AND SHE GETS TO KEEP HER COMPUTER!!!
Read the last line!

Fiorina Exiting Hewlett-Packard With More Than $42 Million

Carleton S. Fiorina, the former chief executive of Hewlett-Packard, will receive a severance package worth about $21.4 million, and stands to gain at least $21.1 million more.

The additional amount reflects the estimated value of her pension, stock options and Hewlett stock holdings, which the company did not include in her severance package.

Ms. Fiorina was forced to resign Tuesday after the board concluded that she failed to reverse Hewlett's sagging stock price and accelerate the company's turnaround after the merger with Compaq Computer.

She will receive $14 million in severance pay, according to terms of the agreement submitted yesterday in regulatory filings.

She will also receive a $7.38 million bonus for meeting certain performance goals in 2004 and the first quarter of this year, even though on Wednesday the board singled out Ms. Fiorina's failure to accelerate the company's strategy.

In addition, Hewlett agreed to pay her $50,000 for legal, financial and career counseling and will continue her health and personal security benefits for about a year.

Paul Hodgson, a senior compensation analyst at the Corporate Library, questioned the severance in light of her initial pay package. Ms. Fiorina received a $3 million signing bonus along with a restricted stock grant worth more than $65.5 million at the time to woo her away from Lucent Technologies, according to filings.

"And as she leaves," he said, "she gets $21 million, when in fact, stockholders have gotten negative returns."

More than $21.1 million in additional compensation was not reflected in the severance package.
Because the company's share price has fallen more than 50 percent since Ms. Fiorina took over in July 1999, most of her six million vested options have no current market value. Only a small portion of the 700,000 options granted in 2003 have value and are worth about $1 million, which was not reflected in the filings.

Ms. Fiorina also received restricted grants of about 826,000 shares during her tenure, that along with her other Hewlett holdings, now have a market value of $18.2 million.

In addition, Ms. Fiorina will receive a pension of at least $200,000 a year that was not included in the company's severance calculations. The pension could be worth at least $2 million, compensation specialists said. She will also keep her computer, receive technical support for three months, and have access to a secretary for six months.