'RSUs' Articles

Apple Music Chief Eddy Cue Receives $60 Million Stock Award

Apple senior vice president Eddy Cue, who oversees services like the iTunes Store, Apple Music, Apple Pay, Siri, iCloud, and Apple Maps, received nearly $60 million in company stock earlier this week, as scheduled, according to Securities and Exchange Commission documents filed electronically today. Specifically, 525,000 of Cue's restricted stock units converted into common shares on September 21, worth $59.6 million based on AAPL's closing price of $113.55 on Wednesday. The shares represented the final 75% of 700,000 restricted stock units awarded to Cue in November 2011. The first 25% vested on September 21, 2014. Cue was originally awarded 100,000 RSUs, but the compensation package became 700,000 RSUs when AAPL split 7-for-1 in June 2014. 256,305 shares were withheld by Apple to satisfy the minimum statutory tax withholding requirements on vesting of RSUs. Cue gifted the remaining 268,695 shares that vested, worth approximately $20.2 million, to a family trust as he did when 350,000 of his RSUs, worth $36.1 million at the time, vested in August 2015. Cue joined Apple in 1989 and was promoted to Senior Vice President of Internet Software and Services by Apple CEO Tim Cook in September

Apple's New Hardware Chief Johny Srouji Awarded Nearly $10 Million in Stock

Apple's newly promoted Senior Vice President of Hardware Technologies Johny Srouji was awarded 90,270 restricted stock units on October 5, 2015, according to a recent filing with the U.S. Securities and Exchange Commission. The RSUs awarded vest 12.5% in semi-annual installments over a four year period ending October 2019. Srouji now has a total of 217,305 RSUs and 101,881 common stock units, which together amount to just over $34 million at AAPL's current trading price of around $107 per share. The latest batch of 90,270 RSUs are currently valued at approximately $9.6 million. Apple often rewards high-level executives with RSUs based on their performance. In August, for example, Apple CEO Tim Cook and Senior Vice President of Internet Software and Services Eddy Cue received 560,000 and 350,000 RSUs respectively worth over $97 million combined. Apple retail chief Angela Ahrendts also received 113,334 RSUs as a signing bonus upon joining Apple in May 2014. Srouji was promoted to Senior Vice President of Hardware Technologies on December 17, as part of a larger executive team makeover that saw Jeff Williams promoted to COO and marketing chief Phil Schiller take over App Store leadership across all Apple platforms. Tor Myhren, chief creative officer at ad agency Grey, will also join Apple in early 2016 as Vice President of Marketing Communications. Srouji joined Apple in 2008 to lead development of the A4 chip for iPhone 4, and he now oversees silicon and hardware technologies, including batteries, application processors, storage controllers, sensors silicon,