Ellison to give up $500M payment from Oracle's Pillar acquisition

|About: Oracle Corporation (ORCL)|By:, SA News Editor

Oracle (ORCL) CEO Larry Ellison will forgo a potential payout of $500M in order to settle accusations of conflicts of interest in the company's 2011 purchase of Pillar Data Systems, a data-storage firm that Ellison controlled.

Oracle originally agreed to pay for the acquisition based on Pillar's performance through 2014 but none up front. Ellison was to receive the first $562M of any payment connected to the deal, but he will now return 95% of any money he gets back to Oracle.

The settlement comes after lawsuits from two shareholders, and amid criticism over Ellison's large salary.