Poor Mark Hurd: HP severance includes $12.2 million cash, $16 million in stockAugust 07, 2010, 10:47 PM EDT
By Ann Bednarz
Ousted CEO Mark Hurd is departing HP with a hefty severance package, including a $12.2 million cash payment and HP stock worth about $16 million, according to a report filed Friday with the U.S. Securities and Exchange Commission.
Hurd, who is accused of sexually harassing a former contractor to the company, resigned on Aug. 6. According to his agreement with HP, he's due to receive:
* A severance payment of $12.2 million.
* An extension of the deadline for exercising his outstanding options until Sept. 7. This allows Hurd to purchase up to 775,000 HP shares that became vested as of the date of his resignation.
* Receipt of 330,177 performance-based stock units. These shares were granted to Hurd on Jan. 17, 2008, and tied to HP's performance from that date until the date of his resignation. Based on the $46.30 closing price of HP's stock on Friday, these shares are worth about $15.3 million.
* Settlement on Dec. 11 of an additional 15,853 time-based stock units that were granted to Hurd last year. These stock units will be settled at either the closing price of HP's common stock on Aug. 6 or the closing price on Dec. 11 ��� whichever is the lesser amount. Based on Friday's $46.30 closing price, these shares would be worth about $733,994.
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