Apple Inc. miscalculated the values of performance-based stock compensation for CEO Tim Cook and other executive officers, an institutional investor alleges in advance of an upcoming stockholder vote.
Instead of awarding $77.5 million for several executives per fiscal year, Apple awarded about $92.7 million in restricted stock units for FY 2021 and about $94 million in FY 2022, according to the investor, an International Brotherhood of Teamsters pension fund.
The case is Int’l Brotherhood of Teamsters, Garage Emps. Local 272 Labor Mgmt. Pension Fund v. Apple Inc. , S.D.N.Y., No. 1:23-cv-01867, complaint 3/3/23Apple Inc. Allegedly Paid Tim Cook, Other Executives Too Much