UPDATE 1-EMC says CEO agrees to stay through at least 2010

(Adds details from letter describing terms of Tucci's employment)

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.

A letter signed by Tucci and EMC's lead director, David Strohm, says that if Tucci leaves voluntarily before December 2010, his bonus payment would be prorated.

"If you leave voluntarily, you will receive no further base salary payments and will receive your target incentive bonus payment prorated for the period for which you have worked," said the letter, which was dated Nov. 28 and included in a filing with the U.S. Securities and Exchange Commission.

The letter also says that at Tucci's request, he did not receive equity awards in 2007.

"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.

EMC spokesman Michael Gallant said that Tucci requested that the board use the options that it would have otherwise given to him and put them in the pool from which it awarded options to other top executives.

The letter that Tucci and Strohm signed described the terms of their agreement as an "employment arrangement."