Apple just posted a slew of new SEC filings to their Investor Relations site. Back in 2011, the company’s Board of Directors approved an amendment that requires all restricted stock unit (compensation not actually issued until vested a certain time later) to be performance-based, rather than stock price-based. In an effort to “lead by example”, Tim Cook worked with the Board to change his large 1-million RSU 2011 award into performance-based compensation. In return, the RSUs will convert to common stock sooner.
In addition, multiple Apple executives sold large amounts of stuck after their RSUs vested today:
- Phil Schiller (SVP, Worldwide Marketing): 75,000 new common stock. Sold half his total common stock, 37,878, at $430 each (about $20 more than the current stock price) for a total payout of approximately $16.3 million.
- Peter Oppenheimer (CFO): 75,000 new common stock. Sold 37,828 at $413.50 each (nearly the current AAPL stock price) for a total payout of approximately $15.6 million.
- Bob Mansfield (SVP, Technologies): 28,414 new common stock. Sold 14,465 at $413.50 each for a total payout of approximately $6 million
- Jeff Williams (SVP, Operations): 75,000 new common stock. Sold 38,181 at $413.50 each for a total payout of approximately $15.8 million.
- Bruce Sewell (SVP and General Counsel): 75,000 new common stock. Sold 37,828 at $413.50 each for a total payout of approximately $15.6 million.
- Tim Cook (CEO): 80,000 new common stock. Sold 41,391 at $413.50 each for a total payout of approximately $17.1 million.
