HP Inc. Files SEC Leadership Update, Gives Up $15,000,000 in Shares and a $1.5 Million Signing Bonus!

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Date: Wednesday June 26, 2024 04:35:06 pm
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    HP Inc. Files SEC Leadership Update, Gives Up $15,000,000
    in Shares and a $1.5 Million Signing Bonus to New CFO Karen Parkhill.

    HP Inc. (NYSE: HPQ) has announced significant changes to its executive leadership team, effective August 5, 2024. Timothy Brown, currently serving as interim Chief Financial Officer, will be stepping down from this role upon the appointment of his successor.

    Appointment of Karen Parkhill as Chief Financial Officer
    HP Inc. has appointed Karen Parkhill as its new Chief Financial Officer, effective August 5, 2024. Ms. Parkhill, aged 58, brings with her a wealth of experience in finance and senior executive roles. She currently serves as Executive Vice President and CFO of Medtronic plc, a position she has held since June 2016. Prior to her tenure at Medtronic, Ms. Parkhill was Vice Chairman and CFO of Comerica Incorporated from 2011 to 2016. Her career also includes significant roles at J.P. Morgan Chase & Co., where she served in various capacities, including as CFO of the Commercial Banking business.

    Compensation Details
    In conjunction with her appointment, Ms. Parkhill will receive a competitive compensation package. This includes an annual base salary of $950,000 and a target annual cash bonus of 135% of base salary under HP’s senior executive bonus plan, prorated for fiscal year 2024. Additionally, Ms. Parkhill will receive annual equity grants with a target grant value of $7,500,000, scheduled for issuance in December 2024.

    As an inducement to join HP, Ms. Parkhill will be granted restricted stock units (RSUs) valued at approximately $15,000,000, based on the closing price of HP common stock on her Start Date. These RSUs will vest in three equal installments over three years, contingent upon her continued employment with HP.

    Ms. Parkhill will also receive a cash signing bonus totaling $1,500,000, distributed in two equal parts: 50% after six months and the remaining 50% after one year from her Start Date. Conditions apply to the payment of the signing bonus, including terms related to termination of employment.

    Severance and Other Benefits
    Following her commencement at HP, Ms. Parkhill will be eligible for severance benefits as outlined in HP’s Severance and Long-Term Incentive Change in Control Plan for Executive Officers. The appointment of Karen Parkhill as Chief Financial Officer reflects HP’s commitment to strengthening its leadership team with seasoned talent. Ms. Parkhill’s extensive experience in finance and strategic leadership positions her well to contribute to HP’s continued growth and success in the coming years.

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