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Apple (NASDAQ: AAPL) issued its proxy. CEO Tim Cook made $12.8 million in the most recent fiscal year, up from $8.7 million the year before. Based on stock price and revenue increases, it is hard to see how the board could have acted otherwise.

Cook’s compensation was broken into a base salary of $3.1 million, $9.3 million in a non-equity incentive plan which Apple describes as:

As described under “Executive Compensation—Compensation Discussion and Analysis,” the named executive officers’ annual cash incentives are based on the performance of Apple relative to pre-determined objectives for the year and the performance of the individual executive. The threshold, target, and maximum amounts for each named executive officer’s 2017 annual cash incentive opportunity are shown in the table entitled “Grants of Plan-Based Awards—2017.” In 2017, Apple was above its target performance goals for both net sales and operating income, resulting in a payout of each named executive officer’s annual cash incentive at 155.5% of target. The Compensation Committee determined that no downward adjustments would be made based on Apple’s or an individual’s performance and approved the payout for each named executive officer for 2017.

Cook also was paid $440,000 in “other compensation”

CFO Luca Maestri made more than Cook, at a total compensation of $24.4 million. One million of this was base salary. Ten million was in stock awards, and $3.1 million under the non-equity comp plan

Retail chief Angela Ahrendts also made more than Cook with a total package of $24.2 million. Dan Riccio, Senior Vice President, Hardware Engineering made about the same, as did Johny Srouji, Senior Vice President, Hardware Technologies, and Dan Riccio, Senior Vicce President, Hardware Engineering. Each of these lieutenants had a base salary of $1 million.

While Cook’s comp may be modest, the proxy shows he owns 901,474. The two largest shareholders were The Vanguard Group which owns 6.64% of the shares and BlackRock which owns 6.34%