updated 01:18 am EDT, Wed September 5, 2012
Could be worth up to $50 million each at current prices
According to a new filing with the Securities and Exchange Commission, Apple has awarded restricted stock units (RSUs) to each of its latest senior vice presidents, Dan Riccio (the new SVP of Hardware Engineering) and Craig Federighi (VP of Mac Software and Engineering, who was moved up to SVP status, both men reporting directly to Tim Cook). Each was awarded 75,000 RSUs that would be worth more than $50 million were they vested now.
CNet reports that the stock awards will vest periodically over the next four years, with the first lot of 25,000 units for each of the executives vesting over a year from now, on December 23, 2013 -- with another 25,000 units awarded annually through 2015. The stock price of Apple may go up -- or down -- over the intervening time, but if vested today the stock awards would be worth approximately $50.62 million, or about $12.5 million per year averaged out. Apple routinely grants stock bonuses in the form of RSUs spread out over time, which makes them contingent on the executives staying with the company.
Also reported in the filing was the sale of 25,000 shares of Apple stock worth approximately $16.6 million by J. Crew Chairman and CEO Millard "Mickey" Drexler, who has served on Apple's board of directors since 1999. Bob Mansfield, who retired from his SVP of Hardware Engineering (and whom Riccio replaces) has rejoined the company as an unspecified senior vice president, and will work on "future projects" for Apple.