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Non-Tech : Tyco International Limited (TYC) -- Ignore unavailable to you. Want to Upgrade?

To: Richard James who wrote (659)	11/12/1999 10:18:00 PM
From: Richard James	Read Replies (1) \| Respond to of 3770

Richard, Talking to myself again. Found this over on Yahoo. Seems rather positive. <<Tyco CEO Says Management Option Awards to Be Performance-Based New York, Nov. 12 (Bloomberg) -- Tyco International Ltd. said stock options awarded to senior executives will be exchangeable only if the world's biggest electronic-connector maker doubles its per-share profit and cash flow in three years. The new policy applies only to options awarded in the future, said Tyco Chief Executive Dennis Kozlowski. The move isn't a reaction to a 17 percent drop in the stock since an accounting controversy arose a month ago, he said. Kozlowski announced the change at a meeting with analysts and investors in New York. Under the previous policy, options vested over a three-year period and weren't tied directly to the company's earnings performance. The change reflects the company's interest in demonstrating that it can meet financial goals, Kozlowski said. ``Both criteria must be met,' Kozlowski said. ``It's us putting our money where our mouth is.' Under the new policy, Options will vest three years from now at increasingly higher strike prices. One-third of those awarded will vest at 53, one-third will vest at 65, and another third will vest at 75. Tyco shares fell 13/16 to 43 1/16 on the New York Stock Exchange. The stock has fallen since Oct. 12, when an analyst questioned whether Tyco uses reserves to boost earnings, which Tyco denies. Nov/12/1999 19:33 For more stories from Bloomberg News, click here. (C) Copyright 1999 Bloomberg L.P.>> Richard