ADT 2005 Annual Report Download - page 209
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TYCO INTERNATIONAL LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
20. Share Plans (Continued)
vesting over their fair market value at the time of the grants and from the payment of dividends on
unvested shares, are credited to contributed surplus.
Share Options—Options are granted to purchase common shares at prices which are equal to or
greater than the market price of the common shares on the date the option is granted. Conditions of
vesting are determined at the time of grant under the 2004 Plan; unless otherwise stated, options
become exercisable in equal annual installments over a period of four years and will generally expire
10 years after the date of grant. However, the majority of Tyco’s stock option grants vest in equal
annual installments over three years. Options assumed as part of business combination transactions are
administered under Tyco’s plan but do not reduce the available shares and retain all the rights, terms
and conditions of the respective plans under which they were originally granted.
At September 30, 2005, approximately 390 million share options had been granted, of which
230 million, 124 million and 36 million were granted under the LTIP I, LTIP II and 2004 Plans,
respectively.
Share option activity for all Tyco plans from September 30, 2002 to September 30, 2005 is as
follows:
Weighted-Average
Outstanding Exercise Price
At September 30, 2002 .............................. 153,633,593 $37.80
Granted ......................................... 26,937,609 14.80
Exercised ........................................ (1,460,513) 10.13
Canceled ........................................ (30,470,736) 46.38
At September 30, 2003 .............................. 148,639,953 32.28
Granted ......................................... 18,449,148 28.15
Exercised ........................................ (8,304,564) 18.62
Canceled ........................................ (16,457,232) 37.43
At September 30, 2004 .............................. 142,327,305 31.96
Granted ......................................... 18,053,595 35.89
Exercised ........................................ (11,312,599) 19.95
Canceled ........................................ (8,565,767) 41.66
At September 30, 2005 .............................. 140,502,534 32.80
2005 Financials 133