Tuesday, August 27, 2013, 04:33 pm PT (07:33 pm ET)
Apple SVP Eddy Cue sells off $12.4M of vested stock, CEO Cook withholds sharesFilings with the U.S. Securities and Exchange Commission on Tuesday reveal Apple executives Tim Cook and Eddy Cue exercised stock options last week, though only Cue opted to sell a portion of his vested stock for a total of $12.4 million.
Apple's senior vice president of Internet Software and Services Eddy Cue acquired 50,000 restricted stock units last Saturday, and sold 24,580 shares at a price of $504.18 to net $12,392,700. The remaining 25,420 units were withheld at a price of $501.02 per share to satisfy the minimum statutory tax requirements on vested RSUs.
Cue's shares were part of a 100,000 unit award granted in September 2011, the second half of which is scheduled to vest in August 2014, assuming continued employment.
As for Cook, the chief executive had 72,877 RSUs converted on the same day and withheld the minimum tax requirements, which came out to 38,028 shares at $501.02, or over $19 million. He did not sell any shares in last week's transaction.
Cook still holds 87,316 common stock shares that, if sold today, would be worth nearly $42.7 million. In addition, another 840,000 RSUs are scheduled to vest in 100,000-unit chunks in 2016 and 2021. The remaining 640,000 will be split into eight annual installments of 80,000 units, the first slated to vest on Aug. 24, 2014.
On Topic: Investor
- Piper Jaffray advises 'conservative expectations' for Apple Watch, predicts first-year sales of 10M
- Evercore raises Apple price target to $125, sees bigger iPhones leading to bigger sales
- European Commission seeking retroactive tax windfall from Apple Inc subsidiary in Ireland
- BMO sees Apple selling 189M iPhones & 12M Watches in fiscal 2015, raises target to $110
- After Apple's record setting launch, analysts predict iPhone 6 will win over Android switchers