Apple CEO Tim Cook Sells $36 Million in Stock
On Friday, a Securities and Exchange Commission (SEC) filing revealed that Apple CEO Tim Cook received 1.26 million shares of Apple stock, valued around $135 million. The shares of Apple stock were restricted stock units (RSUs), which fully vested on Wednesday, that Cook gained over five years of success as Apple CEO.
According to the documents filed with the SEC this week, Cook sold approximately $36 million worth of Apple stock, comprising of 34,000 shares at prices ranging from $107.21 to $107.69. Wednesday marked the fifth anniversary of Cook taking the reins at Apple from late cofounder Steve Jobs. Apple withheld more than 656,000 shares on Tim Cook’s behalf, an amount over $70 million, to comply with minimum statutory tax withholding requirements.
Cook unlocked awarded stock bonuses worth more than $100 million for both his time spent at Apple and the company’s performance under his leadership, earning 1,260,000 total shares. The shares consist of 980,000 tenure-based RSUs and 280,000 shares because Apple’s shareholder return reached 61 percent, putting it in the top-performing third of the S&P 500 index.
Prior to this week, the Apple chief had accrued 2.24 million shares of vested stock during his tenure as CEO, part of a 2011 compensation package granting 4.7 million restricted shares.
Following the sale of stock, Cook still holds more than 1.3 million shares of Apple stock, which is currently worth over $140 million.
[via The Wall Street Journal]