Apple has put aside $6 million as its maximum bonus payout for executives in its 2006 financial year.
The company's compensation committee has made all the firm's executives eligible for payouts on the plan, except CEO Steve Jobs. Certain other key employees who are not executives have also been added to the approved list.
Bonuses depend on meeting set performance goals. The bonus could be equal to as much as 50 per cent of annual base salary.
"For fiscal year 2006, the Committee approved two equally-weighted performance measures. These goals relate to Apple achieving certain levels of annual revenue and operating margin."
What's actually paid out will vary, "depending on the extent to which actual performance meets, exceeds or falls short of the goals", a Securities and Exchange (SEC) filing said.
Dow Jones reports that Apple on Friday confirmed it has granted 300,000 restricted stock units to chief operating officer Tim Cook. Valued at $71.11 per share, this package is worth $21.3 million but the stocks are only scheduled to become unrestricted on March 24, 2010, provided that Cook remains with the company.
"Apple revealed additional awards of 150,000 to 200,000 restricted stock units each to five senior vice presidents in separate filings," that report claims.