Wednesday August 24, 2016 3:55 am PDT by Joe Rossignol
Today marks the fifth anniversary since Tim Cook was named Apple CEO on August 24, 2011, the same day that late co-founder Steve Jobs stepped down as chief executive for the final time and recommended the board of directors appoint Cook as his permanent successor. Upon reaching the five-year mark, Cook has today unlocked previously awarded stock bonuses currently worth over $100 million. The bonuses are tied to both his tenure and Apple's performance under his leadership, including its total shareholder return relative to the S&P 500 index. Cook's bonus includes 700,000 tenure-based restricted stock units that vested today as part of a larger compensation package of over 4.7 million shares awarded on August 24, 2011, in addition to his first of six annual installments of 280,000 tenure-based restricted stock units that vested today. The combined 980,000 shares are valued at nearly $106.7 million based on AAPL's closing price of $108.85 on Tuesday. Cook's bonus could be even higher if Apple's total shareholder return is in the middle third or top third relative to other companies in the S&P 500 from August 25, 2013 through August 24, 2016. He will receive another 140,000 RSUs for middle third performance, or 280,000 RSUs for top third performance. AAPL has risen around 52% since August 25, 2013, while the S&P 500 has risen around 32% in the same time period, making at least a middle third finish a strong possibility. A restricted stock unit, or RSU, is a form of compensation valued in terms of company stock, but the stock is not issued at the time of the grant.