Tim Cook awarded $58M of Apple stock for performance & tenure achievements

tim-cook

As noted in a filing with the U.S. Securities and Exchange Commission today, Tim Cook on Monday was awarded 560,000 restricted Apple stock units. Cook was given these stocks as time and performance awards. At Apple’s stock price at the end of day Tuesday of $103.12, those stocks are worth roughly $57.5 million.

Author Ad Placeholder
Will only appear on redesign env.

Cook chose not to sell any vested restricted stock units, although 290,836 were withheld by Apple to keep in line with minimum statutory tax withholding requirements.

In order for these restricted units to vest, Apple’s TSR performance had to fall in the top third of companies in the S&P 500. According to the SEC documents, Apple 76 percent TSR performance ranked 46th, meaning that Cook was awarded with the stocks. Had Apple not been ranked in the top third, the award would have been reduced by 50 percent if it were in the middle third, or to zero if it were in the bottom third.

There are still 4.76 million outstanding restricted stock units that are scheduled to vest in 700,000 unit increments in 2016 and 2021. Another 1.68 million will vest in six annual installments starting in 2016.

via Apple Insider

FTC: We use income earning auto affiliate links. More.

You’re reading 9to5Mac — experts who break news about Apple and its surrounding ecosystem, day after day. Be sure to check out our homepage for all the latest news, and follow 9to5Mac on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our exclusive stories, reviews, how-tos, and subscribe to our YouTube channel

Comments

  1. He deserves it, he’s done such a great job with Apple these past few years!

  2. epicflyingcat - 7 years ago

    Only 2395 times the average Apple store annual wage…

    • lkrupp215 - 7 years ago

      Pathetic socialist drivel. Cook is not married. He has no Children. He has a nephew. He has pledged to leave a small amount of his wealth to his nephew and the rest to philanthropic causes. But you would have the government take his wealth now and give some to yourself, right?

      • epicflyingcat - 7 years ago

        Yes but not to me. Think what good things could be done if those earnings were taxed properly. Income inequality is a huge problem.

    • PhilBoogie - 7 years ago

      -1

      • epicflyingcat - 7 years ago

        Don’t think that’s how this commenting system works…

    • hodar0 - 7 years ago

      May I suggest that instead of trying to tear others down; you try to build yourself up?

      Stealing someone else’s earned money, does not empower you. It makes you a slave to getting something for nothing – it enslaves the producer for the crime of being successful. It rewards the slothful for being a parasite. Just take a look at the inner cities, the ghettos – these are YOUR creations. Look and be proud at the lives you have destroyed; because that is exactly what you have done. You have removed the pride of personal accomplishment, you have made personal achievement something they are ashamed of, and education something to be mocked. You have removed the stigma of dependency upon someone else’s hard work, and given them the sense that they are “entitled” to someone else’s work, risk, sweat and investments.

      You don’t learn from history, or from countries like China and India – who WORK and pull themselves up; despite their poor backgrounds. America didn’t start off wealthy, we worked hard to get to where we are. Many of us didn’t suddenly become prosperous – we worked, we spent years in college, we invested our time, our money and our lives to get to where we are now.

      And we have people like you – who want to take what we have earned; and give it to others who have no intention of ever working.
      Pathetic.

      I CHOSE to give 10% of my income to the poor – which I suspect is a hell of a lot more than you do. That’s on top of my 38% tax rate (fed + state). I CHOSE to donate several hours on my weekend at a food distribution center, canning food for the poor. But, that’s my CHOICE. You would deny people that choice and force them by threat of prison; and steal their income to give to those who refuse to do the bare basics to take care of themselves.

      Kudo’s to Tim. Because of Tim, hundreds of thousands of people have jobs and careers. Because of Tim, millions of others have the potential to pursue a career that doesn’t exist today.

      • epicflyingcat - 7 years ago

        You have an interesting argument. But, if you haven’t noticed, many workers are ‘slaves’ as they get rewarded far below what they produced for their employer.

        I believe it is not CEOs or the ultra-wealthy that create wealth, it is the employees – the people actually doing labour instead of moving investments around to try and avoid as much tax as possible. It’s the employees at Apple that deserve rewarding, not the CEOs or execs – and yet they get pay packets hundreds or even thousands of times greater than any employee.

        What Tim has actually done is very little. He’s allowed his employees to get on whilst sending a few emails every day on how to make the most possible amount of money out of his consumers.

        You might’ve worked hard but, the truth is, many people didn’t get the same opportunities as you. Some can’t afford college. Some had terrible upbringings that caused them to have no chance of getting a decent job. Many have mental health issues that makes getting a good job impossible.

        This is why government is important. Free education, free healthcare, free welfare are things we should all be so proud of – not trying to cut further to the bone to promote the interests of the super-wealthy.

        Being extremely rich should be an embarrassment. Income inequality causes poverty, a huge slowdown in economic growth and huge social class divide.

        I’m not unemployed. I’m not poor either. But, living in a poor part of the UK has made me learn that the capitalist mantra of ‘working hard’ is just an excuse for the rich to live a life of luxury while there are billions around the world in poverty. The American Dream is a joke.

      • Spencer Balensiefer - 7 years ago

        “Income inequality causes poverty” I agree with some of your post, but actually, it is Welfare that causes poverty. Look at the American Indian.

      • epicflyingcat - 7 years ago

        I don’t really know what you mean by the American Indian. But, what I was trying to say was that if income inequality wasn’t so huge, we wouldn’t have such widespread poverty like we do now.

      • Spencer Balensiefer - 7 years ago

        Correct! Income inequality is a problem. However, to “resolve” this problem via handouts means that you take poor people and make them dependable on government, and this does not do good because it prevents them from starting their own businesses. In short: the poor stay poor.

      • hodar0 - 7 years ago

        @epicflyingcat
        If you don’t like working for your employer; how about you create a product and market it yourself? Apple makes this VERY easy for you, all it takes is some of your spare time. ItunesU will give you FREE classes on how to program for the iPhone, classes on how to write code, classes on how to market your idea. You can then write software that you create, test it on your computer, and sell it on ITunes.

        We have a local 26 year old student by the name of Garrett Gee (look him up) who recently sold his company that he created, that wrote a bar code scanner piece of software. For several years, he sold this software under “Scan Inc” on iTunes for $0.99 making approximately $60K every two weeks. He sold the software company to SnapChat for $54 Million USD last May. He along with 2 classmates saw an opportunity – got off their butts and learned to code, added some neat ideas to the mix, and instead of whining about being poor – got to work and created something. Now at the age of 26, he can retire – comfortably.

        Tim does more than you can imagine. A company like Apple doesn’t run itself. Tim doesn’t put in his 40 hours and call it a week; he is likely working 90+ hours a week – EVERY week. Apple is his life, it’s what he does, it is who he is. Every major decision is his responsibility – from store openings, to changes to the stock, to new product releases, to product release cycles, R&D, advertising, financial expenditures, taxes, international business decisions, SEC filings, legal decisions, property decisions – everything runs through him. At the end of the day, his head is on the block for everything Apple does. To compare him to a Apple store employee shows how little you know about how a business runs on a day to day basis.

        The American Dream is dead only to people too lazy to even make the attempt. It’s easy to sit back at your dead-end job and say “oh, woe is me – everyone else has it so easy”. Get off your butt, and DO something. If what you are doing isn’t working, then perhaps you ought to do something else? Isn’t the definition of “insanity” doing the same thing over and over; but expecting a different result? If what you doing isn’t getting you what you want; then do something else. Do it well, and you will be a success.

    • It wouldn’t do any good if he was taxed more. The government is a horrible stewart of money. Who’s going to help more people Mr. Cook with his philanthropy or the government?

      • epicflyingcat - 7 years ago

        The government 100%

      • hodar0 - 7 years ago

        Philantropy 100%.
        Teach someone how to fish, and they eat a lifetime. Give someone a fish, and they grow fat and lazy.
        Look no further than your local ghetto, any Indian Reservation, your low-income housing and marvel at the laziness, the graffiti, the alcoholism, the despair, the hopelessness, drug use, broken families, abused kids, crimes. Everyone demanding something for nothing, No ambition, no desire to work, no sense of community, no sense of belonging. You can thank the Gov’t for these gifts.

        Now look at communities where Churches have kicked in, working WITH people. Giving a hand up, not a hand out. You see communities that pull together, that band together. I offer the Midwest and the floods of 2008 as examples. Hundreds if not thousands of homes destroyed – not a single Walmart looted. Guess who is not STILL getting FEMA help? These people pulled together, rebuilt their communities and grew stronger as a whole. No roving gangs of looters, no lawlessness. Drive through the communities today – and you would probably have to search for evidence of the damage.

        Care to compare this to New Orleans? On one hand you have Gov’t dependence, people unwilling to lift a finger to help themselves. Buildings still standing as the flood left it. Everyone waiting for someone else to come in and give them something for free; let someone else clean up that mess. That is what you get with Gov’t dependence. Corruption, laziness and dependence.

  3. In the mean time, independant Apple Specialists and VAR’s took a 1% hit on already small margins selling Apple products.

  4. PhilBoogie - 7 years ago

    1) Well deserved Tim, the company’s value has increased tremendously under his tenure.

    2) I think 9to5 is very respectful by stating their source. Apple Insider on the other hand doesn’t do this when they publish an article from 9to5. They simply copy and post it, verbatim.

  5. Spencer Balensiefer - 7 years ago

    To be honest, I believe he deserves high pay. But to be more than honest, he could never start a company such as Apple, because he lacks innovation. Everything Apple sells today was from the heart mind and soul of Steve.

  6. The expression in the head image suits this article very well. Ha ha. If I was awarded this much that would be my face expression.

  7. Spencer Balensiefer - 7 years ago

    good post!

Author

Avatar for Chance Miller Chance Miller

Chance is an editor for the entire 9to5 network and covers the latest Apple news for 9to5Mac.

Tips, questions, typos to chance@9to5mac.com