“Tim Cook, the CEO of Apple, sold off the majority of his shares in the company on Monday and cleared $11.1 million after required withholding for tax purposes, according to a form filed with the SEC. Cook exercised options on 37,500 shares and sold 20,178 shares at an average price of just under $550, netting the $11.1 million payday (the balance of the stock was sold at $545.17 for withholding) across two days, Saturday and Monday,” MacNN reports.

“The 37,500 shares represents exactly half of a 75,000-share grant Cook received in 2010 as compensation for his time as acting CEO of the company during Steve Jobs’ various medical leave (he also received $5 million in cash at the time),” MacNN reports. “Cook has previously sold the first half, and cashed in the remainder on the same day it vested. Cook will receive another award of 200,000 shares that was originally granted in September of 2008 on March 24th, part of a retention award that was given to several Apple executives at the time.”

MacNN reports, “The move leaves Cook with just 13,817 shares in the company until then — and he will receive another 500,000 reserved stock units (RSUs) on his fifth-year anniversary of being Apple’s CEO in 2016.”

More info in the full article here.

[Thanks to MacDailyNews Reader "Lynn Weiler" for the heads up.]