Nov 08, 2016 04:08 AM EST
Apple Eddie Cue Rakes In $37M After Selling 335,000 Shares [VIDEO]
Apple's senior vice president of Internet software and services, Eddy Cue, is definitely laughing straight to the bank to the tune of $37,473,100 after selling 335,000 S Apple shares.
Each share is priced at an average of $111.86, MacRumors reported. In a filling with the United States Securities and Exchange Commission, Cue sold personal shares in various transactions at prices ranging from $111.53 to $112.30 per share.
This big bonus comes after the vesting of 525,000 restricted shares last September. Back then, each share was worth an average of $59.6 million. The stocks he sold were three fourths of the 100,000 restricted stocks given to Cue last November 2011. Those personal stocks became 700,000 restricted stock units following the tech company's 7-for-1 split that took place in 2014. His Initial 25 percent of RSUs vested on September 21, 2014.
Just last September of this year, Cue's 525,000 RSUs were vested into common stock, according to AppleInsider. The award was priced at $59.2 during that time. The company withheld a total of 256,305 shares to comply with the statutory tax requirements. That means, Cue only got 268,695 at that time. He transferred those stock units to a family trust. The 335,000 shares he recently sold were also transferred into a family trust. Eddy still holds 1,464 stock units from Apple.
Besides Cue, the tech giants SVP of hardware engineering Dan Riccio also sold 33.323 stock units priced at $110.09 to $110.90 each. He earned an average of $3.6 million. Cue and Riccio, along with other Apple executives were vested with 87,578 Restricted Stock Units worth $10 million last month.
They will soon gain back that amount of stock awards in the following years with Apple meting out bonuses to its executives. The tech company will vest 149,667 RSUs from this year until 2021. Some of these RSUs will have a 200 percent conversion rate. The amount of RSUs each executive will get will depend on their tenure and performances.
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