Neoware Inc. (NASDAQ: NWRE) Chief Executive Klaus Besier, whose company agreed in July to a $214 million buyout from Hewlett-Packard Corp. (NASDAQ: HPQ), has landed a good deal for himself once the merger closes.
Besier, who was hired to turn around the King of Prussia, Pa. tech company in October 2006, will become Vice President, Thin Client Business Unit at H-P. He'll receive a base salary of $250,000 per year and will be eligible to participate in HP's "Pay for Results" bonus program, according to a filing with the Securities & Exchange Commission. He's also entitled to a payout of $992,250 because his stock options will immediately vest and to other bonuses if certain conditions aren't met.
In addition to Besier, Hewlett also is interested in hiring other top managers including Chief Operating Officer Eric Rubino, Executive Vice President Peter Bolton and Executive Vice President James Kirby.
"Since the signing of the merger agreement, representatives of HP have had periodic ongoing discussions with Messrs. Rubino, Kirby and Bolton regarding the possibility of their employment with HP following the merger. HP expects that formal offers of post-merger employment will be made to such persons in the near future," the filing said.
Neoware shareholders are scheduled to vote on the merger on September 27.
