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HPQ » Topics » Employment Agreements with Executive Officers

This excerpt taken from the HPQ DEF 14A filed Jan 23, 2006.

Employment Agreements with Executive Officers

        In order to recruit and retain external candidates with impressive leadership records in key areas, the Committee agreed to enter into employment agreements with Messrs. Hurd, Bradley and Mott during fiscal 2005. The Committee carefully reviewed the terms of these employment agreements and determined that the amounts offered were appropriate under the circumstances, and were designed, in part, to compensate these executives for benefits from their former employers that they forfeited by joining HP. For a further description of these employment agreements, see "Employment Contracts, Termination of Employment and Change-in-Control Arrangements" beginning on page 50 and for a discussion of Mr. Hurd's compensation, see "CEO Compensation—Compensation for Mark V. Hurd" below.

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