Apple Executives Receive Stock Worth Up to $22 Million as RSUs Vest

Seven Apple executives this week received major stock awards after restricted stock units or RSUs awarded in 2014 and 2015 vested.

Apple issues RSUs to its executives as bonus compensation, with the restricted units vesting after a set period of time as long as the employee stays with the company.


Phil Schiller, Dan Riccio, Jeff Williams, and Eddy Cue all received 130,117 shares, worth more than $22 million at Apple's current price per share. Luca Maestri, Angela Ahrendts, and Craig Federighi all received ~77,000 shares.

Shares received by each were originally awarded on March 3, 2014; October 17, 2014; and October 5, 2015, with Riccio, Williams, Cue, and Schiller receiving stock from all three dates and Maestri, Ahrendts, and Federighi receiving stock from the October awards. The March 2014 award has now fully vested for employees who received it, while employees who received the other two rewards will see additional shares vest on April 1, 2019 and April 1, 2020.

A portion of each award was withheld by Apple to satisfy tax withholding requirements on vesting of restricted stock units.

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Apple Executives Receive Restricted Stock Units Worth Millions

Several Apple executives were today awarded 128,584 restricted stock units or RSUs worth upwards of $20 million at Apple's current price. The RSUs are set to vest after a set period of time and serve as bonus compensation to encourage employees to stay with the company.

Johny Srouji, Phil Schiller, Dan Riccio, Luca Maestri, Craig Federighi, Eddy Cue, and Angela Ahrendts all received 128,584 restricted stock units this month. 64,885 RSUs were awarded on 10/1, while an additional 63,699 were awarded on 10/15.

For the first batch, the vesting of the restricted stock units depends on Apple's total shareholder return starting on the first day of fiscal 2018 and ending on the last day of fiscal 2020. Up to 200 percent of the shares can vest should Apple's performance in the S&P 500 be in the 85th percentile or higher relative to other companies.

If Apple's performance falls below that, a smaller percentage of shares will vest, but should the company hit its target, each executive could receive 129,770 shares worth over $20 million at today's prices. Apple did not hit that target with its last performance based stock award.

The second batch of RSUs will vest over time and each executive will see the full award of 63,699 shares should they stay with the company. One-third of the shares will vest on April 1, 2020, another third on April 1, 2021, and the final third on April 1, 2022. Chris Kondo, Apple Senior Director of Corporate Accounting, also received a smaller award of 12,740 shares that will vest starting in 2018.

At a maximum, each executive could earn up to 193,469 shares by 2022, worth more than $30 million today.

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Apple Executives Receive Stock Worth Over $19 Million Each as RSUs Awarded in 2014 Vest

Eight Apple executives this week received 125,494 shares of stock each after restricted stock units or RSUs first awarded in 2014 vested. Apple issues RSUs, which vest after a set amount of time so long as an employee stays with the company, to its executives as bonus compensation.

Luca Maestri, Craig Federighi, Eddy Cue, Angela Ahrendts, Jeff Williams, Bruce Sewell, Phil Schiller, and Dan Riccio all received the stock awards, worth over $19 million at Apple's current price.


The amount of stock each received was based on Apple's total shareholder return (TSR) relative to other companies in the S&P 500 from September 28, 2014 through September 30, 2017. Apple's TSR during that period was 65.53 percent, which gave it a ranking of 92nd out of the 451 companies in the S&P 500.

That placed Apple in the 80th percentile, so 125,494 RSUs vested. Had Apple's ranking been in the 85th percentile, the executives would have seen a larger reward as 200 percent of the target 68,576 RSUs would have vested.

Over 62,000 shares were withheld by Apple from each distribution to satisfy the tax withholding requirements of vesting RSUs.

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