The Giants have announced the earlier-reported signing of outfielder Hunter Pence. Righty Luis Madero was outrighted to create roster space.

Pence will earn $3MM, according to Kerry Crowley of the Bay Area News Group (via Twitter). There’s another $2.5MM available through incentives, per Alex Pavlovic of NBC Sports Bay Area (Twitter link). That includes $1MM in roster bonuses and another $1.5MM based upon plate appearances (beginning with his 450th), Crowley adds via Twitter.

Madero, you won’t be surprised to learn, was recently claimed off waivers by the roster-churning San Francisco organization. No doubt the team will be glad to have the 22-year-old on hand in camp as a non-roster player. He has shown interesting talent at times but was knocked around at the Double-A level last year, where he threw 89 2/3 innings of 5.72 ERA ball.