Apple CEO, iTunes Chief Awarded $94 Million in Restricted Stock Units
A pair of filings with the SEC has revealed that Apple CEO Tim Cook and Senior VP Eddy Cue received restricted stock on Monday worth a combined $93.8 million, as based on Apple’s closing price on that day (via MacRumors).
Tim Cook received 280,000 performance-based restricted stock units (RSUs) based on the company’s performance compared to other S&P 500 companies, during a two-year period that ended on August 24. The target was for Apple to achieve a total shareholder return (TSR) of at least 41.46% to beat the middle third of the companies in the S&P 500 and at least 16.93% to beat the bottom third companies.
Actually, Apple’s TSR for the past two year period was 76.76%, as a result, it ranked 56th out of the 458 companies that were included the S&P 500 list. As such, all 280,000 of the restricted stock units were subject to performance requirement vested, the SEC filing reads.
Cook has a 4.76 million RSUs remaining, which are scheduled to vest by August 24 2021, but he needs to remain an Apple employee to receive them.