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Steve Job's Death Might Have Been The Best Thing To Happen To Apple Execs
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Steve Job's Death Might Have Been The Best Thing To Happen To Apple Execs - November 8, 2011, 01:21 PM

After reading Jobs' biography, I don't think he would've allowed this if he were still around. Several of these guys just turned into overnight multi-millionaires on paper.


Apple Awards Executives 1,000,000 Shares of Stock to Stay Until 2016


Apple has awarded 1 million shares of stock to seven top executives as a reward for their hard work during Apple's record fiscal year -- the first time the company did more than $100 billion in revenue.

Earlier we reported that the recently promoted Eddy Cue received 100,000 shares of stock in the form of a restricted stock unit or RSU. These RSU's convert into freely tradable shares of stock on their exercise dates. In Cue's case, 25% of his shares on 9/21/2014 and 75% on 9/21/2016, assuming he continues his employment at Apple.

According to Apple's filings with the SEC, the other six executives each received 150,000 RSU's, vesting in two equal parts -- 50% on 6/21/2013 and the remaining 50% on 3/21/2016. Those executives are:

- Scott Forstall, Senior Vice President, iOS Software (SEC Filing)
- Bob Mansfield, Senior Vice President, Hardware Engineering (SEC Filing)
- Peter Oppenheimer, Senior Vice President and CFO (SEC Filing)
- Phil Schiller, Senior Vice President, Worldwide Product Marketing (SEC Filing)
- Bruce Sewell, Senior Vice President and General Counsel (SEC Filing)
- Jeff Williams, Senior Vice President, Operations (SEC Filing)

An Apple spokesperson told the Wall Street Journal that the awards are "meant to reward them down the road for their hard work in helping to keep Apple the most innovative company in the world."

No paperwork has been filed showing any award for CEO Tim Cook. Earlier this year, when he was appointed CEO, Cook was awarded 1 million shares, vesting in 2016 and 2021, should he stay with the company. The only other executive on Apple's leadership team to not receive an award, at least according to the SEC, is Senior Vice President, Industrial Design Jonathan Ive.

At current prices, Cue's 100,000 share award would be worth $40 million, and Forstall, Mansfield, Oppenheimer, Schiller, Sewell, and Williams' awards are worth $60 million each



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November 8, 2011, 01:39 PM

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November 8, 2011, 01:47 PM

so when they say 'apple' has awarded these guys the stock who do they mean? did they just give themselves the rsus?


nm, i think it's te board that is considered 'apple'.


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November 8, 2011, 01:54 PM

Anyone else wonder how much they could've raised the wages for the lower paid factory and office employees with those figures?

Somebody try to put yourselves into those two shoes...

1. "Wow, I just earned 40 million dollars to add to the 10 million I currently have saved in the bank. Maybe now I can buy that monstrosity of a yatch that's I've really wanted for the last 6 months of my life and take that 6 month vacation that will do my company so little good. Oh, and now I can also donate a couple of million to my politicians of choice so I can have some IOU's on tap when needed, like my kid's continuous street racing and reckless driving tickets every year."

-or-

2. "Wow! That extra $10k bonus to my standard $55k/yr job will definitely be a good addition to my $4k savings account and allow me to help my mother pay some of the extremely expensive medicine she needs to live without so much pain and I might have enough to buy my wife that nice necklace she has been wanting for the last 7 years. Maybe even take my family for a weekend vacation finally. After that I can hope that next year they might give us a similar bonus instead of the 30% layoffs that have been rumored around the office lately."
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November 8, 2011, 01:58 PM

Take THAT Occupy Wall Street!


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November 8, 2011, 02:00 PM

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November 8, 2011, 02:01 PM

Quote:
Originally Posted by ArrrSV View Post
so when they say 'apple' has awarded these guys the stock who do they mean? did they just give themselves the rsus?


nm, i think it's te board that is considered 'apple'.
Treasury Stock is outstanding shares of stock that are held by the company. They can use those shares as collateral for loans or as payment for things like this. The other thing they can do is issue new shares but then they have to allow every single shareholder the opportunity to raise their own stock ownership based on relative percentage, usually not the best way to issue bonuses/salaries.

And this is exactly what the 99%'ers are bitching about in the Occupy Movemenets. These people are given 100k shares based on the price that Apple has designated for them (say $1 each) and claim that as their salary and pay taxes on that so called "salary". The rest of the $40 MILLION dollards of earnings will be deemed Capital Gains and will only be taxed at the Capital Gains rate of 15-20%. Which is why the sickeningly rich pay such disproportionately low tax percentages than the regular person.
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November 8, 2011, 02:03 PM

Quote:
Originally Posted by nootherids View Post
Anyone else wonder how much they could've raised the wages for the lower paid factory and office employees with those figures?

Somebody try to put yourselves into those two shoes...

1. "Wow, I just earned 40 million dollars to add to the 10 million I currently have saved in the bank. Maybe now I can buy that monstrosity of a yatch that's I've really wanted for the last 6 months of my life and take that 6 month vacation that will do my company so little good. Oh, and now I can also donate a couple of million to my politicians of choice so I can have some IOU's on tap when needed, like my kid's continuous street racing and reckless driving tickets every year."

-or-

2. "Wow! That extra $10k bonus to my standard $55k/yr job will definitely be a good addition to my $4k savings account and allow me to help my mother pay some of the extremely expensive medicine she needs to live without so much pain and I might have enough to buy my wife that nice necklace she has been wanting for the last 7 years. Maybe even take my family for a weekend vacation finally. After that I can hope that next year they might give us a similar bonus instead of the 30% layoffs that have been rumored around the office lately."
They are entitled... Somehow!

Overpaid salesmen are what most of them are!


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November 8, 2011, 02:27 PM

Quote:
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They are entitled... Somehow!

Overpaid salesmen are what most of them are!

What is overpaid? How much? Quantify it...

Arguing that point is pointless. Just saying...


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November 8, 2011, 02:28 PM

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Originally Posted by myblue750 View Post
What is overpaid? How much? Quantify it...

Arguing that point is pointless. Just saying...
True I guess from their perspective, it's never enough!


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I'll also thank them for proving that you don't need the force to get a woman to make you a sammich.
"They who would give up an essential liberty for temporary security, deserve neither liberty or security."
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November 8, 2011, 02:29 PM

Quote:
Originally Posted by ArrrSV View Post
so when they say 'apple' has awarded these guys the stock who do they mean? did they just give themselves the rsus?


nm, i think it's te board that is considered 'apple'.
Apple meaning Apple's Compensation Committee on their Board of Directors.

That said, this was definitely something Apple had to do.

Anyone familiar with tech businesses (or just about any company) knows these are the sort of "golden handcuffs" they shackle if they want to keep their top-executives and top talent loyal and prevent a mass exodus the minute the company bobbles and its stock hiccuped and declines or some other opportunity comes knocking at their back door, knowing that any of Apple's competitors would gladly give a top talent Apple employee an easy 25% salary bump and any Apple executive a large share grant to bring the magic and ideas to their company.



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November 8, 2011, 02:38 PM

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What is overpaid? How much? Quantify it...

Arguing that point is pointless. Just saying...
CEO Compensation: US and other countries






“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

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November 8, 2011, 03:45 PM

Quote:
Originally Posted by nootherids View Post
Treasury Stock is outstanding shares of stock that are held by the company. They can use those shares as collateral for loans or as payment for things like this. The other thing they can do is issue new shares but then they have to allow every single shareholder the opportunity to raise their own stock ownership based on relative percentage, usually not the best way to issue bonuses/salaries.

And this is exactly what the 99%'ers are bitching about in the Occupy Movemenets. These people are given 100k shares based on the price that Apple has designated for them (say $1 each) and claim that as their salary and pay taxes on that so called "salary". The rest of the $40 MILLION dollards of earnings will be deemed Capital Gains and will only be taxed at the Capital Gains rate of 15-20%. Which is why the sickeningly rich pay such disproportionately low tax percentages than the regular person.
That is not correct. The executives that recieve the RSUs will be taxed on the full value of the shares when the restrictions lapse. So if the shares are worth $400 million when the restrictions lapse, the executives are taxed on $400 million at ordinary income tax rates.
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November 8, 2011, 05:14 PM

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That is not correct. The executives that recieve the RSUs will be taxed on the full value of the shares when the restrictions lapse. So if the shares are worth $400 million when the restrictions lapse, the executives are taxed on $400 million at ordinary income tax rates.
No, that's not the case.
Performance based stock grants, options, RSUs, RSOs and outright Grants are usually structured as supplemental income, not ordinary compensation/income as such the tax rate on this is significantly lower. Right now, 28%.

It's one of the reasons why Wall St. types make out like bandits. While the base compensation for, say a VP, is $200,000 or so - with the graduated tax system taxing anything over $175K @ 33%, up until you $380K where you hit the top tax rate of 35%. Their yearly bonus plan will give them $500,000 or more.

However since this $500K is classified as supplemental/bonus income, it is only subject to 28% tax vs the 35% they would pay if it was classified as ordinary income.


Sidenote: There's another nice little tax trick CEO's use to avoid taxes on stocks and bonuses. Go work for the Federal government on any of the Executive branches! Tax code: 1043.

Federal law forces those entering public service from owning stock in the companies that they may have a material conflict of interest with. They have to sell it off - and reinvest, but they get to do so with NO TAXES deducted.

You can thank Mr. Bush Sr. for getting that little tidbit put into law.



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