Public launch September 17 ahead of iPhone 6 debut.
Google CEO Eric Schmidt Accepted No Salary or Stock for Apple Board Service
Schmidt's decision not to be paid for his Apple service differs from the compensation plan Apple put in place for directors in 1997, around the time Steve Jobs returned as CEO. Under the plan, Apple grants outside directors the option to acquire 30,000 Apple shares. The options vest over three years. For every year after that, directors are granted options to purchase an additional 10,000 shares, which vest immediately.
Additionally, Apple pays directors an annual fee of $50,000, in quarterly increments of $12,500. Apple filings show that Schmidt, from the beginning of his service as a director in 2006, declined both the retainer fee and the stock options.
Like Jobs at Apple, Schmidt accepts only a $1 per year salary for his CEO position at Google, and has also declined stock options for the past several years.