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Apple grants top execs $60M retention stock bonuses through 2016

post #1 of 28
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Apple's recent filings with the Securities and Exchange Commission outline stock bonuses worth up to $60 million each, intended to retain top executives through at least 2016.

The filings detail grants of 150,000 shares for each of six senior vice president falling under the SEC's definition of directors, officers, and principal stockholders: general counsel Bruce Sewell; senior vice president of Operations Jeffrey Williams; worldwide product marketing SVP Philip Schiller; chief financial officer Peter Oppenheimer; hardware engineering SVP Robert Mansfield; and iOS software SVP Scott Forstall.

At current market prices, 150,000 shares would be worth $60 million, but grants don't begin to vest until June of 2013, and the second half of the grant isn't available until March 2016, contingent upon the executives staying with Apple over the next half decade.

A smaller grant for 100,000 shares was awarded recently promoted Eduardo "Eddy" Cue, who was just awarded 100,000 shares at his promotion in September to SVP of Internet Software and Services, which put him in charge of the iTunes App Store, iAd, iBooks and iCloud services.

In August, Apple's chief executive Tim Cook was awarded a grant of a million shares of restricted stock that only begin to vest in 2016 and continue through 2021, similarly providing both an incentive to stay at Apple and a public assurance that Apple's leadership won't abandon the company to pursue other goals.
post #2 of 28
Smart. Very smart.
post #3 of 28
how about Jony Ive?

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post #4 of 28
Quote:
Originally Posted by FriedLobster View Post

how about Jony Ive?

Nothing.

http://investor.apple.com/sec.cfm
post #5 of 28
Quote:
Originally Posted by FriedLobster View Post

how about Jony Ive?

Ive may not need to have his stock grants filed publicly because his position falls outside of SEC rules for executives, despite being a SVP.
post #6 of 28
Quote:
Originally Posted by Corrections View Post

Ive may not need to have his stock grants filed publicly because his position falls outside of SEC rules for executives, despite being a SVP.

Ah, that makes sense.

I can't imagine Apple isn't doing everything possible to ensure that Ive sticks around forever.
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post #7 of 28
They are already very wealthy (and deservedly so). Their love of Apple probably is what keeps them there, not more stock options.

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post #8 of 28
Quote:
Originally Posted by jd_in_sb View Post

They are already very wealthy (and deservedly so). Their love of Apple probably is what keeps them there, not more stock options.

Yep. Chances are they would use their money to try to set things right if Apple ever went off course. I can't imagine that happening again though. Or they could just have pet projects like a giant cube in the middle of New York.
post #9 of 28
Quote:
Originally Posted by FriedLobster View Post

how about Jony Ive?

My thoughts exactly. If it were my decision, his retention plan would be defined as "whatever the hell he wants."
post #10 of 28
I dunno... When I see stories like this the only thing I can think is, 'the looting has begun'.

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post #11 of 28
It is very obvious Apple is preparing Jonathan Ive to leave. You can also found Jonathan didn't show inside the latest iPhone 4GS video. (maybe you can argue the same outlook design as iPhone 4 so Jonathan no need to present). But how difficult to take few shots to get involved the importance of outlook design.
Jonathan is getting harder and harder in doing his job as Apple's design keeps using simple form and primitive shape. Only few rooms to design is on the design detailing, use of materials as well as surface finishings. It has been proved by looking backing the last decade Apple products (imac, ipod, iphone, ipad, mac book/pro.....). Almost every generation changed a bit on design details (face-lifting) instead of totally new. You can also found the same case in B&O design. They look very high-tech and long lasting especially using metal, chrome instead of 100% plastic housing. Although it is a tough job, most of consumers like the simplicity of Apple's design.
Maybe Jonathan is afraid of running out of his talent, got more and more pressure and finally decided to leave. Time to say goodbye to Jonathan!
post #12 of 28
I think these guys might be in the top 1%, so I guess it's time to occupy 'Infinite Loop'. On the other hand, setting up camp inside the local Apple Store would be much warmer and it would be nice to have easy access to the Genius Bar in case I have connectivity issues.
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post #13 of 28
Quote:
Originally Posted by KC_150 View Post

It is very obvious Apple is preparing Jonathan Ive to leave. You can also found Jonathan didn't show inside the latest iPhone 4GS video....
Maybe Jonathan is afraid of running out of his talent, got more and more pressure and finally decided to leave. Time to say goodbye to Jonathan!

Jony isn't leaving. Apple doesn't need to report what he received in compensation.
post #14 of 28
Quote:
Originally Posted by KC_150 View Post

You can also found Jonathan didn't show inside the latest iPhone 4GS video. (maybe you can argue the same outlook design as iPhone 4 so Jonathan no need to present). But how difficult to take few shots to get involved the importance of outlook design.
Jonathan is getting harder and harder in doing his job as Apple's design keeps using simple form and primitive shape.

Maybe Ive is leaving, but none of your "reasons" are evidence of that at all.

1) Or, you could say that Ive was busy, you know, working the day they shot those. Or his involvement wasn't deemed necessary since the phone wasn't redesigned significantly from the iPhone 4. Or he was possibly tied up by the same personal reasons that made him unavailable for a Samsung deposition until a few days ago.

2) Your understanding of design is embarrassing. "Good design is as little design as possible." (Dieter Rams)

Jobs believed it. Ive believes it. That's why he had free rein to do whatever he wanted at Apple. Design is not surface.
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post #15 of 28
I'm sorry. I don't care if this is Apple and if these guys are hot shots. Nobody deserves these oitrageous bonuses. These are a large part of what is wrong with our society today. This is a big part of what Occupy Wall Street is about. These guys don't need bonuses to stay. They are too comfortable in their current positions.
post #16 of 28
Apple is doomed? Jonathan is leaving, bonuses are too much, wall street protests, really. This company has grown so large and has so much money and it's all because of what Steve has done. We the people who bought Apple products are the reason Apple has so much money! Steve set in place all the guys who are currently at apple. These guys have worked hard to retain Apples reputation. Occupy wall street? We gave this company this money they have and they are using it as they see fit. Its like saving your money and then when you have allot of money saved your supposed to give it all away? Or maybe your not supposed to save allot of money because the guy who couldn't is upset? Bull crap. It their money and its their right to spend it. If they want to offer stocks as a retainer to keep these guys at the company I say let them. By the way this is not a society where people are not allowed to be rich. I am rich and I don't flaunt it. I help others out of my own pocket without asking for anything. These guys donate money out of their own pocket and they do it because they are kind people. So lets not judge the people who made Apple with Steve Jobs and lets not judge them for making money and getting rewarded for their skills. To leave on this note. Blatant blame for disgruntled reasons with no real grounds causes prejudice.
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post #17 of 28
It's good timing. TIm is trying to stop an exodus in the wake of Steve's departure. I would have done the same thing, just to nip it in the bud before it gets started.
post #18 of 28
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post #19 of 28
0.08% of Apple's cash reserves paid to VPs who have all worked hard to make Apple what it is. Hand picked by the last CEO to ensure continuity. Loyalty, goodwill and hard work doesn't come for free -- some of these employees sleep on camp beds in their offices when needed.

Jobs used to stand on stage and publicly thank Apple employees who would work 18-hour days before product launch. But that thanks doesn't put food on the table or help you pay the mortgage and kids' college fees. Mostly, it's like wearing dark pants and pissing in them: you get a nice warm feeling all over but nobody else notices.

Apple just wants to make sure these guys don't run off to become CEOs at the J C Penneys of this world.
post #20 of 28
Nothing here about the 1,000,000 shares Mr Cook got. Damn that's what, some 400 million dollars once they can be accessed?

Sorry, this coupled with what might be the end of Desktop Units, doesn't compute to me. Take some of that, and fund the units that got Apple to where they are today!

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post #21 of 28
Quote:
Originally Posted by SpamSandwich View Post

I dunno... When I see stories like this the only thing I can think is, 'the looting has begun'.

Exactly. We will start seeing bean counter controlled decisions soon.
post #22 of 28
Jony Ive has done more than any of these guys to shape the Apple we see today. I hope they realise that and reward him with a lot more then 150k in shares as he deserves it. I sincerely hope he sticks around for many more years.
post #23 of 28
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post #24 of 28
Quote:
Originally Posted by justbobf View Post

I'm sorry. I don't care if this is Apple and if these guys are hot shots. Nobody deserves these oitrageous bonuses. These are a large part of what is wrong with our society today. This is a big part of what Occupy Wall Street is about. These guys don't need bonuses to stay. They are too comfortable in their current positions.

Occupy Wall Street confuses me and maybe this is why.

Are you saying that you think these people should be less comfortable in their current positions?

Apple is now making a huge amount of money. Is it your position that Apple employees should not be well compensated? If they make less, the primary beneficiary is shareholders, and the profits go to Wall Street instead of hardworking employees Is this what you want?

Now, if you're talking about the CEO of a failing company winding up with millions, then yes, I can see your point. But you are talking about what is probably the most successful company in the world. As an Apple shareholder, I am more than happy to see Apple executives paid premiums for their superb performance over the years.

I'm sure Jony Ive did get an additional stock award. Maybe he will join up with other members of the executive crew and share a new Gulfstream G550. Nobody's earned it more than them.

D
post #25 of 28
Quote:
Originally Posted by justbobf View Post

I'm sorry. I don't care if this is Apple and if these guys are hot shots. Nobody deserves these oitrageous bonuses. These are a large part of what is wrong with our society today. This is a big part of what Occupy Wall Street is about. These guys don't need bonuses to stay. They are too comfortable in their current positions.

I agree. Actions like that is why the pay gap has accelerated. While Apple does tremendously well, the exceutives get 10s of millions in bonuses while the people at the lower level positions are lucky to get 3% raises.
To make matters worse, Apple keeps temporary workers for years and years without converting them. They do the exact same work as a regular employee but do not get any benefits, 401k, stock purchase.

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post #26 of 28
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Originally Posted by starwarrior View Post

Exactly. We will start seeing bean counter controlled decisions soon.

Down with beans! Down with beans!

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post #27 of 28
if I'd paid more attention in school I could be a 1%er instead of a 30%er.
Thanks but No Thanks, I don't want the attention.

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post #28 of 28
Quote:
Originally Posted by Russell View Post

Apple keeps temporary workers for years and years without converting them. They do the exact same work as a regular employee but do not get any benefits, 401k, stock purchase.

Thanks for that info. Would you happen to know if this is mainly in their retail business, or also applies to corporate? With the growth of their stores around the globe I can imagine Apple hiring a lot of temp employees there but not at 1IL.

EDIT: while browsing, I came upon this from Apple's Form 10-K filing:

"No single customer accounted for more than 10% of net sales in 2011 or 2010. One of the Companys customers accounted for 11% of net sales in 2009."

Would that be an iPhone client?
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