The offer is being made to all executives and employees who received options, except members of the Sprint board.

Key executives at about 9 out of 10 companies receive options.

He received options to buy 90,000 shares at $47.75 as part of a 1994 compensation package worth almost $3.36 million.

He also received options on 450,000 shares, which the firm valued at $4.5 million.

That is because they will be able to receive stock and options as part of their pay for the first time.

Among 50 big American companies last year, chief executives received options valued, on average, at $6 million each.

If it goes down, he receives new options at the lower price.

In 1999, about 1.7 percent of private-sector workers received options, according to the most recent government study.

Instead, he has received options, lots of them: 250,000 a year.

He began as a director in August and received additional options for more than 37,500 shares.