Apple executives were granted over 120k shares of vested stock in transactions that took place last week but were disclosed today. CEO Tim Cook converted 72,877 units of restricted stock that were originally granted on a schedule.
SVP Eddy Cue converted 50,000 units out of a grant of 100k that was awarded in September of 2011. The remainder of those shares will vest at this time next year. Cue sold 24,500 shares at an average price of $504.18 to net around $12.39M. Cue withheld 25,420 shares at a price of $501.02 per share for taxes.
Cook tucked away 38,028 shares at a current market rate of around $19 million to satisfy taxes and didn’t sell any of his 72,877 vested shares.
Cook has another 840k shares scheduled to vest in 2016 and 2021in 100k increments and annual installments of 80k units as of August 2014. This new scheme is a modified bonus that was tweaked to be more performance-based in June of this year. Apple’s return performance will be compared to the S&P 400 and if Aple is in the top third of the group, Cook will get his full annual award of 80k shares. The lower it goes, the more it will be reduced.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here