Apple CEO Tim Cook moves to performance-based equity; some senior VPs cash-in
Apple just posted a slew of new SEC filings to their Investor Relations site. Back in 2011, the company’s Board of Directors approved an amendment that requires all restricted stock unit (compensation not actually issued until vested a certain time later) to be performance-based, rather than stock price-based. In an effort to “lead by example”, Tim Cook worked with the Board to change his large 1-million RSU 2011 award into performance-based compensation. In return, the RSUs will convert to common stock sooner.
In addition, multiple Apple executives sold large amounts of stuck after their RSUs vested today:
