HPQ » Topics » Grants of Special Performance-Based Cash Awards for Fiscal 2009

This excerpt taken from the HPQ DEF 14A filed Jan 27, 2010.

Grants of Special Performance-Based Cash Awards for Fiscal 2009

        At its May 2008 meeting, the Committee approved special performance-based cash incentive awards for Ms. Livermore and Mr. Bradley. In addition, the Committee recommended to the independent members of the Board, and the independent members of the Board approved, a similarly-structured performance-based cash incentive award for Mr. Hurd. The awards were to become payable, if at all, upon achievement against the metric of cash flow from operations as a percentage of revenue during fiscal 2009. The cash-flow goals under these awards were the same as the goals set by the Committee for fiscal 2009 performance under the PRU Program.

        Based on the Committee's certification of achievement against the target set for fiscal 2009 cash-flow under the LTPC Program and the PRU Program, payment under these special incentive awards was made to the designated NEOs in the amounts included in the Summary Compensation Table and detailed in footnote (5).

This excerpt taken from the HPQ DEF 14A filed Jan 20, 2009.

Grants of Special Performance-Based Cash Awards for Fiscal 2009

        At its May 2008 meeting, the Committee approved special performance-based cash incentive awards for Mr. Bradley, Ms. Livermore and one other executive officer who is not an NEO. In addition, the Committee recommended to the Board, and the Board (excluding Mr. Hurd) approved, a similarly-structured performance-based cash incentive award for Mr. Hurd. The awards, made under the HP 2004 Stock Incentive Plan in amounts detailed in the Fiscal 2008 Grants of Plan-Based Awards Table, will become payable, if at all, upon achievement against the metric of cash flow from operations as a percentage of revenue during fiscal 2009. The cash-flow goals under these awards will be the same as the goals set by the Committee for fiscal 2009 performance under the PRU Program.

        In considering the granting of these awards, the Committee and the Board analyzed the compensation levels of these executives against the compensation of those occupying comparable positions at peer companies and considered the value-creation that could result to HP over the long-term from retention of these executives. With input from the independent consultant, the Committee and the Board determined that this special action was appropriate to address these concerns.

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki