picking up a baseball player off of waivers

Factual Questions
1

If a club picks up a baseball player off of waivers, what does the club that got the player have to give the original club (draft picks, money, etc)?

Does the new club have to put the player on the 40 man roster or can they immediately place him in the minor leagues? If they have to put him on the 40 man roster, how long do they have to keep him on it?

What does the player get as compensation for being picked up off of waivers?

Thanks
deb

2

A good primer on waivers (and other transactions) can be found here.