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Apple Board of Directors grants Tim Cook, Apple’s CEO, $75 million worth of stocks, says Apple in an SEC filing made last Tuesday. It is Cook’s largest stock grant since 2011. The Apple CEO will also be receiving 333,987 restricted stocks starting in 2023.
In a different offer, Cook might also receive 333,987 stocks in 2023. These stocks will double if Cook meets target Apple performance in the stock market. If Apple doesn’t meet the target, Cook won’t be receiving the offer.
If Apple remains one of the most valuable U.S. companies, Cook is set to receive 1,001,961 Apple shares by 2025. He also received shares of the same number after he became CEO in 2011.
According to CNBC, Cook could receive at most $114 million, with Tuesday’s closing price of $114.09, which will increase or decrease with Apple’s share price.
“Tim has brought unparalleled innovation and focus to his role as CEO and demonstrated what it means to lead with values and integrity… For the first time in nearly a decade, we are awarding Tim a new stock grant that will vest over time in recognition of his outstanding leadership and with great optimism for Apple’s future as he carries these efforts forward.”Apple BOD
Following the death of Apple founder Steve Jobs, Tim Cook took over as CEO. Under Cook, Apple was the first U.S. company to be worth $2 million in value. Apple stocks have also increased by 105% in the past year.
Cook also received a stock award in July 2020, which included 280,000 restricted stocks and 280,000 performance-based restricted stocks. Reports show that the Apple CEO donated to an unknown charity 10,715 shares, which equaled over $5 million.
While the esteemed Apple CEO receives his salary and an annual bonus, the granted shares are Cook’s direct remuneration. And although his salary dropped, Cook received $3 million and a $7.67 million bonus in 2019. After stocks, Cook received at least $125 million.
Additionally, his 2011 stocks grant will expire next year. Since Apple’s stock price has increased exponentially since 2011, Cook’s compensation is projected to receive at least $963.5 million in salary, according to executive compensation firm Equilar.
According to more regulatory filings, Apple COO Jeff Williams, CFO Luca Maestri, SVP of Retail and People Deirdre O’Brien, and General Counsel Katherine Adams also received individual stock grants vest simultaneously with Cook’s.