Apple’s Board of Directors Receive Restricted Stock Units
Recent filings with the U.S. Securities and Exchange Commission on Thursday revealed that all members of Apple’s board of Directors, except for CEO Tim Cook, received 562 restricted stock units as part of an automatic grant, with shares worth over $230,000 as of right now.
It was noted in the filings that Arthur D. Levinson, Bill Campbell, Millard Drexler, Al Gore, Rogert Iger, Andrea Jung and Ronald Sugar all received 562 restricted stock units on Wednesday worth some $232,000 as of the day’s closing price. Such a filing did not exist for Apple CEO Tim Cook, who is also on the board.
Based on the SEC transaction Form 4 documents, the restricted shares are part of an automatic grant as outlined in the 1997 Director Stock Plan, and will vest on February 1, 2014. It was also reported earlier
that a notice regarding executive compensation was also posted on Apple’s website on February 6th. The notice briefly restated that board members’ retainers start at $50,000 per year. It also implemented a new corporate governance rule requiring top executive to hold company stock worth at least triple their base salary.