Apple CEO Tim Cook on Wednesday sold off more than $24 million worth of Apple stock, according to a filing with the SEC. Cook sold off the 108,136 shares that he had received on April 1 when his restricted stock units (RSUs) vested.
The RSUs that vested yesterday were part of a time-based stock award that Cook was granted back in 2020. One-third of the shares vested in 2023, one-third in 2024, and the final third vested on April 1. The shares that were sold today were put in Cook’s trust.
Restricted stock units are a tool used by companies as bonus compensation to encourage top executives to stay on with the company and Apple’s Cook is no exception. Since Cook, who has served as Apple’s CEO since August 2011, has seen his RSUs become vested, Apple may grant him more stock to keep him in an active role running the company.
Restricted stock units are also given to other top Apple executives. Apple executives Jeff Williams and Katherine Adams also received and sold stock worth $7,950,684 and $8,664,682, respectively.
(Via MacRumors)
