Last week, it was reported that Tim Cook was set to receive 560,000 shares of AAPL – valued at some $125 million – as a performance award. Since then, Cook has received that award and sold off $57.8 million worth of AAP.
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As noted in a new SEC filing, the Apple CEO this week has sold 265,160 worth of AAPL shares, with the price of those shares ranging from $216.96 to $218.54. Through this sale, Cook was able net some $57.8 million. The remaining 294,840 shares – worth around $63 million – were withheld by Apple for taxes.
Of the 560,000 shares awarded to Cook last week, 280,000 were vested RSUs based on AAPL’s performance in comparison to other companies in the S&P 500. As we noted last week, Apple stock had to out-perform two-thirds of the S&P 500 companies for Cook to receive those shares. The other 280,000 shares were part as compensation that Cook receives as Apple CEO.
This is a trend that will continue for Cook. He is set to receive 560,000 AAPL shares every year for the next three years, so long as he remains Apple CEO and AAPL continues its strong performance.
Last year, Cook netted a total of $102 million between salary, incentives, and equity awards. Cook has said that he plans to give away all his wealth through a systematic approach to charity and giving. His net worth is currently estimated at $600M-$700M.