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Apple restructures Jobs'' stock option package. (Up Front).

Publication: Los Angeles Business Journal
Publication Date: 14-APR-03
Format: Online
Delivery: Immediate Online Access
Full Article Title: Apple restructures Jobs'' stock option package. (Up Front).(Apple Computer head Steve Jobs)

Article Excerpt
The cracks are beginning to show in the stock-option edifice built by Silicon Valley over several decades.

Apple Computer Inc.'s Steve Jobs is handing back 27.5 million underwater option shares and is taking in return, not more option shares with a lower strike price but 5 million free shares.

The company filed its planned exchange with the Securities and Exchange Commission under the headline: "Apple Enhances Corporate Governance."

To use a favorite phrase of Matthew Ward, head of Westward Pay Strategies, a San Francisco-based compensation-consulting firm, giving Out free shares is what...

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