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Tyco Board Approves Stock Awards For Ceo Breen
The awards consist of 200,000 restricted shares, which vest on the third anniversary of the grant date, and 600,000 premium priced stock options with strike prices ranging from $33 to $40, which vest in equal annual installments over a three-year period beginning immediately after the grant date.
The Compensation Committee of the Board also approved stock option grants for Tyco's senior executives and other key employees. These shares represent less than 1 percent of the company's total shares outstanding.
Tyco International Ltd. is a diversified manufacturing and service company. Tyco is the world's leading provider of both electronic security services and fire protection services; the world's leading supplier of passive electronic components; a world leader in the medical products industry; and the world's leading manufacturer of industrial valves and controls. Tyco also holds a strong leadership position in plastics and adhesives. Tyco operates in more than 100 countries and had fiscal 2003 revenues from continuing operations of approximately $37 billion.