Tim Cook to Get 280,000 Shares of AAPL Worth $120 Million on Friday

Apple CEO Tim Cook is set to receive 280,000 shares of AAPL worth about $120 million on Friday, notes Bloomberg. Cook will get the additional shares if Apple outperforms at least 66% of the firms in the S&P 500 over the past three years.

Apple returned 119 percent from Aug. 25, 2015, through Tuesday’s close, including reinvested dividends, outperforming more than 80 percent of companies in the index. Barring a major collapse this week, that all but ensures Cook will collect the maximum number of shares for his fifth consecutive payout at the top end of the range.

Initially, Cook was set to receive shares in two increments over a decade from an award of RSUs he received in 2011 when succeeding Steve Jobs. However, at his request, Apple's board tied about a third of the shares to Apple's stock performance. Apple recently became the the first company to reach a $1 trillion valuation. It was worth about $350 billion when Cook took the helm.


Bloomberg notes that last year, about half of Cook's 560,000 shares were withheld to cover taxes. The rest were sold at a net of about $43 million. Cook also received a $3 million salary and earned a $9.33 million cash bonus last year. He is currently worth around $700 million.

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