Apple CEO Tim Cook’s pay package for the 2023 financial year is expected to be smaller than last year and depend more on how well the iPhone maker’s shares perform relative to market peers, regulatory filings showed.

Cook’s compensation for the 2022 financial year ended September was US$99.4-million, slightly higher than the $98.7-million he received the previous year, the company said in securities filings.

For 2023, Cook’s compensation target was set at $49-million, more than 40% lower than his 2022 pay. Apple made the changes after 64% of shareholders approved Cook’s pay package at its annual meeting last year, down from 94.9% the previous year.

The biggest change came in Cook’s stock awards.

For fiscal 2022, Apple granted him $75-million in stock awards, half of which were based on how well Apple’s shares performed. For fiscal 2023, Cook’s stock award target was reduced to $40-million, with $30-million of the total depending on share performance.