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“Tim has brought unparalleled innovation and focus to his role as CEO and demonstrated what it means to lead with values and integrity," Apple's Board of Directors told FOX Business in a statement late Tuesday. "For the first time in nearly a decade, we are awarding Tim a new stock grant that will vest over time in recognition of his outstanding leadership and with great optimism for Apple’s future as he carries these efforts forward.”
The package is the first stock grant given to Cook since 2011 following the passing of iconic founder Steve Jobs.
It also follows Apple's move to become the first U.S. company to reach $2 trillion in value. Over the past 12 months, the stock has advanced 105%.
In a separate package, Cook will also vest 333,987 units of stock on Oct. 1, 2023, which could double if is able to meet performance targets. Depending on how Apple stock performs, Cook could get anywhere from nothing to 200%.
If Apple continues to perform well, Cook will receive 1,001,961 shares of Apple by 2025, similar to the grant of 1 million shares he received shortly after he became CEO in 2011.
At Tuesday’s closing price of $114.09, the maximum number of shares Cook could receive are worth $114 million, which can rise or fall based on Apple's stock price.
The shares are Cook's primary source of compensation, though he receives a salary and annual bonus. However, Cook pledged to donate all of his wealth to charity in 2015.