Apple Inc. Chief Executive Officer Tim Cook will receive compensation for 2011 worth $378 million, boosted by restricted stock awards that are payable over the coming decade.
The total includes $376.2 million in shares that will vest starting in five years, Cupertino, California-based Apple said yesterday in a proxy filing to shareholders. Cook's base salary was $900,000 in 2011. The company, which plans to hold its annual shareholder meeting on Feb. 23, had previously disclosed that Cook received 1 million restricted shares in August.
Apple's board, now led by Chairman Art Levinson, offered the stock options to Cook to help ensure that he doesn't pursue other job prospects. "No formula or peer group benchmark" was used to calculate the amount, the company said in the filing. Steve Jobs, who passed the reins to Cook before his death in October, had given input about the pay package.
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