Oracle 2009 Annual Report Download - page 154

(b) Notwithstanding the provisions of Subsection (a) of this Section 12, in the event that Rule 16b-3 provides specific requirements for the administrators
of plans of this type, and the Board determines that compliance with such provisions is reasonable, the Plan (or, if permitted by Rule 16b-3, transactions in the
Plan by persons who are subject to Section 16(b)) shall be administered only by such a body and in such a manner as shall comply with the applicable
requirements of Rule 16b-3. Unless permitted by Rule 16b-3, no discretion concerning decisions regarding the Plan (or, if permitted by Rule 16b-3, transactions
in the Plan by persons who are subject to Section 16(b)) shall be afforded to any committee or person that is not “disinterested” as such term is defined in Rule
16b-3.
13. TRANSFERABILITY
Neither payroll deductions credited to a participant’s account nor any rights with regard to the exercise of an option or to receive shares under the Plan
may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution) by the participant. Any such
attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds
in accordance with Section 10.
14. USE OF FUNDS
All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall
not be obligated to segregate such payroll deductions unless required by local law.
15. REPORTS
Individual accounts will be maintained for each participant in the Plan. Statements of account will be available at the Plan broker to participating
Employees as soon as practicable following the Exercise Date, which statements will set forth the amounts of payroll deductions/contributions, the number of
shares purchased, the per share purchase price and the remaining cash balance, if any.
16. EQUAL RIGHTS AND PRIVILEGES
All eligible Employees participating in the Code Section 423 plan shall have equal rights and privileges with respect to the Plan so that the Plan qualifies
as an “employee stock purchase plan” within the meaning of Section 423 or any successor provision of the Code and the related regulations. Any provision of the
Plan which, is intended to be part of the Code Section 423 plan and is inconsistent with Section 423 or any successor provision of the Code shall without further
act or amendment by the Company or the Board be reformed to comply with the requirements of Section 423. This Section 16 shall take precedence over all
other provisions in the Plan with respect to the Section 423 plan, but shall not prevent the grant of options under a non-423 plan which do not qualify under
Section 423 of the Code pursuant to rules, procedures or sub-plans adopted by the Board designed to achieve desired tax or other objectives in particular
locations outside the United States as described in Section 23 herein.
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Source: ORACLE CORP, 10-K, July 01, 2010 Powered by Morningstar® Document Research℠