Apple CEO Tim Cook now takes private planes only

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It's a healthy jump from the $8.5 million he banked in 2016 when Apple's revenue dipped slightly. It could have made even more this quarter given it coincides with the launch of Apple's anniversary phone, coupled with increased sales this holiday season - analysts said six million iPhone Xs were sold over Black Friday.

Cook's pay totaled $9.33 million in incentive pay for the year ending on September 30th.

However, Cook isn't the only corporate executive that's required to use a corporate jet for personal travel.

"As an additional security measure for Mr. Cook, the Board also requires that he use private aircraft for all business and personal travel", Apple wrote in the filing.

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Cook must use an Apple private jet whenever he travels, whether it is for work or pleasure. Again. That's why Tim Cook and other Apple execs received appropriate compensation.

The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year. The pay increase came from a larger bonus because Apple beat its goals for annual sales and operating profit. He also bagged $89.2m worth of stock.

In 2016, documents that were reportedly filed with the U.S. Securities and Exchange Commission revealed his previous take at $8,747,719.

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. Angela Ahrendts, the former CEO of Burberry and now head of Apple's retail operations, topped the list with $24.2 million in total compensation. The payout was a part of the huge welcome package that Apple gave Cook after he succeeded Steve Jobs in 2011. Apple notes that Cook added $93,109 in personal travel costs for the company, "based on hourly flight charges and other variable costs incurred by Apple for such use, including variable fuel charges, departure fees, and landing fees".