Apple (NASDAQ:AAPL) disclosed that it gave new CEO Tim Cook a signing bonus of sorts--1 million restricted stock units--provided that he stay with the company through 2021.
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Apple said in a filing with the Securities and Exchange Commission posted Friday that it is giving Cook, 50, the shares in exchange for his elevation to CEO, replacing Steve Jobs, who resigned last week. "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," the filing states. The shares were worth $383 million at Friday's closing price.
In 2010, Cook earned a salary of $800,000 as COO, but also received a $5 million bonus for filling in for Jobs while he was on medical leave during 2009, as well as $52 million in stock awards. Jobs has earned an annual salary of $1, but his holdings of 5.5 million Apple shares were worth around $2.1 billion at Friday's closing price.
Cook is taking over as CEO just ahead of the expected unveiling of Apple's latest iPhone, which analysts anticipate will debut this fall. He also will be drawing on the deep bench of Apple executives under Jobs, including product marketing chief Philip Schiller, iOS software head Scott Forstall and design chief Jonathan Ive.
For more:
- see this SEC filing
- see this Computerworld article
- see this AllThingsD article
- see this WSJ article (sub. req.)
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