Cook's actual salary saw a comparatively smaller $57,692 increase, but the bulk of his nearly $4 million raise came from performance-based cash bonuses.
The personal travel cost for Cook was $93,109 in 2017, which is part of his compensation package. In 2016, missed targets meant Apple execs got only 89.5 per cent of their potential cash incentive payouts for the year.
In addition, Apple expensed over $224,000 for incremental private costs for security for the CEO, says the proxy statement, including the hiring of personnel for the specific benefit of Cook.
Additionally, new regulatory filings show that Cook has been given the use of a private jet for the first time, citing "the interests of security and efficiency based on our global profile and the highly visible nature of Cook's role as chief executive". It's a healthy jump from the $8.5 million he banked in 2016 when Apple's revenue dipped slightly.
According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook will fly on private aircraft whenever he travels, be it for business or personal objective, Business Insider reported on Thursday.More news: American sorry for accusing National Basketball Association G League players of theft
CEO Tim Cook will no longer be flying on commercial aircraft.
The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year. The company requires the CEO to use corporate flights for security reasons.
Just to put it in perspective: Apple's stock (NASDAQ: AAPL) started off the year at around $116.15 per share (at market close on January 3, 2017), but are now up about 39 percent (at $170.55 per share) as of Thursday, December 28th at 3:15 pm EST. The gross income of Apple is $151 more than that of Samsung, who is second on the list.
Apple gave its CEO a salary bump as sales and profit picked up this year. That amount also includes Apple stock that vest only if they stay with the company.