Six top Apple executives have been awarded 35,780 Restricted Stock Units (RSUs) each as bonus, according to a series of U.S. Securities and Exchange Commission filings yesterday, AppleInsider reports. The RSUs, which at current prices would net just over $19 million, are likely being issued by Apple as an incentive to keep the production levels high.
Receiving the RSUs were Apple SVP of Operations Jeffrey E. Williams, general counsel and SVP of Legal and Government Affairs Bruce Sewell, SVP of Worldwide Marketing Phil Schiller, SVP of Hardware Engineering Dan Riccio, SVP of Software Engineering Craig Federighi and SVP of Internet Software and Services Eddy Cue.
Each executive received a first batch of 22,738 RSUs that will vest in equal parts on the first day of April in 2016, 2017 and 2018.
The SEC filings reveal that the second and third RSU award chunks are more performance-driven and will vest depending on Apple’s relative total shareholder returns. A set of 6,626 RSUs is dependent on performance from Sept. 29, 2013 through Sept. 29, 2015, and between 0 to 200 percent of the reported “target” number may vest on Oct. 1, 2015.
Apple has issued restricted stock units as a bonus to its top leadership in the past as well.