Six Apple (AAPL) executives were awarded more than 35,000 restrictive stock units each (RSUs), according to a series of filings with the US Securities and Exchange Commission. At current prices, the awards are worth as much as $19 million per executive. Needless to say, executive retention seems to be the recurring theme here, considering the vesting of these RSUs, the bulk of which are scheduled to vest in three intervals through fiscal 2018, seems to be based mostly on continued work at the company.
Looking at the executives’ related Form 4 filings we see that the grants appear to have been awarded as part of the executives’ 2014 compensation package.
Receiving equal bonus awards were Apple SVP of Operations Jeffrey E. Williams, general counsel and SVP of Legal and Government Affairs Bruce Sewell, SVP of Worldwide Marketing Philip Schiller, SVP of Hardware Engineering Dan Riccio, SVP of Software Engineering Craig Federighi and SVP of Internet Software and Services Eddy Cue.
Each executive received a first batch of 22,738 RSUs that will vest into full shares of AAPL on April 1 of 2016, 2017 and 2018.
The second and third award chunks – a set of 6,626 RSUs scheduled to vest on October 1, 2015, and another set of 6,416 RSUs scheduled to vest on October 1, 2016 — have more performance-vesting features, since vesting of these RSUs will depend on Apple’s relative total shareholder returns.
Apple shares added 23.67% the past year and rose fractionally Wednesday to close at $532.90.