According to Bloomberg News, Apple CEO Tim Cook is going to have a very good day tomorrow.
He is dues to receive 560,000 additional shares of Apple stock, currently worth approx. $120.4 million based on a closing price of $215.04 a share. The award is linked to Cook’s continued tenure as Apple CEO and the company’s blockbusting stock market performance under his leadership, becoming the world’s first trillion dollar listed company recently.
The total is also made up of vesting 280,000 restricted stock units for Cook staying as CEO over the past year and another 280,000 restricted stock units for Apple achieving a higher shareholder return than at least of two-thirds of the other companies on teh S&P 500 index over the past three years.
Share and share alike
During this period the total shareholder return for Apple was 119%, outperforming 80% of the other companies in the index so unless the world ends or Cook is seen wearing an Android t-shirt; he will get all the money.
The amazing deal is part of a grant he received when he succeeded Steve Jobs as Apple CEO in 2011. He will receive an additional 560,000 shares in each of the next three years if he remains CEO and if the shareholder returns continue to rank in the top third of the S&P 500. He is also set to receive a lump sum of 700,000 tenure-based shares on August 24 2021.
If you’re good at something, don’t do it for free
This is in addition to his $3m annual salary and his $9.33m cash bonus last year. He is now worth approx. $700m but has previously said he plans to give away most of his wealth. Just this week an SEC filing revealed that Cook recently donated 23,215 shares of Apple stock to charity worth approx. $5m.
So if you serve Tim Cook in a restaurant or bar then remember to be extra nice to him because you might receive the best tip of your life!