Apple executive chair and former CEO Tim Cook sold nearly 200,000 Apple shares on October 2, one day after more than 374,000 restricted stock units vested as part of his compensation package. Here are the details.
Cook still holds more than 3.2 million Apple shares
As reported by Investing.com (via MacMagazine), Tim Cook sold 191,753 Apple shares on October 2, following the settlement of 374,541 restricted stock units (RSUs) on October 1.
RSUs are a form of stock-based compensation that entitle an employee to receive company shares once certain conditions are met. In Cook’s case, the number of shares that vested was determined by Apple’s total shareholder return relative to other S&P 500 companies over a three-year period.
According to the filing, Cook’s shares were sold across multiple transactions at prices ranging from $330.66 to $334.50 per share. At the time of publication, Apple stock was trading at $333.84 per share.
The report adds:
Apple withheld 199,038 shares, valued at $65,746,232 based on a price of $330.32 per share, to cover tax withholding requirements related to the RSU vesting.
Investing.com notes that the sale was carried out under a Rule 10b5-1 trading plan that Cook adopted in May, meaning the transaction had been arranged in advance rather than decided on the day of the sale.
Cook also transferred 26,325 Apple shares as a gift on October 2, although the filing does not identify the recipient.
Even after the sale, the tax withholding, and the gifted shares, Cook still holds more than 3.2 million Apple shares through his trust.
To read Investing.com’s full report, follow this link. For the original filing, follow this link.
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