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Visa General Counsel Earns $1.37 Million by Exercising Options

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July 5 (Bloomberg) -- Visa Inc.’s general counsel, Joshua Floum, generated $1.37 million in proceeds this week by exercising company stock options as shares in the world’s largest bank-card network climbed to records.

Floum converted 16,949 options into stock and sold the shares at a price of $125 on July 2, according to a filing today from the San Francisco-based company. His plan to convert the options, granted in 2008 with an exercise price of $44, was made May 21. Floum still owns more than 118,000 options and 39,000 shares, the filing shows.

Visa set records in the past week, rising to $127.01 at the close of today’s trading in New York. It has gained 25 percent this year.

To contact the reporter on this story: Dakin Campbell in San Francisco at dcampbell27@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net.

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