I’ve just posted the Employment Agreement between Hewlett-Packard and Mark Hurd. My favorite provision is paragraph 4(f), which is titled Price Protection. For regular HP employees, price protection means buying an HP LaserJet, discovering that the price dropped within 30 days of purchase, and getting the difference in price back from a credit card company or a retailer. For a CEO, price protection means HP is on the hook for any price declines in Hurd’s vested NCR stock options after his resignation from NCR is announced. Coincidentally, NCR stock dropped from 38 to under 32 yesterday when reports surfaced that Hurd was leaving NCR for HP, but who’s sweating when you have price protection. Genius!
Month: March 2005
Hurd Picked for Hefty Package
CNET News.com: Hefty Pay Package for HP’s New CEO. Incoming Hewlett-Packard CEO Mark Hurd will get a $2 million signing bonus and a $1.4 million salary for taking the helm at HP, but he stands to make far more if he can successfully boost the company’s flagging share price.
I’ve posted NCR contracts , including Mark Hurd’s Employment Agreement. I’ll add his agreement with Hewlett-Packard once it shows up on EDGAR.
Game Over for PlayStation
Yahoo! / AP: Sony Fined $90.7M in PlayStation Case. A judge has ordered Sony Corp. to pay $90.7 million to a company that develops technology that enhances video game realism but immediately stayed an order that would halt U.S. sales of Sony’s popular PlayStation consoles.
We have some Immersion Corp. contracts, including some intellectual property license agreements.
Let’s Get Ready to Contract
Yahoo! / Reuters: . World Wrestling Entertainment is set to unveil Monday (March 7) that its subscription video-on-demand (SVOD) service, WWE 24/7, will launch on systems of cable operator Cox Communications, as well as several smaller cable firms.
I’ve added World Wrestling Entertainment contracts to the site.
Siemens Seeks CTI
Reuters: Siemens to Buy CTI Molecular for $1 Bln. Siemens AG said on Friday it will buy CTI Molecular Imaging Inc. for about $1 billion as it moves to bring its longtime PET scanner partner in house.
I’ve added CTI Molecular Imaging contracts to the site, including a number of prior agreements with Siemens.
The Invisible Man
Yesterday, I noticed EDGAR’s disappearing act. HouseValue’s S-1 Registration Statement, which was originally filed on September 1, 2004, vanished from EDGAR. Where did it go? Today, HouseValues submitted an amended version of the original filing. Previously, I had assumed that EDGAR was an archive of all securities filings. I didn’t realize that a securities filing could be deleted from EDGAR. Nevertheless, the original filing remains available from SEC Info as well as Hoover’s Online.
In the Mood to Settle
Industry Standard: Burst, Microsoft Reach Settlement. Microsoft Corp. will pay video player software vendor Burst.com Inc. US$60 million to settle Burst’s antitrust and patent-infringement claims. The settlement will give Microsoft a nonexclusive right to Burst’s media player software, according to a Burst press release from late Friday.
Here are the Burst.com contracts.
DeLay Delights DeLottery
Boston Globe: Donations Tied to Delay Trip. An Indian tribe and a gambling services company made donations to a Washington public policy group that covered most of the cost of a $70,000 trip to Britain by House majority leader Tom DeLay, his wife, two aides, and two lobbyists in mid-2000, two months before DeLay helped kill legislation opposed by the tribe and the company.
I’ve added eLottery contracts to the site, including a Management Agreement for the National Indian Lottery. I can understand the Korea-US Exchange Council paying DeLay to take a trip to South Korea on a fact-finding mission, but what’s the connection between Indian gambling and Great Britain?
I Raise You 50 Cents
ZDNet: The Big Fuss Over Little Retek. Software maker Retek emerged from relative obscurity this week after Oracle began a wrestling match with archrival SAP for ownership of the company–a move that has Wall Street betting on an all-out bidding war.
I’ve added Retek contracts to the site. This includes the merger agreements with SAP America and Oracle, as well as a number of Change in Control Agreements.
Brits Buy Bradley
San Francisco Chronicle: Defense Firms to Merge. United Defense Industries Inc., the maker of the Bradley Fighting Vehicle, has agreed to merge with British defense firm BAE Systems in a $4 billion deal, the two companies announced Monday.
So will the Bradley Fighting Vehicle now come with a right-hand drive option? I’ve added the BAE/United Defense Merger Agreement to the compilation of United Defense contracts.