HP And Oracle Play Nice… Oh Yeah, Hurd Is Lighter In The Wallet

I pretty much called it in my last post about HP and Oracle. The two companies have decided that they should put aside their differences that are centered on Mark Hurd and let bygones be bygones. Or something like that based on this press release from HP:

HP (NYSE:HPQ) and Oracle Corp. (NASDAQ:ORCL) today reaffirmed their long-term strategic partnership and the resolution of litigation regarding Mark V. Hurd’s employment at Oracle. While the terms of the settlement are confidential, Mr. Hurd will adhere to his obligations to protect HP’s confidential information while fulfilling his responsibilities at Oracle. The agreement also reaffirms HP and Oracle’s commitment to delivering the best products and solutions to their more than 140,000 shared customers.

Okay. I think that the above statement translates to: “We both have customers who are upset at our public spat and we need to make this go away.” But I guess that’s the cynical view.

As for Hurd, he doesn’t escape untouched. According to All Things Digital, Hurd has to hand over some of his “golden parachute”:

Mr. Hurd has agreed to waive his rights to the 330,177 performance-based restricted stock units granted to Mr. Hurd in January 17, 2008 referenced in paragraph 2.d. of the Separation Agreement and to the 15,853 time-based restricted stock units granted to Mr. Hurd on December 11, 2009 referenced in paragraph 2.e. of the Separation Agreement, which collectively represent the only remaining compensation that Mr. Hurd was entitled to receive under the terms of the Separation Agreement. The terms of the Separation Agreement have not otherwise been modified.

In dollar and cents terms, Hurd gave up about something in the area of over $30 million dollars worth of stock options. Ouch.

Leave a Reply

%d bloggers like this: