CORRECTED - EMC says CEO agrees to stay to Dec 31, 2010
(Corrects to remove reference to contract in headline and in paragraphs one and two)
BOSTON, Nov 30 (Reuters) - EMC Corp (EMC.N: Quote, Profile, Research, Stock Buzz) said on Friday that Chief Executive and Chairman Joseph Tucci has agreed to stay through at least Dec 31, 2010.
He will receive an annual base salary of $1 million and target bonus payments of $1.44 million each year throughout the term, EMC said in a filing with the U.S. Securities and Exchange Commission.
EMC's lead director, David Strohm, said in a letter that was included in the filing, that Tucci received no equity-based compensation as part of his package. He said that was done at Tucci's own request.
"No sooner than the third quarter of 2008, the board of directors will review the desirability of an equity grant," Strohm said in the letter. (Reporting by Jim Finkle; editing by Carol Bishopric)
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