Apple CEO Tim Cook took possession of 37,500 shares and converted them to cash (approximately US$11 million) using the rest of the shares to pay off the tax and other expenses of the transactions, according to a filing (http://macte.ch/YZMeI) with the Securities and Exchange Commission — as reported by “The Register” (http://macte.ch/53tqz).
He sold the 37,500 shares on Monday as part of a Rule 10b5-1 trading plan that lets major shareholders of companies set up scheduled trades to avoid accusations of insider trading. Cook was awarded the shares in 2010 for his performance as interim CEO when Steve Jobs was on medical leavel.
As well as those RSUs [restricted stock units], Cook held 13,754 shares in Apple as of December 17, 2011 and a further 362,500 unvested RSUs, according to another filing (http://macte.ch/cRb5p).