“Apple Computer Inc. Chief Executive Steven Jobs took a $1 salary in 2003, as he has since 1998, and received $74.75 million in restricted stock in exchange for his outstanding stock options in March 2003,” Reuters reports. “The Cupertino, California company did not pay Jobs, who is also a co-founder of the company, any new stock options or cash bonus in 2003. No other executive received stock options in 2003, Apple said.”
“Jobs began taking a $1 salary one year after he returned to Apple in 1997, aiming to turn around the company he helped found. But over the years, other compensation for Jobs has been criticized, such as stock options and a $90 million jet,” Reuters reports. “The grant of restricted stock, which Jobs received in exchange for cancellation of 27.5 million stock options, vests three years from the date of the grant. The move, which Apple disclosed a year ago, was part of the company’s effort to reduce the percentage of issued stock options as a total of options and shares outstanding.”
Full article here.