Tim Cook, CEO of Apple, in Sun Valley, Idaho, USA, on July 12, 2019.
Patrick T. Fallon Bloomberg | Getty Images
Apple CEO Tim Cook has received his biggest grant since 2011, which will offset it with large stock carts by 2025, according to an SEC statement on Tuesday.
Cook will receive 333,987 limited stock units, which will be subject to third on an annual basis, starting in 2023.
In a separate package, Cook will also acquire 333,987 shares in 2023, which could double if Cook meets Apple̵
If Apple continues to perform well, Cook will receive 1,001,961 shares of Apple by 2025, similar to the allocation of 1 million shares received shortly after he became CEO in 2011.
With a closing price of $ 114.09 on Tuesday, the maximum number of shares Cook can receive is worth $ 114 million. This amount will increase or decrease with the share price of Apple.
“Tim has introduced unparalleled innovation and focused on his role as CEO and demonstrated what it means to lead with values and integrity,” said a statement from Apple’s board of directors. “For the first time in nearly a decade, we are awarding Tim a new grant that will be acquired over time in recognition of his outstanding leadership and with great optimism for Apple’s future as he continues this effort.”
The grant suggests that Cook’s performance over the past decade has been praised by Apple’s board, which wants to make sure it pays off competitively by 2025 if it continues to be Apple’s chief executive.
Shares are Cook’s main compensation, although he also receives a salary and an annual bonus. In 2019, he received a salary of $ 3 million and a bonus of $ 7.67 million, but after adding shares, Cook took over $ 125 million.
His previous grant from 2011 expires next year. At the time, the grant was worth $ 384 million, but ultimately more, as Apple’s share price rose significantly during that time. Since 2011, the year Cook became CEO, his compensation has amounted to more than $ 963.5 million, according to Equilar, an executive compensation firm.
Cook plans to donate his fortune to charity, he said in 2015.