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SAN FRANCISCO, July 15 (Reuters) - Hewlett-Packard Co. (HPQ.N: Quote, Profile, Research) has awarded its new chief information officer Randall Mott, whom HP lured from rival Dell Inc., a pay package worth at least $15.3 million, according to a regulatory filing made on Friday with the U.S. Securities and Exchange Commission.
Mott, who before being CIO at Dell (DELL.O: Quote, Profile, Research) spent 22 years at Wal-Mart Stores Inc., will have a base salary of $68 plus 10,000, an option to buy 500,000 shares of HP common stock and a targeted short-term bonus opportunity of 100 percent of base salary guaranteed at target for the remainder of fiscal 2005 and fiscal 2006, according to the filing.
And, "in order to replace benefits that Mr. Mott is forfeiting by leaving his current employment, HP also agreed to provide a signing bonus of $2.2 million," HP, the No. 2 computer maker after IBM, said in the filing.
HP announced on Monday that it had hired Mott.
Mott will also receive 285,000 shares of restricted stock, vesting at 20 percent per year for five years. At Friday's closing price of $24.94, those shares are worth $7.11 million.
Mott will also receive "targeted long-term performance cash of $7 million for the 2005-2008 performance cycle, of which $5 million is guaranteed," the filing said.
Mott, 49, will also get relocation benefits that include a relocation allowance of $1 million, the Palo Alto, California-based company said in the filing.
Mott was not listed among the five most highly paid executives in Dell's most recent proxy statement. In Dell's fiscal 2005, the lowest salary earned by the five highest-paid executives was $522,000.
HP also said it agreed to indemnify Mott against "certain claims by his former employer as a result of his employment by HP, and will pay Mr. Mott's reasonable legal fees."
