Apple gives most of its top execs $60M bonuses
Apple's feeling generous apparently, with the company doling out big bonuses to its top executives in the form of restricted stock units that fully vest near the end of 2016.
It's bonus season at Apple.
A flurry of new filings with the Securities and Exchange Commission show Apple's top executives getting bonuses with big payouts that hinge on them staying with the company through the end of 2016.
The company on Wednesday doled out 150,000 shares each to most of its senior vice presidents, short of, who received a slightly smaller 100,000-share bonus, and design guru Jonathan Ive, who is an SVP, but does not fall under the SEC's section for directors, officers, and principal stockholders. That works out to just over a $60 million payday to those who got the 150,000 shares, with Cue's cut coming out to a little more than $40 million, all based off today's closing price.
Those who got the 150,000 shares will reach 50 percent vesting come June 21, 2013, with the other 50 percent fully vesting on March 21, 2016. The filings show that 25,000 of Cue's shares vest on September 21, 2014, with the rest vesting two years later. With all of these, the bonus is contingent on the executives continuing to work at the company.
"Our executive team is incredibly talented and they are all dedicated to Apple's continued success," said Apple spokesman Steve Dowling in a statement. "These stock grants are meant to reward them down the road for their hard work in helping to keep Apple the most innovative company in the world."
Though Cue's bonus is less than the others, it's his second major bonus in the past few months. Cue was awarded 100,000 restricted stock units when he was promoted to SVP status at the beginning of September to oversee Apple's iTunes Store, iCloud, iAd, and iBookstore. Cue, who is a 22-year Apple veteran, helped create the company's first online store in 1998, and Apple's iTunes Music Store in 2003--the latter being the business that would become the foundation for the App Store and iBookstore, places where Apple sells other digital goods.
Here's a full breakdown of the bonuses by executive:
Bruce Sewell -- 150,000 shares, 50 percent vest on June 21, 2013, 100 percent on March 21, 2016
Jeffrey Williams -- 150,000 shares, 50 percent on June 21, 2013, 100 percent on March 21, 2016
Philip Schiller -- 150,000 shares, 50 percent on June 21, 2013, 100 percent on March 21, 2016
Peter Oppenheimer --150,000 shares, 50 percent on June 21, 2013, 100 percent on March 21, 2016
Robert Mansfield -- 150,000 shares, 50 percent on June 21, 2013, 100 percent on March 21, 2016
Scott Forstall -- 150,000 shares, 50 percent on June 21, 2013, 100 percent on March 21, 2016
Eddy Cue -- 100,000 shares, 25 percent vest September 21, 2014, 100 percent September 21, 2016.
Updated at 3:26 p.m. PT to include comment from Apple.