Apple Awards 1,000,000 Shares Of Stock To Its Seven Top Executives
Apple awarded 1 million stock shares to its seven executives rewarding them for hard work over the fiscal year when the company for the first time earned more than $100 billion.
Earlier it was reported that Eddy Cue was awarded 100,000 stock shares in the form of RSU (restricted stock unit), which can freely convert into tradable stock shares on their exercise dates. Assuming Cue continues to work with Apple, 25 percent of his RSU’s he can convert on 9/21/2014 and 75 percent on 9/21/2016.
According to Apple’s SEC filings, the other six top managers received 150,000 RSU's each, vesting in 50 percent of them on 6/21/2013 and the remaining 50 percent on 3/21/2016.Those top executive are:
- Senior Vice President Scott Forstall (iOS Software)
- Senior Vice President Bob Mansfield (Hardware Engineering)
- CFO and Senior Vice President Peter Oppenheimer
- Senior Vice President Phil Schiller (Worldwide Product Marketing)
- General Counsel and Senior Vice President Bruce Sewell
- Senior Vice President Jeff Williams (Operations)
An Apple spokesperson said to the
“These stock grants are meant to reward them down the road for their hard work in helping to keep Apple the most innovative in the world”.
No papers have been filed to award CEO Tim Cook. When he was appointed earlier this year, he was awarded 1 million shares of stock, vesting in parts – in 2016 and 2021.The only Apple’s top executive, who didn't receive a reward, is Senior Vice President of Industrial Design Jonathan Ive. There have been rumors that Jonathan Ive is going to retire, so that may be the reason why the company didn’t grant him the award.
At current share prices, Cue’s 100,000 stock prices are worth $40 million, and share awards of other six executives are worth $60 million each.
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