Friday, Aug 27, 2021, 16:56 Intern

10 Year Bonus: US$ 750 Million For Tim Cook

Tim Cook isn't only the highest up at Apple, but also (as is common with most CEOs in The United States) a shareholder of the company. The 60-year-old also receives very handsome remuneration in the form of stock options in addition to his US$3 million salary – which is rather measly in comparison to the income received in stocks. The size of Cook's (and this applies to most CEOs at any company as well as other Apple executives) remuneration package is largely dependent upon the company's performance and his length of service. However, there were specific holding periods with regards to his most recent remuneration.

A Bonus Of 5 Million Stocks
This week, Apple awarded Cook with a stock packet totalling 5 million Apple stocks. The packet is part of a bonus payment arranged by the CEO 10 years before joining the company in his employment contract. 20% of the packet is part of his performance-dependent remuneration from Cupertino, the rest came from a payment due date specified in Cook's employment contract. Cook received the entire negotiated amount according to Bloomberg, as Apple managed to reach the goal discussed during the initial negotiations specified in the contract – in the past 3 years, the company's stock return has reached a value sufficient enough to be listed in the top 3rd of the S&P 500 listed companies. With almost 192%, Apple's stock value is ranked at 13 in the current charts.



Cook Sells US$750 Million In Stocks
Tim Cook did not hold onto his stocks after receiving them, instead, he sold them immediately. This is as a result of a mandatory disclosure from the company to the SEC. The Apple CEO received US$751.6 million with US$397 million due immediately in taxes. After taxes, Tim Cook received US$354.6 million and donated US$10 million in stocks to an unspecified charity. Despite the recent and very large sale, Tim Cook is still an Apple shareholder with ownership of another 3.3 million shares in the company. In the past, Tim Cook has stated that he would like to donate his money for charitable purposes.

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