Summary
Oracle Corporation (ORCL) announced on July 24, 2008, the appointment of Bruce R. Chizen, CEO of Adobe Systems Incorporated, to its Board of Directors. This strategic addition brings experienced leadership from a prominent technology company to Oracle's board. Mr. Chizen's compensation as a director includes an annual retainer, meeting fees, and significant equity awards, including an initial stock option grant and annual option grants, aligning his interests with those of shareholders. The filing also details the terms of Mr. Chizen's compensation, emphasizing his eligibility for Oracle's Amended and Restated 1993 Directors’ Stock Plan. The vesting schedule for his initial stock option grant is structured over four years, promoting long-term commitment. Investors should note that Mr. Chizen is not currently assigned to any board committees, but further compensation and equity may be awarded if committee appointments are made. The standard indemnification agreement ensures protection for his directorial duties.
Key Highlights
- 1Oracle Corporation appointed Bruce R. Chizen, CEO of Adobe Systems Incorporated, to its Board of Directors, effective July 24, 2008.
- 2Mr. Chizen's compensation includes an annual retainer of $52,500 and per-meeting fees ($3,000 for regular, $2,000 for special).
- 3He received an initial stock option grant for 60,000 shares, vesting 25% annually over four years.
- 4Mr. Chizen is eligible for annual stock option grants of 45,000 shares starting May 31, 2009.
- 5He is eligible to participate in Oracle's Amended and Restated 1993 Directors’ Stock Plan for equity awards.
- 6Mr. Chizen has entered into Oracle's standard form of indemnification agreement.
- 7Currently, Mr. Chizen will not serve on any board committees.