Apple Awards Top Executives Huge Bonuses
March 6, 2014
Apple’s top executives under CEO Tim Cook are going to be getting much richer in the years to come. A filing with the U.S. Securities and Exchange Commission (SEC) shows that Apple has awarded 35,000 Restricted Stock Units (RSU) to each employee, with a current value of more than $19 million, according to 9to5Mac.
Receiving the bonuses are Eddy Cue, Craig Federighi, Dan Riccio, Phil Schiller, Bruce Sewell, and Jeffrey Williams. Jony Ive, who doesn't have to report his stock awards to the SEC, is expected to receive the same.
Peter Oppenheimer is the only member of Apple's current executive team not to receive the bonuses. Apple announced his upcoming retirement earlier this week.
As RSU, the shares cannot be traded right now. Of the total, $12 million are available outright, assuming the employee stays at Apple until at least April 2018. The remaining $7 million is dependent on the company’s stock performance in 2015 and 2016. The plan calls for each to receive shares valued at $4.1 million right now on April 1 in the years 2016, 2017, and 2018.
As 9to5Mac concludes:
The arrangement ensures Apple’s senior execs are motivated both to remain with the company for at least the next four years, and to play their role in maximizing earnings.In December, a filing with the SEC revealed that Cook is to receive up to 205,000 shares of stock in August and September 2014. Computerworld estimates the CEO's total compensation in 2014 could total as much as $114 million. See also: Report: Apple Will Introduce Full-Screen Video iAds To Apps In 2014, The iPhone 5s Remains A Popular Choice For Would Be Smartphone Buyers, and Apple Is About To Make The Touch ID On The iPhone 5s Smarter.
