Apple Inc.’s Tim Cook is set to collect stock worth about $120 million this week thanks to a run-up in shares of the iPhone maker. On Friday, Cook stands to receive 280,000 shares tied to his continued service as chief executive officer. He’ll get as many as 280,000 additional shares if Apple’s stock-market return over the preceding three years exceeds at least two-thirds of the firms in the S&P 500. Apple returned 119 percent from Aug. 25, 2015, through Tuesday’s close, including reinvested dividends, outperforming more than 80 percent of companies in the index. Barring a major collapse this week, that all but ensures Cook will collect the maximum number of shares for his fifth consecutive payout at the top end of the range.

The executive said in 2015 that he planned to give most of his fortune to charity. On Tuesday, an Appleregulatory filingsaid Cook had donated 23,215 of his current Apple shares. Cook, 57, gets annual installments from a massive award of restricted stock h...

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