Welcome!

Recurring Revenue Authors: Yeshim Deniz, Carmen Gonzalez, Elizabeth White, Zakia Bouachraoui, Pat Romanski

Related Topics: Log Management, Microservices Expo, Recurring Revenue

Log Management: Article

Oracle and HP Can't Cooperate in the IT Marketplace: Ellison

By filing a "vindictive lawsuit" vs Oracle & Mark Hurd the HP board is acting with utter disregard for the Oracle-HP partnership

"By filing this vindictive lawsuit against Oracle and Mark Hurd, the HP board is acting with utter disregard for [the Oracle-HP] partnership," thundered Larry Ellison Tuesday in a statement.

“Oracle has long viewed HP as an important partner,” the Oracle CEO noted, adding “The HP Board is making it virtually impossible for Oracle and HP to continue to cooperate and work together in the IT marketplace."



On September 2, Oracle offered the job of Co-President to Hurd, in a letter subsequently filed with the Securities & Exchange Commission.

Here it is in full:

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 of the Board of Directors has given approval to grant you a stock option (“Option”) to purchase 10,000,000 shares of common stock at its first meeting following your hire date, consistent with Oracle’s practice. In addition, the Compensation Committee has also given approval to grant you an Option to purchase an additional 5,000,000 shares of common stock per year in each of the next five years (for an aggregate of 25,000,000 additional shares over the next five years) as part of Oracle’s annual corporate-wide option grant process, assuming you are still employed at Oracle in the same capacity on the date of each such annual grant. All Options are pursuant to the Amended and Restated Oracle Corporation 2000 Long-Term Equity Incentive Plan. The effective grant date of these additional Option grants will be the date the Compensation Committee approves the annual grant. Each Option will have an exercise price based upon Oracle’s stock price at the close of the market on the Option grant date. The Options will be issued under a written agreement and will be subject to qualification under all applicable securities regulations. As long as you remain continuously employed by Oracle or its affiliates, you will be eligible to exercise your right to purchase 25% of the Option shares per year; beginning one year after the Compensation Committee approves the applicable Option grant, subject to the terms of your written stock option agreement and your compliance with Oracle’s Insider Trading Policy.

You agree to comply with the Insider Trading restrictions applicable to Oracle Officers and Directors throughout your employment with Oracle and for one fiscal quarter following your separation from Oracle, regardless of the reason for your separation. Among other things, under these restrictions, you are prohibited from trading in Oracle securities during the last month of each fiscal quarter and until two full trading days following Oracle’s earnings announcement for that fiscal quarter. Notwithstanding the foregoing, your proposed Option referenced in this letter agreement shall be subject to the time limitations on exercise set forth in Section 6(i) of the Plan.

This offer of employment is contingent upon your satisfactory completion of Oracle’s pre-employment background screening process, which will include education and employment verification as well as a criminal records check.

To accept this offer, please sign below as well as the enclosed Employment Agreement and Mutual Agreement to Arbitrate, Proprietary Information Agreement, Data Privacy Agreement, and any remaining new hire documents and return them to Oracle, ATTN: Americas HRSSC, 1001 Sunset Boulevard, Rocklin, CA 95765 for delivery by September 12, 2010.

If you have any questions regarding the conditions of your offer, please do not hesitate to contact me at (XXX) XXX-XXXX. This offer remains open until September 12, 2010.

Sincerely,

/s/ Joyce Westerdahl

Joyce Westerdahl

Senior Vice President, Human Resources

Enclosure: New Employee Packet

AGREED AND ACKNOWLEDGED:

/s/ Mark Hurd

Mark Hurd

Date: September 3, 2010

 

Hurd accepted and countersigned the offer the following day and Oracle then announced the new appointment on Labor Day, September 6, 2010.

More Stories By Jeremy Geelan

Jeremy Geelan is Chairman & CEO of the 21st Century Internet Group, Inc. and an Executive Academy Member of the International Academy of Digital Arts & Sciences. Formerly he was President & COO at Cloud Expo, Inc. and Conference Chair of the worldwide Cloud Expo series. He appears regularly at conferences and trade shows, speaking to technology audiences across six continents. You can follow him on twitter: @jg21.

Comments (0)

Share your thoughts on this story.

Add your comment
You must be signed in to add a comment. Sign-in | Register

In accordance with our Comment Policy, we encourage comments that are on topic, relevant and to-the-point. We will remove comments that include profanity, personal attacks, racial slurs, threats of violence, or other inappropriate material that violates our Terms and Conditions, and will block users who make repeated violations. We ask all readers to expect diversity of opinion and to treat one another with dignity and respect.


IoT & Smart Cities Stories
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
Where many organizations get into trouble, however, is that they try to have a broad and deep knowledge in each of these areas. This is a huge blow to an organization's productivity. By automating or outsourcing some of these pieces, such as databases, infrastructure, and networks, your team can instead focus on development, testing, and deployment. Further, organizations that focus their attention on these areas can eventually move to a test-driven development structure that condenses several l...
The term "digital transformation" (DX) is being used by everyone for just about any company initiative that involves technology, the web, ecommerce, software, or even customer experience. While the term has certainly turned into a buzzword with a lot of hype, the transition to a more connected, digital world is real and comes with real challenges. In his opening keynote, Four Essentials To Become DX Hero Status Now, Jonathan Hoppe, Co-Founder and CTO of Total Uptime Technologies, shared that ...
The graph represents a network of 1,329 Twitter users whose recent tweets contained "#DevOps", or who were replied to or mentioned in those tweets, taken from a data set limited to a maximum of 18,000 tweets. The network was obtained from Twitter on Thursday, 10 January 2019 at 23:50 UTC. The tweets in the network were tweeted over the 7-hour, 6-minute period from Thursday, 10 January 2019 at 16:29 UTC to Thursday, 10 January 2019 at 23:36 UTC. Additional tweets that were mentioned in this...
Over the course of two days, in addition to insightful conversations and presentations delving into the industry's current pressing challenges, there was considerable buzz about digital transformation and how it is enabling global enterprises to accelerate business growth. Blockchain has been a term that people hear but don't quite understand. The most common myths about blockchain include the assumption that it is private, or that there is only one blockchain, and the idea that blockchain is...
Never mind that we might not know what the future holds for cryptocurrencies and how much values will fluctuate or even how the process of mining a coin could cost as much as the value of the coin itself - cryptocurrency mining is a hot industry and shows no signs of slowing down. However, energy consumption to mine cryptocurrency is one of the biggest issues facing this industry. Burning huge amounts of electricity isn't incidental to cryptocurrency, it's basically embedded in the core of "mini...
Every organization is facing their own Digital Transformation as they attempt to stay ahead of the competition, or worse, just keep up. Each new opportunity, whether embracing machine learning, IoT, or a cloud migration, seems to bring new development, deployment, and management models. The results are more diverse and federated computing models than any time in our history.
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
Japan DX Pavilion at @CloudEXPO Silicon Valley
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...