Three Apple executives have each received $55.6 million worth of company stock, the second half of an award granted in 2011 after the death of co-founder and CEO Steve Jobs, reports Computerworld.
Phil Schiller, senior vice president of Worldwide Marketing, Jeff Williams, chief operating officer, and Bruce Sewell, general counsel, each gained control of 525,000 shares on Monday. At Monday's closing price, the shares were worth $55.6 million.
The shares were the second half of an award given in November 2011, when Apple awarded 150,000 shares each to six men. Since then, the company’s shares split 7-for-1, making the original allotment 1,050,000 shares. Three of those awarded are no longer with Apple: Scott Forstall, Peter Oppenheimer, and Bob Mansfield.
Restricted share units aren’t given at the time of the grant, but are awarded when they vest — and the aforementioned RSUs did on June 21, 2013, and on March 21, 2016. Each executive had to remain with the company to collect those vested shares.