Amendment to Severance Agreement between Altera Corporation and John Daane
This amendment updates the severance agreement between Altera Corporation and John Daane, effective May 12, 2004. It specifies that if John Daane becomes eligible for severance, he will receive a payment equal to two years of his current base salary and one year of accelerated vesting for all his restricted stock and option grants. He will also have one year from termination to exercise any accelerated stock options. All other terms of the original agreement remain unchanged.
Exhibit 10.23
ALTERA CORPORATION
AMENDMENT TO SEVERANCE AGREEMENT
FOR JOHN DAANE
Effective May 12, 2004, Section 3 of the Severance Agreement entered into between Altera Corporation and John Daane on November 30, 2000, is hereby amended and replaced in its entirety as follows:
3. Severance Package. In the event Executive is entitled to the Severance Package pursuant to Section 2, above, it shall be payable within thirty days of Executive’s termination. The Severance Package shall consist of (i) payment equivalent to two year’s of Executive’s then-current base salary, and (ii) one year of accelerated stock vesting, which applies to all Executive’s restricted stock and option grants. Executive shall have one (1) year from the date of termination to exercise any stock options for which vesting is accelerated pursuant to subsection (ii).
All other terms and conditions of the Severance Agreement remain unchanged.
IN WITNESS WHEREOF, the Parties have executed this Amendment on the respective dates set forth below.
| JOHN DAANE | ALTERA CORPORATION | |||||
| /s/ John Daane | By: | /s/ William E. Terry | ||||
| William E. Terry | ||||||
| Chairman, Compensation Committee | ||||||
| Date: | ______________ | Date: | ______________ | |||
