Apple CEO Tim Cook is doing the fine work running the world’s most valuable company, which the Board of Directors is offering him a hefty discount of 75 million.
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“Tim has unique innovation and focus for his role as CEO and demonstrated what it takes to lead with values and integrity,” the board of directors told Fox Business in a statement late Tuesday it means. “Are offering Tim a new stock grant that will identify his outstanding leadership over time and with great optimism for Apple’s future as he drives these efforts.”
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Cook will receive an additional 333,987 restricted stock units on an annual basis beginning in 2023, according to SEC filings on Tuesday.
The package is the first stock grant given to Cook since 2011 following the demise of iconic founder Steve Jobs.
It also follows Apple’s move to become the first American company to reach $ 2 trillion in value. Over the last 12 months, the stock has advanced 105%.
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In a separate package, Cook will also stock 333,987 units on 1 October 2023, which could double if he is able to meet performance targets. Depending on how Apple stock performs, the cook cannot get up to 200% from anywhere.
If Apple continued to perform well, Cook would receive 1,001,961 shares of Apple by 2025, similar to the grant of 1 million shares he received immediately after becoming CEO in 2011.
At Tuesday’s closing price of $ 114.09, the maximum number of shares that Cook could acquire is $ 114 million, which could rise or fall depending on Apple’s stock price.
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Shares are Cook’s primary source of compensation, although they receive salaries and annual bonuses. However, Cook promised to donate all his funds in 2015.
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