Apple executives have sold shares under pre-arranged plans, recent regulatory filings confirm.

Apple’s senior vice president of Worldwide Product Marketing, Phil Schiller has sold 136,341 shares of common stock for $170.75 to $173.76 apiece, raising $23,485,000. Senior vice president of Software Engineering, Bertrand Serlet, also sold shares for around the same price, 10,000 in all netting $1,706,000.

Both sales were prearranged under a US regulatory model which allows a company insider to set up a schedule in advance for stock sales and then proceed with them even if he or she comes into possession of material non-public information.