AppleInsider Staff
Filings 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.
Oliver Haslam
William Gallagher
Christine McKee
Sponsored Content
Malcolm Owen
Andrew Orr
19 Comments
Sell all stock from all execs and give it all to the developers. See what happens.
Executives dump stocks before the product announcement? Great!
I'll bet Ive is glad he doesn't have to disclose his stock grants and sales.
Well, stock being part of a payment package is time-bombed. Receivers can't cash in before a specified date. Cue did sell once he was allowed to, Cook didn't. Lesson learned? Cook sees relevant revenues and profits ahead. Cue is somewhat stuck with negotiations with content providers... or simply has to settle his debt with that Chinese hooker everybody is talking about... Whatever... not really any news here.
[quote name="dreyfus2" url="/t/159234/apple-svp-eddy-cue-sells-off-12-4m-of-vested-stock-ceo-cook-withholds-shares#post_2386352"] Well, stock being part of a payment package is time-bombed. Receivers can't cash in before a specified date. Cue did sell once he was allowed to, Cook didn't. Lesson learned? Cook sees relevant revenues and profits ahead. Cue is somewhat stuck with negotiations with content providers... or simply has to settle his debt with that Chinese hooker everybody is talking about... Whatever... not really any news here.[/quote] Maybe Eddie is going to MS :)