Timothy D. Cook - Oct 1, 2023 Form 4 Insider Report for Apple Inc. (AAPL)

Signature
/s/ Sam Whittington, Attorney-in-Fact for Timothy D. Cook
Stock symbol
AAPL
Transactions as of
Oct 1, 2023
Transactions value $
-$87,798,775
Form type
4
Date filed
10/3/2023, 09:04 PM
Previous filing
Sep 14, 2023
Next filing
Apr 3, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AAPL Common Stock Options Exercise +511K +15.58% 3.79M Oct 1, 2023 Direct F1, F2, F3, F4
transaction AAPL Common Stock Tax liability -$46.3M -270K -7.13% $171.21 3.52M Oct 1, 2023 Direct F3, F5
transaction AAPL Common Stock Sale -$9.54M -55.7K -1.58% $171.42 3.46M Oct 3, 2023 Direct F3, F6, F7
transaction AAPL Common Stock Sale -$17.1M -99.2K -2.86% $172.52 3.37M Oct 3, 2023 Direct F3, F6, F8
transaction AAPL Common Stock Sale -$14.8M -85.7K -2.55% $173.18 3.28M Oct 3, 2023 Direct F3, F6, F9

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction AAPL Restricted Stock Unit Options Exercise -511K -100% 0 Oct 1, 2023 Common Stock 511K Direct F1, F2, F10, F11, F12, F13
transaction AAPL Restricted Stock Unit Award $0 +73K $0.00 73K Oct 1, 2023 Common Stock 73K Direct F1, F14
transaction AAPL Restricted Stock Unit Award $0 +219K $0.00 219K Oct 1, 2023 Common Stock 219K Direct F1, F15
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each restricted stock unit ("RSU") represents the right to receive, at settlement, one share of common stock.
F2 This transaction represents the settlement of RSUs in shares of common stock on their scheduled vesting date.
F3 These shares are held through Mr. Cook's trust.
F4 The number of securities reported reflects the acquisition on July 31, 2023 of 1 share of Apple Inc.'s common stock pursuant to the Apple Inc. Employee Stock Purchase Plan ("ESPP") for the ESPP purchase period of February 1, 2023 through July 31, 2023.
F5 Shares withheld by Apple to satisfy tax withholding requirements on settlement of restricted stock units.
F6 This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 28, 2022.
F7 This transaction was executed in multiple trades at prices ranging from $170.87 to $171.86; the price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide full information regarding the number of shares and prices at which the transactions were effected upon request to the SEC staff, Apple, or a security holder of Apple.
F8 This transaction was executed in multiple trades at prices ranging from $171.87 to $172.865; the price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide full information regarding the number of shares and prices at which the transactions were effected upon request to the SEC staff, Apple, or a security holder of Apple.
F9 This transaction was executed in multiple trades at prices ranging from $172.87 to $173.62; the price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide full information regarding the number of shares and prices at which the transactions were effected upon request to the SEC staff, Apple, or a security holder of Apple.
F10 This award was granted on September 27, 2020, for a target number of 333,987 RSUs. The award vested on October 1, 2023, applying a percentage of the target number of RSUs that was determined based on Apple's total shareholder return ("TSR") relative to the other companies in the S&P 500 from the first day of Apple's fiscal year 2021 and ending with the last day of Apple's fiscal year 2023.
F11 TSR is calculated based on the change in a company's stock price during the performance period, taking into account any dividends paid during that period, which are assumed to be reinvested in the stock. In accordance with the terms of the award, the beginning value used for calculating TSR is the average closing stock price for the first 20 trading days of the performance period. Apple's beginning value was calculated to be $116.95. Similarly, the ending value used for calculating TSR is the average closing price for the final 20 trading days of the performance period. Apple's ending value was calculated to be $180.20.
F12 This award provided that if Apple's relative TSR performance was ranked at or above the 85th percentile for companies in the S&P 500 for the performance period, 200% of the target number of RSUs vest. If Apple's performance was ranked at or above the 55th percentile, 100% of the target number of RSUs vest. If Apple's performance was ranked at or above the 25th percentile, 25% of the target number of RSUs vest, and if Apple's performance was ranked below the 25th percentile, 0% of the target number of RSUs vest. If Apple's performance was between these levels, the portion of the RSUs that vest would be determined on a straight-line basis (i.e., linearly interpolated) between the two nearest vesting percentages.
F13 Apple's TSR for the three-year performance period was 54.09%, which ranked 141 of the 480 companies that were included in the S&P 500 for the performance period and placed Apple in the 70.77th percentile. Therefore, 511,000 RSUs subject to performance requirements vested.
F14 These restricted stock units are scheduled to settle as to one-third of the units on each of April 1, 2026, April 1, 2027, and April 1, 2028, subject to the terms and conditions of the underlying award agreements.
F15 These performance-based restricted stock units are scheduled to vest on October 1, 2026, subject to the terms and conditions of the underlying award agreements. The "target" number of restricted stock units is reported. Between 0% and 200% of the target number of units may vest based on Apple's relative total shareholder return from the first day of Apple's fiscal year 2024 and ending with the last day of Apple's fiscal year 2026.