Top Apple Executives Receive Stock Awards Worth Over $22 Million
Apple has issued some major stock awards to seven of its top executives this week, after restricted stock units or RSUs awarded in 2014 and 2015 vested (via MacRumors). The company routinely issues RSUs to its executives as bonus compensation, with the restricted units vesting after a set period of time as long as the employee stays with Apple.
“Phil Schiller, Dan Riccio, Jeff Williams, and Eddy Cue all received 130,117 shares, worth more than $22 million at Apple’s current price per share. Luca Maestri, Angela Ahrendts, and Craig Federighi all received ~77,000 shares.
Shares received by each were originally awarded on March 3, 2014; October 17, 2014; and October 5, 2015, with Riccio, Williams, Cue, and Schiller receiving stock from all three dates and Maestri, Ahrendts, and Federighi receiving stock from the October awards.”
Executives who received the March 2014 award now have their RSUs fully vested, whereas those executives who received the other two rewards will see additional shares vest on April 1, 2019 and April 1, 2020.
The report notes that Apple has withheld a portion of each award in order to satisfy tax withholding requirements on vesting of RSUs.