Computer Sciences Says CEO Earned $9.8 Million

Computer Sciences Corp. Chief Executive Van B. Honeycutt earned $9.8 million in fiscal 2006, a 12% raise over his year-earlier pay of $8.75 million, according to a regulatory filing Thursday.

The company also gave Honeycutt stock options that will be worth $17.65 million in 10 years if El Segundo-based Computer Sciences meets average market performance over that period. And the CEO reaped a $5.12 million gain by exercising stock options that he had received in previous years, according to the filing with the Securities and Exchange Commission.

The information technology company paid Honeycutt a $1.36-million salary and gave him a restricted stock award valued at about $8.24 million for the fiscal year ended March 31, compared with cash pay of $1.29 million and a restricted stock award valued at about $7.28 million for the year before.

The company also granted Honeycutt 250,000 stock options for fiscal 2006, up from 230,000 stock options the previous year, the filing said. Assuming that the company’s stock appreciates 10% a year until the options’ expiration date, the value of the fiscal 2006 stock options would be $17.65 million.

As of March 31, Honeycutt had exercisable stock options valued at $30.65 million and unexercisable stock options valued at $10.35 million, the proxy statement said. Honeycutt also received “other annual compensation” in fiscal 2006 of $224,689, up from $177,037 for fiscal 2005, the filing said.