REDWOOD SHORES, Calif., July 20 /PRNewswire-FirstCall/ -- Oracle Corporation today announced that its Chief Executive Officer, Larry Ellison, has adopted a pre-arranged stock trading plan to sell a portion of his company stock over time as part of his individual long-term strategy for asset diversification and liquidity. The stock trading plan was adopted in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934 and Oracle's policies regarding stock transactions.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020718/ORCLLOGO )
Rule 10b5-1 allows corporate officers and directors to adopt written, pre- arranged stock trading plans when they do not have material, non-public information. Using these plans, insiders can gradually diversify their investment portfolios, can spread stock trades out over an extended period of time to reduce any market impact and can avoid concerns about whether they had material, non-public information when they sold their stock.
Under his Rule 10b5-1 Plan, Mr. Ellison may sell up to 100 million shares over a period of approximately nine months and gift up to an additional 2 million shares to the Ellison Medical Foundation. Some of these shares will be acquired through the exercise of employee stock options including options that are set to expire in July 2008. If Mr. Ellison completes all the planned sales and gifts of shares under his Rule 10b5-1 Plan, he would beneficially own approximately 1.173 billion shares (approximately 22.7%) of Oracle's outstanding stock.
The transactions under this plan will commence no earlier than September 2007 following the Company's first quarter earnings release and will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. The Form 4 filings will also be posted on Oracle's investor relations Web site.
About Oracle
Oracle is the world's largest enterprise software company. For more information about Oracle visit our website at http://www.oracle.com/.
Trademarks
Oracle is a registered trademarks of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners.
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk,
