Oracle Corp, the world's second-largest software maker, said on Friday 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 Jan. 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.
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, the company said.
The executives' stock sales under the plans will not begin before September 2004, and will be disclosed publicly through regulatory filings, Oracle said.
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