Apple CEO Steve Jobs this week exercised 120,000 Apple shares, likely to be worth between $14.5 million and $14.8 million.

Steve Jobs bought the 120,000 shares for $5.75 apiece this week, according to a regulatory filing made public on Wed 17 August 2007; Jobs paid a total of $690,000.

Apple gave Jobs the options, which carried a strike price of $5.75 a share, in August 1997 when he joined the company. The 120,000 options were set to expire this week, writes Bloomberg.

However, he hasn't sold the shares and has no plans to do so at this time, Apple said.