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HPQ » Topics » Long-term Incentives

This excerpt taken from the HPQ DEF 14A filed Feb 11, 2005.

Long-term Incentives

        In March 2004, the Committee reviewed Ms. Fiorina's performance, including her ability to

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provide the leadership to implement and deliver results on her vision and strategy to re-invent HP. Based on this review, the Committee determined that Ms. Fiorina should be granted a long-term incentive award of fair market value non-qualified stock options to purchase 700,000 shares of HP common stock with a vesting schedule of 25% per year. In addition, the Committee determined, based upon Ms. Fiorina's performance, to grant Ms. Fiorina a long-term incentive cash award under the LTPC Program with a target value of $6,010,800, payable upon the achievement of certain objectives over a three-year period, as further described under "Long-term Incentive Plans—Awards in Last Fiscal Year" on page 35. In December 2003, the Committee granted Ms. Fiorina 30,000 shares of restricted stock, which vested in December 2004, in connection with the grants described above under "Long-Term Incentive Programs."

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