Oracle Corp. shareholders rejected the software maker's executive compensation plan for a sixth straight year after it awarded the top three bosses pay packages worth more than $100 million each in fiscal 2018.

A majority of shares voted opposed the program, according to preliminary results announced Wednesday at Oracle's annual meeting in Redwood City, Calif. It's the only S&P 500 company that hasn't secured majority approval in a say-on-pay vote since 2011, even though founder and chief technology officer Larry Ellison owns about 28% of the stock.

In September, Oracle presented a revamped compensation program, including long-term awards of stock options for Ellison, 73, and co-CEOs Mark Hurd, 60, and Safra Catz, 55. The grants, each valued at $103.7 million, vest if the company meets share price, market capitalization and operational goals. The board doesn't expect to grant them additional equity until 2022.