Apple had a record fiscal year, topping $100 billion in revenue for the first time ever. As a reward, they’ve awarded 1 million shares of stock to seven top executives as a reward for their hard work. An Apple spokesperson told the Wall Street Journal that the awards are “meant to reward them down the road for their hard work in helping to keep Apple the most innovative company in the world.”
MacRumors reports that that Eddy Cue received 100,000 shares of stock in the form of a restricted stock unit or RSU. These convert into freely tradable shares of stock on their exercise dates. For Cue, 25% of his shares on 9/21/2014 and 75% on 9/21/2016, assuming he continues his employment at Apple.
Apple’s filings with the SEC state that the other six executives each received 150,000 RSU’s, vesting in two equal parts — 50% on 6/21/2013 and the remaining 50% on 3/21/2016. The executives are:
- Scott Forstall, Senior Vice President, iOS Software
- Bob Mansfield, Senior Vice President, Hardware Engineering
- Peter Oppenheimer, Senior Vice President and CFO
- Phil Schiller, Senior Vice President, Worldwide Product Marketing
- Bruce Sewell, Senior Vice President and General Counsel
- Jeff Williams, Senior Vice President, Operations
Current prices would value Cue’s 100,000 share award at $40 million, and Forstall, Mansfield, Oppenheimer, Schiller, Sewell, and Williams’ awards at $60 million each.