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Apple Awards Executives 1,000,000 Shares of Stock to Stay Until 2016

Apple has awarded 1 million shares of stock to seven top executives as a reward for their hard work during Apple's record fiscal year -- the first time the company did more than $100 billion in revenue.

Earlier we reported that the recently promoted Eddy Cue received 100,000 shares of stock in the form of a restricted stock unit or RSU. These RSU's convert into freely tradable shares of stock on their exercise dates. In Cue's case, 25% of his shares on 9/21/2014 and 75% on 9/21/2016, assuming he continues his employment at Apple.

According to Apple's filings with the SEC, the other six executives each received 150,000 RSU's, vesting in two equal parts -- 50% on 6/21/2013 and the remaining 50% on 3/21/2016. Those executives are:

- Scott Forstall, Senior Vice President, iOS Software (SEC Filing)
- Bob Mansfield, Senior Vice President, Hardware Engineering (SEC Filing)
- Peter Oppenheimer, Senior Vice President and CFO (SEC Filing)
- Phil Schiller, Senior Vice President, Worldwide Product Marketing (SEC Filing)
- Bruce Sewell, Senior Vice President and General Counsel (SEC Filing)
- Jeff Williams, Senior Vice President, Operations (SEC Filing)

An Apple spokesperson told the Wall Street Journal that the awards are "meant to reward them down the road for their hard work in helping to keep Apple the most innovative company in the world."

No paperwork has been filed showing any award for CEO Tim Cook. Earlier this year, when he was appointed CEO, Cook was awarded 1 million shares, vesting in 2016 and 2021, should he stay with the company. The only other executive on Apple's leadership team to not receive an award, at least according to the SEC, is Senior Vice President, Industrial Design Jonathan Ive.

At current prices, Cue's 100,000 share award would be worth $40 million, and Forstall, Mansfield, Oppenheimer, Schiller, Sewell, and Williams' awards are worth $60 million each.

Top Rated Comments

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41 months ago
After reading Jobs' biography, I don't think he would've allowed this if he were still around.
Rating: 33 Votes
41 months ago
Why nothing for Ives?
Rating: 33 Votes
41 months ago
So the big execs are rewarded for just doing the job they are hired for? How about the rank and file? I guess they should be happy to just have jobs...
Rating: 32 Votes
41 months ago
Go 1%!!!! :D
Rating: 31 Votes
41 months ago

After reading Jobs' biography, I don't think he would've allowed this if he were still around.


I have a feeling this is partly due to Steve's passing, they are lining their pockets for the next 5 years to keep these guys around and to keep doing what they do.
Rating: 31 Votes
41 months ago
How many options for the $0.80 / hour chinese labor putting this stuff together?
Rating: 30 Votes
41 months ago

Uh.... you sound like one of those stupid "Occupy _____" protesters. Basically mad that rich people are rich and you are not. This is America. Anyone can work hard... either by getting highly educated, starting successful business or inventing a unique product that the world cannot live without.

The people in the top seats at Apple were not handed their jobs for the hell of it. They are there because they are the best at what they do. The proof is in Apple's success. Sure they earn their yearly salaries for their work. But they can quit at any time and take their talent elsewhere... something that Apple does not want. So these stock options are given to encourage them to stick with the company.


People who think that anyone can work hard and get rich are just as ridiculous as people who think only luck brings success. Don't be an extremist.
Rating: 26 Votes
41 months ago
Pretty sure I could settle comfortably with a paltry $60M ;)
Rating: 22 Votes
41 months ago

I find it hard to believ that Jobs wasn't well aware that these bonuses were in the pipeline. I doubt they just occurred to Cook in the last few days.


Why not? Cook got a retention bonus too to stay for the next 10 years. These are very much things that would have happened after Jobs died. Now, did Jobs plan these bonusesfor his death? Maybe. But I'd suggest that these bonuses wouldn't have been given out this year if Jobs was still alive. They are in place to keep Apple stable and their leadership from leaving after such a major transition.

arn
Rating: 20 Votes
41 months ago

Uh.... you sound like one of those stupid "Occupy _____" protesters. Basically mad that rich people are rich and you are not. This is America. Anyone can work hard... either by getting highly educated, starting successful business or inventing a unique product that the world cannot live without.

The people in the top seats at Apple were not handed their jobs for the hell of it. They are there because they are the best at what they do. The proof is in Apple's success. Sure they earn their yearly salaries for their work. But they can quit at any time and take their talent elsewhere... something that Apple does not want. So these stock options are given to encourage them to stick with the company.


god. not you people again.

first, i think Apple makes great products. Steve's vision has changed the world, and I hope Apple can continue to create great products. BUT - this is an example of exactly what the OWS protests are about. And I support them completely, even though I'm probably in the 3%.

These types of payouts are obscene, whether it's our beloved Apple or the evil Goldman Sachs. I agree that the execs work hard and help Apple be successful. The point is, they don't contribute 20,000 times as much as the factory workers putting together iPhones. Or 1,000 times as much as a mechanical engineer or software engineer. This is the out-of-control theft of the people's labor for the benefit of the elite that we have been trying to bring to light.

It's disgusting. And it has nothing to do with all the disinformation and propaganda seeking to discredit OWS (e.g. that the protesters don't want to work, want handouts, are uneducated, or are "mad" at the rich.) We are mostly mad at their enablers like you who defend the very people who are raping the world of its natural and human resources to satisy their own avarice. (Granted, there are degrees of guilt - oil companies do more to destroy the environment, clothing companies exploit cheap labor more, etc. But any time a company is benefiting from the labor of thousands of employees and redistributing the spoils of their work as hundreds of millions of dollars in bonuses to executives, there is a perversion of society)
Rating: 19 Votes

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