Mikey Campbell
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.
Malcolm Owen
Andrew Orr
Sponsored Content
Wesley Hilliard
Christine McKee
14 Comments
Allllllllllllllll right.
SO relieved poor Al Gore finally got some potential income. The King of Global Warming only made a hundred million off the sale of Current TV to Al Jazeera. That the Arab network praises Al Qaeda and is supported by OIL-rich Qatar should not concern us.
Jung should get a free iPad (original, refurbished one) and a nice wave good-bye
[quote name="buckalec" url="/t/156239/apples-board-of-directors-receives-restricted-stock-currently-worth-over-230k#post_2285905"]Jung should get a free iPad (original, refurbished one) and a nice wave good-bye[/quote] Actually, Campbell is the one who should have been thrown off the board years ago. It has been at least 20 years since Intuit made a good product for Macs - and even then it was severely limited. Users have been begging for file format and feature compatibility at least since the early 90s - and Intuit continues to add artificial limits to the Mac versions of their apps.
I have no issue with Tim Cook, Levinson, and Iger being on the board, the rest I find a little questionable (Gore has been occupying himself with self-enrichment ever since 2000, and collecting $200K for two hours of his time is certainly in keeping).