“It was learned through Apple’s 8-K filing with the SEC on Thursday that CEO Tim Cook specifically declined to be included in a dividend award program being offered to those employees who hold restricted stock units (RSUs),” AppleInsider reports.
“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.”