Oracle CEO Larry Ellison sells shares

Larry Ellison, the chief executive of business software maker Oracle Corp. sold 1 million shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Wednesday.

In a Form 4 filed with the SEC, Ellison reported selling the shares on Wednesday for $19.95 apiece.

The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information.

Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.

Source: www.businessweek.com