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ORACLE CEO: BONUS BUT NO PAY RAISE Featured

 Oracle CEO Safra Catz received $10.6 million in compensation for the year ended July 31. Most of that was a $9.6 million performance bonus, along with a $950,000 base salary.

But she received no salary increase and no new equity awards.  The information was in a recent filing by the software company with the SEC which was an investor presentation described as offering information not previously available. Executive pay information is usually released with a proxy statement prior to annual meetings but that has not happened yet so announcing compensation in this fashion is not normal practice. The company also gave chairman and founder Larry Ellison a $10.6-million performance bonus. Ellison does not receive a salary. The bonus awards are pegged to increases in non-GAAP operating income. Oracle also said one seventh of performance stock options vested on June 30, but another six tranches did not because of failing to achieve what was described as a “corresponding performance goal”, which was not fully satisfied. However, the company’s compensation committee extended the performance period for achieving goals for vesting, extending that from May 31, 2022 to May 31, 2025. The committee said it was responding to shareholder requests in making this move and did not specify other factors and commented that “The PSO goals remain very challenging.” Presumably the extension was the reason for the filing.

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