Apple hardware chief Bob Mansfield has cashed in on a number of stock options he has had for several years, making a gain of nearly $12.5 million, MacRumors reports.
Under a stock option program, Mansfield had the right to purchase 30,000 Apple stocks at $36.54 dollars a share, which he resold immediately in batches at an average price of $452.28 per share.
Mansfield’s options came as a result of an incentive handed out back in 2005 in order to get him to stay at the company for the next several years. With them expiring at the end of June of this year, Mansfield no doubt thought that it was the perfect time to cash in.
Mansfield possesses various stock options and grants however, one which would see him earn 100,000 shares in 2014 and a further 150,000 shares in 2016 conditional on him staying at Apple. At the current stock price, these would be worth approximately $114 million.