Summary
Oracle Corporation filed an 8-K on October 8, 2009, to report on an item approved at its 2009 Annual Meeting of Stockholders. The primary focus of this filing is the stockholder approval of Oracle's Fiscal Year 2010 Executive Bonus Plan. This plan outlines the structure for annual cash bonuses to be awarded to eligible senior officers.
Key Highlights
- 1Stockholders approved the Fiscal Year 2010 Executive Bonus Plan on October 7, 2009.
- 2The Bonus Plan is designed to provide annual cash bonuses to eligible senior officers.
- 3Bonus payouts are contingent upon the attainment of specific performance criteria.
- 4Performance criteria include improvements in Oracle's non-GAAP pre-tax profit and revenue goals tied to specific responsibilities.
- 5The maximum potential bonus for the CEO in FY2010 is capped at $8,329,022, subject to performance achievement.
- 6Maximum bonus amounts for other participants will be less than the CEO's maximum.
- 7The full description of the Bonus Plan is available as Exhibit 10.25 to the filing.
Frequently Asked Questions
The main purpose of this 8-K filing was to report that Oracle Corporation's stockholders approved the Fiscal Year 2010 Executive Bonus Plan at the company's 2009 Annual Meeting of Stockholders.
Bonuses will be determined based on the achievement of certain performance criteria established by the Compensation Committee. These criteria include improvements in Oracle's pre-tax profit on a non-GAAP basis and revenue goals related to specific areas of responsibility.
The maximum bonus payment that the Chief Executive Officer may receive under the Bonus Plan for fiscal 2010 is $8,329,022. However, the actual bonus amount paid will depend on the achievement of the defined performance goals.
A detailed description of the Fiscal Year 2010 Executive Bonus Plan is filed as Exhibit 10.25 to this 8-K report and is incorporated by reference into the filing.