Apple CEO Tim Cook will receive US$114 million in restricted stock and will need to work until 2025

Foreign media MacRumors reported that according to documents submitted to the US Securities and Exchange Commission, Apple CEO Tim Cook obtained 667,974 restricted stock units or RSUs this week, based on Apple’s current price. Valued at more than 76 million US dollars. The RSU in the first half of the year will be vested in increments of one-third in 2023, 2024 and 2025. Therefore, Cook will receive 111,329 shares in April each year from 2023.

The second half of RSU is performance-based rewards, which will be vested based on Apple’s relative shareholder return on October 1, 2023. Cook is likely to receive a performance reward of up to 200% of 333,987 RSU shares.

These performance-based restricted stock units are scheduled to vest on October 1, 2023. The “target” number of restricted stock units is reported. Based on Apple’s relative total shareholder return from the first day of fiscal year 2024 to the last day of fiscal year 2023, between 0% and 200% of the target number of units may be vested.

IT Home understands that with time-based stock rewards, if Apple’s performance in the S&P 500 Index is at the 85th percentile or higher relative to other companies, Cook can earn more than 114 million worth today. 1,001,961 shares in US dollars .

This is Cook’s first stock grant since 2011, and the last grant will vest in 2024. Reuters’ Stephen Nellis pointed out that Apple’s board of directors issued a statement on Cook’s RSU award.

“Tim brought unparalleled innovation and focus when serving as CEO, and demonstrated the significance of leading with values ​​and integrity. For the first time in nearly ten years, we granted Tim new stock grant rights, which will follow. Belonging over time, in recognition of his outstanding leadership and very optimistic about Apple’s future because he will carry forward these efforts.”

Several employees of Apple’s executive team also received stock awards, including Luca Maestri, Deirdre O’Brien and Jeff Williams, all of whom received 178,128 shares. Like Cook’s rewards, half of these RSUs will be vested between 2023 and 2025, while the rest will be performance-based rewards.

These RSUs, as bonus compensation for Cook and Apple executives, will encourage employees to stay in the company at least until 2025, when everything will be fully owned. Cook has served as Apple’s CEO since August 2011, and some people have recently speculated how long he will continue to work for Apple. Cook said in a recent interview that he could not imagine his life without working at Apple.

“I think it’s a lifetime honor to be here at this time. I like working with this team. I think they are family members. It’s hard to explain. It may sound like messaging or something, but it’s not. In Deep down in my heart, I really like the people I work with. It’s hard to imagine a life without these at the moment. So let’s wait and see. Of course, at some point, we will all do different things, but for now, The place I would like to go is to stay here.”

According to a recent report from Bloomberg, when Cook does choose to retire at some point in the future, Apple’s chief operating officer Jeff Williams may become CEO. Jeff Williams is “prepared” to succeed Cook if necessary and is considered the “heir” within Apple.

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