Hurd to get $950,000 annual base salary as Oracle co-president

Hurd, who engineered a turnaround at HP, made an unceremonious exit from the company in August amid allegations of sexual harassment and findings that he engaged in unethical business practices.

Oracle, in a regulatory filing, today said that Hurd would be paid an annual salary of USD 950,000 and would also be eligible for a target bonus of USD 5 million. Such bonuses would not exceed USD 10 million.

In his new role, Hurd would take charge of Oracle's global sales, consulting, marketing and support organisations. He would report to Oracle chief Larry Ellison. According to the filing, Hurd would be granted a stock option to purchase 10,000,000 shares of Oracle's common stock with an exercise price equal to the fair market value of Oracle's common stock on the date of the grant.

"Subject to his remaining in his current role at Oracle, Hurd will be granted a stock option to purchase 5,000,000 shares of Oracle's common stock in each of the next five years," it added.

Going by reports, HP has filed a lawsuit against Hurd to block him from joining Oracle, alleging that it breaches his exit agreement and could lead to leaking of trade secrets to a rival.

Hurd had served as chief executive, president and board member at HP from April, 2005, to August, 2010. He was also the company's chairman from September, 2006, to August, 2010.

The exit of the high-profile Hurd from HP came after a probe into allegations of sexual harassment against him, made by a former female contractor of the company. "The investigation determined there was no violation of HP's sexual harassment policy, but did find violations of HP's Standards of Business Conduct," the firm had said while announcing the departure of Hurd last month.

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