Apple CEO Tim Cook nets $11.1M from vested second half of 2010 bonus
Apple chief Tim Cook made $11.1 million after taxes by selling 37,500 restricted stock units that were awarded to him two years ago for his performance as interim CEO while late co-founder Steve Jobs was on medical leave.
An SEC filing revealed that Cook had sold the 37,500 shares on Monday as part of a Rule 10b5-1 trading plan that lets major shareholders of companies set up scheduled trades to avoid accusations of insider trading.
Cook's shares vested last Saturday after a two year waiting period. In March 2010, the executive was awarded 75,000 restricted stock units "in recognition of his outstanding performance in assuming the day-to-day operations" of Apple while Jobs was on medical leave to recover from a liver transplant. When the first half of the shares vested last March, Cook immediately sold off the batch, netting $7.02 million after taxes.
This year, Cook's tax bill for the second half of the shares came out to $9.44 million. He opted to pay by surrendering 17,322 shares at a stock price of $545.17. His profit of $11.1 million came from a series of five staggered sales throughout the day on Monday, a day that happened to see a new all-time high for Apple's stock. Shares of the company closed at $552 on Monday.
Cook was named Apple's CEO last August after Jobs resigned because of health issues. The company's board awarded him a million restricted shares that will vest over the next decade, subject to his continued employment at Apple.
[ View article on AppleInsider ]
Comments
1 Million shares.. that's a lot of dough!
Monkey boy on the other hand should pay Microsoft 11 million for failures like Zune, Kin and Vista.
Good for Tim - he's kept Apple on track and deserves whatever that brings - just one thing though, he doesn't have to copy Steve by leading the Apple Special Events. Let Phil Schiller and Scott Forstall do them, I know he's a lovely guy and all that, but he is charismatically challenged compared to Steve, his timing and ability to hold an audience is just not there, whereas both Phil and Scott have the right measure of enthusiasm and suppressed excitement to engage the audience (as have Randy Ubillos, Michael Tchao and Bob Mansfield). It's not his main job after all and delegation is pretty important. Am I the only one who felt uncomfortable during the iPad announcement with his delivery?
I agree with both sentiments. Also, as much as I love America(ns) I don't like his accent very much. He's from Alabama, no? Ah, cultural things, I'll get used to Alabama accents in time. Perhaps he should give more presentations, that way he can refine and I can adjust.
I agree with both sentiments. Also, as much as I love America(ns) I don't like his accent very much. He's from Alabama, no? Ah, cultural things, I'll get used to Alabama accents in time. Perhaps he should give more presentations, that way he can refine and I can adjust.
He's just fine. Nice and relaxing.
If you want a Steve 2.0, look for a youtube vid with Vic Gundrota during Google keynotes.