But Mr. Splinter won't receive the shares unless Applied outpaces peers' operating-profit margins and shareholder returns through 2015.

WSJ: 'Pay for Performance' No Longer a Punchline

Applied missed the target last year, so Mr. Splinter hasn't received any shares.

WSJ: 'Pay for Performance' No Longer a Punchline

And so I don't know that he understands the complexity of what it is and how many ways things could sort of splinter and what al-Maliki is balancing both in terms of his beliefs and the pressures that he's under, and the reality on the ground.

NPR: Hadley's Memo on Maliki Reveals U.S. Analysis