Apple on Tuesday granted CEO Tim Cook dinner 333,987 restricted inventory items, with a chance to earn as many as 667,974 extra if he hits efficiency targets, within the govt’s first inventory grant since 2011.
“Tim has introduced unparalleled innovation and focus to his position as CEO and demonstrated what it means to steer with values and integrity,” Apple’s board of administrators mentioned in an announcement.
“For the primary time in practically a decade, we’re awarding Tim a brand new inventory grant that may vest over time in recognition of his excellent management and with nice optimism for Apple’s future as he carries these efforts ahead.”
Cook dinner is within the ninth 12 months of his 10-year grant from 2011. Every restricted inventory unit conveys the appropriate to at least one frequent share when it vests.
Apple’s inventory closed at $114.09 (roughly Rs. 8,400) on Tuesday, which places the worth of the items at $38.1 million (roughly Rs. 281 crores) at Tuesday’s worth. However they are going to be extra priceless if Apple’s inventory worth rises by the point they vest. One-third of the items will vest on April 1, 2023 with one other third vesting in 2024 and the ultimate third in 2025.
In October 2023, Cook dinner can even be eligible to obtain extra items primarily based on efficiency. The goal quantity is 333,987 items, however the complete might differ between none and double that quantity primarily based on Apple’s relative complete shareholder return from fiscal years 2021 by means of 2023, based on a regulatory submitting.
Apple’s transfer brings Cook dinner’s compensation timeline into line with different executives on the firm. Apple on Tuesday additionally awarded an analogous grant to Chief Working Workplace Jeff Williams, who will obtain 89,064 restricted inventory items on the identical phrases as Cook dinner, together with the potential of performance-based items.
Cook dinner instructed Fortune journal in 2015 that he plans to donate his wealth to charity.
© Thomson Reuters 2020
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