real-time news and commentary for investors
Friday, Jun 21
Apple (AAPL) amends Tim Cook's stock compensation package to tie it to the performance of Apple...
Apple (AAPL) amends Tim Cook's stock compensation package to tie it to the performance of Apple shares. Previously, Cook was guaranteed (provided he remained CEO) 500K restricted stock units in Aug. 2016, and another 500K in Aug. 2021. Now, only 100K units vest in those periods, and an 80K-unit annual award is given until 2021 provided the performance of Apple shares beats at least 2/3 of S&P 500 companies in a given year. The award gets cut by 25% if performance is in the middle third, and by 50% if in the bottom third. Apple says it wants to tie a portion of exec. compensation to performance, and that Cook "is leading this initiative by example." (8-K)