As noted in a filing with the U.S. Securities and Exchange Commission today, Tim Cook on Monday was awarded 560,000 restricted Apple stock units. Cook was given these stocks as time and performance awards. At Apple’s stock price at the end of day Tuesday of $103.12, those stocks are worth roughly $57.5 million.
Cook chose not to sell any vested restricted stock units, although 290,836 were withheld by Apple to keep in line with minimum statutory tax withholding requirements.
In order for these restricted units to vest, Apple’s TSR performance had to fall in the top third of companies in the S&P 500. According to the SEC documents, Apple 76 percent TSR performance ranked 46th, meaning that Cook was awarded with the stocks. Had Apple not been ranked in the top third, the award would have been reduced by 50 percent if it were in the middle third, or to zero if it were in the bottom third.
There are still 4.76 million outstanding restricted stock units that are scheduled to vest in 700,000 unit increments in 2016 and 2021. Another 1.68 million will vest in six annual installments starting in 2016.
via Apple Insider
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