Apple Discloses 2004 Exec Stock Option Profits; Rubinstein Rakes in $26M

Apple Computer disclosed Tuesday that three of its top executives took home more than US$49.9 million in profit from exercising 6.4 million stock options last year.

In its annual proxy statement filed with the Securities and Exchange Commission, Apple said Jonathan Rubinstein, senior vice president of its iPod division, collected $26.3 million in value from exercising 3 million stock options last year. For 2004, Rubinsteinis compensation included a restricted stock grant valued at about $6.3 million and a salary totaling $485,216, the proxy statement read.

Timothy D. Cook, executive vice president of worldwide sales and operations, realized nearly $14.2 million in value from exercising 2.7 million stock options in 2004. He received a restricted stock grant in 2004 valued at about $7.7 million, as well as a salary of $602,632.

Avadis Tevanian, Jr., senior vice president and chief software technology officer, took home more than $8.8 million in stock option profit from excercising 700,000 stock options last year. He received a restricted stock grant in 2004 valued at about $5.1 million, as well as a salary of $469,681.

Apple Chief Executive Steve Jobs received a salary of $1 in 2004, receiving no other compensation, the filing said.

In its proxy statement, Apple also announced its annual shareholders meeting will take place at 10:00 a.m. PST, on April 21 at the companyis world headquarters in Cupertino, Calif. Issues that will be voted on include election of the board of directors and approval of the companyis performance bonus plan, among many.

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