A total of 333,987 restricted accounts was allowed to CEO Tim Cook by Apple on Tuesday, seeing a chance to earn about as 667,974 more should he reach performance targets, with this marking the primary stock package permitted since 2011. A statement was made by the Apple board of directors, “Tim has brought unparalleled innovation and focus to his role as CEO and demonstrated what it means to lead with values and integrity.”

Since 2011, 2020 marks Cook’s ninth year through his 10-year grant. Upon vesting, every restricted stock unit conveys the right to one common share when it vests. Tuesday saw Apple’s stock market closing at $114.09 (approx Rs. 8,400) thereby setting the unit value at $38.1 million (roughly Rs. 281 crores) along with Tuesday’s price. But they will be more valuable should Apple’s stock price rise by the time they vest. One-third of the units will vest on April 1, 2023, with another third vesting in 2024 and the final third in 2025. Further eligibility in terms of obtaining extra units in a performance-oriented manner will be provided to Cook in October 2023.

Eyeing 333,987 units, the overall amount might yet differ between none and double that amount based on Apple’s relative total shareholder return from fiscal years 2021 through 2023, a regulatory filing suggests.

Apple’s move brings Cook’s compensation timeline into line with other executives at the company. Apple’s stock marketCEO Tim Cookintegrity

A total of 333,987 restricted accounts was allowed to CEO Tim Cook by Apple on Tuesday, seeing a chance to earn about as 667,974 more should he reach performance targets, with this marking the primary stock package permitted since 2011. A statement was made by the Apple board of directors, “Tim has brought unparalleled innovation and focus to his role as CEO and demonstrated what it means to lead with values and integrity.”

Since 2011, 2020 marks Cook’s ninth year through his 10-year grant. Upon vesting, every restricted stock unit conveys the right to one common share when it vests. Tuesday saw Apple’s stock market closing at $114.09 (approx Rs. 8,400) thereby setting the unit value at $38.1 million (roughly Rs. 281 crores) along with Tuesday’s price. But they will be more valuable should Apple’s stock price rise by the time they vest. One-third of the units will vest on April 1, 2023, with another third vesting in 2024 and the final third in 2025. Further eligibility in terms of obtaining extra units in a performance-oriented manner will be provided to Cook in October 2023.

Eyeing 333,987 units, the overall amount might yet differ between none and double that amount based on Apple’s relative total shareholder return from fiscal years 2021 through 2023, a regulatory filing suggests.

Apple’s move brings Cook’s compensation timeline into line with other executives at the company.