Apple board members receive $262K in restricted stock

Posted:
in AAPL Investors
Members of Apple's board of directors this week received automatic grants of restricted stock units worth $262,000 as of Thursday, according to U.S. Securities and Exchange Commission filings.




James Bell, Al Gore, Rogert Iger, Andrea Jung, Arthur D. Levinson, Ronald Sugar and Susan Wagner each received 1,521 restricted stock units on Tuesday as part of Apple's non-employee director stock plan. The RSUs are set to vest on Feb. 1, 2019, contingent of continued service with the company.

Expectedly absent from the list of board members is Apple CEO Tim Cook, who also serves on the company's board. Cook's compensation plan does not include director incentives, and instead involves a base salary and stock bonuses that mature in lockstep with the company's fiscal performance.

As usual, the board's stock grants were issued on the same day as Apple's annual shareholders meeting. Held at Apple Park for the first time, this year's event covered a number of topics, with Cook on hand to address questions from shareholders of record.

This year saw stock holders shoot down a proxy proposal to create an internal committee dedicated to human rights issues, particularly those present within Apple's supply chain. Also struck down was a proposal to amend the proxy process.

Apple's own measures, including one covering executive compensation, passed muster.

Cook took the opportunity to update stockholders on company initiatives and performance. Of note, revenue from Apple's wearables business, which includes Apple Watch, AirPods and Beats headphones, is nearing that of a Fortune 300 company.

Comments

  • Reply 1 of 12
    Boot Al Gore and throw in Tim. 
  • Reply 2 of 12
    macxpressmacxpress Posts: 4,761member
    sirozha said:
    Boot Al Gore and throw in Tim. 
    Why?
  • Reply 3 of 12
    When I look at thesemacxpress said:
    sirozha said:
    Boot Al Gore and throw in Tim. 
    Why?
    When I look at these two characters, it feels like I’m staring the death of Apple in the face. 
  • Reply 4 of 12
    Is that $262,000 collectively, or each?  The article doesn't make it clear.  Yes, I can do math, but it's possible these 1,521 shares of "restricted stock units" given to each are priced differently than common shares, so the non-expert reader really doesn't know.  Please, AI, clarify this vague and presently-meaningless story.  Thank you.
    edited February 2018 StrangeDays
  • Reply 5 of 12
    sirozha said:
    When I look at thesemacxpress said:
    sirozha said:
    Boot Al Gore and throw in Tim. 
    Why?
    When I look at these two characters, it feels like I’m staring the death of Apple in the face. 
    Despite the fact that Apple is more successful now than it's ever been?
    mwhiteMacProStrangeDayswatto_cobra
  • Reply 6 of 12
    Is that $262,000 collectively, or each?  The article doesn't make it clear.  Yes, I can do math, but it's possible these 1,521 shares of "restricted stock units" given to each are priced differently than common shares, so the non-expert reader really doesn't know.  Please, AI, clarify this vague and presently-meaningless story.  Thank you.
    James Bell, Al Gore, Rogert Iger, Andrea Jung, Arthur D. Levinson, Ronald Sugar and Susan Wagner each received 1,521 restricted stock units on Tuesday as part of Apple's non-employee director stock plan.


    Emphasis mine. Looks like each person received $262k, based on the story.

    A simple math, like you said, seems to suggest that the RSUs are priced like the common shares.


    I didn't think the story was meaningless or vague, but maybe the story was clarified after your post.

  • Reply 7 of 12
    Is that $262,000 collectively, or each?  The article doesn't make it clear.  Yes, I can do math, but it's possible these 1,521 shares of "restricted stock units" given to each are priced differently than common shares, so the non-expert reader really doesn't know.  Please, AI, clarify this vague and presently-meaningless story.  Thank you.
    RSUs are valued for, e.g., reporting purposes the same as shares.

    Non- employee Apple board members (i.e. members other than Tim Cook) each receive $250,000 (give or take a few bucks) in RSUs each year. The number of shares awarded depends on AAPL's closing price on the day the RSUs are granted, which this year was this Tuesday (i.e. February 13th). They also receive salaries ranging from $100,000 to $300,000. 
  • Reply 8 of 12
    radarthekatradarthekat Posts: 2,973moderator
    Is that the same Andrea Jung who took down Avon?  /retorical question
    SpamSandwich
  • Reply 9 of 12
    MacProMacPro Posts: 18,011member
    Every year I apply damn it, still no luck.
    watto_cobra
  • Reply 10 of 12
    MacProMacPro Posts: 18,011member
    Is that the same Andrea Jung who took down Avon?  /retorical question
    I'll answer as it wasn't rhetorical .. yup ... ;)
    watto_cobra
  • Reply 11 of 12
    mpantonempantone Posts: 1,350member
    Is that $262,000 collectively, or each?  The article doesn't make it clear.  Yes, I can do math, but it's possible these 1,521 shares of "restricted stock units" given to each are priced differently than common shares, so the non-expert reader really doesn't know.  Please, AI, clarify this vague and presently-meaningless story.  Thank you.
    James Bell, Al Gore, Rogert Iger, Andrea Jung, Arthur D. Levinson, Ronald Sugar and Susan Wagner each received 1,521 restricted stock units on Tuesday as part of Apple's non-employee director stock plan.


    Emphasis mine. Looks like each person received $262k, based on the story.

    A simple math, like you said, seems to suggest that the RSUs are priced like the common shares.

    Technically, the recipients each received $250,000 of RSUs, the number of shares determined by the fair market value of the shares as of the date of the grant (i.e., the Annual Shareholders Meeting). On that date, it worked out to 1,521 shares of RSUs per recipient.

    This is all in the publicly viewable SEC Form 8-K filed on February 14th.

    The current market value of those RSUs is around $262K because the stock price went up slightly but that's just the paper value right now, it can go up or down until they are exercised by the recipients after the vesting date of February 1, 2019.
    edited February 2018
  • Reply 12 of 12
    fallenjtfallenjt Posts: 3,972member
    For anything else, people prefer Option over Restrict, but with Stocks, they love the other way around.
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