Saturday 22 June 2013

Apple CEO's stock grant now subject to share performance

By on 23:03
Apple Inc. CEO Tim Cook addresses the crowd during the Apple Worldwide Developers Conference (WWDC) 2013 in San Francisco, California June 10, 2013. REUTERS/Stephen Lam
Apple Inc> Chief Executive Tim Cook's one-time stock award worth over $413 million as of Friday is now partly subject to the performance of the shares, a move that followed discussions with the company's largest shareholders.

Cook, who has presided over a 42 percent drop in Apple's share price since it touched a high of $705 in September, approached the board to impose a performance criteria on his yet-to-be-vested stocks, according to a filing on Friday