Following Apple’s CEO Tim Cook selling off approximately 20,000 shares of company stock in March, new filings with the U.S. Securities and Exchange commission discovered by Fortune’s Philip Elmer-Dewitt show iOS chief Scott Forstall recently sold 64,151 shares worth roughly $38.7 million:
The shares were the remains of a 120,000-share retention bonus that was granted in 2008, vested last month and reduced by 55,849 shares on March 24 to pay taxes. Forstall still holds 2,988 Apple shares worth, at Friday’s closing price, $1.8 million.
Many reported the over 64k shares sold by Forstall represent 95 percent of his current holdings in Apple Inc. However, that is not entirely true, because two new retention bonuses are coming his way in in the years ahead. Those shares could be worth over quarter billion dollars—if Apple continues increasing closer to the $1,000 per share target that many analysts are expecting.