Filings with the U.S. Securities and Exchange Commission show Apple executives Tim Cook and Eddy Cue both exercised stock options last week, with only Cue opting to sell off a portion of his vested stock holdings. Cue’s take for the sale was $12.4 million.
Apple’s senior vice president of Internet Software and Services Eddy Cue acquired 50,000 restricted stock units last Saturday, and sold 24,580 shares at a price of $504.18 to net $12,392,700. The remaining 25,420 units were withheld at a price of $501.02 per share to satisfy the minimum statutory tax requirements on vested RSUs.
Those shares were part of a 100,000 unit award given to Cue in September 2011, the second half of that grant is scheduled to vest in August 2014, that is if Cue is still with Apple at that time.
Apple CEO Tim Cook had 72,877 RSUs converted on the same day and while he withheld the minimum tax requirements, (38,028 shares at $501.02, or over $19 million), he did not sell any shares in the transaction.
Cook still holds 87,316 common stock shares currently worth nearly $42.7 million. Another 840,000 RSUs are scheduled to vest in 100,000-unit bales in 2016 and 2021. The remaining 640,000 units will be vested in eight annual installments of 80,000 units, the first of those will vest on August 24, 2014.