Apple welcomes Angela Ahrendts with 113K restricted shares, worth $ 68M
After officially joining the company last week, Apple’s new retail and online stores SVP Angela Ahrendts has received more than 113,000 units of restricted shares with a present value of more than $ 68 million in common actions.
According to a filing with the US Securities and Exchange Commission, filed the same day Ahrendts was given an official bio on Apple’s leadership site, the new head of retail received 113.334 of RSU (Restricted Stock Units) divided into five packages.
At current AAPL share prices, the RSU bonus is worth more than $ 68 million. As with other senior executives, Ahrendts’ restricted stock will mature at different intervals over the next four years, with the first amount scheduled to be invested in June. According to the SEC, the first assignment will convert the 26% of a batch of 62,555 RSU in common stock which, if traded today, would be worth $ 9.78 million.
The remainder of the larger Ahrendts package will mature as follows: the 32% on 1 April 2015, the 21% on 18 July 2015, the 15% on June 14, 2016, the 3% on June 14, 2017 and on 3% on June 14, 2018. One third of another package of 33,476 RSU will accrue every 1st May 2015, 2016 and 2017.
RSU based on performance in a “target-number” of lots of 5,817, 5,739 And 5,747 RSU will accrue on May 1st in 2015, 2016 and 2017, respectively. Depending on the relative economic return to Apple’s shareholders from May 1, 2014 until the vesting date, the actual number of RSUs converted into common stock will be between 0 and 200 percent of the target number.
Apple regularly offers its MSW to the leadership team as a way to incentivize continued positive performance, the latest being nearly 36,000 of RSU bonuses reserved for March executives. Now that Ahrendts is part of that team, she is getting the same treatment too.
Raise your hand who, like me, would like to be in their place 😉