Apple insider Form 4: Adams receives time-based and performance RSUs totaling 97,864 shares
Rhea-AI Filing Summary
Apple Inc. (AAPL) reported that Katherine L. Adams, SVP, General Counsel and Secretary, received equity awards on 09/28/2025. The filing shows two restricted stock unit awards of 48,932 units each (totaling 97,864 underlying shares at target). One award vests in three equal installments on April 1, 2028, April 1, 2029, and April 1, 2030. The other is a performance-based award scheduled to vest on October 1, 2028, with payout from 0% to 200% of target based on Apple’s relative total shareholder return for fiscal years 2026–2028. Each unit converts to one share at settlement; the reported price is $0, indicating these are compensatory grants rather than open-market purchases. The Form 4 was signed by an attorney-in-fact on 09/30/2025.
Positive
- None.
Negative
- None.
Insights
TL;DR: Typical executive compensation grant tying long-term pay to time-based and performance-based vesting aligns interests with shareholders.
The award structure combines time-based RSUs and performance-based RSUs, which is consistent with standard governance practices to promote retention and align management incentives with shareholder returns. The time-based tranche vests over three years, supporting retention. The performance tranche’s 0%–200% payout range links material upside to relative TSR over a defined multi-year performance period, providing direct alignment with shareholder outcomes rather than guaranteed pay. For investors, these grants reflect routine executive compensation rather than unusual dilution or transaction activity.
TL;DR: Grants appear standard in size and structure for a senior officer, combining retention and performance incentives.
Two RSU awards totaling 97,864 target shares were reported. The time-based RSUs vest one-third annually beginning April 1, 2028, while the performance RSUs vest on October 1, 2028 subject to relative TSR metrics for fiscal 2026–2028 with payout capped at 200% of target. The reported $0 price confirms these are company-issued compensation awards. Absent additional context on prior holdings or company-wide grant practices in this filing, the grants seem like routine annual compensation for a senior executive.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Unit | 48,932 | $0.00 | -- |
| Grant/Award | Restricted Stock Unit | 48,932 | $0.00 | -- |
Footnotes (1)
- Each restricted stock unit represents the right to receive, at settlement, one share of common stock. 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. 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.
