Apple's impressive rally is about to make CEO Tim Cook $120 million richer

• Cooks stands to earn a total of 560,000 shares on Friday as part of his annual compensation plan, barring a massive crash in the next two days.
• Half of those shares are tied to the company's performance compared with the rest of the S&P 500.
• Cook has previously said he intends to give most of his wealth to charity.

Tim Cook, chief executive officer of Apple Inc., waves after speaking during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Tuesday, Sept. 12, 2017.

David Paul Morris | Bloomberg | Getty Images

Apple's impressive market rally this year is about to make CEO Tim Cook $120 million richer.

The chief executive stands to earn a total of 560,000 shares on Friday as part of his annual compensation plan, barring a massive crash in the next two days. That's about $120 million worth of Apple stock, based on its current price. Half of those shares are tied to the company's performance compared with the rest of the S&P 500, a modification Cook requested a few years back.

Apple is up nearly 35 percent in the last 12 months, putting it in the 81st percentile of stocks in the index. The company earlier this month became the first publicly traded U.S. company to hit a $1 trillion market cap.

Cook has previously said he intends to give most of his wealth to charity. Earlier this week, he donated roughly $5 million of stock, according to an SEC filing.

Bloomberg first reported the scheduled stock payout.

— CNBC's Josh Lipton and Ari Levy contributed to this report.