Apple Bigwigs Take Home Sizeable Stock Bonuses
Several members of Apple’s (NASDAQ:AAPL) executive team brought home a little more bacon this week in the form of restricted stock units. According to filings made with the Securities and Exchange Commission, six Apple executives were each awarded 35,780 restricted stock units, or RSUs, on March 3. Per the SEC filings, the executives who received the RSUs were Senior Vice President of Internet Software and Services Eddy Cue, Senior Vice President of Software Engineering Craig Federighi, Senior Vice President of Hardware Engineering Dan Riccio, Senior Vice President of Worldwide Marketing Philip Schiller, general counsel and Senior Vice President of Legal and Government Affairs Bruce Sewell, and Senior Vice President of Operations Jeff Williams.
Based on Apple’s current share price, each batch of the nearly 36,000 RSUs would be worth about $19 million today. However, various portions of the stock units will vest at different times over the next several years, and some of the units are dependent on the overall performance of the company’s stock. Each executive received a batch of 22,738 RSUs that are scheduled to vest regardless of the company’s performance. One-third of the 22,738 RSUs will automatically vest on April 1, 2016; April 1, 2017; and April 1, 2018.
A second portion of 6,626 RSUs may vest on October 1, 2015. However, the vesting of these RSUs is dependent on Apple’s “relative total shareholder return from September 29, 2013 through September 26, 2015.” As stated by Apple, “Between 0% and 200% of the target number of units may vest on October 1, 2015, with the vesting percentage determined based on actual performance.”