[Info-vax] Apotheker and Whitman payment details filed at US SEC

[John Wallace]

http://services.corporate-ir.net/SEC.Enhanced/SecCapsule.aspx?c=71087&fid=7786035

Quick highlight of Apotheker's severance (after less than a year):

A severance payment in the amount of $7.2 million payable in
installments over the next 18 months;

Accelerated vesting of the 156,000 shares of restricted stock granted
to Mr. Apotheker pursuant to the terms of the Employment Agreement,
such restricted stock having an aggregate value of $3,557,800 based on
the per share closing price of HP common stock on the New York Stock
Exchange on the Separation Date; and

An annual bonus of $2.4 million under the Hewlett-Packard Company 2005
Pay-for-Results Plan (the “PfR Plan”), reflecting his nearly 11 months
of service with HP, payable at the time that payouts are made to other
executives of HP for the fiscal year ending October 31, 2011;

Am I reading this wrong or does that add up to around $13M, or about
$1M per month (in addition to monies already paid) during his failure
to lead HP anywhere useful?

Gotta love those market forces.