Market Insider

HP's Apotheker Will 'Make Out Like a Bandit' if Ousted

If he is kicked out of Hewlett Packard, CEO Leo Apotheker, hired November 1 of last year, will have made a killing.

By my calculation, after a scan of his employment contract, he will get a total of at least $9.4 million, including his relocation and signing bonuses.

His severance — if fired without cause: He would get two times his sum base salary of $1.2 million (or $2.4 million), plus his average bonus received over the period of his employment, with payments made in equal installments over 18 months.

He’ll also get restrictions released on stock grants; he received 76,000 HP shares .

And let’s not forget: He received $4.6 million in relocation benefits; and based on the agreement, as long as he was been employed longer than 60 days, he can keep it all.

He also received a signing bonus of $4 million, though he would have to repay a pro-rated portion of it if he loses his job within the first 18 months. (I’m estimating that’s around $2.4 million.)

Not bad for a year’s work!

Assuming of course, that if he is fired, it isn’t for cause.

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