Thursday, September 29, 2011

MacDailyNews: Steve Jobs, followed by Tim Cook, top list of Silicon Valley’s top 10 largest equity grants

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Steve Jobs, followed by Tim Cook, top list of Silicon Valley's top 10 largest equity grants
Sep 29th 2011, 19:33

Sep 29, 2011 - 04:13 PM EDT — AAPL: 390.23 (-6.78, -1.71%) | NASDAQ: 2480.76 (-10.82, -0.43%)

Thursday, September 29, 2011 · 3:33 pm · 2 Comments

"Following Steve Jobs's resignation as chief executive last month, Apple Inc. awarded new CEO Tim Cook a million shares of restricted-stock units valued at more than $376 million," Pui-Wing Tam reports for The Wall Street Journal. "Just where does that award rank in the history of Silicon Valley companies, which have long used equity grants as a powerful compensation tool?"

"Compensation-research firm Equilar Inc. set about finding out," Tam reports. "Equilar ended up with a list of Silicon Valley's top 10 equity grants that is largely a reflection of a bygone era. With the exception of Mr. Cook's restricted-stock grant last month, the other nine biggest equity grants made over the past 11 years in Silicon Valley were all handed out in 2000 and 2001. That was around the height of the dot-com boom, when local tech companies rode the era's wave of euphoria to dispense sizable grants."

Tam reports, "At the top of the list is Mr. Jobs, who in 2000 was given 40 million stock options by Apple that were valued by Equilar at more than $671 million. Mr. Jobs never cashed out the award: in 2003, the options were retired and he was given a new round of restricted-stock units. The Apple co-founder hasn't sold a share of the company since 1997. Apple's Mr. Cook was second on the list, with his grant last month."

Read more in the full article here.

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