Apple to give new CEO Tim Cook 1 million stock shares by 2021

By  at Sunday, August 28, 2011  

Apple has awarded its new CEO, Tim Cook, 1 million shares in Cupertino tech giant, which share about $383 million at Friday’s closing stock price of $383.58.

The stock bonus in an 8-K filing with Securities and Exchange Commission is announced by iPad maker that also provide more information on the contract that Apple has signed with Cook.

From the Apple filing:

1,000,000 restricted stock units are awarded to Mr. Cook by the Board, in the connection with Mr. Cook’s appointment as CEO. Mr. Cook’s continued employment with Apple through August 24, 2016 and August 24, 2021 will vest the fifty percent of the restricted stock units.

As stated above, after staying on the job as CEO, Cook will get the 50% of the stock. After he’s served as chief exec for 10 years, the other half will kick in. Cook will have to stick around through 2021, if he wants the full 1-million share bonus.

On Wednesday, after Steve Jobs resigned from the post Cook was named Apple CEO. Since January, Jobs has been absent on a medical leave and during that time period, Cook has been running the operations at Apple. He has done this twice before in 2004 and 2009 when Jobs took medical leaves.

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