or use any third party trade secrets that any employee may have had access to as an
employee of or a consultant to any other entity, and as a condition of your employment with Franklin you agree that you will not use or disclose any such trade secrets in the performance of your duties in connection with your employment with
Franklin.

 This offer is contingent upon clear reference checks, the successful completion of a physical examination
including a drug screening and satisfaction of the Immigration Reform and Control Act requirements. For the drug screening, please use Parker Universal Labs, 2501 Cherry Ave., Suite 140, Signal Hill, CA. Office hours are Monday – Friday from
9:00 a.m. to 5:00 p.m., no appointment necessary. Their phone number is 562-290-8911. You must bring two (2) forms of identification with you, one of which must be a picture ID. Franklin will be direct billed for these services. Upon your first
official day of employment, you will need to visit Concentra Medical Center to complete your physical. Please stop by Human Resources for directions and the paperwork needed for that visit. 
 Please sign and date the enclosed copy of this letter, indicating your acceptance, and return it to Human Resources in the envelope provided or by fax at 1-888-891-4844.

 Once again, we are excited to have you join the team at Franklin and look forward to working with you. If you have any questions, please do not hesitate
to call me at 609-386-2500 Ext 6000. 
 Sincerely, 
 Barry
Lipsky 
 President & CEO 
  

	
	 Accepted by
  

	 Kevin Port
                                        
                                Date

  

 Page 3Summary of Standard Director Compensation Arrangements

 Exhibit 10.24 
  
 MAGMA DESIGN AUTOMATION, INC. 
  
 Summary of Standard Director Compensation Arrangements for Non-Employee Directors 
  
 Description of Director Compensation (effective as of April 25, 2006) 

 
 Directors who are employees of Magma do not receive separate compensation
for service on the Board of Directors. Directors who are not employees of Magma receive a cash retainer of $25,000 per year and $2,500 per Board or committee meeting attended ($500 for teleconference meetings) for services as a member of the Board
of the Directors. In addition, the Chairman of the Audit Committee and the Chairman of the Compensation Committee each receive a fee of $10,000 per year; the other members of the Audit Committee receive a fee of $5,000 per year, and the other
members of the Compensation Committee receive a fee of $2,500 per year. Magma reimburses its non-employee Directors for out-of-pocket expenses incurred in attending meetings of the board or its Committees. 
  
 Pursuant to the 2001 Stock Incentive Plan, which was approved by Magma’s
stockholders, each non-employee director receives an initial stock option grant to purchase 50,000 shares of Magma common stock upon appointment or election. The initial option vests as to 25% of the shares on the first anniversary of the date of
grant with the remaining shares vesting monthly over the following three years. Following the conclusion of each regular annual meeting of stockholders, each continuing non-employee director receives an additional option to purchase 20,000 shares at
an exercise price equal to the fair market value of the common stock on the date of grant. When a non-employee director is appointed to the Board of Directors at a time other than at an annual meeting, such director receives a pro rata portion of
the 20,000 share grant. The annual grants and the interim grants vest in full on the day immediately prior to the annual meeting of stockholders in the year immediately following the year of the grant if the director continues as a member of the
Board on that date. All options will vest fully upon a change in control of Magma, as set forth under the 2001 Stock Incentive Plan.Summary of Compensation Arrangement for Certain Executive Officers

 Exhibit 10.27(a) 
  
 MAGMA DESIGN AUTOMATION, INC. 
  
 Summary of Compensation Arrangement for Certain Executive Officers 
  
 Exhibit 10.27(b) lists the executives for which this Exhibit 10.27(a)
applies. In addition, Exhibit 10.27(b) sets forth the annualized base salary for such named executive officers. Additional employees other than the executives set forth in Exhibit 10.27(b) may have the same or similar compensation as set
forth in this Exhibit 10.27(a) and in Exhibit 10.27(b). 
  
 Description of
Compensation for Certain Executive Officers 
  
 Each such
executive officer’s compensation package consists of three elements: 
  

	 	•	 	base compensation, which compensates for the underlying job; 

  

	 	•	 	variable or bonus compensation, which rewards based on the achievement of financial and individual performance goals; and 

  

	 	•	 	equity-based incentive compensation, which rewards for Magma’s growth and increased stockholder value. 

  
 In addition to the above, each such executive officer is eligible to
participate in various employee benefit plans, including (without limitation) 401(k) plans, life, disability, health, accident and other insurance programs, paid vacations, and similar plans or programs, subject in each case to the generally
applicable terms and conditions of the applicable plan or program. 
  
 Each such executive officer’s employment is at-will. 
  
 Employment, Severance and Change of Control Agreements 
  
 Magma does not have formal employment or severance agreements with any of the executive officers set forth in Exhibit 10.27(b). Such executive officers are party to stock option agreements that provide for acceleration of vesting upon
specified events.

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