[Form 4] Apple Inc. Insider Trading Activity

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.

Insights

Corporate Governance Expert

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.

Compensation Specialist

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.

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^*

Adams Katherine L.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, GC and Secretary

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		48,932		(3)	(3)	Common Stock	48,932	$0	48,932	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 Katherine L. Adams	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 Katherine L. Adams report on Form 4 for AAPL?

She reported receiving two restricted stock unit awards of 48,932 units each on 09/28/2025, totaling 97,864 target shares.

When do the restricted stock units reported by Katherine L. Adams vest?

Time-based RSUs vest one-third on April 1, 2028, April 1, 2029, and April 1, 2030. The performance RSUs vest on October 1, 2028 subject to performance conditions.

How is the performance-based award for AAPL described in the Form 4?

The performance RSUs vest based on Apple’s relative total shareholder return for fiscal years 2026–2028 with potential payout ranging from 0% to 200% of the target units.

Does the Form 4 show any cash purchase price for the reported awards?

No cash purchase price is reported (listed as $0), indicating these are compensatory grants rather than open-market purchases.

Who filed and signed the Form 4 for Katherine L. Adams?

The Form 4 was signed by Sam Whittington, Attorney-in-Fact for Katherine L. Adams, on 09/30/2025.