Steve Jobs Deposition on Stock Option Backdating Scandal

Forbes has been able to obtain the full text of Steve Jobs’ sworn deposition given on March 18, 2008, to the Securities and Exchange Commission (119-pages) over Apple’s (AAPL) options backdating scandal.

In the deposition, Jobs told SEC lawyers that after being paid a $1 per year salary since his return at the helm of the company, combined with the deteriorating value of his stock options in the dot-com bust, he felt unfairly compensated for his work. He was also unhappy with the fact that his board of directors never approached him with a stock option reward without his prompting.

“It wasn’t so much about the money,” Forbes reports Jobs told the SEC. “Everybody likes to be recognized by his peers..I felt that the board was really doing the same with me.”

Jobs has not been a party to the litigation, which the SEC brought against two of his execs, former CFO Fred Anderson and former general counsel and board secretary Nancy Heinen, both of whom are no longer with the co.

Read the full deposition here »

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