New Retail Chief Receives Stock Grants

April 25, 2012

It’s official—Apple’s new Sr. V-P Retail John Browett has been on the job since April 20th, when he was officially granted 100,000 shares of stock that could net him millions of dollars over the next five years. Browett took over the position from Ron Johnson, who left last November to become president of retailer JC Penney. Browett has been seen on Apple’s Cupertino campus frequently since last year, and has attended at least one retail store grand opening. According to documents filed with the federal Securities and Exchange Commission (SEC) this morning, Browett will receive “restricted stock units” that are vested, or redeemable, for common stock over a five-year period. After receiving the common stock, Browett is free to keep or sell the shares at any time, at the prevailing price. The vesting schedule is: 5,000 units on October 20, 2012, another 15,000 units on the first anniversary of the grant date, and 20,000 units on each of the second, third, fourth and fifth anniversaries of the grant date. The grants assume that Browett continues to be employed by Apple through each vesting date. Based on yesterday’s closing stock price, the entire stock grant would be worth $56,028,000. Browett’s annual compensation hasn’t been announced yet, although that information could be included in quarterly financial documents to be filed with the SEC later this week. Download (pdf) the SEC filing that details the stock grant.

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