Another day, another dollar. But for John Ternus, who started Tuesday as Apple’s CEO, the figures come with a lot more zeroes.

The Apple board gave the newly appointed chief executive of the $4.75 trillion iPhone maker a large compensation package to begin his tenure, with more likely to come if Apple’s pay history is any indication. Apple increased Ternus’ salary to $3 million and granted him restricted stock units valued at $2.5 million, prorated for the few weeks he will serve as CEO before the end of Apple’s 2026 fiscal year. The board also approved an annual equity award for fiscal 2027 with a target value of $55 million.

Three-quarters of that equity award will vest based on Apple’s total shareholder return relative to other S&P 500 companies. The remaining portion will vest over time, at a rate of 12.5% every six months over four years.

Tim Cook, who after 15 years as CEO is staying on as executive chair while Ternus settles in, will see his salary reduced from $3 million to $2 million, effective later this month. The Apple board approved a $45 million target equity award for him, split evenly between RSUs that vest over four years and performance-based shares.

No annual cash bonus has been announced yet for Ternus. Cook received a $12 million bonus in each of the past two fiscal years, according to Apple’s securities filings.

The Cook precedent

Apple’s last CEO transition looked very different, when Cook succeeded the late Steve Jobs in 2011. At the time, Apple granted Cook 1 million RSUs with a grant-date value of $376.2 million, in addition to a $900,000 salary that the board later increased to $1.4 million a few months after he took the top job. Half of that award vested five years after the grant date, and the other half vested 10 years later.

The board’s decision was described as “subjective” and not based on a peer group or formula. That reflected the circumstances at the time: Jobs famously took only $1 in salary, but held a 5.5 million-share Apple stake worth billions. Apple said it based Cook’s pay on input from Jobs and on the board’s assessment of Cook during his periods as interim leader while Jobs was on medical leave. Jobs died in October 2011, following his Aug. 24 resignation that year.

Two years later, Cook asked the board to add performance conditions to his award so that he would forfeit part of it if he failed to meet a stock-performance metric. The board carved 800,000 share units out of his 1 million-share award and divided them into 10 annual tranches of 80,000 shares each, split half on performance. If Apple finished in the top third of the S&P 500 by shareholder return, all 80,000 units for that year vested. If it finished in the middle third, he forfeited 20,000 shares. If it finished in the bottom third, he forfeited 40,000 shares.

Ternus’ award is now tied to the same kind of performance metric, giving the compensation package a clearer link to Apple’s relative shareholder returns than the earlier Cook grant. A securities filing on Tuesday, required when an executive joins officer ranks, shows that Ternus holds about 34,000 Apple shares in a trust, worth about $11.1 million at Tuesday’s stock price. He also holds seven grants of restricted stock from his years leading hardware engineering, covering about 305,000 shares worth about $99 million or more, depending on how the shares pay out. Nearly half are performance units that could pay double or nothing, putting the payout range between $50 million and $148 million.

This story was originally featured on Fortune.com