Last week, Apple gave six senior executives $60 million each in stock as long as they stay with the company through March 2016. This is according to a report the company filed with the US Securities and Exchange Commission last Friday.
Apple gave 150,000 restricted stock units to the six executives. During the close of trading last Friday, the options were worth just more than $60 million. Apple’s shares were down on Monday, and the options were valued at around $59.8 million.
Restricted share units are not given at the time of the grant. Instead, they would be awarded when they vest. The shares would be worth their then-current price. Half of the shares vest in June 2013 while the other half vest in March 2016 as long as the executives stay with Apple.
The six executives who were given the grants are chief financial officer Peter Oppenheimer, general counsel Bruce Sewell, and senior vice presidents Philip Schiller, Scott Forstall, Jeffrey Williams, and Bob Mansfield. Schiller is the company’s chief marketing officer. Forstall leads the iPhone software group. Williams is the head of operations who is responsible for the that was once the responsibility of now-CEO Tim Cook. Mansfield is the head of Apple’s hardware engineering division.
