Apple CEO Tim Cook sells another $3.6M in company stock
Just days after cashing in a chunk of Apple shares worth $3.6 million, CEO Tim Cook sold another batch worth an almost identical amount in a series of trades this week, according to regulatory filings.
A U.S. Securities and Exchange Commission filing made public on Tuesday reveals Cook sold 30,000 AAPL shares in three equal transactions dated Jan. 20, 23 and 24. Stock prices were set at $120.41 for a batch of 10,000 shares, while the remainder was disposed of at $120. The trades were accomplished as part of a selloff plan disclosed in August 2015.
A relatively small payday for the ranking Apple executive, Cook's recent sales come on the heels of a similar selloff that netted him another $3.6 million last week.
The recent transactions were leveraged from Cook's sizable hoard of AAPL common stock and options. Last August marked Cook's fifth year on the job helming Apple, a period that saw the company grow to become one of the most valuable in the world. That same month, Cook saw 1.26 million restricted stock units -- 980,000 time-based RSUs and 280,000 performance-based RSUs -- vest as per a compensation package dating back to 2011.
Following today's reported trades, Cook is left with 979,809 shares of Apple worth about $117.6 million.
Earlier this month, Cook was docked $1.5 million in bonus pay as a result of Apple's comparatively poor showing in 2016. With slow iPhone sales, Apple managed net sales of $215.6 billion and operating income of $60 billion, short of target goals set by the company's compensation committee. As a result, top brass like Cook missed out on performance-based cash incentives.
Despite last year's stumble, the Apple chief is due to receive another batch of 700,000 vested RSUs on Aug. 24, 2021, while five 280,000-unit performance-based RSU packages are set to vest in annual installments through 2021.
A U.S. Securities and Exchange Commission filing made public on Tuesday reveals Cook sold 30,000 AAPL shares in three equal transactions dated Jan. 20, 23 and 24. Stock prices were set at $120.41 for a batch of 10,000 shares, while the remainder was disposed of at $120. The trades were accomplished as part of a selloff plan disclosed in August 2015.
A relatively small payday for the ranking Apple executive, Cook's recent sales come on the heels of a similar selloff that netted him another $3.6 million last week.
The recent transactions were leveraged from Cook's sizable hoard of AAPL common stock and options. Last August marked Cook's fifth year on the job helming Apple, a period that saw the company grow to become one of the most valuable in the world. That same month, Cook saw 1.26 million restricted stock units -- 980,000 time-based RSUs and 280,000 performance-based RSUs -- vest as per a compensation package dating back to 2011.
Following today's reported trades, Cook is left with 979,809 shares of Apple worth about $117.6 million.
Earlier this month, Cook was docked $1.5 million in bonus pay as a result of Apple's comparatively poor showing in 2016. With slow iPhone sales, Apple managed net sales of $215.6 billion and operating income of $60 billion, short of target goals set by the company's compensation committee. As a result, top brass like Cook missed out on performance-based cash incentives.
Despite last year's stumble, the Apple chief is due to receive another batch of 700,000 vested RSUs on Aug. 24, 2021, while five 280,000-unit performance-based RSU packages are set to vest in annual installments through 2021.
Comments
You can tell that the talent that you never knew that made everything work together so seamlessly has moved on. There is nobody to throw a tantrum when something doesn't work.
It took an outside entity to show Apple there is something wrong with their brand new computers, and it was the OS. I doubt anybody lost their job over it too.
This is the nicer Cook era...
I found it harsh to fire a high-level for Maps. I figured it was Cook showing the company he wasn't gonna mess around.
Even though he was an "asshole" I found Scott to be very loyal. After getting fired he didn't leave to another tech company and did music theatre instead. Any tech company would kill to have him, I bet he was offered big money too.
http://www.sec.gov/investor/pubs/rule144.htm
Among them is any stock issued has to be held for a year, the corporation has to sign off on it, it has to be sold by a broker etc..
Due to the "process" these sales are scheduled a year or more in advance. They are essentially put into a trust with the broker and they are sold on the scheduled dates no matter what. Whatever the price is that day is what they are sold at, I'm not sure you could stop the sale. Once it's scheduled it's going to happen on that day.
i read in another article. The recent sales were originally scheduled from a 2015 filing. So this was planned 18+ months ago.
2) Over the years we've seen Apple execs sell stock right before earnings when they've made record sales so this action nor the call for Apple's impending doom are surprising.
That's planning alright.
You are confusing Company buyback with individual's holdings.
Tim can sell his shares anytime he wants after a specified period of holding (probably a year)
He chose to sell now for whatever reason he chose.
I'm not an expert by any means. But C-level stock sales can't be done on a whim. I don't think Tim could wake up and sell shares even if they doubled in price overnight. If it wasn't already a scheduled sale meeting the criteria listed in rule 144.
maybe I'm wrong but for my own knowledge can you direct me to the rule that allows a c-level exec sell their company awarded stock any time they please? I've always understood it to be otherwise.