Tim Cook receives up to $ 114 million worth of restricted stock units and guarantees that he will remain Apple’s CEO until 2025

According to a filing with the SEC, Apple CEO Tim Cook was awarded 667,974 restricted stock units or RSUs this week, worth more than $ 76 million at Apple’s current price. Cook will receive 111,329 shares each April from 2023, as the first half of the RSU is set to vest in 2023, 2024, and 2025 with a one-third increment.

The second half of the RSU is a performance-based reward, vested on October 1, 2023, based on Apple’s relative shareholder returns. Cook may receive up to 200% of the 333,987 RSU awarded for performance.

These performance-based restricted stock units are expected to vest on October 1, 2023. The “target” number of restricted stock units is reported. 0% to 200% of the target number of units may be vested based on Apple’s relative total shareholder returns from the first day of fiscal year 2021 to the last day of fiscal year 2023.

If Apple’s performance on the S & P 500 is above the 85th percentile compared to other companies, Cook can earn up to $ 1,001,961 shares today, worth more than $ 114 million, in combination with time-based stock rewards ..

This is Cook’s first share grant since 2011, and the last of the grants will be vested in 2021. As Reuters Stephen Nellis pointed out, Apple’s board of directors issued a statement regarding Cook’s RSU award.

Tim brought unparalleled innovation and focus to his role as CEO, demonstrating the implications of leading with values ​​and integrity. For the first time in almost 10 years, we will award Tim a new share grant. This grant recognizes his outstanding leadership, provides great optimism for Apple’s future, and advances these efforts.

Several employees of Apple’s management team, including Luca Maestri, Deirdre O’Brien, and Jeff Williams, have also won share awards, all of which have been awarded 178,128 shares. Similar to Cook’s awards, half of these RSUs will be vested between 2023 and 2025, and the rest will be performance-based awards.

The RSU acts as a bonus reward for Cook and Apple executives, encouraging employees to stay in the company until at least 2025, when everything is fully vested. Cook has been Apple’s CEO since August 2011, and recently there has been some speculation about how long he will continue to work at Apple. In a recent interview, Cook said he couldn’t imagine his life without working at Apple.

At this point, I think it’s a once-in-a-lifetime privilege to play this role. I love working with this team. I consider them a family. It’s hard to explain. It may sound like messaging or something, but it’s not. It’s deep in my heart, I really love the people I work with, and now it’s hard to imagine my life without it. So we will see. Of course, at some point we all do different things, but at this point there is no better place than I am here.

According to a recent Bloomberg report, Apple’s chief operating officer, Jeff Williams, could act as CEO if Cook chooses to retire at some point in the future. Williams has been “prepared” to take over Cook as needed and is considered a “heir apparent” within Apple.

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