WHEN: Today, Friday, August 6th
WHERE: CNBC's "Closing Bell with Maria Bartiromo"
Following is the unofficial transcript. All references must be sourced to CNBC.
MARIA BARTIROMO: MARY THOMPSON, YOU HAVE MORE INFORMATION GO AHEAD.
MARY THOMPSON: WELL I THINK MARIA, WHAT WE WANT TO LOOK AT NEXT IS WHAT WILL MR. HURD RECEIVE AS PART OF HIS SEVERANCE PACKAGE. REMEMBER, HE DID RESIGN HERE AND A PERSON CLOSE TO MR. HURD SAID HE ACTUALLY HIS CONTRACT EXPIRED LAST YEAR. HE IS ALLOWED TO MAINTAIN A SEVERANCE UNDER HIS PRIOR CONTRACT. IF YOU LOOK AT THE PROXY FILING FOR THAT YEAR, ONE NUMBER THAT POPS OUT AT YOU IS THE $52.9 MILLION THAT IS DUE MR. HURD UNDER A NOT FOR CAUSE TERMINATION. THAT WOULD BE A RESIGNATION. SOMEONE ELSE CLOSE TO HIM SAID THE AGREEMENT REACH WITH HP WAS SOMEWHERE AROUND $40 MILLION. YOU ARE LOOKING AT SOMETHING PROBABLY BETWEEN $40 AND $50 MILLION THAT MR. HURD IS LIKELY TO WALK AWAY WITH. BUT AGAIN, THESE NUMBERS DO COME FROM THE PROXY FILING. $52.9 MILLION AS OF LAST YEAR. THAT WOULD INCLUDE SEVERANCE OF 11.6 MILLION AND STOCK OPTIONS AND RESTRICTED STOCK AS WELL AS SOME OTHER OPTIONS THAT WERE GRANTED TO MR. HURD BY HP. HE IS CERTAINLY WALKING AWAY WITH A WHAT IS EXPECTED TO BE A HEFTY PAYCHECK.
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