CINCINNATI COMPANY P & amp;G gives CEO $200,000 raise plus $3M bonus

DOW JONES NEWSWIRE
WASHINGTON -- Consumer-products giant Procter & amp; Gamble Co. raised the bonus of its top executive 30 percent to $3 million and boosted his salary by $200,000 in fiscal 2003, according to a regulatory filing Friday.
Cincinnati-based P & amp;G gave A.G. Lafley, its chairman, president and chief executive, the $3 million bonus in the year ended June 30, the Securities and Exchange Commission filing said.
Lafley had received a $2.3 million bonus in the previous year, according to the proxy statement.
Also in the filing, the company said Lafley received a salary of $1.6 million in fiscal 2003, up from a salary of $1.4 million in fiscal 2002.
He received a restricted stock award of $4.5 million in fiscal 2003, compared with a $1.5 million award in the year ended June 30, 2002.
The company also granted Lafley 262,798 stock options in fiscal 2003, compared with 360,197 stock options in fiscal 2002.
Using the Black-Scholes option pricing model, which derives an option's worth through the stock price, expiration date and other factors, the options granted to Lafley in fiscal 2003 have a present value of $6.9 million.
Lafley's fiscal 2003 stock options have an exercise price of $91.33 a share and expire Sept. 13, 2012, the filing said.
The company said the options Lafley received in fiscal 2003 were in recognition of his performance in fiscal 2002.
Shares of Procter & amp; Gamble are trading at about $87 a share.