Tyco International Ltd (TYC.N) CEO Ed Breen exercised stock options on Wednesday for a profit of $5.38 million, a regulatory filing showed. Tyco shares rose more than 7 percent on Tuesday, and are up more than 10 percent this week since reports first surfaced of a possible takeover bid for the maker of security and safety systems. Tyco spokesman Paul Fitzhenry said Breen's action was part of a plan entered into in August 2010 that allows for the regular sale of a preset number of shares every month if the stock is above a certain threshold. The stock options were given to Breen when he joined Tyco as chief executive in 2002 when they were $15.89 each. Breen sold 152,358 shares for an average of $51.21, according to the filing on Thursday with the U.S. Securities and Exchange Commission (SEC).
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