Tech giant Apple has reportedly rewarded company CEO Tim Cook with new equity awards that could provide him with as many as 1 million shares of company stock by 2025. The value of Cook’s latest reward, based on today’s stock price, is almost $117 million.
Bloomberg reports that Apple recently announced plans to give CEO Tim Cook new equity awards that could provide Cook with as many as 1 million shares of Apple by 2025. Cook’s compensation is currently worth between $76 million to $114 million, depending on Apple’s share performance. The new grant gives Cook even more motivation to keep running the tech giant.
The equity reportedly comes in two packages according to a government filing on Tuesday. The first is comprised of 333,987 restricted stock units that vest in thirds from 2023 to 2025. The other 333,987 units will vest on October 1 in 2023 and is based on Apple’s relative share performance over three years. Cook could receive up to 200 percent of the equity depending on stock performance. In total, if Apple performs well Cook could receive about 1 million shares.
Apple’s board said in a statement: “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 share price has increased massively in recent years as Cook has overseen the production of new iPhones, Watches, AirPods, and a host of digital services all while dealing with the US.-China trade war and the global pandemic. The new packages are the first equity awards issued to Cook since he was named CEO in 2011.