Oracle Corp. (ORCL) said in a regulatory filing Tuesday that its newly appointed co-chief executive officers Safra Catz and Mark Hurd will each receive a special one-time grant of a stock option to purchase 500,000 shares of the company's common stock with an exercise price equal to the fair market value of Oracle's common stock on the date of the grant.
Catz and Hurd will also receive a target Performance Stock Unit award of 125,000 Performance Stock Units each.
Catz and Hurd were appointed as co-CEOs of Oracle on September 17. Former CEO Larry Ellison was elected Executive Chairman of the company's Board of Directors and appointed as Chief Technology Officer of Oracle on September 17.
Ms. Catz had been a President of Oracle since January 2004, Chief Financial Officer most recently since April 2011. Hurd had been a President of Oracle since September 2010.
The grant of the stock options and Performance Stock Units to each of Catz and Hurd will take place on the fifth day of the month following the effective date of the promotion in accordance with Oracle's policies.
Also in connection with the announced changes, the Compensation Committee cancelled a portion of Ellison's fiscal year 2015 equity grant, reducing his stock option award by 750,000 shares and his target Performance Stock Unit award by 187,500 Performance Stock Units, Oracle said in the filing.
The salaries and executive bonus opportunities for each of Ellison, Catz and Hurd will not change as a result of the appointments, the filing said.
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