Apple executives were granted more than 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 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 $12.39 million. 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 Apple 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.