EXHIBIT 10.1
RESTATEMENT OF EMPLOYMENT AGREEMENT
This Agreement is entered into as of August 31, 1996 between Oracle
Corporation ("Employer") and Xxxxx X. Xxxx ("Employee") to restate the existing
terms of the employment relationship between Employer and Employee and eliminate
provisions which have expired.
If Employee's employment is involuntarily terminated without good cause,
Employee will receive severance at his base salary rate of $29,166.67 per month
for twelve months, provided, however, that any such payments would cease
whenever Employee obtained other employment. During any period for which
Employee receives severance, Employee would continue to receive health care
benefits under COBRA provisions at Employer's expense.
Until September 26, 1998, Employee is entitled to a minimum of $250,000 per
year in discretionary incentive income. However, Employee has chosen to
participate in Employer's Fiscal Year 1997 Executive Compensation Bonus Plan
("the FY97 Executive Plan"). Employee understands that there is no minimum
compensation guarantee in the FY97 Executive Plan, and that by participating in
the FY97 Executive Plan, Employee is foregoing the $250,000 guarantee. So long
as Employee remains a member of Employer's Executive Management Committee,
Employee may continue to participate in Employer's Executive Compensation Bonus
Plan, but thereby foregoes any minimum incentive income guarantee.
IN WITNESS WHEREOF, Employer and Employee have executed this Agreement as of
the date first above written.
EMPLOYER:
ORACLE CORPORATION,
a Delaware corporation
By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Senior Vice President, Human Resources
EMPLOYEE:
/s/ Xxxxx X. Xxxx
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XXXXX X. XXXX
