“Apple Inc.’s Tim Cook is set to collect stock worth about $120 million this week thanks to a run-up in shares of the iPhone maker,” Anders Melin reports for Bloomberg. “On Friday, Cook stands to receive 280,000 shares tied to his continued service as chief executive officer. He’ll get as many as 280,000 additional shares if Apple’s stock-market return over the preceding three years exceeds at least two-thirds of the firms in the S&P 500.”
“Apple returned 119 percent from Aug. 25, 2015, through Tuesday’s close, including reinvested dividends, outperforming more than 80 percent of companies in the index,” Melin reports. “Barring a major collapse this week, that all but ensures Cook will collect the maximum number of shares for his fifth consecutive payout at the top end of the range.”
“Last year, about half of Cook’s 560,000 shares were withheld to cover taxes. The rest were sold, netting him about $43 million. Aside from the stock, Cook also gets a $3 million salary and earned a $9.33 million cash bonus in 2017. He hasn’t received new equity grants since 2011,” Melin reports. “The CEO is currently worth about $700 million, according to data compiled by Bloomberg.”
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MacDailyNews Note: Cook volunteered to introduce a performance-related element to his own awards back in 2013. Cook has also stated plans to donate his fortune to philanthropic causes.
As Bloomberg notes, an Apple regulatory filing yesterday with the U.S. SEC (FORM 4) stated that Cook had donated 23,215 of his current Apple shares to charity which at yesterday’s close totals around $4.56 million.
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