HP-Hrd, Another Out of Court Settlement

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HP-Hrd, Another Out of Court Settlement

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When Mark Hurd got out of HP's premises, he took a job offer by Oracle. The decision to work for a rival company pissed HP off and immediately sued Hurd less than 24 hours after he accepted the offer. Now, the bittersweet battle finally came to an end.

Just weeks after suing Hurd, HP dropped the charges after both parties agreed for an out-of-court settlement, the normal ending of legal battles between industry titans.

The agreement between Hurd and Hewlett Packard, and probably including Oracle, is supposed to remain confidential, until a recent SEC filing revealed the real scope of the settlement.

For HP to drop the charges, Mark Hurd agreed to give back his 346,030 restricted stock units, some of which are performance-related stocks, while others are time-based. The stocks were granted to him in two occasions, in January 2008 and December 2009.

It is reported that during the time Hurd left HP, he had with him a package totaling to $40 million.

After the out of court agreement between HP and Hurd, HP and Oracle, Hurd's new company, both reaffirmed their amiable relationship, both expressing their willingness to continue a great partnership that has already lasted for 25 years, despite being rivals in some aspect of the market.

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Tags: • partnership • stocks • performance • agreement • oracle • court • settlement • hewlett packard •

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