“Apple Computer chief executive Steve Jobs this month used over 4.5M of the 10M restricted shares owed to him by the company to pay income and other employment taxes applicable to those shares,” Kasper Jade reports for AppleInsider. “He did not sell any of his stake in the company.”
“In order to meet his tax obligations on the 10M restricted shares, which vested this month, Jobs elected to net-share settle — essentially allowing Apple to withhold and pay to authorities the portion of the 10M shares that would meet his tax payment requirements,” Jade reports. “On March 19 — the date of the transaction — this portion amounted to 4,573,553 shares at $64.66 a share, or a whopping $295.7M tax payment. Apple then turned over to Jobs the remaining 5,426,451 shares, which at the close of the market on Friday were worth about $325.4M. The value of the withheld shares ($295.7M) will be turned over to the appropriate tax authorities.”
More details in the full article here.
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