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Tuesday, March 15, 2005, 11:00 am PT (02:00 pm ET)

Apple\'s iPod chief pockets over $26M from options

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 in 2004, writes TMO's Brad Gibson. In its Archives/edgar/data/320193/000104746905006387/a2153157zdef14a.htm">annual proxy statement filed with the SEC, 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. Timothy D. Cook, the company's vp of worldwide sales and operations, reaped nearly $14.2 million in value from exercising 2.7 million stock options. And 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. Meanwhile, Steve Jobs received a salary of $1 in 2004, according to the filing. No other compensation for Jobs was listed. In the filing, Apple states that its annual shareholders meeting will take place at 10:00 a.m. PST, on April 21 in Cupertino, Calif. Some additional details are available in the TMO report.