I subscribe to a number of Apple related RSS feeds, most of which are manned by Apple worshippers for whom Steve Jobs is a saint, and Tim Cook his anointed successor. I am hoping this is snark, but…
Apple’s Board of Directors approved a dividend equivalent payment to employees holding restricted stock units, but this won’t apply to Tim Cook, says a report in MacRumors. These RSUs vest after a period of time and are usually given to employees to entice them to stay with the company for a length of time.
Tim Cook, for example, was awarded 1.125 million RSUs when he stepped into the CEO position last year. At the current dividend payment of US$2.65 per share, Cook would receive a payment of approximately $75 million. Keeping with his character as a kind and gentle leader of Apple, Cook is refusing to accept this dividend, says a recent SEC filing.
(via The Unofficial Apple Weblog)
I don’t know how he’s going to do it. He’s going to have to get by on the mere $400 million he pulled in last year and the similar pittance he’ll get this year. Guess he’ll just have to tighten his belt.
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