Along similar lines, the filing also states:
"The relative TSR criteria will be applied to each 80,000 RSU tranche scheduled to vest on each anniversary of the original Aug. 24, 2011 grant date, and will compare Apple's TSR to the TSR of the companies in the S&P 500 using public data derived from Standard and Poor's."
TSR stands for total stockholder return, which includes the rise of the stock price plus the dividends paid during that period. When compared to the examples cited above such as Home Depot and WorldCom, Tim Cook is actually making it harder on himself to earn his full pay since the performance is tied to 10 years.
Look, I can talk about this forever. But the bottom line is, we can't have it both ways.
We can't demand accountability and then nitpick at the type of reform that we receive.In the case of Cook's compensation package, which really isn't "new" at all, Apple is not dead, nor is the company falling behind. The company is actually leading the way in shareholder protection and executive compensation reform. In describing Apple's stock performance earlier this year, Cook said to shareholders "I feel your pain" -- he meant it. And Steve Jobs wouldn't have wanted it any other way -- if I may speak for him. At the time of publication, the author was long AAPL. Follow @saintssense This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV