Apple CEO Tim Cook has been awarded $89.2 million in Apple stock (AAPL)

The performance-linked bonus was issued because Apple has outperformed at least two-thirds of businesses in the S&P 500 Index over the last three years.

Apple CEO Tim Cook has been awarded $89.2 million (£68.8 million) in Apple stock, Bloomberg reported on Tuesday.The 56-year-old chief executive was reportedly given 560,000 Apple shares last Thursday for his recent performance at the iPhone maker.The payout is said to be the largest possible under Apple’s long-term compensation program. It’s the fourth consecutive time he’s received the maximum payout.Cook took over from Steve Jobs in 2011 and he receives annual payouts from a large pot of stock that is set to vest over the course of a decade.

About a third of the shares that Cook receives each year are tied to Apple’s relative stock performance against the S&P 500 — an index of 500 large US companies listed on the New York Stock Exchange or the Nasdaq stock market.Apple outperformed at least two-thirds of businesses in the S&P 500 Index over the last three years, according to a regulatory filing seen by Bloomberg.Apple’s share price soared to a record $159.75 (£123.34) earlier this month after Apple beat Wall Street expectations in its third quarter results.Cook plans to give most of his wealth to charity, according to comments he made in 2015.