Avaya has said that President and Chief Executive Louis J. D’Ambrosio realised $4.6 million from the exercise of stock options to purchase 552,000 shares during the year ended Sept. 30.
Value realised generally is defined as the market value of the stock on the dates of exercise minus the applicable exercise price. It doesn’t necessarily indicate the stock was sold.
Shares of the Basking Ridge, N.J., designer, builder and manager of communications networks recently traded at $13.77 each, up 8 cents.
Avaya also that D’Ambrosio received a restricted stock award valued at $1.99 million for fiscal 2006, compared with no award for the prior year.
The company said it granted 455,659 stock options for fiscal 2006, compared with a grant of 115,000 stock options for the previous year.
Assuming the company’s stock appreciates 5% annually until the options’ expiration date, the total value of the fiscal 2006 options is $1.83 million, according to the SEC filing.
Avaya also said CEO D’Ambrosio received a fiscal 2006 salary of $536,905 and bonus of $584,269, compared with a fiscal 2005 salary of $475,000 and no bonus. He began his current posts with the company July 24, according to the SEC filing.
The company said D’Ambrosio received “other annual compensation” of $42,961 and “all other compensation” of $169,633 for fiscal 2006. For the previous year, D’Ambrosio received “other annual compensation” of $37,732 and “all other compensation” of $32,254, the SEC filing said.