Addendum 1 to Synplicity Variable Incentive Pay Plan for Hardi Employees
This addendum makes employees of Hardi Electronics AB, a Swedish subsidiary of Synplicity AB, eligible to participate in Synplicity, Inc.'s Variable Incentive Pay Plan (VIPP) as of June 11, 2007. All Hardi employees, except those receiving commission pay, are included regardless of hours worked. VIPP payments to these employees will comply with Swedish labor laws and be processed through Hardi's payroll system. The addendum also covers employees of any successor to Hardi owned by Synplicity AB.
Exhibit 10.41.2
Addendum 1
to the
Synplicity Variable Incentive Pay Plan
Eligibility of Employees of Swedish Subsidiary
WHEREAS, Synplicity, Inc. (the “Company”) has a wholly owned Swedish subsidiary called Synplicity AB, and that Synplicity AB has a wholly owned Swedish subsidiary called Hardi Electronics AB (“Hardi”); and
WHEREAS, the Company would like to include current and future employees of Hardi (or any successor organization to Hardi) in its Variable Incentive Pay Plan (“VIPP”);
NOW, THEREFORE:
1. Employees of Hardi are eligible to participate in the VIPP as of June 11, 2007, unless otherwise stated in their employment contract, provided they meet the eligibility criteria set out in the VIPP, including the exclusion of those employees who receive commission pay, but not the criteria of those who work less than full time, defined as 30 or more hours a week. All Hardi employees, including those scheduled to work fewer than 30 hours per week, are eligible to participate in the VIPP, except those who receive commission pay.
2. Payment of the VIPP to employees of Hardi is subject to Swedish labor laws in regards to employment, dispute resolution and applicable statutory payments, taxes, and fees. All other terms and conditions of the VIPP apply.
3. Employees of the Swedish entity will receive payment through the Hardi payroll, as their employment contract terms stipulate. VIPP payments will be paid through Hardi accounting processes and follow the usual and customary practices of the Hardi employee payroll.
4. This Addendum also applies to employees of any successor organization to Hardi owned by Synplicity AB, whether such successor organization is due to name change, change of corporate structure, or the like, without further action.
