HP sues Mark Hurd, Oracle to pay him annual salary of $950,000 plus 10 million in stock options
September 8th, 2010 - 8:46 pm ICT by Aishwarya Bhatt
California, Sep 8 (THAINDIAN NEWS) Hewlett Packard has sued its former top executive Mark Hurd for picking an appointment at a rival technology company, Oracle.
Oracle admitted in a regulatory filing that its new president - Mark Hurd will receive an annual salary of $950,000 and a further $5 million bonus in 2011 under the Executive Bonus Plan, if he stays for that long with the company.
Hurd will also have the option to purchase up to 10 million shares of the company’s common stock and if he keeps to his current position in the company, Hurd will have a further option to 5 million shares in the company for the next five years.
But Hewlett Packard wants to keep Hurd from moving to Oracle. The company filed the suit on Tuesday and prayed the court to prevent Hurd from picking up the appointment at Oracle because he probably knows too much about Hewlett Packard.
The company is seeking to restrain Hurd from giving information about Hewlett Packard to Oracle that will give Oracle an unfair advantage and infringe on the confidentiality clause that Hewlett Packard had signed with Hurd.
It may be recalled that Mark Hurd resigned from Hewlett Packard last month amid sexual harassment claims.
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Tags: 10 million, 5 million, annual salary, bonus plan, common stock, confidentiality clause, current position, executive bonus, hewlett packard, mark hurd, new president, next five years, oracle, president mark, rival technology, sexual harassment claims, stock options, technology company, top executive, unfair advantage