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|28th May 2012, 06:45||#1|
Join Date: May 2010
Apple CEO turns down dividends
Apple CEO Tim Cook has announced that he will will not be earning dividend income on the more than 1 million shares to which he is entitled. This will set him back over $75 million.
Earlier this week it was revealed that Cook was earning a million dollars a day thanks to his lucrative share arrangement with Apple.
However, according to Reuters, Jobs' Mob told the US Securities and Exchange Commission 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.
This would mean that he would have to work for a couple of extra months to make up the dosh.
Apple refused to say why Cook was refusing the cash, but it does seem rather nice of him.
He 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 it agreed to pay a cash dividend of $2.65 per share to its shareholders.
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