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Tyco Board Approves Stock Awards For CEO Breen
PEMBROKE, Bermuda: March 14, 2005 - The Board of Directors of Tyco International Ltd. (NYSE: TYC) has approved stock option and restricted stock awards for the company's Chairman and Chief Executive Officer, Edward D. Breen.
The awards consist of 160,000 restricted shares, which vest on the third anniversary of the grant date, and 600,000 premium priced stock options with strike prices ranging from $37 to $45, which vest in three equal annual installments beginning on the first anniversary of the grant date. The Board of Directors feels that premium priced stock options provide an effective vehicle to align Mr. Breen's incentives with shareholder interests.
The Compensation Committee of the Board also approved stock option grants for Tyco's senior executives and other key employees. These shares represent approximately 1 percent of the company's total shares outstanding.
Tyco International Ltd. is a global, diversified company that provides vital products and services to customers in five business segments: Fire & Security, Electronics, Healthcare, Engineered Products & Services, and Plastics & Adhesives. With 2004 revenue of $40 billion, Tyco employs approximately 250,000 people worldwide. More information on Tyco can be found at www.tyco.com.