Apple board member Al Gore has exercised options to purchase 59,000 shares of the company’s stock for just $7.475 per share. That’s a steal even at today’s slightly-deflated-from-peak prices.
Gore exercised the options on the 15th of this month, and was awarded them according an SEC filing today. At the current stock price of $495.2 per share, the lump is worth around $29,217,095. And because he’s exercising them at such a low price, that stock is only going to cost him around $441,000.
Obviously, the common stock stands to go up very quickly after the earnings are announced next week (or down if you think Apple is a miss). Gore has exercised options at this price before, back in January of 2008, then in March of 2008. In March he only acted on 1,000 shares, with the remainder equaling, you guessed it, 59,000. In March of 2008, the stock was trading for around $124.
Gore was awarded 30K options for joining Apple’s board in 2003, but those were at a price of $14.95 per share.
http://www.youtube.com/watch?v=av8NTy5WkFc
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