If the potential acquisition of Sun Microsystems by Oracle Inc. comes about, Sun’s Chief Executive Jonathan Schwartz will get a severance package of about $12 million, and its co-founder and Chairman Scott McNealy will take home around $9.5 million, in total compensation, including severance, health benefits, and equity, revealed a proxy statement filed last week.

However, the statement does not mention anything about what will become of Sun management.

These severance packages are believed to big, but when compared to the likes of former Hewlett-Packard Co. CEO Carly Fiorina, who was paid $21 million-plus paid to, or the $210 million severance paid to former Home Depot CEO Robert Nardelli.

The package offered to Schwartz is widely assumed to be in line with his salary and within range of other packages offered.

Sun Microsystems has scheduled a special shareholders meeting for July 16 for a vote on whether to accept Oracle''s US$7.4 billion proposal to buy the company.

A successful acquisition does not indicate the departure of Sun executives from the combined firm, noted that Oracle CEO Larry Ellison, while hinting on the possibility of McNealy assuming a role.