Mark Hurd will received a $950,000 annual salary at Oracle and be eligible for up to $10 million in bonus money, according to a company filing with the Securities and Exchange Commission.
In addition, Hurd will be granted an option to purchase 10 million shares of Oracle stock at an exercise price "equal to the fair market value of Oracle's common stock on the date of the grant" and an option for another 5 million shares in each of the next five years as part of Oracle's companywide employee stock option grants, according to the filing.
The $10 million in possible bonus money includes $5 million for 100 percent target achievement. Also, Hurd will stand for election to Oracle's board of directors at the company's annual shareholders meeting Oct. 6.
Oracle announced the hiring of Hurd Monday night, one month after Hurd departed Hewlett-Packard as CEO. HP countered by filing a lawsuit Tuesday against Hurd for possibly causing "irreparable damage" to HP due to its claims that Hurd would not be able to avoid using HP trade secrets while at Oracle.
