SAN FRANCISCO (Reuters) - Apple IncO> Chief Executive Tim Cook's one-time stock award worth nearly $413 million is now partly subject to the performance of the shares in a move requested by the company's largest shareholders.
Cook, who has presided over a 42 percent drop in Apple's share price since it touched a high of $705 in September, approached the board to impose a performance criteria on his yet-to-be-vested stocks, according to a filing with the Securities and Exchange Commission.
Under the new system, part of Cook's grant is subject to Total Shareholder Return, a measure of Apple's stock performance and dividends.
The company's board had in January of 2012 granted Cook one million restricted stock units to signal its confidence in Cook after Steve Jobs turned over the helm of the iPhone and iPad maker to his long-time lieutenant in August.
(Reporting By Poornima Gupta; Editing by Bernard Orr)