Technology giant Apple’s CEO Tim Cook has received a payout worth $750m as a part of the pay deal he made a decade ago after taking over the reigns from the company’s co-founder Steve Jobs. Cook gets more than five million shares in Apple. 

Cook struck a deal with Jobs a decade ago, the award of which depended on how well Apple’s shares performed compared to other firms on the S&P 500 stock index. Apple’s filing with the US Securities and Exchange Commission (SEC) shows, Cook sold most of the shares for more than $750m (£550m).

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As per the comapny’s filing, he was eligible for the award as the company’s shares had risen by 191.83% over the last three years, BBC reports. They have increased 1,200% since Cook became chief executive on August 24, 2011. Apple’s current market valuation is of almost $2.5tn, as per Bloomberg. 

Last year, Cook agreed to a new pay package that runs to the end of 2026. According to a SEC filing, he donated almost $10m worth of Apple shares to charity, without naming the recipient. in 2015, he said he would give away his entire fortune before he dies. Tim Cook has a net worth of around $1.5bn, according to the Bloomberg Billionaire’s Index.

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Having joined Apple in the late 1990s, Tim Cook, a former Compaq and IBM employee, became the tech giant’s top operations executive and the No 2 to Jobs, before eventually succeeding him. Under Cook, Apple has seen a significant expansion. The company has managed to take over Beats and Intel’s cellular-modem unit, which now forms the base of their wearables like AirPods and the Apple Watch.