14 DAY TRIAL // Apple CEO Tim Cook has cashed in on $11.1 million after selling the remaining half of 75,000 restricted stock units awarded to him "in recognition of his outstanding performance in assuming the day-to-day operations" during Steve Jobs’ last medical leave.
The 75,000 restricted Apple shares were awarded to Cook some two years ago for his performance as interim CEO. During that time, the late Steve Jobs was on medical leave - his last, as it later turned out.
The first half of Cook’s shares vested last March. At the time, Cook (then Chief Operating Officer of Apple) sold off 37,500 shares, earning $7.02 million (after taxes).
An SEC filing this week reveals that Cook has sold the remainder 37,500 shares on Monday to net $9.44 million.
According to AppleInsider, the Apple CEO let go of 17,322 shares at a stock price of $545.17 and then conducted a series of five staggered sales throughout the day, to make a total profit of $11.1 million.
Apple just so happened to see a new all-time high for its stock on Monday, closing at $552 per share.
To avoid accusations of insider trading, Cook cashed in on his stock as part of a Rule 10b5-1 trading plan, which lets major shareholders set up scheduled trades.
“These transactions were made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 23, 2004, as amended on August 6, 2010 and November 28, 2011,” reads the filing.
The SEC filing notes that “Each restricted stock unit represents the right to receive, at settlement, one share of common stock. The reporting person had vested restricted stock units settled in shares of common stock.”
It adds, “ Shares withheld by Registrant to satisfy minimum statutory withholding requirements on vesting of restricted stock units.”