The grants for restricted stock units, which won't vest until March 24, 2012, aim to reward members of Apple's top brass for their performance thus far and lock them into their roles at the company for the foreseeable future. Should any of the executives vacate their position ahead of the vesting date, they'll forfeit their right to claim the shares.
In total, nine grants were issued ranging from 60,000 shares to 200,000 shares, which when combined carried a total market value of $122,101,600 based on the closing price of Apple shares Monday ($105.26).
The most heavily rewarded executives where Chief Operating Officer, Timothy D. Cook, who received 200,000 shares ($21,052,000), and Senior Vice President Retail, Ron Johnson, and Chief Financial Officer, Peter Oppenheimer, each of which were granted 150,000 shares ($15,789,000).
Five other executives were each granted 120,000 shares ($12,631,200), including Senior Vice President Worldwide Product Marketing, Phil Schiller; Senior Vice President Software Engineering, Bertrand Serlet; Senior Vice President Mac Hardware Engineering, Bob Mansfield; Senior Vice President Industrial Design, Jonathan Ive; and Senior Vice President iPhone Software, Scott Forstall.
Senior Vice President, General Counsel and Secretary, Daniel Cooperman, who came to Apple last year from Oracle, was issued a grant for 60,000 shares worth approximately $6,315,600.
35 Comments
So no word on dear ol' Steve-o?
Considering how much cash Apple has on hand I'm fine with these numbers...
Edit: Do they not do partial vesting? I mean, if they say fully vested at 5 years and you leave at 4 do you get nothing or do you get a % of that? I thought most all places did % based vesting...
Thanks bigmc6000 for your effort to clear up political confusion in previous post.
Can't wait to see what this post unleashes....
I can always tell when some is following the 'sound bite' instead of following the money.
Yeah, so what. There's nothing explosive about this post. Frankly, the way it's worded and the timing leads me to one conclusion. Stock influence or manipulation for AAPL shorts.
Come on, man. Give Cubert some!
I cannot name a time in recent memory that it'd be worse for this news to come out. The public (myself included) is VERY sensitive right now to the rich getting even more riches handed to them. So I'm really holding myself back right now to not light into Apple and ask how on earth these people managed to "earn" these millions of dollars. Oh, wait, I did just ask. Oh well--it needed asking.