Apple senior executives get lucrative stock grant

According to a report in the Wall Street Journal, Apple's senior executive team received lucrative stock grants worth US$60 million dollars at current market prices. A Securities and Exchange commission document filed by Apple on Friday details this financial reward.

Each executive will receive restricted stock shares that are meant to entice the executives to stay with Apple for the next five years. The grant requires that the executive remain at Apple to claim half of the stocks which will vest in 2013. The second half will vest in 2016.

Executives receiving the 150,000 shares include CFO Peter Oppenheimer, general counsel Bruce Sewell, iOS Software VP Scott Forstall, Worldwide Product Marketing VP Phil Schiller, Hardware Engineering VP Bob Mansfied and Operations VP Jeffrey Williams. Senior VP of Internet Software and Services Eddy Cue received 100,000 restricted shares.