Apple CEO Jobs receives $1 salary

Apple Inc. Chief Executive Steve Jobs received a salary of just $1 last year, documents filed Monday with the Securities and Exchange Commission said.

Since returning in 1997 to the helm of the company he co-founded and catapulting Apple to record profit, the legendary Silicon Valley executive has opted to get only a token paycheck.

But as of March 20, Jobs, 52, still owned more than 5.4 million restricted shares, worth about $494 million at Monday’s closing price of $91.43.

For the fiscal year that ended in September, Jobs was reimbursed $202,000 for expenses related to the business use of his private plane, the regulatory filing said. The jet plane was an executive perk that Jobs received in 2001.

Also Monday, Cupertino, Calif.-based Apple disclosed that two shareholders proposed rules to make the backdating of stock option grants more difficult in the future.

Amalgamated Bank LongView Collective Investment Fund and Connecticut Retirement Plans and Trust Funds want executive stock options to have a strike price equal to the stock’s average price on the day they’re granted, according to Apple’s regulatory filing. The two shareholders also proposed that grant dates be disclosed in advance.

The board deems the proposal unnecessary because the company hasn’t given stock options to executives since 2003, Apple said.