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Apple Execs Cook, Schiller, and Oppenheimer Sell Millions in Shares as RSUs from 2008 Vest

Three Apple executives sold millions of dollars in Apple shares after restricted stock units awarded in 2008 vested. The three executives were Apple CEO Tim Cook, Apple CFO Peter Oppenheimer, and marketing chief Phil Schiller. The sales were disclosed in mandatory SEC filings.


- Tim Cook sold 106,640 shares at an average price of $600.79/share, after having 93,360 shares withheld for tax purposes. He netted $64 million.

- Peter Oppenheimer sold 80,147 shares at an average price of just under $599/share, after having 69,853 shares withheld for tax purposes. He netted just under $48 million.

- Phil Schiller sold 64,151 shares at an average price of $602.66/share, after having 55,849 shares withheld for tax purposes. He netted $38.66 million.

A restricted stock unit, or RSU, is a form of compensation valued in terms of company stock, but the stock is not issued at the time of the grant. Instead, it's meant as an enticement for senior management to stay with the company. The shares in question were originally awarded in September of 2008, likely as part of an annual bonus. When they vested on March 24 of this year, each RSU was converted to a single share of AAPL stock.

The executives used a Rule 10b5-1 trading plan to manage the sales of the shares. The regulation allows executives with insider knowledge of the company to control the purchase or sale of stock ahead of time so as to avoid any accusation of insider trading.

Apple executives Bob Mansfield and Scott Forstall also had large RSU awards vest this month, but their shares weren't sold immediately.

Top Rated Comments

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32 months ago
"Raghghghghg 1%."

"That's more money than anyone needs in a lifetime, they should give it all to charity."

"Think of the poor Chinese workers at Foxconn!"

"They worked hard for their money and they have created a lot of value for the shareholders."

"Who are we to criticize others for their success?"

"They'll pay a huge amount of money in taxes, so we all get something from their success."

Did I cover all the bases?
Rating: 18 Votes
32 months ago
They are getting out while they still can. They know the lack of a MacPro update this year is going to send the stock to all-time lows.
Rating: 9 Votes
32 months ago

"Raghghghghg 1%."



Did I cover all the bases?


missed the big one. They earned it and and added to the net worth of millions of shareholders and employees.
Rating: 9 Votes
32 months ago
I think they can live comfortably now even with the high gas prices.
Rating: 6 Votes
32 months ago

What people? What stuff?

The Apple executives got their money by selling their shares.

My comments come from McGiord's mind.

They own many, many more shares that they haven't yet sold, and plenty of Apple execs have sold shares before this. It isn't the first time someone has cashed in.

That said, there's nothing wrong with diversification.
Rating: 5 Votes
32 months ago



What will happen afterwards is what should concern us. Is the management style changing after this? Focus on enjoying the well earned money and other people will take over? Slacking becomes Apple's internal doom?



Where do people get this stuff?
Rating: 5 Votes
32 months ago

I'll admit I don't understand the stock market, but why doesn't selling this many shares cause the stock price to bomb, when selling only 100 shares causes it to drop 9% (http://www.macrumors.com/2012/03/23/apple-stock-trading-halted-briefly-on-sudden-9-drop/)?


I think that had more to do with a glitch then the actual sale of shares.
Rating: 3 Votes
32 months ago
I'll admit I don't understand the stock market, but why doesn't selling this many shares cause the stock price to bomb, when selling only 100 shares causes it to drop 9% (http://www.macrumors.com/2012/03/23/apple-stock-trading-halted-briefly-on-sudden-9-drop/)?
Rating: 2 Votes
32 months ago

I'll admit I don't understand the stock market, but why doesn't selling this many shares cause the stock price to bomb, when selling only 100 shares causes it to drop 9% (http://www.macrumors.com/2012/03/23/apple-stock-trading-halted-briefly-on-sudden-9-drop/)?


So far 15.8 million shares have changed hands today, so the above ~250.000 shares are not a lot, especially considering how they're probably sold across more than a trading day. I haven't read the prospect though, so I can't be sure.

Regarding the 100 shares that caused it to drop 9%, that was a fluke, and it doesn't reflect anything about price swings in general. :)
Rating: 1 Votes
32 months ago

I'll admit I don't understand the stock market, but why doesn't selling this many shares cause the stock price to bomb, when selling only 100 shares causes it to drop 9% (http://www.macrumors.com/2012/03/23/apple-stock-trading-halted-briefly-on-sudden-9-drop/)?


A lot of these planned sales of shares are handled as block trades, which are privately negotiated transactions executed apart and away from the open electronic markets. And yes, such sales are permissible and legal.
Rating: 1 Votes

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