Apple has awarded CEO Tim Cook 560,000 vested restricted stock units worth nearly $58 million. The units, split evenly between time- and performance-based awards, were listed in a U.S. Securities and Exchange Commission filing.
In order for these restricted units to vest, Apple’s TSR performance had to fall in the top third of companies in the S&P 500. According to the SEC documents, Apple 76 percent TSR performance ranked 46th, meaning that Cook was awarded with the stocks. Had Apple not been ranked in the top third, the award would have been reduced by 50 percent if it were in the middle third, or to zero if it were in the bottom third.
The document notes that Cook chose not to sell any of the vested RSUs, however, 290,836 shares were automatically withheld by Apple to comply with minimum statutory tax withholding requirements.
Cook’s remaining shares are worth around $29 million, as of Monday’s closing price of $103.12. Cook has acquired a total of 1.17 million Apple shares, currently worth around $121 million.
There are still 4.76 million outstanding RSUs that are scheduled to vest in 700,000 unit batches in 2016 and 2021. Another 1.68 million will vest in six annual batches, beginning in 2016.