Oracle Corp. Chairman Jeff Henley is planning to sell more than $25 million worth of his companys stock over a six-month period commencing no sooner than March, the company announced on Monday.
As of Monday morning, the stock price for the Redwood Shores, Calif., database company was up 1.2 percent, trading at $13.47.
According to Oracle, Henley has adopted a prearranged stock trading plan to sell part of his company stock as "part of his individual long-term strategy for asset diversification and liquidity."
The stock trading plan was adopted in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934 and Oracles own policies on stock transactions.
Under this plan, Henley may sell up to 1.9 million shares over the span of about six months. The shares will be acquired through Henleys exercising of employee stock options and will be subject to a series of laddered price triggers.
If Henley sells all 1.9 million shares, he would be left with about 11.3 million shares of Oracles outstanding stock.
Transactions under the plan will be disclosed with Form 144 and Form 4 filings with the SEC and will also be posted on the investor relations portion of Oracles site.
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