Apple’s leadership team members reaped a batch of vested restricted stock units worth more than $30 million on Monday, a bonus for going beyond board-mandated performance numbers.
Unfolded in series of U.S. Securities and Exchange Commission (SEC) filings made public on Wednesday.
Head of Retail Angela Ahrendts, CFO Luca Maestri and COO Jeff Williams witnessed 130,528 RSUs convert into common Apple stock. The core was worth $30.3 million at the end of trading.
Apple held back 68,530 shares from the awards to meet the tax laws criteria.
The bonus, dealt out on a yearly basis, is taken from a target number of RSUs planned to vest based on Apple’s total shareholder return relative to other companies in the S&P 500. This week’s award accounted for TSR performance between Sept. 27, 2015, and Sept. 29, 2017.
Apple’s performance Showed great results
As detailed in the documents, TSR is planned based on a change in AAPL share price during the 3-year period. From the date of start in 2015, Apple stock was priced at $113.15, while the ending price as of Sept. 29 was calculated to be $234.62, adjusting for dividends. The figures peg Apple’s TSR at 107.36% for the observed period.
In comparison to other companies in the S&P 500, Apple’s performance ranked 51 out of 454 firms, putting it in the 89th percentile.
— AppleInsider (@appleinsider) October 3, 2018
As with past awards, the bonus structure permits for between 0 and 200% of the target number of RSUs to vest, depending on execution. Anything above the 85th percentile meets requirements for a complete 200% award.