Apple CEO Tim Cook is poised to receive 560,000 shares of Apple stock on Friday, worth approximately $120.4 million based on Tuesday's closing price of $215.04. The two-part award is tied to Cook's continued service as CEO, and Apple's relative performance on the stock market under his leadership.
The total includes the vesting of 280,000 restricted stock units for Cook remaining CEO over the past year, and the vesting of another 280,000 restricted stock units for Apple achieving a higher shareholder return than at least two-thirds of other companies in the S&P 500 over the past three years.
Apple's total shareholder return was 119 percent from August 25, 2015 through Tuesday's closing bell, outperforming more than 80 percent of firms in the S&P 500, according to Bloomberg
. So, unless Apple suffers a major collapse on the stock market in the next 48 hours, Cook will receive all 560,000 shares.
Cook receives these annual awards as part of a grant he received upon succeeding the late Steve Jobs as CEO of Apple in 2011.
Cook will receive an additional 560,000 shares in each of the next three years if he remains CEO, and Apple's total shareholder return continues to rank among the top-third of companies in the S&P 500. He is also set to receive a lump sum of 700,000 tenure-based shares on August 24, 2021, as part of his grant.
Cook also receives a $3 million salary and earned a $9.33 million cash bonus in 2017, according to Bloomberg
Cook now has a net worth of around $700 million, according to Bloomberg
, but has previously said he plans to give away most of his wealth. Just this week, an SEC filing revealed that Cook recently donated 23,215 shares of Apple stock to charity
, worth nearly $5 million based on Tuesday's closing price.
Apple became the world's only trillion dollar publicly traded company
, in terms of market capitalization, earlier this month.