Apple Boss Turns Down $75 Million Payout

By Mark Russell, Newser Staff

Not many of us would walk away from $75 million. Then again, not many of us have been granted 1.125 million Apple shares currently worth hundreds of millions.

But that's what Apple ( AAPL) CEO Tim Cook did according to documents filed with the SEC, reports CNNMoney. Apple's compensation committee recently decided that this summer's cash dividend should apply to the restricted stock units awarded to some Apple employees, a group that includes Cook.

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But Cook requested his shares not be included -- and the SEC filing explains that "assuming a quarterly dividend of $2.65 per share over the vesting periods of his 1.125 million outstanding restricted stock units, Mr. Cook will forgo approximately $75 million in dividend equivalent value."

Writing for CNNMoney, Philip Elmer-DeWitt figures Cook didn't want to take more flak for his bonus package.

--Written by Mark Russell of Newser