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Apple CEO Steve Jobs again gets $1 salary for 2004

By Reuters
San Francisco, 16 Mar 2005

Steve Jobs, chief executive of Apple Computer, was again paid $1 in salary and received no stock options or restricted stock for the company`s fiscal 2004, a regulatory filing showed yesterday.

For years, Jobs, who co-founded Cupertino, California-based Apple, has taken a salary of $1. In March 2003, Jobs voluntarily cancelled all of his outstanding options, excluding those granted to him in his capacity as director.

Fuelled by the success of its iPod portable digital music player and stronger sales of some models of its signature Macintosh computers, Apple`s stock price surged 80% in fiscal 2004, which ended 25 September of that year.

Also in March 2003, the board granted Jobs 10 million restricted shares of Apple`s common stock that will vest in full on the third anniversary of the grant date.

Apple employees, led by Jobs, in 2003 moved to swap out of stock options plans into new ones. Apple said Jobs` options exchange and the employee options programme would reduce Apple`s issued stock options as a percentage of total options and shares outstanding, known as stock-option overhang.

Jobs, who is also CEO of Pixar Animation Studios, is the second-largest shareholder of Apple, holding 10.1 million shares, or 1.23% of the company`s shares outstanding, according to Apple`s annual proxy statement filed with the US Securities and Exchange Commission.

Forbes magazine, in its annual list of the world`s 400 richest people, ranked Jobs at number 74, putting his estimated worth at $2.6 billion.

Since the end of Apple`s fiscal 2004, the company`s shares have nearly quadrupled. On 11 February, the company set a two-for-one stock split, its first since 2000 at the height of technology boom.

It had an earlier stock split in 1987.

Apple shares rose 58c, or 1.4%, to $40.90 on Nasdaq at mid-afternoon yesterday.