Fifth Third Bancorp gave president and chief executive officer George A. Schaefer Jr. a 16% pay increase last year — in the form of a higher cash salary and a bonus — and also awarded its other top executives with salary increases based on their performance.

But Mr. Schaefer and the others got much smaller stock options than they did a year earlier. Mr. Schaefer received options representing 300,000 shares, with an estimated potential value of at least $7.5 million. In 1999 he received options representing 375,000 shares with a potential value of at least $11 million. Each set of options will expire 10 years after they were awarded.

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