Jobs buys $15 MM in AAPL Stock
Apple CEO exercises $14.5 million worth of options
By Troy Wolverton
Mercury News
Article Launched: 08/16/2007 10:49:17 AM PDT
Apple CEO Steve Jobs this week exercised some long-held options worth at least $14.5 million.
On Monday, the iconic leader exercised 120,000 that were set to expire this week. Apple gave Jobs the options, which carried a strike price of $5.75 a share, in August 1997 when he re-joined the company's board as part of his official return the company.
Jobs disclosed the options exercise in a regulatory filing made public Wednesday. The form did not say what he planned to do with the options or the price of Apple's stock at the time he exercised them.
Jobs plans to hold on to the underlying shares after exercising the options, Apple spokeswoman Katie Cotton said.
Because Apple's stock ranged from $126.50 to $129.35 a share on Monday, Jobs' total gain at the time of exercise was somewhere between $14.5 million and $14.8 million.
Since officially rejoining Apple in 1997, Jobs has tended to hold on to his shares. His director options vested over a three-year period, meaning that he could have cashed them in at any time since August 2000.
The options exercise is the first time that Jobs has shed any of his Apple holdings since last year when he gave back 4.6 million restricted shares worth about $296 million to the company. That amount was used to pay the taxes related to the vesting of the entire 10 million-share grant of which they were a part. Jobs has held on to the remaining 5.4 million restricted
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shares of the grant, which he received in March 2003.
Apple gave Jobs the restricted shares in exchange for options that it canceled and which the company later admitted were backdated. The company's internal investigation into its past options granting practices found no evidence that any options granted in 1997 were backdated.
In recent trading on Thursday, Apple's stock was off $7.41, or 6 percent, to $112.49.
Here
By Troy Wolverton
Mercury News
Article Launched: 08/16/2007 10:49:17 AM PDT
Apple CEO Steve Jobs this week exercised some long-held options worth at least $14.5 million.
On Monday, the iconic leader exercised 120,000 that were set to expire this week. Apple gave Jobs the options, which carried a strike price of $5.75 a share, in August 1997 when he re-joined the company's board as part of his official return the company.
Jobs disclosed the options exercise in a regulatory filing made public Wednesday. The form did not say what he planned to do with the options or the price of Apple's stock at the time he exercised them.
Jobs plans to hold on to the underlying shares after exercising the options, Apple spokeswoman Katie Cotton said.
Because Apple's stock ranged from $126.50 to $129.35 a share on Monday, Jobs' total gain at the time of exercise was somewhere between $14.5 million and $14.8 million.
Since officially rejoining Apple in 1997, Jobs has tended to hold on to his shares. His director options vested over a three-year period, meaning that he could have cashed them in at any time since August 2000.
The options exercise is the first time that Jobs has shed any of his Apple holdings since last year when he gave back 4.6 million restricted shares worth about $296 million to the company. That amount was used to pay the taxes related to the vesting of the entire 10 million-share grant of which they were a part. Jobs has held on to the remaining 5.4 million restricted
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shares of the grant, which he received in March 2003.
Apple gave Jobs the restricted shares in exchange for options that it canceled and which the company later admitted were backdated. The company's internal investigation into its past options granting practices found no evidence that any options granted in 1997 were backdated.
In recent trading on Thursday, Apple's stock was off $7.41, or 6 percent, to $112.49.
Here
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