Apple’s new CEO Tim Cook got more than just a job at the biggest tech company in the world when he signed on with Apple. He also got 1,000,000 shares of Apple stock, a bonus worth $ 383 million at current prices.
The news comes from an 8-K filing with the SEC that details the terms of Cook signing on as CEO.
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.
The stock is set to vest in two 5-year increments with half in 2016 and the rest in 2021, effectively locking up Cook for a decade if he wants to get his complete bonus. Here’s to the next 10 years of Tim Cook, CEO.