Oracle Corp. Chief executive officer, Larry Ellison sold one million shares of common stock under a prearranged plan.

According to the Securities and Exchange Commission filing on Wednesday, Ellison reported selling Oracle shares for $19.95 a piece.

The sale was under a prearranged 10b5-1 trading plan that 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.

It was reported that the shares were sold on Wednesday since insiders file Form 4s with the SEC to report transactions in their companies' shares including open market purchases and sales that have to be reported within two business days of the transaction.