Disney's CEO gets his Apple shares

November 18, 2011: 8:19 AM ET

The new board member was granted restricted shares worth $55,000 and change

Iger. Photo: Josh Hallett via Creative Commons

According to a Form 4 filed with the SEC on Thursday, Disney (DIS) CEO Robert Iger received as part of his new position on Apple's board of directors 142 restricted shares that vest next February.

At Apple's (AAPL) closing price of $388.83 Tuesday, the day the shares were issued, the grant was worth

142 * $388.83 = $55,213.86

That's comparable to the grants offered other Apple directors. When Andrea Jung joined the board in January 2008, she received 3,000 restricted shares, but those shares had a strike price ($180.05) and took three years to become totally vested.

Fifty-five grand of course, is chump change for a man whose total compensation from Disney in 2009 (including cash bonus and stock) was more than $29 million. (According to a second SEC form filed Wednesday, his wife, Huffington Post editor Willow Bay, owns 75 shares of Apple common stock.)

The whole thing is doubly ironic since it was Iger who engineered the 2006 acquisition of Pixar that made Steve Jobs Disney's single largest shareholder. When he died, Jobs' 138 million shares of Disney, now worth $4.85 billion, were reportedly being transferred to a trust -- one presumably controlled by his wife Laurene Powell.

NOTE: An earlier version of this story suggested -- incorrectly -- that Willow Bay's 75 shares were part of Iger's director's grant.

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Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for Fortune.com.

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