Apple CFO Peter Oppenheimer sold 37,172 shares of Apple stock on Wednesday, a new Securities and Exchange Commission filing shows. At an average share price of $440.31, the trade was worth approximately $16.4 million. The shares involved date back to November 2011, when Oppenheimer was granted them as part of a bonus. The sale followed a day after Apple's Q3 results
; during that timespan, the company's stock shot up $20 in value.
The executive still owns 4,834 shares, currently valued at $2.1 million. According to internal rules established earlier this year, Apple executives other than CEO Tim Cook are required to hold stock worth three times their base salary. Since Oppenheimer receives an $800,000 salary, he should in theory need $2.4 million in shares. The company may, however, be flexible on the exact amount given shifts in the stock market.