updated 10:50 am EST, Thu March 6, 2014
Majority of shares due to vest in three intervals through 2018
Newly-published SEC filings reveal that on Wednesday, Apple awarded six top executives 35,780 restricted stock units each. Recipients include senior VP of Operations Jeffrey Williams; general counsel Bruce Sewell; senior VP of Worldwide Marketing Phil Schiller; senior VP of Hardware Engineering Dan Riccio; senior VP of Software Engineering Craig Federighi; and finally, senior VP of Internet Software and services Eddy Cue.
Initially each executive will only receive 22,738 of their shares, which will vest in equal amounts on the first of April in 2016, 2017, and 2018. 6,626 more shares are riding on personal performance between September 29th of last year and September 29th, 2015; anywhere between zero and 200 percent of that may vest on October 1st 2015. The remaining 6,416 shares have similar terms, but with a vestment date of October 1st, based on performance between September 29th, 2013 and September 26th, 2016.
At current stock prices, each executive is receiving over $19 million in shares, but that value could grow or shrink substantially by the time each executive is ready to cash out. For several years now Apple has been offering major financial incentives to try to keep executives on board. When former Hardware head Bob Mansfield decided to retire, the company reportedly used incentives to bring him back in what is now just a specialized role, particularly focused on bringing the iWatch to market.