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Tim Cook gets a pay raise amid better iPhone profits

Tim Cook gets a pay raise amid better iPhone profits

While better sales is good news for Apple, which saw sales decline for the first time previous year, the company thought it also means Cook's security could be at risk.

New:As for a more immediate present from Apple, Cook was given the privilege of traveling on a private aircraft which is to be used for all business and personal travel.(End new) For personal travel, Cook used $93,109 in fiscal 2017 year, according to the SEC filing.

Apple said the reason for implementing the new policy for Cook is due to "interests of security and efficiency based on our global profile" and Cook's high profile as chief executive.

The bumper package is linked to Apple's share price performance versus its S&P 500 peers and comes after the company beat its annual sales and income targets.

Mr Cook's total pay for the year came in at $12.8m, with $3.06m his salary, a further $9.3m in cash bonuses and the remainder additional compensation.

After a rare decline in earnings at one point in 2016, the iPhone-maker saw growth in both revenue and net income in its 2017 fiscal year.

However, he also got massive stock pay-out which brought his total 2017 pay to more than $100-million.

Cook's personal security costs also totalled US$224,216, ($316,357) according to the filing. The personal travel costs are added to Cook's overall taxable income for the year.

Apple doled out rewards to other top executives besides Cook, too.

Cook, along with other Apple board directors such as Disney CEO Bob Iger, former U.S. Vice President Al Gore, and former Northrop Grumman CEO Ron Sugar, are up for election to remain in the board another year.

Apple's board of directors is now making CEO Tim Cook fly on private aircraft when he travels, whether it's for work or for pleasure. In 2017, Cook received a previously disclosed $89 million stock payout as part of a welcome package dating back to 2011.

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