Settling up
HP and Oracle are the best of buddies once more having resolved ugly litigation regarding Mark Hurd's new job at Oracle.
HP had sued its former CEO in bid to stop his move to Oracle, reportedly justifying its move on the grounds that Hurd's Oracle appointment breaches his exit agreement and could lead to some of its trade secrets being transferred.
While the terms of the settlement are confidential, HP and Oracle issued a statement that said Hurd "will adhere to his obligations to protect HP's confidential information while fulfilling his responsibilities at Oracle".
Both companies were also eager to stress they still have a good working relationship. Oracle's CEO Larry Ellison, said: "Oracle and HP will continue to build and expand a partnership that has already lasted for over 25 years."
Shedding a little light on the secretive deal, The WSJ's All Things Digital reported that Hurd returned stock to his former employer, HP in exchange for the swift settlement.
An 8-K filing with the Securities and Exchange Commission by HP, unearthed by the paper, said as part of the resolution: "HP and Mr. Hurd agreed to modify the terms of the Separation Agreement and Release entered into between them on August 6, 2010."
"Under the terms of the modification, 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...and to the 15,853 time-based restricted stock units granted to Mr. Hurd on December 11...which collectively represent the only remaining compensation that Mr. Hurd was entitled to receive under the terms of the Separation Agreement," it added.
The filing also noted that other than the stock changes, the Separation Agreement has not been meddled with.
