- At Tuesday’s closing price of $114.09, the shares are worth $114 million.
- Apple granted Tim Cook 336,987 restricted units of Apple stock on Tuesday, as well as performance-based grants that could take his total to 1,001,961 shares by 2025.
- Cook’s current stock grant plan expires next year, so the new grant ensures he’ll be paid competitively through 2025 if he sticks around.
Apple CEO Tim Cook received the highest share price since 2011, which is supposed to compensate him for a large share loss in 2025, according to a statement filed with the SEC on Tuesday. Cook receives $333,987 per share from Apple, a third of which he buys annually. In a separate package, he will also sell another 335,987 shares in 2023, which could double in value if he meets Apple’s stock market goals.
Should Apple undercut, however, it is also possible that Cook will not forget anything from the package. If Apple continues to perform well, Cook could receive $1,001,961 in Apple shares in 2025, the same amount as the one million shares he received shortly after taking office in 2011. That sum will rise or fall with Apple’s share price, but Cook will not forget it. At Tuesday’s closing price of $114.09, every share he could receive was worth $115 million, according to the SEC.
The stock premium suggests that Cook’s performance over the past decade has been highly valued by Apple’s board, which wants to ensure he is paid well enough to remain Apple’s chief executive. Tim has brought unprecedented innovation and focus to his role as CEO and demonstrated what it means to lead with value and integrity, “the Apple board said in a statement. For the first time in nearly a decade, Tim has been given new shares that will be available to him as part of his drive for the company’s long-term success.
The previous scholarship, which he won in 2011, expires next year, and Cook will take home more than $125 million after buying the shares. The shares are Cook’s main compensation, although he also receives a salary and an annual bonus. In 2019, he will receive an additional $10 million in stock options and a $5 million bonus, according to documents filed with the SEC.
Cook’s compensation in 2011, the year he became CEO, was $963.5 million, and the grant was $384 million at the time. The payout could be higher if Apple’s share price rises significantly during that time, according to the company that tracks executive pay.