Craig Nordlund (pictured below), general counsel at Agilent Technologies since its spin-off from Hewlett-Packard in 1999, and before that the GC at HP since 1987, is retiring from the Palo Alto instruments maker sometime before the end of its current fiscal year in October, according to a regulatory filing Wednesday.
Nordlund, 60, will be paid a lump-sum severance worth $1,525,000. He is also entitled to receive the full payout, if any, from the company’s long-term performance programs covering three time periods, even thought he will be long gone when two of the three conclude: FY 2007 through FY 2009, FY 2008 through FY 2010, and FY 2009 through 2011.
Agilent also accelerates the vesting of all options for its company retirees and gives them three years in which to exercise them.
And in five years Nordlund will also be the recipient of one of those vintage benefits of yesteryear: a company pension. After 30 years of service to HP and Agilent, he’s got nearly $2 million accumulated in his pension benefit.