Meg's deal:
sec.gov
Highlights:
Your initial base salary will be one dollar ($1) per year. Base pay is typically reviewed annually as part of HP’s performance review cycle.
In addition to your base salary, you will be eligible to participate in the Hewlett-Packard Company 2005 Pay-for-Results Plan (PfR), as amended. For the fiscal year beginning November 1, 2011, you will be eligible for a target bonus opportunity equal to $2,400,000, with a maximum bonus opportunity equal to 2.5 times your target bonus, subject to the PfR plan’s terms and conditions. The bonus is not guaranteed and will be based on company, business unit, and individual performance.
We are pleased to offer you a non-qualified stock option to purchase 1,900,000 shares of HP stock. This option will be granted by HP’s Board of Directors. The grant date will be the date the Board meets to award these options, and the price will be the fair market value of HP stock on that date. The option will be subject to the terms of the Amended and Restated Hewlett-Packard Company 2004 Stock Incentive Plan, and the Award Agreement, and will vest as shown in Schedule A, as more fully set forth in the Award Agreement.
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You will receive Company perquisites on at least the same level as the Company’s other senior executive officers, in accordance with Company policies.
Please note that the position you are being offered would qualify you as a “Section 16 officer” of HP. If you are a Section 16 officer within 90 days of your termination, severance benefits are provided under the HP Severance Plan for Executive Officers (the “Severance Plan”), as in effect at your termination. Currently under the Severance Plan, if your employment terminates as a result of a “qualifying event,” you will be eligible to receive a lump sum severance payment equal to 1.5 times your annual base salary plus the average of your actual bonuses paid under the PfR Plan during the preceding three years (or your actual period of employment, if less), subject to your execution of a release of claims in favor of HP. |
