Seven of Apple’s top executives have been given restricted shares of Apple stock as a reward for their hard work this year, and as an incentive to stay with the company through the next five years.
The stock grants amount to an award of $60 million dollars each at current market prices, which is a handsome bonus. To receive the full amount, executives must remain at Apple until March 21st, 2016 when the stocks vest. On June 21st, 2013 executives will be eligible to receive half of the payout.
According to the filings with the SEC, six Apple executives received 150,000 shares:
- Scott Forstall, Senior Vice President, iOS Software
- Bob Mansfield, Senior Vice President, Hardware Engineering
- Peter Oppenheimer, Senior Vice President, CFO
- Phil Schiller, Senior Vice President, Worldwide Product Marketing
- Bruce Sewell, Senior Vice President, General Counsel
- Jeff Williams, Senior Vice President, Operations
Newly hired Senior Vice President of Internet Software and Services, Eddy Cue, received a slightly smaller number of shares, at 100,000. Tim Cook did not receive an award, but when he was appointed CEO earlier this year, he received 1 million shares, vesting in 2016 and 2021. Senior Vice President of Industrial Design, Jonathan Ive, was also not given a stock award.
It looks like the current Apple management team will be sticking around for quite some time to keep the company on course, so we should expect the same quality Apple products, at least for the next five years.
[via The Wall Street Journal]