eddycueAs revealed in a new filing with the U.S. Securities and Exchange Commission, Apple has awarded Eddy Cue an additional 100,000 shares of company stock in the form of restricted stock units. The stock units were issued on November 2nd and will vest in September 2014 (25,000 shares) and September 2016 (75,000 shares) if Cue remains employed by Apple at those milestone dates.

At Apple's present stock price, the stock would be worth $40 million, although the final value will be determined as of the dates that the different portions vest.

This is the second such grant Cue has received since being promoted to senior vice president for Internet software and services two months ago. The first batch of 100,000 restricted stock units was awarded on September 2nd following his promotion, and those units will vest in two equal portions in August 2013 and August 2015. Cue also holds a number of other restricted stock units that he had been awarded prior to his promotion.

Cue has been at Apple for 22 years, and played an integral role overseeing the iTunes Store and App Store. His role has significantly expanded over the past year or so, adding oversight of Apple's iCloud service and iBookstore. Just this past August, Cue also took over leadership of the iAd program following the departure of Andy Miller.

Top Rated Comments

firestarter Avatar
174 months ago
give it a pass because it's Apple

Why not just put that in your signature? It would save you a lot of typing.
Score: 5 Votes (Like | Disagree)
firestarter Avatar
174 months ago
Well this link has more details. In fact, other executives are getting 60 million dollar bonuses as well:

http://news.cnet.com/8301-27076_3-57318938-248/apple-gives-most-of-its-top-execs-$60m-bonuses/?tag=TOCmoreStories.0 (http://news.cnet.com/8301-27076_3-57318938-248/apple-gives-most-of-its-top-execs-$60m-bonuses/?tag=TOCmoreStories.0)

I'm not saying these guys don't provide a great deal of value to Apple--they do and deserve to be rewarded. I have a problem with obscene amounts of money being paid to *individuals*. 60 million? That's the yearly operating budget of many struggling public universities. We distribute our resources foolishly and we will pay the price someday.
There's another way to look at this... and it's potentially an indication that Tim Cook feels his senior execs are currently at risk of leaving, following Jobs' death.

These aren't bonuses for work done - they're 'golden handcuffs' to stop them from leaving for 2 years (they all seem to vest in mid 2013).

For a bunch of rich guys who were highly motivated by Jobs presence, I would have expected a few to leave pretty quickly. Apple is great 'n' all, but if you take away Jobs' charisma, it's just a job - and there are plenty of other exciting challenges in the valley.

Depending on how you see things, this is good news, because it buys stability for the company for the next two years - or it's bad news, because it's an indication of Tim Cook's weakness as a leader and motivator that he feels this is necessary.


Edit: In my personal experience, working in companies that have a 'bonus culture' - bonus is rarely about a job well done, it's more judging a person's greed/sense of self-worth and the risk of them leaving if they feel undervalued.
Score: 4 Votes (Like | Disagree)
Anaemik Avatar
174 months ago
I would have hoped that somebody getting his 2nd $40M windfall in <3 months would be doing an awesome job of things like not screwing up the iCloud rollout, not breaking MobileMe for days at a time, and allowing users to merge Apple IDs. Obviously I live in some kind of dream world.
Score: 3 Votes (Like | Disagree)
TwinCities Dan Avatar
174 months ago
Couldn't agree more. Reward those who perform well but this is just insane.

What about the $100,000,000 contract for Michael Vick. ;) :p
Score: 2 Votes (Like | Disagree)
fabian9 Avatar
174 months ago
No, Steve Jobs made Apple money and unfortunately he's gone now. These guys will leave Apple shortly after they are fully vested.

Hey, its not like Apple is different in this regard than any other corporation -- but publicizing someone getting a 40 million dollar bonus is hard for the average unemployed Joe to understand -- and underscores the tragic gulf between the ridiculously rich and the majority who are struggling.

He's been with apple for 22 years, in that time he's worked for a number of different CEOs and went through some of apples hardest and most successful times.

I can't imagine him leaving anytime soon!
Score: 2 Votes (Like | Disagree)
PowderPC Avatar
174 months ago
I know for some options, you only get the difference between the company's value now and later. So, say u get 1 option and the price is 400 now and goes up to 425 at vesting time, u get 25 dollars, not 425. If its negative u obviously dont have to pay...These aren't options...they're outright grants, albeit with vesting restrictions.
Score: 2 Votes (Like | Disagree)

Popular Stories

Apple iPhone 16e Feature

Apple Announces iPhone 16e With A18 Chip and Apple Intelligence, Pricing Starts at $599

Wednesday February 19, 2025 8:02 am PST by
Apple today introduced the iPhone 16e, its newest entry-level smartphone. The device succeeds the third-generation iPhone SE, which has now been discontinued. The iPhone 16e features a larger 6.1-inch OLED display, up from a 4.7-inch LCD on the iPhone SE. The display has a notch for Face ID, and this means that Apple no longer sells any iPhones with a Touch ID fingerprint button, marking the ...
iphone 17 pro asherdipps

iPhone 17 Pro Models Rumored to Feature Aluminum Frame Instead of Titanium Frame

Tuesday February 18, 2025 12:02 pm PST by
Over the years, Apple has switched from an aluminum frame to a stainless steel frame to a titanium frame for its highest-end iPhones. And now, it has been rumored that Apple will go back to using aluminum for three out of four iPhone 17 models. In an investor note with research firm GF Securities, obtained by MacRumors this week, Apple supply chain analyst Jeff Pu said the iPhone 17, iPhone...
apple launch feb 2025 alt

Here Are the New Apple Products We're Still Expecting This Spring

Thursday February 20, 2025 5:06 am PST by
Now that Apple has announced its new more affordable iPhone 16e, our thoughts turn to what else we are expecting from the company this spring. There are three product categories that we are definitely expecting to get upgraded before spring has ended. Keep reading to learn what they are. If we're lucky, Apple might make a surprise announcement about a completely new product category. M4...
iPhone 17 Roundup Feature 2

iPhone Design to Change 'Significantly' This Year

Monday February 17, 2025 7:09 am PST by
Apple is set to "significantly change" the iPhone's design language later this year, according to a Weibo leaker. In a new post, the user known "Digital Chat Station" said that the iPhone's design is "starting to change significantly" this year. The "iPhone 17 Air" reportedly features a "horizontal, bar-shaped" design on the rear, likely referring to an elongated camera bump. On the other...
Generic iOS 18

Here's When Apple Will Release iOS 18.4

Wednesday February 19, 2025 11:38 am PST by
Following the launch of the iPhone 16e, Apple updated its iOS 18, iPadOS 18, and macOS Sequoia pages to give a narrower timeline on when the next updates are set to launch. All three pages now state that new Apple Intelligence features and languages will launch in early April, an update from the more broader April timeframe that Apple provided before. The next major point updates will be iOS ...
apple launch feb 2025

Tim Cook Teases an 'Apple Launch' Next Wednesday

Thursday February 13, 2025 8:07 am PST by
In a social media post today, Apple CEO Tim Cook teased an upcoming "launch" of some kind scheduled for Wednesday, February 19. "Get ready to meet the newest member of the family," he said, with an #AppleLaunch hashtag. The post includes a short video with an animated Apple logo inside a circle. Cook did not provide an exact time for the launch, or share any other specific details, so...
iOS 18

iOS 18.4 Coming Next Week With These New Features for Your iPhone

Friday February 14, 2025 6:18 am PST by
The first iOS 18.4 beta for iPhones should be just around the corner, and the update is expected to include many new features and changes. Bloomberg's Mark Gurman expects the iOS 18.4 beta to be released by next week. Below, we outline what to expect from iOS 18.4 so far. Apple Intelligence for Siri Siri is expected to get several enhancements powered by Apple Intelligence on iOS...
Apple 2025 Thumb 1

Two of Apple's Oldest Products Are Finally Getting Updated This Year

Friday February 14, 2025 6:03 am PST by
Apple released the HomePod mini in November 2020, followed by the AirTag in May 2021, and both still remain first-generation products. Fortunately, rumors suggest that both the HomePod mini and the AirTag will finally be updated at some point this year. Below, we recap rumors about the HomePod mini 2 and AirTag 2. HomePod mini 2 In January 2025, Bloomberg's Mark Gurman said Apple is ...