Oracle chairman, director plans stock sales

By : |July 30, 2004 0



NEW YORK: Oracle Corp, the world’s second-largest software maker, said its chairman and one of its directors set up plans to sell company stock as part of their individual long-term asset strategies.

Oracle Chairman Jeff Henley essentially renewed an existing plan adopted on January 30 that allows him to sell up to 3 million Oracle shares over a six-month period, the company said.


Henley did not sell any shares under the expired plan, Oracle said in a statement.

                                 

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His new plan has a series of “laddered price triggers” for the sale of shares, and the shares will be acquired through the exercise of employee stock options, Oracle said.

If Henley completes all the planned sales of shares under his stock-sale plan, he would own about 12.3 million shares of Oracle’s outstanding stock, according to the company.

Michael Boskin, a member of Oracle’s board, may sell up to 151,872 shares over a period of about nine months under his plan. If Boskin completes all the planned sales he would own about 1 million Oracle shares, the software maker said.

The executives’ stock sales under the plans will not begin before September 2004, and will be disclosed publicly through regulatory filings, Oracle said.


Oracle, based in Redwood Shores, California, had 5.28 billion diluted shares outstanding as of May 31, 2004.

The company is seeking to acquire rival PeopleSoft Inc. in a hostile bid.

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