Apple's new general counsel awarded hefty gratuity

Posted:
in General Discussion edited January 2014
Apple Computer, which last month lured Donald Rosenberg away from a 30-year tenure at IBM Corp. to fill its general counsel vacancy, appears to have done so with the help of approximately $18 million.



According to documents filed with the Securities and Exchange Commission, the Cupertino, Calif.-based company on Dec. 1 awarded Rosenberg 200,000 shares of restricted stock.



The shares will not fully vest until four years after their issue date, but at the close of the stock market on Tuesday were valued at over $18.25 million.



Rosenberg arrived at Apple about three weeks ago, replacing former vice president and general counsel Nancy Heinen, who departed back in May amid concerns over the company's stock option discrepancies.



Prior to joining Apple, Rosenberg spent over 30 years at IBM, holding numerous positions including senior vice president and general counsel; vice president and assistant general counsel for litigation; and counsel to the company's mainframe division.



His focus on securities, intellectual property and competition issues has also involved extensive interaction with the SEC, the US Department of Justice and the European Economic Commission.

Comments

  • Reply 1 of 11
    aplnubaplnub Posts: 2,584member
    Impressive. I am not sure I will make that much in my whole life.
  • Reply 2 of 11
    Wow @ Amount.



    HAHA @ Four years.
  • Reply 3 of 11
    Lotsa risk for that guy though... If he screws up just a SMALL bit with all these patent issues because of the four year period, both Apple's shares and his job are gone...
  • Reply 4 of 11
    Quote:
    Originally Posted by aplnub


    Impressive. I am not sure I will make that much in my whole life.



    $18,000,000 USD?



    You'd have to make $234.38 USD Per hour



    working 8 hours a day

    20 days a month

    for...



    40 Years...



    My guess is you won't, but I hope I'm wrong.
  • Reply 5 of 11
    baygbmbaygbm Posts: 147member
    Wow! I guess I shouldn't have dropped out of law school!
  • Reply 6 of 11
    guarthoguartho Posts: 1,208member
    Actually if he earns according to your numbers, subtracts $100,000 to live on and invests the other $350,000 in a diverse range of mutual funds he'll have a little under $18.48 million USD at the end of the 36th year.



    So he'd ony have to work for 1 year and then wait 35.
  • Reply 7 of 11
    guarthoguartho Posts: 1,208member
    If he's in a hurry he can keep working and put $350,000 away each year to earn $19.5 million at the end of the 18th year.



    "The most powerful force in the universe is compound interest." ~Albert Einstein (allegedly)
  • Reply 8 of 11
    skatmanskatman Posts: 609member
    Quote:
    Originally Posted by EruIthildur


    Lotsa risk for that guy though... If he screws up just a SMALL bit with all these patent issues because of the four year period, both Apple's shares and his job are gone...



    Not $18 million worth the risk in the context of the world.

    Besides, her has an army of lawyers who actually know the stuff working for him.
  • Reply 9 of 11
    shawnjshawnj Posts: 6,656member
    Well his holdings vest in four years, so it's really a little over 4 million a year in stock compensation. I wonder how else he's being compensated.
  • Reply 10 of 11
    Quote:
    Originally Posted by skatman


    Not $18 million worth the risk in the context of the world.

    Besides, her has an army of lawyers who actually know the stuff working for him.



    Well, he doesn't risk losing $18 million in addition, but I'm sure that shares would plummet if he really screws up, plus getting sued, that never helps... He doesn't 'have' that money persay so he can't go get full asset protection I'm sure.
  • Reply 11 of 11
    18 million in stock that he can only sell in 4 years is an excellent incentive to do a great job at Apple : if he doesn't he'll have less than 18. If he does, he might in fact have even more...
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