March 28, 2006 9:07 AM PST
Jobs uses his Apple shares to pay taxes
The other chunk, which represents 4.57 million shares, or nearly $296 million, was withheld by Apple to pay for income taxes relating to the vested shares, according to filings with the U.S. Securities and Exchange Commission.
Uncle Sam walks away with millions of dollars, and Jobs doesn't do too badly, either.
The CEO still retains about 5.4 million shares, which were valued at nearly $351 million at the time of the transaction on March 19, according to the SEC filing.
Jobs was initially awarded the 10 million shares of restricted stock back in 2003, which had a three-year vesting cycle. The millions he could potentially reap from selling his vested stock would help cushion the $1 annual salary he has volunteered to accept as the company's CEO.
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