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Grove exercises options

Intel CEO Andrew Grove exercises stock options worth about $94.6 million in 1996, according to a company filing with the SEC.

Intel's (INTC) top executive Andrew Grove exercised stock options worth about $94.6 million in 1996, according to a company filing with the Securities and Exchange Commission.

The chipmaker's president and CEO exercised options to buy 1.04 million shares last year, paying between $6.94 and $61.38 per share, according to company's proxy statement filed with the SEC yesterday. The document stated that Grove held 1.54 million Intel shares, including some options, at the end of February. That puts his total stake at less than one percent of the company's outstanding shares and worth about $223.3 million.

Intel spokesman Howard High said Grove sold 440,000 of the shares he received to pay taxes on the projected profits. He donated another 200,000 shares to a charity that he founded. Another 80,000 were added to his personal portfolio, High said. (Intel is an investor in CNET: The Computer Network.)