Fiorina to get millions, home security

Her severance package includes $21.38M in cash

By Joris Evers

February 14, 2005 12:00 PM ET

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IDG News Service - In a filing with the U.S. Securities and Exchange Commission, Hewlett-Packard Co. on Friday detailed the severance package for former Chairman and CEO Carly Fiorina, who will get a cash payout of $21.38 million, as well as $50,000 for financial counseling and legal and outplacement services.
Fiorina also gets to keep her PC equipment and technical support for a three-month period, HP said in the filing. In addition, the company will provide the former executive with administrative support for a six-month period and maintenance of her home-security system for a one-year period, according to the filing.
The $21.38 million cash payout consists of a $14 million payment that represents 2.5 times Fiorina's base salary and targeted annual cash bonus as well as a $7.38 million payment that's part of an HP incentive program called the long-term performance cash program, according to the filing. In addition, Fiorina will receive an unspecified cash payment for the balance of her unused vacation time.
The $14 million is payable in six months after the agreement date, with interest at an annual rate of 2.78%, HP said. The severance agreement is dated Feb. 8. It is subject to a seven-day revocation right on the part of Fiorina. If she doesn't revoke it, the agreement will become effective on Feb. 15.

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