Jobs Exercises Options Worth $13.7 Million
08.16.07 - 12:03pm
Steve Jobs may only have a $1 million dollar yearly salary but this week he exercised stock options which are worth $13.7 million.
The options would have expired on August 14th but Steve Jobs exercised the options in time buying 120,000 shares for $5.75 a piece, according to a regulatory filing.
The options were given to Jobs under a 1997 plan for directors, given before Jobs become ineligible for director’s grants after returning to CEO of the company the same year.
The options are not worth quite as much as they were a couple weeks ago however after falling from highs in the 150’s to $113 today.
So far today the stock has droped over $6 falling over 5 percent. This is not from Apple’s lack of productivity or creating awesome products but rather from turmoil in the credit markets especially in the home mortgage area.
