Tim Cook scoffs $11m slice of warm Apple pie
Fruity tech chief flogs 20k shares
Tim Cook took advantage of some of his oodles of Apple stock over the end of last week, taking possession of 37,500 shares and converting them to cash.
Cook sold 20,178 of the shares for a tidy profit of $11.1m, using the rest of the shares to pay off the tax and other expenses of the transactions, according to a filing with the Securities and Exchange Commission.
No doubt the head honcho of the fruity firm needed some readies, since his stated salary at the-new-iPad maker is just over $1. However, this is well rounded out with a million restricted stock units (RSUs) - promises of a certain amount of stock at a certain time - half of which can be vested in August 2016 and the remainder in August 2021.
RSUs are a typical motivation tool for top execs, aiming to tie their fate to that of the company (or at least the company's stock price) so they keep their eye firmly on the ball.
As well as those RSUs, Cook held 13,754 shares in Apple as of December 17, 2011 and a further 362,500 unvested RSUs, according to another filing.
Assuming that Apple stock averages around the $530-mark up to 2021 and he sells them all, that would give Cook a potential $721.9m remuneration - not including the additional RSUs he'll no doubt be awarded in the next nine years.
And the chances are, at least at the moment, that Apple's stocks could be worth a lot more than $530. The fruity firm is currently the world's most valuable company according to the markets, with shares valued at $552 as of close of trading in New York yesterday. ®