Apple CEO Tim Cook dinner attends the outlet of the brand new Apple Tower Theater retail retailer at Apple Tower Theatre on June 24, 2021 in Los Angeles, California.
JC Olivera | Getty Photographs
Apple CEO Tim Cook dinner won $98.73 million in reimbursement within the corporate’s fiscal 2021, consistent with an SEC submitting printed on Thursday.
The pay disclosure comes after a stellar 12 months for Apple by which it reported 33% earnings expansion and greater than $365 billion in gross sales. The disclosure covers Apple’s fiscal 12 months, which started in September 2020 and ran thru September 2021.
This is how Cook dinner’s pay breaks down:
$3 million in wage$12 million bonus for hitting Apple monetary and environmental sustainability objectives$1.39 million in different reimbursement, together with $712,488 in non-public air trip, $630,630 in safety, a $17,400 contribution to his 401(okay) plan, $2,964 in lifestyles insurance coverage premiums, and $23,077 in holiday cash-out.$82.35 million in inventory awards
The ones inventory awards are a part of a five-year grant introduced in Sept. 2020 at the first day of Apple’s fiscal 2021. They have not vested but and they’re in two portions.
The primary phase is 333,987 stocks of Apple, valued at $37.5 million on the time of the grant, that can vest in 3 annual installments beginning in 2023. Cook dinner will obtain those stocks although he retires, consistent with the submitting.
The second one phase could also be 333,987 stocks of Apple, however the grant is performance-based, and the selection of stocks Cook dinner receives may just double or move to 0 in response to Apple’s inventory functionality. Those stocks will vest in Oct. 2023 and had been valued at $44.85 million on the time of the grant. Those stocks may even vest if Cook dinner retires, even supposing a reimbursement committee of the board of administrators can forestall it, consistent with the submitting.
“It is been a outstanding decade for Apple and in 2021 Mr. Cook dinner was once granted an fairness award for the primary time since he was once promoted to CEO in August 2011,” Apple stated within the submitting.
Cook dinner’s 2021 reimbursement does no longer formally come with over 5,000,000 stocks of Apple that vested in Aug. 2021, value over $754,000,000 on the time, consistent with the submitting. The ones stocks had been granted again in 2011, across the time that Cook dinner took over as CEO.
In 2021, Cook dinner’s reimbursement was once 1,447 instances the median Apple worker’s general reimbursement of $68,254, consistent with the submitting, even supposing Apple stated that the ratio isn’t similar to the ratio reported by means of different corporations on account of variations in how the median worker is decided.
Cook dinner plans to donate his fortune to charity, he stated in 2015.
Apple stated in its proxy that it decided Cook dinner’s inventory awards by means of making an allowance for Apple’s measurement, functionality, and Cook dinner’s position and function as CEO.
Apple additionally stated that the board’s reimbursement committee takes under consideration Apple’s profitability in comparison to a basket of peer corporations, together with Alphabet, Microsoft, Amazon, and Fb mum or dad Meta.
This 12 months, for reimbursement functions, Apple added Tesla to a “secondary peer workforce” of businesses that experience “iconic” manufacturers and depend on vital analysis and building for expansion.
An Apple consultant declined to remark.