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Citigroup also plans to introduce a new stock option program later this year.
PaineWebber managed Enron's stock option program for employees and handled brokerage accounts for many company executives.
"They think the option program is fair, so they do give us kudos," he said.
And in April, Microsoft's president, Steven A. Ballmer, announced a new companywide stock option program.
FedEx's stock option program is far closer to typical than the picture that Mr. Smith has painted.
First, in November 2000, he got four million with a strike price of $50 under the company's regular stock option program.
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Brokerage firms that oversee employee stock option programs hope to bring in additional assets.
While many companies brag that their option programs reward rank-and-file workers, top executives are the major beneficiaries.
One is that companies must buy back millions of their own shares to offset the stock they have dispensed to employees at much lower prices in option programs.
But now with the stock market mostly moving sideways, perhaps they will begin to notice what option programs really cost them in the way of lower earnings.
One reason for the big jump is that last year was the first year in which company financial statements reflected the full impact of some stock option programs.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com