Apple considering additional compensation arrangements for CEO Steve Jobs
Jobs currently holds approximately 5.5 million shares of the companyâ€™s common stock. Since rejoining Apple in 1997, he's never sold a share of Apple stock. His last equity grant was awarded in 2003, and vested in full in 2006. Jobs currently holds no unvested equity awards.
In fiscal year 2007, the CEO's entire compensation consisted of his $1 annual salary. Jobs has received a $1 annual salary since he rejoined Apple and began serving as interim CEO. In 1999, the company awarded him an aircraft as an executive bonus in recognition of his outstanding performance during the previous two years. Jobs also received two stock option grants, one in 2000 and another in 2001. However, he never exercised these grants, and they were both cancelled in March 2003, when the Company awarded Jobs a grant of five million shares of restricted stock.
The 2003 restricted stock grant required Jobs to remain employed by the company for three more years before it vested. This grant, which increased to 10 million shares when Appleâ€™s stock split in 2005, vested in full in March 2006. After a portion of these shares was withheld for the payment of taxes, Jobs received the remaining 5,426,447 shares. Due in large part to Mr. Jobsâ€™s leadership, the companyâ€™s stock price (after accounting for the stock split) increased from $7.47 on the March 2003 grant date to $64.66 on the March 2006 vesting date -- more than an eight-fold increase in three years.
Under Jobsâ€™s continued leadership, Apple's stock price increased from $64.66 per share in March 2006 to $189.95 per share as of Oct. 31, 2007 -- a three-fold increase in approximately 18 months. When he was elected to the Board in 1997, Jobs received the standard directorâ€™s stock option grant for 30,000 shares. Because he became employed later that year as the companyâ€™s interim CEO, he was no longer eligible for such director grants. When the 1997 director grant (which increased to 120,000 shares after two stock splits) was due to expire in August 2007, Jobs exercised the option and he currently holds these 120,000 shares.
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