Apple’s Board of Directors approved a dividend equivalent payment to employees holding restricted stock units, but this won’t apply to Tim Cook, says a report in MacRumors. These RSUs vest after a period of time and are usually given to employees to entice them to stay with the company for a length of time.

Tim Cook, for example, was awarded 1.125 million RSUs when he stepped into the CEO position last year. At the current dividend payment of US$2.65 per share, Cook would receive a payment of approximately $75 million. Keeping with his character as a kind and gentle leader of Apple, Cook is refusing to accept this dividend, says a recent SEC filing.

[Via MacRumors]

Tim Cook declines dividends being paid to Apple employees originally appeared on TUAW – The Unofficial Apple Weblog on Fri, 25 May 2012 08:32:00 EST. Please see our terms for use of feeds.

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