Jeffrey E. Williams - Oct 1, 2023 Form 4 Insider Report for Apple Inc. (AAPL)

Role: COO
Signature: /s/ Sam Whittington, Attorney-in-Fact for Jeffrey E. Williams
Stock symbol: AAPL
Transactions as of: Oct 1, 2023
Transactions value $: -$11,382,554
Form type: 4
Date filed: 10/3/2023, 09:09 PM
Previous filing: Apr 4, 2023
Next filing: Oct 10, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AAPL	Common Stock	Options Exercise		+136K	+27.82%		626K	Oct 1, 2023	Direct	F1, F2, F3
transaction	AAPL	Common Stock	Tax liability	-$11.4M	-66.5K	-10.62%	$171.21	560K	Oct 1, 2023	Direct	F4

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		-136K	-100%		0	Oct 1, 2023	Common Stock	136K		Direct	F1, F2, F5, F6, F7, F8
transaction	AAPL	Restricted Stock Unit	Award	$0	+58.4K		$0.00	58.4K	Oct 1, 2023	Common Stock	58.4K		Direct	F1, F9
transaction	AAPL	Restricted Stock Unit	Award	$0	+58.4K		$0.00	58.4K	Oct 1, 2023	Common Stock	58.4K		Direct	F1, F10

* 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	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.
F4	Shares withheld by Apple to satisfy tax withholding requirements on vesting of RSUs. No shares were sold.
F5	This award was granted on September 27, 2020, for a target number of 89,064 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.
F6	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.
F7	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.
F8	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, 136,268 RSUs subject to performance requirements vested.
F9	These restricted stock units are scheduled to vest 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.
F10	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.