Apple CEO Tim Cook has acquired $115 million worth of vested Apple stock this week, according to new filings with the Securities and Exchange Commission. As detailed in the filing, 560,000 restricted stock units have vested for Cook after AAPL exceeded performance expectations.
For 2019, Cook was granted 280,000 shares of AAPL for his continued employment at Apple, and another 280,000 shares for meeting performance requirements.
The filing with the SEC details those performance requirements:
The number of performance-based RSUs that vested was determined based on Apple’s total shareholder return (TSR), relative to the other companies in the S&P 500 over a three-year period from August 25, 2016 through August 24, 2019. Apple’s beginning value was calculated to be $108.01 (adjusted for dividends). Similarly, the ending value used for calculating TSR is the average closing price for the 20 trading days ending on August 24, 2019. Apple’s ending value was calculated to be $216.24 (adjusted for dividends).
Cook was officially granted this stock award on Saturday after he successfully satisfied performance and time requirements laid out earlier. 294,840 shares were withheld by Apple for tax purposes, while the remaining 265,160 units were sold in three separate rounds on Monday. These shares are valued at nearly $115 million based on AAPL’s price on Tuesday.
Going forward, Cook has 1,820,000 restricted stock units in this award – 700,000 restricted stock units vest on August 24, 2021; the balance of 1,120,000 restricted stock units vests in two equal annual installments commencing August 24, 2020. This is contingent upon Cook staying at Apple, and meeting performance requirements.
Read the full SEC filing here. Tim Cook last year received his full performance award as well.
DeterBenchPress on August 28th, 2019 at 02:37 UTC »
As a FANG engineer, this will sound biased. Let me explain from my perspective.
Software engineers at Apple make 3x the national average for their field. Why is that? They don’t work 120 hour weeks. Why are they paid more than everyone else? Why is an engineer at Target making 80k when the same job at Amazon pays $280k?
Companies make money when workers dig in a direction according to leadership and hit gold. Digging in and of itself produced no value. Engineers at Blackberry dug and dug and dug and ended up jobless when the company failed and laid everyone off. If Tim Cook ran the company into the ground like Nokia, Blackberry, Motorola or any of the other nameless shithole companies I would be out of a job and 100% not be where I am today. Tim is worth every penny of that.
oprahselliptical on August 28th, 2019 at 00:25 UTC »
on the one hand, I get rewarding performance and with a company as rich as apple I guess they can reward with that much. On the other hand, this amount of money for a ceo is kind of obscene. I don’t know what they would’ve spent the money on otherwise but at some point how much is too much
callmeziplock on August 28th, 2019 at 00:20 UTC »
Tim, I’ll take 1% of that. I’m sure you won’t even notice it.