Apple Exec Cashes in Shares After Beating Earnings Expectations
A recently published U.S. Securities and Exchange Commission filing reveals that Apple (NASDAQ:AAPL) Senior Vice President and CFO Peter Oppenheimer sold about $16.4 million worth of Apple stock on Wednesday, July 24. The Apple executive sold 37,172 shares of Apple stock at $440.31 each on the day after the Cupertino-based company reported its fiscal 2013 third-quarter results.
The timing was beneficial for Oppenheimer since Apple’s stock price increased about $20 after the company’s earnings results were announced. The sale was made in accordance with SEC Rule 10b5-1. This rule dictates that executives must inform the SEC months in advance of their planned stock sale so as to avoid any insider trading improprieties.
The filing also reveals that the Apple executive still holds 4,834 shares of Apple stock. At the current stock price of $440.99, these shares are worth approximately $2.1 million.
Jordan Golson at MacRumors notes that Oppenheimer originally acquired his shares last month as part of a bonus award granted in 2011. He also notes that Oppenheimer is required to retain Apple stock holdings that are worth three times his annual base salary of $800,000.
Last month, Apple implemented new performance-based executive stock award guidelines for CEO Tim Cook and other executives. Per the SEC filing, Apple’s Compensation Committee made the changes after “outreach discussions this year with many of our largest shareholders.”
Here’s how Apple closed out the trading week.
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