If you follow Apple or the stock market, you probably know that Apple stock is selling at very high prices right now even though it’s not at record price. One of the ways Apple keeps key personnel is by giving them stock options. Apple’s senior VP of iOS software Scott Forstall decided to cash in some of his vested stock options and made major money in one day.
Forstall reportedly cashed and 64,151 shares of Apple stock at prices from $601-$605 per share. The selloff netted the man $38.7 million in one day. Shedding the stock doesn’t mean Forstall is ready to leave Apple, his 120,000 share retention bonus given in 2008 vested last month. He apparently reduced that by 55,849 shares to pay taxes. He also still has 2988 shares of stock.
Forstall is looking at additional major stock options for staying with the company according to Fortune. He will get 100,000 restricted stock units when they vest in 2014. He also has another 150,000 restricted stock units given in 2011 that will best in 2013 and 2016 if he stays with Apple. Fortune also reports that the man already makes $700,000 a year. It certainly pays to be a big wig at Apple.