“Additional compensation” for Jobs may or may not be suitcase full of cash

In case you were looking for some light bathroom reading, Apple submitted its annual Form 10-K to the Securities and Exchange Commission yesterday. Amongst the interesting things contained therein (such as details on all of the more than two dozen outstanding legal battles in which Apple is currently embroiled), was a section tantalizingly titled “CEO Compensation.”

Apple’s CEO, Steve Jobs, currently holds approximately 5.5 million shares of Apple common stock. Since rejoining Apple in 1997, Mr. Jobs has never sold a share of Apple stock. His last equity grant was awarded in 2003, and vested in full in 2006. Mr. Jobs currently holds no unvested equity awards. In fiscal 2007, Mr. Jobs’s entire compensation consisted of his $1 annual salary. Because Mr. Jobs’s continued leadership is critical to Apple, the Compensation Committee is considering additional compensation arrangements for him.

CNet’s Tom Krazit takes this to mean that El Jobs will soon be the beneficiary of a raise; our inside sources inform us that Jobs’s salary will, in fact, be doubled, allowing him to purchase one entire TV episode from the iTunes Store, and have a penny left over to make a wish in the secret fountain on Apple’s Cupertino campus.

As we know, much of Jobs’s compensation comes in the form of things like, oh, Gulfstream jets that allow him to sample fresh-baked croissants in their native habitat. I’m guessing that his “additional compensation arrangements” will be something along those lines rather than more money, as Krazit suggests. But what do you give the CEO who has everything? A lifetime supply of black turtlenecks? An all-expenses paid trip to Disney World? Jeff Zucker’s head on a stick?

Whoop, strike that last one—that’s what Eric Schmidt is giving him for Christmas.