Summary
This 8-K filing from Oracle Corporation (ORCL) reports on the approval of the Fiscal Year 2009 Executive Bonus Plan by its stockholders at the Annual Meeting held on October 10, 2008. The Bonus Plan outlines the structure for annual cash bonuses for eligible senior officers, with payments contingent upon achieving specific performance criteria. These criteria include improvements in Oracle's non-GAAP pre-tax profit and revenue-based goals tied to individual responsibilities. The filing also specifies the maximum bonus potential for the Chief Executive Officer for FY2009, set at $13,623,000, with actual payouts depending on performance. Other participants' maximum bonuses are determined by a fixed multiple of their target bonus, and will be lower than the CEO's maximum. The detailed description of this Bonus Plan is available as Exhibit 10.24 to this report.
Key Highlights
- 1Stockholders approved Oracle's Fiscal Year 2009 Executive Bonus Plan on October 10, 2008.
- 2The Bonus Plan provides annual cash bonuses to eligible senior officers.
- 3Bonus payouts are tied to performance criteria, including non-GAAP pre-tax profit and revenue goals.
- 4The maximum bonus for the CEO in FY2009 is capped at $13,623,000, subject to performance.
- 5Maximum bonuses for other participants are calculated as a multiple of their target bonus and are less than the CEO's maximum.
- 6The full description of the Bonus Plan is available as Exhibit 10.24.