Al Gore gets 30,000 options for joining Apple's board

[medea]

Reuters reports that former U.S. Vice President Al Gore received 30,000 stock options for joining the board of Apple this month, according to a Securities and Exchange Commission filing released on Monday. In the filing, the company said it gave Gore 30,000 stock options with an exercise price of US$14.95. He could exercise options for 10,000 common shares in March 2004, another 10,000 in 2005 and the final 10,000 in 2006. The package expires in 2014. The options reflect Apple's standard compensation for non-executive directors, as described in the company's proxy statement filed last week.
http://biz.yahoo.com/rc/030331/tech_apple_gore_1.html

[Mr. Anderson]

Yeah, nice, pocket change actually. Only if the stock is worth more than 14.95 will he get any money off of it....and then it will be selling stock price minus 14.95. So if it was selling at 15.95 he'd get $10,000 2004. The only way he'll see some money is if the stock goes up significantly.

D

[Chad4Mac]

Duke-
Apple's Director Compensation states that, "employee directors are granted an option to acquire 30,000 shares of Common Stock upon their initial election ("Initial Options")...the Initial Options vest and become exercisable in three annual installments."

Being that the Directors do not recieve additional compensation, the option (not the obligation) to exercise 10,000 common shares is equal to 10,000 x $14.95 plus any difference between the exercise value and the sell value on an annual basis.

Chad4Mac