Tim Cook And Eddy Cue Receive Combines $94 Million
Apple CEO Tim Cook and Senior Vice President Eddy Cue received 560,000 and 350,000 restricted stock units (RSUs) respectively this week. Based on AAPL’s closing price of $103.12 as of Monday, this would be worth a combined $93,8 million, according to a pair of filings with the U.S. Securities and Exchange Commission.
Cook was awarded with 280,000 restricted stocks that were based on his performance as the new CEO. Apple would thus have to perform very well relative to the other companies in the S&P 500 over a two-year period ending last Monday, August 24. The condition was that the company needed to achieve a total shareholder return (TSR) of at least 41.36% to place in the top three companies in the index. Apple did even better than that and its TSR for the two-year period was 76.76%.
Even though Cook and Cue didn’t sell any of their RSUs, there were 290,836 and 171,853 shares that were withheld by the company respectively in order to satisfy the minimum statutory tax withholding requirements on vesting RSUs. Eddy Cue did transfer the remaining 178,147 shares that vested to a family trust, and had now been awarded all of the 700,000 shares that were granted to him on September 2, 2011.
As for Tim Cook, he has a remaining 7.76 million RSUs scheduled to vest as follows per the SEC filing: “700,000 RSUs on August 24, 2016; 700,000 RSUs on August 24, 2021; 1,680,000 vest in six equal annual instalments commencing August 24, 2016; the remaining 1,680,000 are all subject to performance based vesting requirements and will potentially vest in six annual instalments commencing August 24, 2016.”
The only thing that is left to be said is that the CEO must remain employed at Apple in order to receive his unvested RSUs on their applicable vesting dates.