Apple CEO Tim Cook reaps $89.3 windfall from long-term deal

Apple CEO Tim Cook speaks during an event to announce new products on Wednesday, Sept. 7, 2016, in San Francisco. (AP Photo/Marcio Jose Sanchez)

 

 

SAN FRANCISCO (AP) — Apple CEO Tim Cook has collected $89.6 million as part of a 10-year deal that he signed as an incentive to keep the iPhone maker at the forefront of the technology industry after he took over the reins in 2011 from company co-founder Steve Jobs.

The windfall detailed in a Monday regulatory filing flowed from 560,000 Apple shares sold during the past week.

Cook received half the award because Apple’s stock delivered shareholder returns in the top third of the S&P 500 index during the past three years. He got the other 280,000 shares for simply staying on the job.

Apple set aside more than 291,000 shares sold for $46.4 million to cover Cook’s tax bill.

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