New York: Apple Inc Chief Executive Tim Cook is giving up a payout worth about USD 75 million as he will not be earning dividend income on the more than 1 million shares to which he is entitled.
In a filing with the Securities and Exchange Commission yesterday, Apple Inc. Says Cook had requested to be excluded from a recently instituted company program through which employees can accumulate dividends on their restricted stock units that are still vesting.
Assuming the company pays dividends of USD 2.65 over the vesting period of Cook's shares, the company says he will give up about USD 75 million in value.
Cook's total compensation was valued at USD 378 million when he became CEO in August. That was almost entirely in stock awards. Half of the stock won't be redeemable until 2016 and the rest won't be redeemable until 2021. Over that time the value of the shares could change dramatically.
With Agency Inputs
First Published: Saturday, May 26, 2012, 15:16