Steve Jobs deposition, page 28, March 18, 2009[ << page 28 >> ] img
THE WITNESS: Yeah. S0, in other words,
rather than giving a member of the executive team A
hundred shares a yea: for four years, my approach
was to give them 400 options on 400 shares right
upfront. It cost the shareholders no greater
dilution, and yet gave the employees more upside,
which meant we could actually give them less shares
and cause less dilution.
And this came to be known as a "mega
grant." I thinkcoined that phrase.
BY [ j
Q. And I think I understand the distinction
you make between, say, granting someone a hundred
shares, you know, one time per year over four years
versus 400 shares at the beginning, but just to make
sure I understand, then, this concept of a 400share
grant -- and, again, I know we're talking
hypothetically here, would that grant have some sort
of a vesting schedule or A. Yes.
Q. - would it be just that they -
A. It would be 25 percent a year.
A. But see, the key thing is if the stock goes
up, which we always hope it does, then the golden
866 299-SI 27
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