Apple's Board of Directors receives restricted stock currently worth over $230K

article thumbnail

AppleInsider is supported by its audience and may earn commission as an Amazon Associate and affiliate partner on qualifying purchases. These affiliate partnerships do not influence our editorial content.

Filings with the U.S. Securities and Exchange Commission on Thursday reveal that all members of Apple's Board of Directors, save for CEO Tim Cook, received 562 restricted stock units as part of an automatic grant, with the shares currently worth over $230,000.

The SEC filings note that Arthur D. Levinson, Bill Campbell, Millard Drexler, Al Gore, Rogert Iger, Andrea Jung and Ronald Sugar all received 562 restricted stock units on Wednesday worth some $232,000 as of today's closing price. There was no such filing for Apple CEO Tim Cook, who is also on the board.

According to the SEC transaction Form 4 documents, the restricted shares are part of an automatic grant as outlined in the 1997 Director Stock Plan, and will vest on Feb. 1, 2014.

It was reported earlier on Thursday that a notice regarding executive compensation was quietly posted to Apple's website on Feb. 6, which briefly restated that board members' retainers start at $50,000 per year. The notice also implemented a new corporate governance rule requiring top executives to hold company stock worth at least triple their base salary.