Apple Awards Tim Cook 1,000,000 Shares of Stock as CEO Bonus to Stay Until 2021
Apple filed a form 8-K with the SEC because of the changes in corporate leadership at the company. An 8-K is the “current report” companies must file with the SEC to announce major events that shareholders should know about.
In this case, the form notifies investors of the resignation of Steve Jobs as CEO; Jobs' appointment as Chairman of the Board; COO Tim Cook's promotion to CEO; and the appointment of Cook to the Board.
Additionally:
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.This stock award is worth just over $383 million at current prices.
A restricted stock unit, or RSU, is a form of compensation valued in terms of company stock, but the stock is not issued at the time of the grant. In Cook's case, he's getting a promise from Apple to deliver him 500,000 shares of Apple stock in 2016, and 500,000 more shares in 2021 — as long as he stays employed at the company.
In 2010, as COO, Tim Cook received $58 million in salary, bonus and other stock awards.
[ 322 comments ]
Top Rated Comments
(View all)
33 months ago
I wonder if he plans to take Steve's $1 salary?
Somehow I don't think he will.
Somehow I don't think he will.
33 months ago
Tim doesn't seem like he has the same edginess that Steve has. I'm not all that excited with him as CEO.
33 months ago
Restricted Stock Units (RSUs) that vest and are only paid after a period of time ensure that the person is highly motivated to stay. They want Tim Cook to stick around and ensure the continued success of the company. After that, he is likely to sell only portions and even then, as CEO, he has only a few short windows of opportunity when he can sell stock and he must provide notice well in advance since he is subject to insider trading rules.
33 months ago
Their shares are worth about 383 bucks, is it just me or is 1,000,000 x 383 not 383 odd million?
edit: I see it's fixed now :)
edit: I see it's fixed now :)
33 months ago
their shares are worth about 383 bucks, is it just me or is 1,000,000 x 383 not 383 odd million?
You're right, my math skills fail me.
33 months ago
He's earned it. May that continue.
How can you 'earn' that much? How can you work any harder than a refuse collector on $20K/annum? And consider earnings in the developing world. There is something wrong in the human mind. :(
33 months ago
If we could only all be so lucky to receive a bonus like that. :eek:
Luck has nothing to do with it. Apple CEO isn't chosen by lottery -- unlike how it may appear at other companies. Cook will earn every dime especially since by 2014 and especially 2021 his fingerprints will firmly be on Apple's product line and marketing. Today's stock price is really irrelevant since he can't cash it in today. He is the master of his own potential fortune whichever way Apple's stock price swings this decade.
33 months ago
Cook deserves every penny of this bonus.
He's done more behind the scenes, than many are aware of. Highly intelligent, experienced, and consistent, this man will make a stellar CEO.
Just what Apple needs, and the timing is perfect.
Tim Cook is very highly regarded within the ranks of Apple employees. That in and of itself is a very critical advantage.
This move bodes very well for Apple today, tomorrow and well into the future.
The powers to be (not just Steve) have shown great wisdom with this choice.
He's done more behind the scenes, than many are aware of. Highly intelligent, experienced, and consistent, this man will make a stellar CEO.
Just what Apple needs, and the timing is perfect.
Tim Cook is very highly regarded within the ranks of Apple employees. That in and of itself is a very critical advantage.
This move bodes very well for Apple today, tomorrow and well into the future.
The powers to be (not just Steve) have shown great wisdom with this choice.
[ Read All Comments ]
T-Mobile today announced that it was altering its existing Simple Choice plans, adding more data, a new pricing tier and no-added-cost international texting from the United States.
Simple Choice...
The SlatePro TechDesk is a new Kickstarter project featuring a desk that has been designed with built-in docks and cutouts to accommodate several different Apple devices. It comes with multiple...
Jawbone today updated its UP app to version 3.1, adding several new features to improve its Jawbone UP fitness band. Multiple enhancements have been made to sleep tracking, with the app including...
Israeli Prime Minister Benjamin Netanyahu met with Apple CEO Tim Cook for lunch yesterday at Apple HQ in Cupertino, California.
Netanyahu is traveling through the United States for the American...
Shares of video and pixel processing company Pixelworks have climbed over 40 percent after the company revealed a strategic relationship with Apple that contributed significantly to the company's...
In the time of the first Apple v. Samsung trial in 2011, Apple requested an injunction to prevent Samsung from selling its Galaxy line of smartphones and tablets within the United States. Apple...
Science and technology company Azoi has unveiled the Wello health monitoring case for the iPhone 4S, iPhone 5 and iPhont 5s, allowing users to track various human metrics such as blood pressure,...
Six Apple executives received more than 30,000 shares of stock in the form of restricted stock units or RSUs according to a series of filings with the SEC. RSUs are typically issued to employees to...
