Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On December 9, 2019, Oracle Corporation ("Oracle") announced that the Board of
Directors unanimously elected Vishal Sikka to serve as a director, effective as
of December 10, 2019.
Dr. Sikka will be granted restricted stock units for shares of Oracle common
stock (the "RSUs") in accordance with Oracle's Amended and Restated 1993
Directors' Stock Plan. The RSUs will represent a pro rata amount of the annual
equity award granted to non-employee directors based on the number of complete
calendar months remaining in Oracle's current fiscal year. The RSUs will fully
vest on the first anniversary of the date of grant provided Dr. Sikka continues
to serve as a director on the vest date. Dr. Sikka will also receive the
standard cash compensation for Oracle's non-employee directors.
Dr. Sikka has entered into Oracle's standard form of indemnification agreement
pursuant to which Oracle will indemnify him for certain actions taken in his
capacity as a director.
Effective November 1, 2019, Oracle entered into a consulting agreement with Hang
Ten Systems LLC ("Hang Ten"), a company wholly owned by Dr. Sikka. Under the
agreement, Hang Ten is providing a minimum of twenty and maximum of fifty hours
of consulting services and sales support to Oracle per month at a rate of $2,000
per hour. The agreement has a three-month term.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
99.1 Press Release - Oracle Names Vishal Sikka to the Board of
Directors, dated December 9, 2019
104 Cover Page Interactive Data File (embedded within the Inline
XBRL document).
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses