Apple CEO Tim Cook participates in the opening of the brand-new Apple Tower Theater store at Apple Tower Theatre on June 24, 2021 in Los Angeles, California.
JC Olivera|Getty Images
Apple CEO Tim Cook got $9873 million in payment in the business’s financial 2021, according to an SEC filing released on Thursday.
The pay disclosure follows an outstanding year for Apple in which it reported 33% earnings development and more than $365 billion in sales. The disclosure covers Apple’s , which started in September 2020 and went through September 2021.
Here’s how Cook’s pay breaks down:
- $ 3 million in income
- $12 million bonus offer for striking Apple monetary and ecological sustainability objectives
- $ 1.39 million in other payment, consisting of $712,488 in individual flight, $630,630 in security, a $17,400 contribution to his 401( k) strategy, $2,964 in life insurance coverage premiums, and $23,077 in holiday cash-out.
- $8235 million in stock awards
Those stock awards belong to a five-year grant revealed inSept 2020 on the very first day of Apple’s financial2021 They have not vested yet and they remain in 2 parts.
The very first part is 333,987 shares of Apple, valued at $375 million at the time of the grant, that will vest in 3 yearly installations beginning in2023 Cook will get these shares even if he retires, according to the filing.
The 2nd part is likewise 333,987 shares of Apple, however the grant is performance-based, and the variety of shares Cook gets might double or go to absolutely no based upon Apple’s stock efficiency. These shares will vest inOct 2023 and were valued at $4485 million at the time of the grant. These shares will likewise vest if Cook retires, although a settlement committee of the board of directors can stop it, according to the filing.
“It’s been a remarkable decade for Apple and in 2021 Mr. Cook was granted an equity award for the first time since he was promoted to CEO in August 2011,” Apple stated in the filing.
Cook’s 2021 payment does not formally consist of over 5,000,000 shares of Apple that vested inAug 2021, worth over $754,000,000 at the time, according to the filing. Those shares were approved back in 2011, around the time that Cook took control of as CEO.
In 2021, Cook’s payment was 1,447 times the average Apple staff member’s overall payment of $68,254, according to the filing, although Apple stated that the ratio is not equivalent to the ratio reported by other business due to the fact that of distinctions in how the average staff member is identified.
Cook prepares to contribute his fortune to charity, he stated in2015
Apple stated in its proxy that it identified Cook’s stock awards by thinking about Apple’s size, efficiency, and Cook’s function and efficiency as CEO.
Apple likewise stated that the board’s payment committee takes into consideration Apple’s success compared to a basket of peer business, consisting of Alphabet, Microsoft, Amazon, and Facebook moms and dad Meta.
This year, for payment functions, Apple included Tesla to a “secondary peer group” of business that have “iconic” brand names and depend on substantial research study and advancement for development.
An Apple representative decreased to comment.
