Apple Inc.’s general counsel can afford to buy a lot of new iPhones for himself, and tens of thousands of his closest friends and family.
D. Bruce Sewell made almost $10.2 million on Sept. 23 when he sold 25,000 restricted units of Apple stock, according to a recent a filing with the Securities and Exchange Commission. He’d been granted 100,000 restricted stock units on Sept. 21, 2009, a few days after he was hired, and they vest in annual installments over four years. The sale was made pursuant to a Rule 10b5-1 trading plan that Sewell adopted last year and amended in August, according to the filing.
Sewell made $7.1 million when he sold the first 25,000 units after they vested last year.
These probably won’t be his last stock sales, either. In addition to his base salary of $650,012 and bonus of $700,000, Sewell was awarded another 100,000 restricted stock units last year, which will vest entirely in 2014 if he’s still at Apple then.