Departing exec to get one final withdrawal from the Cadence Design Systems piggybank…

Almost 2.5 years after Moshe Gavrielov sold his company, Verisity of Mountain View to Cadence Design Systems of San Jose for $315 million, he’s heading for open waters. In an 8-K filed Wednesday, Cadence said as of Nov. 30, Gavrielov will no longer be Executive Vice President and General Manager of the Verification Division and will “transition” to something more nebulous until he officially leaves November 2008. He’ll get a $4,000 consulting fee starting next May and running through November 2008.

But apparently, the company wants to keep Gavrielov from going to work from a competitor in the worst way. If he doesn’t quit before next May, he gets $400,000. And if sticks around through next November, he gets another $400,000. Plus, he’ll get some portion of his annual bonus, once those are doled out next year. And he gets accelerated vesting on some unspecified amount of options.

That should pad the cushion he already has built up. Since joining the Cadence family, Gavrielov has sold $9.5 million worth of stock. And when he sold Verisity in 2005, he personally received $5.3 million for his stock.


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