 |
Apple CEO
Tim Cook speaks on stage during an Apple event introducing
the new iPad in San
Francisco, California in this March 7, 2012 file photo.
(Credit:
Reuters/Robert Galbraith)
|
(Reuters) -
Apple Inc Chief Executive Tim Cook will not be earning dividend income on the
more than 1 million shares to which he is entitled, which will cost him about
$75 million.
Apple said
in a filing with the U.S. Securities and Exchange Commission on Thursday that
Cook had asked to be excluded from a recently instituted company program
through which employees can accumulate dividends on their restricted stock
units that are still vesting.
Asked why
Cook was doing this, Apple declined to comment beyond the filing.
Cook, who
took over as chief executive from late co-founder Steve Jobs in August, has
1.125 million outstanding restricted Apple shares that are vesting over the
next 10 years.
In January,
Apple's board granted Cook 1 million restricted stock units (RSUs) for running
the company during Jobs' medical leaves and as a retention tool. Half of those
units are due to vest in 2016 and the remainder are due to vest in 2021.
Apple said
in March that it would pay a cash dividend of $2.65 per share to its
shareholders.
(Reporting By Poornima Gupta)
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