Apple CEO Tim Cook’s Compensation Drops Nearly 99% (For Now)

Apple paid its chief $4.17 million in 2012, down from $378 million in 2011. But that payout carried a condition

Apple CEO Tim Cook's pay package dwindled by about 99 percent this year — though he won't receive his full compensation for last year until he's with the company for a decade.

Getty ImagesCook was awarded a total compensation of $4.17 million in 2012, his first full year on the job. That was down from $378 million in 2011, according to the tech giant's federal filing on Thursday.

Cook will not receive stock awards for 2012, after he was awarded about $376.2 million in stock awards in 2011.

But as Fortune noted earlier this year, Cook will not receive the full compensation from 2011 unless he remains Apple's boss for 10 years.

In a proxy statement filed with the Securities and Exchange Commission, the company said that it recently adopted the practice of granting large restricted stock awards to key executives every two fiscal years, creating sharp swings in pay packages from year to year.

Cook's base salary of $1.4 million — actually up $900,000 from 2011 — was combined with a nonequity bonus of $2.8 million.

Cook became CEO of the iPad and iPhone maker in August 2011, two months before its co-founder and CEO Steve Jobs died of pancreatic cancer.

Under Cook's tenure, the brand has suffered some problems. Its messy Apple Maps endeavor cost the company both credibility and the services of former executive Scott Forstall.

Forstall, who was asked to step down in October following the Maps fiasco, was not listed in the filing.