Tim Cook, Eddy Cue Exercise Stock Options
Last week, two of Apple's most powerful executives were granted more that 120,000 shares of vested stock.
Disclosed today via documents filed with the SEC, Apple CEO Tim Cook and SVP of Internet Software and Services Eddy Cue both exercised stock options, although Cook did not sell any of his stock.
Cue, on the other hand, converted 50,000 units out of the 100,000 units he was awarded two years ago. The other half of these shares will be vested by September of 2014.
The documents show that Cue sold 24,500 shares (average price of $504.18) to bank a cool $12.39 million. Cue withheld another 25,420 shares (at $501.02 per share) for taxes.
Apple boss Cook didnít sell any of his 72,877 vested shares, though he did stash away some 38,000 shares to satisfy tax requirements. Cook has another 840,000 shares scheduled to vest throughout the next eight years.
Source: SEC filing (via Tech Crunch