Tim Cook reaps $89.2-million stock award

Apple shares outperformed at least two-thirds of businesses in S&P 500 Index over 3 years

Apple Chief Executive Officer Tim Cook collected 560,000 shares, half of them linked to the company's performance and the maximum allowed under the iPhone maker's long-term compensation programme.

The award was worth $89.2 million when it was granted on Thursday, based on Apple's $159.27 closing price. He received the performance-linked stock because Apple shares outperformed at least two-thirds of businesses in the S&P 500 Index over three years, according to a regulatory filing Monday. It's Cook's fourth consecutive payout at the top threshold.

Cook, 56, receives annual payouts from a giant stock award he got after succeeding Steve Jobs in 2011, which