HP: Our SEC Filings Are Wrong, Mark Hurd's Food Budget Nowhere Near $240K (HPQ)

Earlier this week we noted computer-maker HP (HPQ) said in its SEC filings that CEO Mark Hurd received a $79,814 tax gross-up for meals last year. After some back-of-the-envelope maths, we figured that meant the company spent about $243,000 to feed its boss and his family.

But now HP says Mark didn’t eat anywhere near that amount — the company’s SEC filings are incorrect.

HP spokespeople provided the following statement to SAI:

The tax gross-up figures contained in HP’s 2009 proxy were miscalculated. The correct “other gross-up” figure for Mark Hurd was $4,117 (not $79,814), which is in-line with last year’s figures. Notwithstanding this, some media outlets inaccurately extrapolated the supposed tax rate, resulting in vastly inflated and inaccurate figures for Mark’s meals. While this is not a material disclosure, we wanted to set the record straight.

Good to know. But we have to ask: Which is the worse sin? Lavishing gourmet meals on a highly-regarded CEO? Or screwing up the accounting on SEC filings?

See Also: How Much Does It Cost To Feed Mark Hurd? About $240K

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