Top Apple execs each awarded 35,000 shares, worth up to $19M at today’s price

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An SEC filing reveals that six of Apple’s top execs were each awarded 35,000 Restricted Stock Units (shares that cannot be immediately traded), with a current value of more than $19M. Of this, $12M is awarded outright, subject only to remaining with the company until at least April 2018, with a further $7M dependent on Apple’s stock performance.

The bonuses were awarded to Senior VPs Eddy Cue, Craig Federighi, Dan Riccio, Phil Schiller, Bruce Sewell and Jeffrey Williams. It’s likely that Jony Ive will receive the same, though his stock awards do not have to be reported to the SEC … 

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Each will receive shares currently worth just over $4.1M on 1st of April 2016, with equal awards on the same date in 2017 and 2018.

The balance of RSUs, worth $7M at today’s share price, depends on total shareholder returns in 2015 and 2016. In the best case, that element could double to $14M, in the worst case fall to zero. 

The arrangement ensures Apple’s senior execs are motivated both to remain with the company for at least the next four years, and to play their role in maximising earnings.

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Comments

  1. rogifan - 9 years ago

    Seems odd that every SVP but him would receive them. Any reason why Ive’s stock awards wouldn’t be reported to the SEC?

  2. Steffen Jobbs - 9 years ago

    One thing for sure, Apple’s top executives are really cleaning up while shareholders are getting their clocks cleaned. The executive high rollers at Apple will make out even if the share price drops to $400 a share. There’s no reason for Tim Cook to try to pull in more investors and he can simply run Apple to keep the company profits high but untouchable for shareholders.

    • rlowhit - 9 years ago

      Having to hold onto 35,000 shares for 4 years I doubt these execs want the stock to remain steady or drop 100 points from current value since they are rather large shareholders themselves.

  3. herb02135go - 9 years ago

    Well at least the company is doing something with the taxes it’s avoiding.

  4. Jonas Louissaint - 9 years ago

    love apple , hate the stock now a days, cook is a bad ceo, and the bonus are to low for svp. 50 million each would be better. come on the girl from Facebook is a Billionaire now cause of the stock

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Avatar for Ben Lovejoy Ben Lovejoy

Ben Lovejoy is a British technology writer and EU Editor for 9to5Mac. He’s known for his op-eds and diary pieces, exploring his experience of Apple products over time, for a more rounded review. He also writes fiction, with two technothriller novels, a couple of SF shorts and a rom-com!


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