Apple chief executive officer Tim Cook collected 560,000 shares, half of them linked to the company\u2019s performance and the maximum allowed under the iPhone maker\u2019s long-term compensation program.<\/p>\n
The award was worth $89.2 million when it was granted on Thursday, based on Apple\u2019s $159.27 closing price.<\/p>\n
He received the performance-linked stock because Apple shares outperformed at least two-thirds of businesses in the S&P 500 Index over three years, according to a regulatory filing Monday.<\/p>\n
It\u2019s Cook\u2019s fourth consecutive payout at the top threshold.<\/p>\n
Cook, 56, receives annual payouts from a giant stock award he got after succeeding Steve Jobs in 2011, which was set to vest in two phases over a decade.<\/p>\n
In 2013, at Cook\u2019s request, the board\u2019s compensation committee tied about a third of those shares to Apple\u2019s relative stock performance versus the S&P 500.<\/p>\n
For the three years ended August 24, Apple shares returned 71%, ranking it in the 81st percentile among index members, according to the filing.<\/p>\n
The rest of the award will vest as long as he remains on the job.<\/p>\n
Earlier this month, Apple shares surged to a record after the company reported a fiscal third-quarter profit that beat Wall Street estimates and boosted its revenue outlook for the year, forecasting strong iPhone sales.<\/p>\n
Cook said in 2015 that he plans to give most of his fortune to charity.<\/p>\n