Apple Exec Cashes Out $12 Million in AAPL Stock
Apple Senior Vice President and General Counsel Bruce Sewell sold roughly $12 million in Apple stock recently after 25,000 restricted stock units vested according to a filing with the US Securities and Exchange Commission.
According to the Form 4 document, the $11.9 million of AAPL stock Sewell sold included $5.9 million withheld to satisfy minimum statutory requirements on vested RSUs. The trade which amounted to 12,686 shares occurred on Saturday when the 25,000 RSUs vested. The remaining 12,314 shares were sold in batches on Monday with prices ranging from $483 to $492. As noted by the filing, the transactions were executed in multiple trades with reported prices reflecting the weighted average sale price. These RSUs are the last from an award granted on September 21, 2009, 25% of which vested in 2010, with remaining units vesting in installments of 25% over a four-year period.
Sewell originally joined Apple in September 2009, coming straight from Intel where he held a similar position as the chip makerís legal and corporate affairs chief for eight years. Before his job at Intel, Sewell was a senior attorney at Intel for six years, specializing in antitrust compliance, licensing and intellectual property.