Oracle to pay Hurd almost $1m a year
Oracle will pay new co-president Mark Hurd $950,000 (£612,000) a year with a target bonus of $5m, according to the company's offer letter.
Hurd will also have 10 million stock options and get 5 million more each year for five years, assuming he remains at Oracle, according the offer letter (PDF) filed with the Securities and Exchange Commission.
Former Hewlett-Packard CEO Hurd was officially announced by Oracle as its new co-president on Monday. On Tuesday, HP filed a civil suit against Hurd over potential misappropriation of trade secrets. Oracle responded to that suit by saying HP was making it impossible to work together in the IT marketplace. Hurd left HP unexpectedly in August after an investigation by the company into allegations of sexual harassment against him.
For more on this ZDNet UK-selected story, see Oracle's offer letter to Hurd: We'll pay you $950,000, bonus up to $10 million on ZDNet.com