Google CEO and newest member of Apple's board of directors has declined stock options offered to him. Schmidt has instead decided to buy shares on the open market.
"In connection with his appointment, Dr. Schmidt has declined the automatic stock option grant to purchase 30,000 shares to which new directors are entitled under the Company’s 1997 Director Stock Option Plan," Apple said in a filing with the Securities and Exchange Commission on Friday.
Reports claim that the Apple director intends to purchase 10,000 shares of Apple common stock.