Restricted stock units

An Apple VP's $13.7 million payday

April 27, 2011: 1:59 PM ET

The head of hardware engineering sold 99% of his beneficially owned shares on Monday

Image: Apple Inc.

Steve Jobs may be content to let his 5,546,451 shares of Apple (AAPL) rise and fall with the vagaries of the stock market, but some of his executive staff are a bit more attentive to their holdings.

One of the more pro-active traders is Bob Mansfield, Apple's senior vice president in charge of Mac and iPhone hardware engineering. Not only does he exercise his options when the stock is high -- always a good idea -- but he picks up extra shares at the 15% employee discount when the stock is down.

On Monday, according to an SEC Form 4 filed yesterday, he executed his biggest trade yet, selling 38,863 shares of Apple at $351.89 each, clearing $13,675,504.96 in the deal and leaving only 501 shares in his portfolio.

Over the past three years, Mansfield has sold nearly $58.5 million worth of Apple stock -- most of it acquired by exercising options and restricted stock units (RSUs). Over that period, roughly $20.6 million was set aside for taxes, leaving him with a net gain of nearly $37.9 million.

Monday's trade may have converted 99% his Apple portfolio to cash, but Mansfield still has a big stake in the company. He holds fully vested options to buy 30,000 shares of Apple at $36.54 a share and 100,000 RSUs (with a strike price of $0.00) that will vest in 2014 -- if he stays with Apple.

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[Follow Philip Elmer-DeWitt on Twitter @philiped]

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