He also held options valued at more than $11 million, according to the proxy statement.

The executives say there is no credible way of valuing options.

And, he points out, the $500 million is no more than an estimate, based on one of many economic formulas for valuing options.

Why might the use of the 90-day treasury bills be inappropriate for valuing options?

It included language aimed at protecting companies from litigation if the assumptions they use in valuing options turn out to be far off the mark.

Each received 350,000 options, valued at $3.5 million.

In 2002, he received $8.7 million in cash and stock, plus options valued at an additional $2.4 million.

It would be nice to see a reasoned debate on that issue, and on the best formulas for valuing options.

In 2000, Mr. Purcell received options valued at $15.1 million.

The valuation methods usually employed, likewise, are adapted from techniques developed for valuing financial options.