An Associated Press review of a securities filing shows that Cook’s pay package was valued at $378 million. The vast majority came in a grant of 1 million restricted stock units worth $376 million at the time. Half of the stock units will vest in August 2016, the other half in August 2021.
His salary and performance bonus, about $900,000 each, made up much of the rest. He also made $16,520 from company contributions to a 401(k) retirement account and company-paid life insurance premiums.
In comparison, Jobs accepted a $1 annual salary for years and owned about 5.5 million shares, worth about $2.3 billion today.
In total, Cook has about 1.36 million restricted shares that haven’t yet vested and 13,754 regular shares worth a combined $580 million, the filing showed.
Cook’s award is well above that given to Philippe Dauman, the Viacom Inc. chief executive who led the top-paid CEOs of 2010 with an $84.5-million haul based on a new contract that granted him shares and stock options.
Cook’s pay package was also valued at more than all of the next nine highest-paid CEOs of 2010 combined, or about $356 million.
Apple said that its compensation goal is to encourage long-term results above short-term risk-taking, and the 51-year-old former chief operating officer won’t begin to reap the actual benefits of the stock award for four years.
