HP, Oracle Settle Hurd Hiring Lawsuit
Former HP Top Executive to relinquish stock, foregoes sizeable portion of compensation.
Hewlett-Packard Co. and Oracle Corp. have settled a lawsuit in which the computer maker charged Mark Hurd, its former chief executive, with breaching company confidentiality agreements when he accepted a co-president post at Oracle earlier this month.
Under terms of the settlement, which HP detailed in a Securities and Exchange Commission (SEC) 8K filing dated September 20, 2010, Hurd agreed to relinquish some 346,030 shares of HP stock granted to him as part of his executive compensation package.
According to the HP 8-K filing, Hurd will forego 330,117 performance-based restricted stock units granted to him on January 17, 2008, and 18,853 time-based restricted stock units granted to him on December 11, 2009.
Hurd is entitled to no further compensation from HP under the separation agreement, the document said.
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