Apple CEO Tim Cook has been awarded over $100 million in bonuses after completing a five-year tenure at the head of the company.
Most of us might be working towards a 13th cheque, annual bonus or quarterly review; but not Tim Cook. Apple’s incumbent CEO has reached a major milestone after having served as the head of the company for over five years, and what better way to celebrate that occasion by being awarded over $100 million USD in bonuses?
As a result of reaching a five-year mark, Cook has walked away the lucky winner with over $100 million USD in bonuses which are tied to both the length of his tenure and Apple’s performance under his leadership.
Read: Apple reportedly failed to add cellular connectivity to its next Watch
As they say, the tribe has spoken.
Cook’s bonus, according to MacRumours, includes 700,000 tenure-based restricted stock units that vested as part of a compensation package of over 4.7 million shares awarded on August 24th in 2011. That comes in addition to over 980,000 shares that are valued at nearly $106.7 million USD – based on Apple’s closing price of $108.85 on Tuesday.
Cook stands the chance of achieving an even greater bonus if Apple’s shareholder return is in the middle or top third relative to other countries in the S&P 500 from August 25, 2013.
While that’s certainly a great deal of money, Cook’s net worth is already estimated to be over $500 million taking into account his present stock options.
Cook has previously pledged to donate ‘the vast majority’ of his wealth to charity; the CEO donated 50,000 shares of Apple stock (worth about $6.5 million USD) to undisclosed charities.
Apple took the title as the world’s most valuable company in 2012 under Cook’s leadership – a title it holds today despite intermittently being surpassed by Alphabet.
Read: Cook opens up on his job as Apple‘s CEO in new interview
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