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, which is worth more than $76 million at Apple's current price. 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 every April from 2023.
The second half of the RSU is performance-based rewards, which will be vested on October 1, 2023, based on Apple's relative shareholder return. 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 the fiscal year 2021 to the last day of the fiscal year 2023, between 0% and 200% of the target number of units may be vested.
Coupled with time-based stock awards, if Apple's performance in the S&P 500 index is at the 85th percentile or higher relative to other companies, Cook can get 1,001,961 shares worth more than $114 million today.
This is Cook's first stock grant since 2011, and the last grant will vest in 2021.
Several employees in the Apple 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 bonuses 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 been 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.
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.
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 the fiscal year 2021 to the last day of the fiscal year 2023, between 0% and 200% of the target number of units may be vested.
Coupled with time-based stock awards, if Apple's performance in the S&P 500 index is at the 85th percentile or higher relative to other companies, Cook can get 1,001,961 shares worth more than $114 million today.
This is Cook's first stock grant since 2011, and the last grant will vest in 2021.
Several employees in the Apple 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 bonuses 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 been 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.
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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