Business Context and Reporting Period
This Form 8-K Current Report was filed by Oracle Corporation on March 13, 2007, covering events occurring on March 12, 2007. The filing addresses corporate governance and management changes under Item 5.02.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change is the appointment of William Corey West as Vice President, Corporate Controller and Chief Accounting Officer, effective April 2, 2007. Mr. West joins from Intuit Inc., where he served as Director of Accounting.
Management Commentary and Compensation
- Role: Vice President, Corporate Controller and Chief Accounting Officer.
- Start Date: April 2, 2007.
- Base Salary: $325,000 annually.
- Bonus: Eligible for the Global Performance Bonus Plan with a target bonus of $100,000 for fiscal year 2007.
- Equity: A proposal will be submitted to grant an option to purchase 100,000 shares of common stock under the 2000 Long-Term Equity Incentive Plan.
- Employment Terms: Employment is at-will. A standard indemnification agreement is expected upon his start date.
Investor Verification Points
- Confirm the final grant of the 100,000 stock options at the next Compensation Committee meeting.
- Review the standard indemnification agreement to be executed in April 2007.
- Verify Mr. West's transition from Intuit Inc. and his prior experience at The Gap, Inc., Cadence Design Systems, Adecco, and Arthur Andersen LLP.