Apple has awarded their top executive leadership nearly 36,000 restricted stock units each. At current prices those would net over $19 million. The information comes from a series of U.S. Securities and Exchange Commission filings made on Wednesday.
In the identical filings, six Apple executives were awarded 35,780 RSUs each, the bulk of which are scheduled to vest in three intervals through 2018. As it has in the past, the company is likely issuing the restricted units as an incentive to keep production levels high.
Recipients of 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 was the recipient of 22,738 RSUs that will vest in equal parts on the first day of April in 2016, 2017 and 2018.
The other two pieces of the award are performance-driven, and their vestment depends on Apple’s relative total shareholder returns. The second chunk of 6,626 RSUs is dependent on performance from Sept. 29, 2013 through Sept. 29, 2015, with 0 to 200% of the reported “target” number vesting on Oct. 1, 2015. The third batch of 6,416 units will vest under the same conditions on Oct. 1, 2016 with performance measured from Sept. 29, 2013 to Sept. 26, 2016.
