Over 200 top tier Apple employees have received a bonus, even though the company “fell short of targets it had established for such payments,” according to a
In a filing with the SEC (Securities and Exchange Commission) yesterday, Apple said it awarded employees in its Incentive Bonus Plan a “special recognition bonus” amounting to 3-5 percent of their base salary last year. Affected were 230 executives at the director level or higher, although senior executive officers, including CEO Steve Jobs, weren’t included.
“The company did not meet the metrics specified in the Incentive Bonus Plan,” Apple said in the SEC filing. “However, the (compensation) committee believed that the employees participating in the plan had significantly contributed to the company’s overall performance and that external economic and business conditions may have produced results that were unrelated to employee performance. As a result, the committee approved a special recognition bonus for all plan participants.”
Some Apple employees below the director level who take part in a separate bonus program were also eligible for bonuses. However, the total pool was reduced because Apple missed its company wide financial goals.