If you thought pulling a rabbit out of your hat was cutting-edge magic, you haven’t talked to Apple CEO Tim Cook lately. Give him three months, and Cook can convert 300,000 Apple shares into almost $100 million dollars. Pretty neat trick, huh? In fact, Cook leads all Silicon Valley executives in the largest cash haul from company stock, according to just-released data.
According to the Wall Street Journal, two chunks of restricted stock can be sold in March. Some 200,000 shares of Apple stock awarded back in 2008 will ‘vest’ March 23 with a $83 million value. Another 75,000 was awarded Cook in 2010 when the then-CFO filled in while co-founder Steve Jobs took medical leave during the first six months of 2009. The first half of the stock grant vested in March 10 of 2011 while the remainder can go on the block March 10 of this year. (Cook also received $5 million in cash for filling-in for Jobs, the WSJ reports.)
Another one million shares of Apple stock come due starting in 2016, when half of the amount can be sold at today’s prices. The other half can be sold in 2021. There’s one catch: Cook has to remain Apple’s CEO until then, giving him added incentive not to do anything crazy like get an Android tat, or something.
Speaking of Google, Executive Chairman Eric Schmidt is second on the list compiled by compensation watcher Equilar. Schmidt has a $16.4 million payday during the first quarter of 2012. Perhaps the cash can go toward Android finding an opponent it can beat?Related