Oracle will pay new co-president Mark Hurd $950,000 a year with a target bonus of $5 million. Hurd’s with a cap of $10 million. Hurd will also have 10 million stock options and get 5 million more each year for five years—assuming he remains at Oracle. September 2, 2010 Mark Hurd Dear Mark: We are pleased to offer you the position of President, Worldwide Sales, Consulting, Marketing, & Support of Oracle Corporation (“Oracle”). You will be an employee of Oracle America Inc., reporting to Larry Ellison. We offer you a starting annual base salary of $950,000. In addition, you will be eligible for a bonus under the FY11 Executive Bonus Plan of $5,000,000 for 100% target achievement, and subject to an overall bonus cap of $10,000,000. After you commence your employment, and subject to customary corporate actions, we expect that you will be nominated to stand for election to the Board of Directors of Oracle at the annual shareholder meeting on October 6, 2010. We will expect you to cooperate and take all necessary or otherwise desirable actions to facilitate that nomination and election. Conditioned upon your acceptance of this offer and commencement of employment at Oracle, the Compensation Committee… Read full this story
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