The Apple chief will receive at least 333,987 restricted units of Apple stock, marking his first grant since 2011. Cook could be eligible for as many as 668,000 additional shares if Apple's stock outperforms certain benchmarks, bringing the total haul to as much as 1 million shares. Cook has served as CEO of Apple since the death of founder Steve Jobs in 2011.
“Tim has brought unparalleled innovation and focus to his role as CEO and demonstrated what it means to lead with values and integrity,” said Apple’s board of directors in statement. “For the first time in nearly a decade, we are awarding Tim a new stock grant that will vest over time in recognition of his outstanding leadership and with great optimism for Apple’s future as he carries these efforts forward.”
The grants are comprised of tenure and performance-based restricted stock units on a vesting schedule between now and 2025. In April 2023, one-third of the restricted units will vest.
Additionally, the package allows for up to 200% more of the restricted units to vest based on Apple's shareholder return between the beginning of its fiscal 2021 and the end of fiscal 2023.
Apple COO Jeff Williams, CFO Luca Maestri, SVP of Retail and People Deirdre O'Brien, and General Counsel Katherine Adams each received stock grants vesting on the same schedule, according to SEC filings.
Apple shares are up 51% year to date.