Sunday, August 28, 2011
Cook given 1 million share bonus as new Apple CEO
Labels:
TECH WORLD,
TECHNOLOGY
Following this week's management change at the very top of Apple, the company's board has awarded new Chief Executive Officer Tim Cook with a hefty bonus.
Apple's Cook. (Credit: James Martin/CNET)
In an SEC filing that was posted to Apple's investor site this afternoon, the company notes that Cook has been given 1 million restricted shares of Apple stock, half of which will be vested in five years time. The rest will be vested in 2021, contingent upon Cook still being at the company:
"In connection with Mr. Cook's appointment as chief executive officer, the board awarded Mr. Cook 1,000,000 restricted stock units. Fifty percent of the restricted stock units are scheduled to vest on each of August 24, 2016 and August 24, 2021, subject to Mr. Cook's continued employment with Apple through each such date."
As noted by AllThingsD, that puts the value of the bonus at $383 million based on today's closing stock price, which was up $9.86 or 2.64 percent at the end of trading. By comparison, Cook's salary for last year was $800,000 along with a $5 million bonus and $52 million worth of company stock.
The filing also notes the official changeover of Cook replacing Steve Jobs as CEO and is dated with today's date.
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