May 25, 2012 09:37 AM EDT
(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.
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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.
Copyright 2013 Thomson Reuters. All rights reserved.
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