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. Last Updated: 07/27/2016

Apple Rewards Jobs

SAN FRANCISCO -- Apple Computer Inc. once again handily surpassed analysts' estimates for its first quarter, and a grateful board thanked its chief executive, Steve Jobs, for the company's turnaround by giving him a Gulfstream V jet and 10 million options.

Jobs' options for Apple's common stock were awarded at last week's closing price of $98.99, but he will continue to receive a token salary of just $1 a year.

Jerry York, an Apple director, said in 2 1/2 years under Jobs and his executive team, Apple's market valuation had increased from less than $2 billion to more than $16 billion, and that the $90 million cost to Apple for the jet and a tax offset was about 6.5 percent of the gain.