Scott Forstall, who is leaving Apple, could make another US$45 million if Apple lets him stay through June 2013, reports “Business Insider” (http://macte.ch/je5te).
This week Apple announced that Forstall, Apple’s senior vice president of iPhone software, will be leaving Apple next year and will serve as an advisor to CEO Tim Cook in the interim. In April, he sold 95% of his holdings of Apple shares, clearing $38 million after taxes.
In November 2011, Forstall received a grant of 150,000 shares in the form of restricted stock units, vesting in two tranches. Half the shares vest on June 21, 2013. At current prices, those shares are worth about $45 million before taxes.
The second half of his 2011 bonus doesn’t vest until 2016, notes “Business Insider.”
What’s more, Forstall has another 100,000-share grant that doesn’t vest until 2014. Those total $105 million at today’s share prices.
“We assume he’s losing those shares, though it’s possible Apple might accelerate his vesting or otherwise provide some partial compensation,” says “Business Insider.” “Why would Apple do that? It could be part of a non-compete deal. Even if it doesn’t want Forstall, it doesn’t want to see him run off to a competitor.”