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Tim Cook and Eddy Cue Receive Combined $94 Million in Apple Stock
Apple CEO Tim Cook and Senior Vice President Eddy Cue received 560,000 and 350,000 restricted stock units respectively this week, worth a combined $93.8 million based on AAPL's closing price of $103.12 on Monday, according to a pair of filings with the U.S. Securities and Exchange Commission.
Tim Cook and Eddy Cue at an Apple Store in 2014 (Image: Bloomberg)
Cook was awarded with 280,000 performance-based restricted stock units in full based on Apple's performance relative to the other companies in the S&P 500 over a two-year period ending August 24. Apple needed to achieve a total shareholder return (TSR) of at least 41.36% to place in the top third of companies in the index, and Apple's TSR for the two-year period was 76.76%.
Cook and Cue did not sell any of their RSUs, although 290,836 and 171,853 shares were withheld by Apple respectively to satisfy the minimum statutory tax withholding requirements on vesting of RSUs. Cue transferred his remaining 178,147 shares that vested to a family trust, and he has now been awarded all 700,000 shares granted to him on September 2, 2011.
Cook has a remaining 4.76 million RSUs scheduled to vest as follows per the SEC filing:
Note: Due to the political nature of the discussion regarding this topic, the discussion thread is located in our Politics, Religion, Social Issues forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.
Cook was awarded with 280,000 performance-based restricted stock units in full based on Apple's performance relative to the other companies in the S&P 500 over a two-year period ending August 24. Apple needed to achieve a total shareholder return (TSR) of at least 41.36% to place in the top third of companies in the index, and Apple's TSR for the two-year period was 76.76%.
Cook and Cue did not sell any of their RSUs, although 290,836 and 171,853 shares were withheld by Apple respectively to satisfy the minimum statutory tax withholding requirements on vesting of RSUs. Cue transferred his remaining 178,147 shares that vested to a family trust, and he has now been awarded all 700,000 shares granted to him on September 2, 2011.
Cook has a remaining 4.76 million RSUs scheduled to vest as follows per the SEC filing:
700,000 RSUs on August 24, 2016; 700,000 RSUs on August 24, 2021; 1,680,000 vest in six equal annual installments commencing August 24, 2016; the remaining 1,680,000 are all subject to performance based vesting requirements and will potentially vest in six annual installments commencing August 24, 2016.Cook must remain employed at Apple to receive his unvested RSUs on their applicable vesting dates.
Note: Due to the political nature of the discussion regarding this topic, the discussion thread is located in our Politics, Religion, Social Issues forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.
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47 months ago
What do you even do with all of that money is beyond me.
Have a little chuckle at the cheap Foxconn staff that enabled your fortune?
47 months ago
What do you even do with all of that money is beyond me.
There hasn't been born a single person who can't think of something to do with 94 million dollars. If you had it, you'd have no trouble finding a use for it. The lottery has proven that time and time again, although the key is to know when to stop spending. ;)
47 months ago
What do you even do with all of that money is beyond me.
Hookers and blow. Lot's of 'em both. And a capuchin monkey.:cool::p
47 months ago
I bet they could even retire if they wanted.:rolleyes:o_O
If they are careful with their money, and clipped coupons.
47 months ago
They timed that suspiciously well.
Implying? It's stock, not money. It changes value anyway. The number of shares was based on company performance, which is strong, obviously.
47 months ago
They timed that suspiciously well.
Umm... what?
It's not like they bought (using their cash) the shares at the lower value.
It doesn't matter if the value of the RSU was a penny or 10 million per share, its only worth what you cash it out as.
Now if they contacted the SEC to sell it and were able to move the stock price up around their scheduled sale date, then I can see this being suspicious. But that was NOT the case here.
47 months ago
Despite what people may say, Apple is doing very well under Cook. Sure I'm encountering a lot of software bugs that simply shouldn't be there in every release of iOS 8 and some in Yosemite and El Capitan (yes I realize it is still beta). And there are some design/function decisions I disagree with. But as someone recently once told me "we will fill the position when we find the right candidate," I remembered that OS X developers were pulled from iOS and thus OS X (one of the versions) was delayed. This means that Apple at its heart is still a small company striving for quality work. And I admire that.
47 months ago
I knew something like this was coming when Cook put out a statement to calm the drop in Apple stock...that was so rare for Apple that it could only have been self serving
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