options worth $139.7 million.

Chairman and Chief Executive Dennis Kozlowski exercised the stock options according to a filing with the Securities and Exchange Commission on Wednesday.

Mr. Kozlowski also earned roughly $30.6 million in salary, bonus, restricted stock awards and other compensation during the year ended September 30, an increase of more than $5 million from the year earlier.

Mr. Kozlowski also held unexercised stock options at the end of the year worth nearly $66 million -- of which all but $2.8 million worth were not exercisable.

The filing said Kozlowski's shares were transferred upon being exercised to the KFT Family Partnership L.P.

Tyco, a diversified manufacturer, has made numerous acquisitions in recent years, and recently unveiled plans to build and run a global undersea fibre optic communications network.

Tyco said it plans to offer 20 percent of the new firm in a public offering.

Tyco shares were hurt in late 1999 after some investors questioned its accounting practices and the SEC launched an inquiry. Some of that share price has since been recovered, and Tyco stock closed at $38.49 on Wednesday, still below a 52-week high of $53.85.