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.