Apple filed a Form 4 with the US Securities and Exchange Commission on Tuesday indicating that CEO Tim Cook, on March 10, sold 37,500 shares of Apple stock. When the dust settled, Cook took home $11.1 million after taxes.
The shares Cook sold had just recently vested after a 2-year waiting period. The shares were initially granted to Cook back in March 2010 when he was given 75,000 restricted shares of Apple stock. The stock award was the result of Cook’s “outstanding performance in assuming the day-to-day operations” of Apple – which of course references Cook’s role as interim CEO while Steve Jobs was out on medical leave.
Upon permanently assuming the CEO role at Apple this past August, Apple’s board granted Cook 1 million shares of restricted stock, of which 50% will vest on August 24, 2016 with the other 50% scheduled to vest on August 24,2011.
Clearly, Apple’s board wants Cook to stay around for a very long time.
Not that Cook seems intent on leaving. Cook frequently mentions that working at Apple as CEO is a privilige of a lifetime. And while giving a commencement speech at Auburn back in 2010, Cook noted that joining Apple was the best decision he ever made.
Recounting his first interview for a position at Apple with Steve Jobs back in 1998, Cook fondly remembered,
On that day, in early 1998, I listened to my intuition. Not the left side of my brain, or for that matter, even the people who knew me best. It’s hard to know why I listened. Im not even sure why I know today, but no more than 5 minutes into my initial interview with Steve, I wanted to throw caution and logic to the wind and join Apple. My intuition already knew that joining Apple was a once in a lifetime opportunity to work for the creative genius and to be on the executive team that could resurrect a great American company.