Jobs wiped out the original Pixar engineers' stock options by selling the company, "Old Pixar", to "New Pixar", which he had created specifically for this purpose. It was a mere formality to him as he was the controlling shareholder in Old Pixar, just signing some papers. "As part of the reorganization, Jobs exercised a clause in the employee stock option agreements that allowed him to buy back their options at the original strike price, which was a pittance." *

[Charles Ferguson, High Stakes, No Prisoners pp 98-99]