Tim Cook awarded $58 million of Apple stock for meeting performance goals - iAppleStuffs
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Tim Cook awarded $58 million of Apple stock for meeting performance goals

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As per a SEC filing, Tim Cook has been awarded with 560,000 vested restricted stocks of Apple for meeting his performance goal. The stock was worth nearly $58 million at the close of trading today.

To be honest at first i never liked Tim Cook, but after knowing him i got to understand how you need to do business. Everything is not easy, you gotta put effort to make things better each day. Tim Cook is the best CEO of Apple after Steve Jobs. I do like Tim Cook now, i do miss Steve Jobs.

Out of the 560,000 share units given to Cook though, Apple held 290,836 to conform to the minimum statutory tax withholding rules. The CEO also decided against selling any of the vested restricted stock units awarded to him.

To be eligible for the award, Apple’s TSR performance had to be among the top one-third companies in the S&P 500 list. The company’s TSR performance of 76.76 percent ranked it at 46th position, which satisfied the contractual requirements for Cook to be eligible for the bonus. If Apple would not have ranked in the top one-third companies, the amount of shares awarded to Tim Cook could have been reduced by 50 percent or even to zero depending on their ranking.

Apple still has another 4.76 million restricted stock units that it plans on vesting in batches of 700,000 on August 24 in 2016 and 2021.

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