Now that Tim Cook is CEO of Apple, how do you ensure you keep him at the company's helm? How about by awarding him one million shares of Apple's stock. A form 8-K filed with the SEC gives the details:
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.
Cook will receive half a million shares in five years, and the other half million in ten. That's got to be a major incentive both for staying on with Apple and ensuring the company continues to run well. According to MacRumors, that stock is worth just over US$383 million today.
It looks like we'll be saying "Apple CEO Tim Cook" for quite a while.
Apple awards CEO Tim Cook one million stock shares - if he stays until 2021 originally appeared on TUAW - The Unofficial Apple Weblog on Fri, 26 Aug 2011 17:55:00 EST. Please see our terms for use of feeds.
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