Talk about a handsome payday.
Apple (AAPL) awarded CEO Tim Cook $89.2 million worth of stock for outshining the S&P 500, regulatory filings released late Monday show.
Cook was awarded 560,000 worth of Apple shares on Thursday as part of his long-term incentive program, 280,000 of the shares were time-based restricted stock units (RSU) and the other 280,000 were performance-based RSUs.
The number of performance-based RSUs that vested was determined based on Apple's total shareholder return, relative to the other companies in the S&P 500 over a three-year period from Aug, 25, 2014 through Aug. 24, 2017.
Cook received the maximum amount shares because Apple's TSR was in the top third of companies on the S&P 500. Apple's TSR for the three-year period was 70.57%, which ranked 80th of the 420 companies that were included in the S&P 500 for the entire period and placed Apple in the 81st percentile, the regulatory filing said.
The proceeds will be held in Cook's trust and more than half of the stock were withheld by Apple for tax purposes.
Apple's share price has skyrocketed since Cook took over as CEO. Earlier this month, shares hit a record level after the company reported a third quarter that beat expectations and boosted its revenue outlook for the year, forecasting strong iPhone sales.
The company is expected to unveil a swath of new products on Sept. 12, including the much-anticipated iPhone 8.
Apple shares closed at $161.47 Monday, after gaining 1%. Shares were down 0.85% in premarket trading Tuesday, amid what is expected to be a broad sell off.
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