8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 14, 2008

ALTERA CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	0-16617	77-0016691
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

101 Innovation Drive, San Jose, California	95134
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (408) 544-7000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

(e) On March 14, 2008, Altera’s President, Chief Executive Officer and Chairman of the Board, John Daane voluntarily elected to enter into a termination of severance agreement (the “Termination Agreement”) with Altera. The Termination Agreement provides for the early termination of Mr. Daane’s severance agreement with Altera entered into as of March 13, 2006 (the “Severance Agreement”). The terms of the Severance Agreement did not call for its termination until November 30, 2010.

The description of the Termination Agreement contained herein is qualified in its entirety by reference to the Termination Agreement, a copy of which is filed herewith as Exhibit 10.1 and incorporated herein by reference. The description of the Severance Agreement contained herein is qualified in its entirety by reference to the Severance Agreement, a copy of which is filed as Exhibit 10.26 to Altera’s Form 10-K for the fiscal year ended December 30, 2005 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
10.1+	Termination of Severance Agreement dated March 14, 2008

+ Management contract or compensatory plan or arrangement

SIGNATURES

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.

ALTERA CORPORATION

/s/ Katherine E. Schuelke

Katherine E. Schuelke

Vice President, General Counsel and Secretary

Dated: March 17, 2008

EXHIBIT INDEX

Exhibit No.	Description
10.1+	Termination of Severance Agreement dated March 14, 2008

+ Management contract or compensatory plan or arrangement

EX-10.1

Exhibit 10.1

TERMINATION OF SEVERANCE AGREEMENT

This Termination of Severance Agreement (the “Termination Agreement”) is entered into as of March 14, 2008 (the “Effective Date”), by and between John Daane (hereinafter referred to as “Executive”), and Altera Corporation (the “Company”). The Executive and the Company are hereinafter referred to as the “Parties.”

WITNESSETH:

WHEREAS, the Parties entered into a Severance Agreement on March 13, 2006, made effective as of November 30, 2005 (the “Severance Agreement”).

WHEREAS, the Parties desire to terminate the Severance Agreement as more particularly set forth herein.

NOW, THEREFORE, in consideration of the premises and the respective representations, warranties, covenants and agreements contained herein, the Parties hereto agree as follows:

1. All capitalized terms used herein that are not otherwise defined herein shall have the respective meanings ascribed to them in the Severance Agreement.

2. The Severance Agreement shall terminate as of the Effective Date set forth above. Neither party shall have any further rights or obligations under the Severance Agreement as of the Effective Date.

3. This Termination Agreement may be executed in one or more counterparts, each of which shall be deemed an original.

4. This Termination Agreement shall be governed by and construed in accordance with the laws of the State of California, without respect to its conflicts of law principles.

5. Executive acknowledges that he has had the opportunity to consult legal counsel concerning this Termination Agreement, that Executive has read and understands the Termination Agreement, that Executive is fully aware of its legal effect, and that Executive has entered into it freely based on his own judgment and not on any representations or promises other than those contained in this Termination Agreement.

[Signatures Follow]

IN WITNESS WHEREOF, each of the Parties has caused this Termination Agreement to be duly executed and delivered as of the date first written above.

ALTERA CORPORATION, a Delaware corporation		JOHN DAANE
By:	/s/ Kevin McGarity	By:	/s/ John Daane
	Kevin McGarity
	Chairman Compensation Committee