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February 1997. Prior to April 1995, Dr. Tevanian worked as an engineer with NeXT and held several management positions.
Item 11. Executive Compensation
Information Regarding Executive Compensation
The following table summarizes compensation information for the last three fiscal years for (i) Mr. Jobs, Chief Executive Officer and (ii) the
four most highly compensated executive officers other than the Chief Executive Officer who were serving as executive officers of the Company
at the end of the fiscal year (collectively, the " Named Executive Officers" ).
SUMMARY COMPENSATION TABLE
(1)
Annual Compensation
Long
-
Term
Compensation
Name and Principal Position
Fiscal
Year
Salary
($)
Bonus
($)
Restricted
Stock Award
($)
Securities
Underlying
Options*
(#)
All Other
Compensation
($)
Steven P. Jobs
Chief Executive Officer
2004
2003
2002
1
1
1
—
—
2,268,698
(2)
—
74,750,000
—
(
1)
—
—
7,500,000
(1)
—
—
1,302,795
(2)
Timothy D. Cook
Executive Vice President,
Worldwide Sales and Operations
2004
2003
2002
602,632
617,673
563,829
—
—
—
7,650,000
—
—
(
3)
—
—
—
12,588
9,929
8,025
(4)
(4)
(4)
Ronald B. Johnson
Senior Vice President, Retail
2004
2003
2002
484,836
452,404
452,404
1,500,000
1,500,000
—
6,375,000
—
—
(
3)
—
—
300,000
—
—
—
Jonathan Rubinstein
Senior Vice President, iPod
Division
2004
2003
2002
485,216
452,939
452,558
—
—
—
6,375,000
—
—
(
3)
—
—
—
12,300
11,986
9,996
(4)
(4)
(4)
Avadis Tevanian, Jr. Ph.D
Senior Vice President, Chief
Software Technology Officer
2004
2003
2002
469,681
456,731
492,212
1,000
—
—
5,100,000
—
—
(
3)
—
—
—
12,338
11,962
10,700
(4)
(4)
(4)
In March 2003, Mr. Jobs voluntarily cancelled all of his outstanding options, excluding those granted to him in his capacity as a director.
In March 2003, the Board awarded Mr. Jobs five million restricted shares of the Company's Common Stock, that generally vest in full on
the third anniversary of the grant date.
(2)
In December 1999, Mr. Jobs was given a special executive bonus for past services as the Company's interim Chief Executive Officer, in
the form of an aircraft with a total cost to the Company of approximately $90,000,000. In fiscal 2002, approximately $2.27 million paid
by the Company towards the purchase of the plane and approximately $1.3 million in related tax assistance was reported as income to
Mr. Jobs.
(3)
Market value of restricted stock units granted on March 24, 2004 (based on $25.50 per share, the closing price of the Company's common
stock on the NASDAQ National Market on the day of grant). Restricted stock units generally vest over four years with 50% of the total
number of shares vesting on each of the second and fourth anniversary of the grant date.
(4) Consists of matching contributions made by the Company in accordance with the terms of the 401(k) plan.
Option Grants in Last Fiscal Year
There were no options granted to the Named Executive Officers during fiscal year 2004, although restricted stock units which are shown above
in the Summary Compensation Table, were granted.
108