Tim Cook sells off another $29M in Apple stock
One week after receiving a windfall of restricted stock units — and cashing in a chunk for a $35.8 million payday — Apple CEO Tim Cook on Monday sold another batch of his sizable stock cache worth nearly $29 million.
Cook gained more than $28.7 million from 269,883 owned Apple shares, sold in a series of trades at prices ranging from weighted averages of $105.95 to $107.37, according to a Securities and Exchange Commission filing on Wednesday.
The selloff comes less than a week after Cook marked five years of success as Apple's chief executive officer, a feat that earned him 1.26 million RSUs — 980,000 time-based RSUs and 280,000 performance-based RSUs — per a compensation package dating back to 2011. When Cook took over for late cofounder Steve Jobs, the board granted him 4.7 million restricted shares set to vest based on tenure and performance.
While other top Apple executives routinely cash in their vested shares, Cook has until now stockpiled his awards, presumably living off a base salary that in 2015 was bumped to $2 million.
After this week's trades, Cook's trust holds 1,039,809 Apple shares worth about $110 million at the end of trading on Wednesday. Another batch of 700,000 RSUs is scheduled to vest on Aug. 24, 2021, while five 280,000-unit performance-based RSU packages are set to vest in annual installments through 2021.