Apple CEO Tim Cook attends the opening of the new Apple Tower Theater retail store at Apple Tower Theatre on June 24, 2021.
According to an SEC filing, Apple CEO Tim Cook received almost $100 million in compensation in the company's fiscal year of 2021.
The pay disclosure comes after a great year for Apple, in which it reported more than $365 billion in sales. The fiscal year began in September 2020 and ended in September 2021.
Cook's pay breaks down.
$3 million in salary.
$12 million bonus for hitting Apple goals.
His other compensation included $712,488 in personal air travel, $630,630 in security, a $17,400 contribution to his 401(k) plan, and $2,964 in life insurance premiums.
There are $82.35 million in stock awards.
The five-year grant was announced on the first day of Apple's fiscal 2021. They are in two parts and haven't vested yet.
333,987 shares of Apple will vest in three annual installments over the course of the next three years. Cook will get these shares even if he retires, according to the filing.
The grant is based on Apple's stock performance and the number of shares Cook gets could double or go to zero. The shares were worth $44.85 million at the time of the grant. The compensation committee of the board of directors can stop the vest if Cook retires, according to the filing.
Apple said in the filing that Cook was granted an equity award for the first time since he was promoted to CEO in August 2011.
Cook's compensation doesn't include over 5,000,000 shares of Apple that vested in August of 2021. Cook took over as CEO in 2011.
Cook's compensation was 1,447 times the median Apple employee's total compensation of $68,254, according to the filing, although Apple said that the ratio is not comparable to the ratio reported by other companies because of differences in how the median employee is determined.
Cook said in 2015 that he would donate his fortune to charity.
Cook's stock awards were determined by Apple's size, performance, and Cook's role and performance as CEO, according to Apple's proxy.
Apple said that the compensation committee takes into account Apple's profitability compared to a basket of peer companies.
For compensation purposes, Apple addedTesla to a peer group of companies that have "iconic" brands and rely on significant research and development for growth.
An Apple representative did not respond.
