Another tech CEO just says no to Silicon Valley…

June 9, 2008

A few weeks ago, we footnoted an interesting agreement that LSI (LSI) had filed that extended CEO Abhijit Y. Talwalkar’s housing allowance — in place since 2005 — for another year so that Talwalkar could continue living in Oregon, even though LSI is based in Silicon Valley.

Late Friday, Verigy (VRGY), whose US offices are is based in Cupertino, filed its 10Q, which included the extension of this this agreement with its CEO, who — you guessed it — lives in Oregon. The new agreement extends CEO Keith Barnes’ $12,000 a month allowance for another two years. The initial agreement was signed in April 2006, shortly before Verigy was spun-off from Agilent (A).

Among the odd things about the new agreement is that Barnes’ existing agreement was not set to expire for another 10 months, which makes you wonder why this was done now. But even odder is that if Barnes job ends “for any reason other than cause” the company will have to fork over the amount of the housing allowance. So he gets to live where he wants on the company’s dime and gets to keep the change if he leaves the job for any reason.

It also raises the question: are there any tech executives who still live in the Valley?

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