Apple CEO Tim Cook has acquired $115 million worth of vested Apple stock this week, according to new filings with the Securities and Exchange Commission. As detailed in the filing, 560,000 restricted stock units have vested for Cook after AAPL exceeded performance expectations.
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For 2019, Cook was granted 280,000 shares of AAPL for his continued employment at Apple, and another 280,000 shares for meeting performance requirements.
The filing with the SEC details those performance requirements:
The number of performance-based RSUs that vested was determined based on Apple’s total shareholder return (TSR), relative to the other companies in the S&P 500 over a three-year period from August 25, 2016 through August 24, 2019.
Apple’s beginning value was calculated to be $108.01 (adjusted for dividends). Similarly, the ending value used for calculating TSR is the average closing price for the 20 trading days ending on August 24, 2019. Apple’s ending value was calculated to be $216.24 (adjusted for dividends).
Cook was officially granted this stock award on Saturday after he successfully satisfied performance and time requirements laid out earlier. 294,840 shares were withheld by Apple for tax purposes, while the remaining 265,160 units were sold in three separate rounds on Monday. These shares are valued at nearly $115 million based on AAPL’s price on Tuesday.
Going forward, Cook has 1,820,000 restricted stock units in this award – 700,000 restricted stock units vest on August 24, 2021; the balance of 1,120,000 restricted stock units vests in two equal annual installments commencing August 24, 2020. This is contingent upon Cook staying at Apple, and meeting performance requirements.