Apple Inc. solely showered seven of its senior executives with bonuses value about $400 million.
Revealed modish its filings to the Securities and Exchange Commission, the tech giant awarded the executives with stock grants with the rider that they continue to bring about at the companionship cultivate 2016. The Cupertino awarded Tim pastry-cook 1 million of its shares when he was through chief executive. Those shares are held to vest half on Aug. 24, 2016, and the rest on Aug. 24, 2021 as long as he keeps effective there. Eddy Cue, who just became SVP of Internet Software and Services, got a 100,000 shares, worth about $40 million, a tear up of which will vest on Sept. 21, 2014 and the rest on Sept. 21, 2016.
The bonuses:- Chief Financial Officer Peter Oppenheimer, General Counsel Bruce Sewell, Senior Vice President of Operations Jeffrey Williams, iOS software SVP Scott Forstall, hardware engineering SVP Robert Mansfield and worldwide product marketing SVP Philip Schiller each got 150,000 shares, which at Apple's Friday dying fee are worth about $60 million. "Our executive team is incredibly talented and they are all dedicated to Apple's continued success," Apple said. 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.
Apple seems to be ensuring its most excellent don't get poached by other companies. Half of the stock will vest on June 21, 2013, and the rest will be converted into theirs to do with as they delight on March 21, 2016, provided they stopover with the company till then. It should be modest in mind that this is the second time Cue has got a major bonus starting the company in the past hardly any months. He got 100,000 restricted shares when he was promoted to the placement of SVP in September.
Eddy Cue, who recently became SVP of Internet Software and Services, got a 100,000 shares, worth about $40 million, a quarter of which will vest on Sept. 21, 2014 and the rest on Sept. 21, 2016.
In a statement, Apple said, Our executive team is incredibly talented and they are all dedicated to Apple's continued success.
"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."
Apple safeguarding its interests:- It must be kept in mind that this is the second time Cue has got a major bonus from the company in the past few months. He got 100,000 restricted shares when he was promoted to the post of SVP in September. Apple seems to be ensuring its best don't get poached by other companies.
The Cupertino, California-based company awarded Tim Cook 1 million of its shares when he was made chief executive. Those shares are supposed to vest half on Aug. 24, 2016, and the rest on Aug. 24, 2021 as long as he keeps working there.
At Friday's closing price, Cook's grant was itself worth about $400 million.
