HEWLETT-PACKARD said yesterday it has settled a legal dispute over Oracle’s hiring of Mark Hurd.
The companies did not disclose the terms of the settlement, but said in a joint press release that, “Hurd will adhere to his obligations to protect HP’s confidential information while fulfilling his responsibilities at Oracle.”
In a filing with the US Securities and Exchange Commission, HP said Hurd has agreed to modify the terms of his separation agreement.
HP said Hurd has agreed to waive his rights to the 330,177 performance-based restricted stock units granted to him in January of 2008, and to the 15,853 time-based restricted stock units granted to him in December 2009.
Oracle announced the hiring of Hurd as co-president earlier in September, roughly a month after he was ousted as HP’s chief executive. HP said he filed inaccurate expense reports related to a female contractor.
HP sued Hurd shortly after Oracle hired him, and sought to block him from joining the company.
But the companies reaffirmed their commitment to their partnership on yesterday.
“Oracle and HP will continue to build and expand a partnership that has already lasted for over 25 years,” said Oracle boss Larry Ellison.
City A.M. Reporter