“In the filing, it was reported that Apple’s board of directors had decided to apply RSU holders with the same $2.65 per share quarterly dividends offered to public shareholders, but Cook requested not to take the award that would be worth more than $75 million,” AppleInsider reports. “Because restricted stocks vest in intervals, an executive or employee is more apt to stay with a company and perform well to ensure the highest payout when the units convert to shares. After being named CEO in 2011, Cook received a one million RSU bonus which at the time was worth an estimated $383 million. The chief executive’s RSUs are on a five and ten year vesting schedule, meaning that half of his restricted units vest in five years with the remainder to be converted after ten years.”
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MacDailyNews Note: As we reported in our live notes from Apple’s March 19, 2012 ‘cash balance’ Conference Call: “At Tim Cook’s request, none of his unvested Apple Inc. RSUs will participate in the dividend.”