Tim Cook Receives Time-Based and Performance RSUs at Apple (AAPL)

Rhea-AI Filing Summary

Timothy D. Cook, Apple Inc. CEO and Director, reported two awards of restricted stock units (RSUs). On 09/28/2025 he was granted 48,932 time-based RSUs that vest in three equal annual installments on April 1, 2028, 2029 and 2030. He was also granted 146,795 performance-based RSUs (reported at target) that vest based on Apple’s relative total shareholder return for fiscal years 2026–2028, with payout possible from 0% to 200% of target and scheduled to vest on October 1, 2028. Each RSU represents the right to receive one share of common stock on settlement. Following these reported transactions, he beneficially owns 48,932 and 146,795 RSUs respectively, each shown as direct ownership.

Positive

• Combination of time-based and performance-based RSUs aligns executive incentives with multi-year retention and shareholder returns
• Performance RSUs include a 0%–200% payout range, tying potential upside directly to relative total shareholder return

Negative

• Performance outcome is uncertain—the reported 146,795 RSUs are at target and actual payout may be 0% if performance thresholds are not met
• Vesting is multi-year, so there is no immediate increase in freely tradable shares

Insights

Compensation Analyst

TL;DR: CEO received time-based and performance-based RSUs aligned with multi-year retention and performance goals.

The grants combine standard retention (time-based RSUs vesting in thirds) with performance-based RSUs tied to relative total shareholder return over a three-year performance period. Reporting the performance grant at target is consistent with disclosure norms; actual share delivery will depend on measured performance and may range from 0%–200% of target. These awards preserve alignment between leadership incentives and shareholder returns without immediate cash flow impact.

Corporate Governance Expert

TL;DR: Grants reflect typical executive pay design emphasizing long-term retention and performance metrics.

The time-based RSUs vest in fixed tranches while the performance RSUs depend on TSR relative performance for fiscal 2026–2028, reinforcing long-term orientation. The filing shows direct beneficial ownership of the reported units and discloses settlement dates and performance parameters explicitly, meeting disclosure requirements.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

COOK TIMOTHY D

(Last) (First) (Middle)

ONE APPLE PARK WAY

(Street)

CUPERTINO CA 95014

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Apple Inc. [ AAPL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	09/28/2025		A		48,932		(2)	(2)	Common Stock	48,932	$0	48,932	D
Restricted Stock Unit	(1)	09/28/2025		A		146,795		(3)	(3)	Common Stock	146,795	$0	146,795	D

Explanation of Responses:

1. Each restricted stock unit represents the right to receive, at settlement, one share of common stock.

2. These restricted stock units are scheduled to settle as to one-third of the units on each of April 1, 2028, April 1, 2029, and April 1, 2030, subject to the terms and conditions of the underlying award agreement.

3. These performance-based restricted stock units are scheduled to vest on October 1, 2028, subject to the terms and conditions of the underlying award agreement. 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 2026 and ending with the last day of Apple's fiscal year 2028.

Remarks:

	/s/ Sam Whittington, Attorney-in-Fact for Timothy D. Cook	09/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Timothy D. Cook report on Form 4 for AAPL?

He reported grants of 48,932 time-based RSUs and 146,795 performance-based RSUs, both dated 09/28/2025.

When do the time-based RSUs vest?

The 48,932 time-based RSUs vest in three equal installments on April 1, 2028, April 1, 2029, and April 1, 2030.

What performance period applies to the performance RSUs?

The performance RSUs are measured by Apple’s relative total shareholder return from the first day of fiscal year 2026 through the last day of fiscal year 2028, with vesting scheduled on October 1, 2028.

How many shares could the performance RSUs pay out?

The performance award is reported at target of 146,795 RSUs; actual payout may range from 0% to 200% of target based on relative TSR.

Does each RSU convert into common stock?

Yes. Each restricted stock unit represents the right to receive one share of common stock at settlement.