Dell said it will <A HREF="http://www.eweek.com/article2/0,1759,2168430,00.asp?kc=EWRSS03119TX1K0000594">pay its ousted former Chief Executive Kevin Rollins $48.5 million in cash.</A> Rollins, who in January was replaced by company founder and Chairman Michael Dell, will receive the payment on or before 45 days after the company files its annual report with U.S. securities regulators.

Rollins officially resigned from the Round Rock, Texas-based Dell, effective May 4, the company said in a filing with the U.S. Securities and Exchange Commission. Under the terms of his stock options agreements, 7.37 million unexercised options that vested at the time of his retirement expired 90 days after his resignation date.