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AAPL Stock: 129.36 ( + 0.27 )

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Apple senior legal VP gets $18m in stock

updated 05:00 pm EST, Wed December 6, 2006

Apple legal VP gets $18m

Apple appears to have lured its recently hired senior-level legal executive with a stock grant worth about $18 million. Last month, the company hired former IBM legal exec Donald J. Rosenberg as its senior vice president and general counsel, replacing Nancy Heinen, who left the company in May of 2006. According to SEC documents filed this week, Rosenberg received a stock grant of 200,000 shares of Apple, which are worth just under $18 million at Wednesday's closing stock price of $89.83. The stock grant vests in four years, according to the regulatory documents filed. Apple has previously said that the 30-year IBM executive's focus on securities, intellectual property and competition issues has involved extensive interaction with the SEC, the US Department of Justice and the European Economic Commission.

Heinen's departure from the company came just before Apple announced its investigation into stock option backdating, leaving analysts to belive that she one of the executives involved with Apple's stock option scandal; she hired counsel in August.




by MacNN Staff

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  1. murraymj1

    Joined: Dec 1969

    0

    What's their real value ?

    While it makes for an interesting headline, I think it's misleading to say he "gets $18M in stock". Make's it sound like someone handed him $18million dollars to move to Apple. Not true...as of today, it's actually worth nothing. What they "gave" him was a financial interest in the growth of the company just like every other exec at Apple.

    Just like any other shareholder in Apple, he only makes money on this if the stock price goes up. Certainly, it COULD be worth $18M if the stock goes to $174/share by 12/01/10. To do that will likely require, among other things, a lot of great legal leadership to navigate the upcoming music/video negotiations as well as potential patent litigations as other worm their way into Apple's iPOD dominance. If it grows to $18M, it's likely he will have earned it and every Apple shareholder will also benefit from his work.

    I'm not a lawyer and I don't work for Apple but I do own some AAPL stock...I just get a little tired reading this stuff that implies someone is handing these guys a check for mega-$$$$ and all they have to do is breath air to keep it.

  1. Guest

    Joined: Dec 1969

    0

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