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29 December 2017, 01:02 | Lionel James
Tim Cook’s pay has risen as a result of strong demand for the iPhone 7 Macbook Pro and iPad ProReuters
The company disclosed its pay for Cook and four other top executives with the highest pay. Cook also has about 2.9 million additional unvested that haven't vested, according to the filing, worth over $450 million, according to the SEC filing.
According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook will fly on private aircraft whenever he travels, be it for business or personal goal, Business Insider reported on Thursday.
Apple's board rewarded CEO Tim Cook with a sizable increase in compensation for the company's fiscal year 2017, which saw the company return to growth after a rough 2016. It's a healthy jump from the $8.5 million he banked in 2016 when Apple's revenue dipped slightly.
In its most recent quarterly earnings, ApplesaidiPhone sales rose 2 percent, its China business grew 12 percent, and its services sector - including Apple Pay, Music, App Store and iCloud - soared 34 percent higher than the same period a year earlier. Cook must use an Apple private jet whenever he travels, whether it is for work or pleasure.
Most of his payment was in the form of non-equity incentive plan compensation, which is essentially a cash bonus for top executives. Because 2017 was a 53-week fiscal year, the year's salary amounts reflected an extra week of pay; for Cook, that meant an additional $57,692. Cook also incurred $224,216 in security expenses. The flight policy went into effect in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO. From now on Cook will be using only the private jets for all business and personal travels.
Shareholders who feels like attending the shareholders meeting that will take place in the Apple Park, at Steve Jobs Theatre, requires registering themselves using the Proxyvote.com beginning at 8:00 am on 22 January, 2018. The personal travel costs are added to Cook's overall taxable income for the year.
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