updated 04:00 pm EDT, Wed May 3, 2006
Rubinstein nets $8m
Apple's stock compensation program continues to be a gold mine for its executives. Former Apple senior hardware exec Jonathan Rubinstein, who resigned in April, cashed in last week on nearly $8 million in Apple shares, according to a new report. AppleInsider notes that Rubinstein sold 112,293 shares of Apple common stock on April 28th at a market value of nearly $71. Citing a recent filing with the Securities and Exchange Commission, the publication reports that the sale netted the former Apple hardware chief approximately $8 million. Rubinstein, who retains almost 30,000 shares of Apple, will continue to consult for the company following the announcement late last year. Under the terms, Rubinstein will make himself available for consulting for up to 20 percent of general weekly business hours, or one business day per week on average, until April 16, 2007. Apple did not disclose his consulting fee, but said that it would pay the former exec a non-material flat fee for his services.