updated 12:50 am EDT, Wed August 28, 2013
Cue sells, Cook withholds minimum tax requirements
Apple CEO Tim Cook and SVP of Internet Software and Services Eddy Cue exercised stock options last week, according to documents filed with the SEC, but only Cue actually sold shares -- while Cook opted to just withhold the minimum tax requirements, which worked out to just over $19 million. Cue sold roughly half of his latest stock grant, 24,580 shares for a net gain of $12.4 million.
Cue was awarded the shares (100,000 in total) back in September 2011 when he was promoted to a senior VP. Of that, 50,000 shares vested last Saturday. Cue sold those he could, and withheld the remained to meet legal tax requirements on vested RSUs. Cook received 72,877 restricted stock units (RSUs) on Saturday, but did not sell any and instead simply withheld the minimum statutory tax requirement amount, which turned out to be 38,028 shares or roughly half of the total, about $19 million worth.
Cue will receive the second half of his stock award in two years, depending on his continued employment at Apple. Cook still holds over 87,000 shares of AAPL (currently worth around $42.7 million) and will receive another 80,000 RSUs in August of 2014.