Former Airvana exec waits for the right job…

Amid the flurry of executive departures this year, sometimes it takes a few weeks or months before an executive makes his next career move.

In mid-March, we wrote about Airvana, Inc.’s merger proxy, which the company filed as it prepared to become a privately-held company. That deal produced some mind-boggling payouts to its officers and directors, such as director Paul Ferri’s $117.3 million payout.

By comparison, the check for just over $5.25 million that went to vice president/CFO Jeffrey Glidden probably seemed small, although — considering he was only with Airvana for about four years and four months — it’s still nothing to sneeze at. We imagine that a check for that much money would give an executive enough breathing room that he could wait until just the right job offer comes along.

Now six months later, Glidden’s name turned up this week in an 8-K that Parametric Technology Corporation (PMTC) filed September 20. Parametric, which sells —Product Lifecycle Management software solutions, hired Glidden to be its new Executive Vice President/CFO, replacing Neil Moses, who will serve as the —Senior Financial Consultant until November 15, 2010, his previously-announced resignation date.

When he starts his new job on September 27, Glidden will get an annual base salary of $415,000, but he’s also eligible to earn a performance-based bonus of up to $300,000. However, that’s a drop in the bucket compared to the grant of RSUs valued at about $1.5 million that Parametric plans to give him on the day he starts work. According to the filing, half of the units depend on performance criteria, and the other half are time-based; both categories of RSUs will vest in three equal installments on November 15 in calendar years 2011, 2012, and 2013. He also gets paid if his employment is terminated for “specified circumstances” or a change in control, according to an Executive Agreement filed with the 8-K.

We trust that Glidden will be well-rested and eager to take up Parametric’s financial reins when he shows up for work next week.

Image source: mugley via flickr


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