Apple Awards Tim Cook 1,000,000 Shares of Stock as CEO Bonus to Stay Until 2021

timcookceoApple 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.

Top Rated Comments

ArcaneDevice Avatar
164 months ago
I wonder if he plans to take Steve's $1 salary?

Somehow I don't think he will.
Score: 16 Votes (Like | Disagree)
adcx64 Avatar
164 months ago
I still want Steve back.....
Score: 16 Votes (Like | Disagree)
topodisc Avatar
164 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.
Score: 12 Votes (Like | Disagree)
Mord Avatar
164 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 :)
Score: 10 Votes (Like | Disagree)
cantthinkofone Avatar
164 months ago
Agreed. I make 4x that and hardly work at all. $400K is not a lot of dough.

Where the f are you from that 400k isn't a lot of dough? :eek:

If I had 100k a year job right now I would have everything I could ever want and have a retirement setup in about 10 years.
Score: 7 Votes (Like | Disagree)
sumone Avatar
164 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.
Score: 7 Votes (Like | Disagree)

Popular Stories

reset password request iphone

Warning: Apple Users Targeted in Phishing Attack Involving Rapid Password Reset Requests

Tuesday March 26, 2024 4:34 pm PDT by
Phishing attacks taking advantage of Apple's password reset feature have become increasingly common, according to a report from KrebsOnSecurity. Multiple Apple users have been targeted in an attack that bombards them with an endless stream of notifications or multi-factor authentication (MFA) messages in an attempt to cause panic so they'll respond favorably to social engineering. An...
iPhone Home Screen Gradient Blank Spaces 1

Sources: iOS 18 Lets Apps Be Placed Anywhere on Home Screen Grid

Sunday March 24, 2024 1:33 pm PDT by
iOS 18 will give iPhone users greater control over Home Screen app icon arrangement, according to sources familiar with the matter. While app icons will likely remain locked to an invisible grid system on the Home Screen, to ensure there is some uniformity, our sources say that users will be able to arrange icons more freely on iOS 18. For example, we expect that the update will introduce...
iPad Pro 2024 Landscape Camera Feature

New iPad Pro Again Rumored to Feature Landscape Front-Facing Camera

Monday March 25, 2024 5:43 am PDT by
The next-generation iPad Pro will feature a landscape-oriented front-facing camera for the first time, according to the Apple leaker known as "Instant Digital." Instant Digital reiterated the design change earlier today on Weibo with a simple accompanying 2D image. The post reveals that the entire TrueDepth camera array will move to the right side of the device, while the microphone will...
sonoma desktop wwdc

Apple Releases macOS Sonoma 14.4.1 With Fix for USB Hub Bug

Monday March 25, 2024 10:10 am PDT by
Apple today released macOS Sonoma 14.4.1, a minor update for the macOS Sonoma operating system that launched last September. macOS Sonoma 14.4.1 comes three weeks after macOS Sonoma 14.4. The ‌‌‌‌macOS Sonoma‌‌ 14.4‌.1 update can be downloaded for free on all eligible Macs using the Software Update section of System Settings. There's also a macOS 13.6.6 release for those who...
Generic iOS 18 Feature Purple

iOS 18 Will Finally Bring This Android Feature to iPhone

Monday March 25, 2024 6:42 am PDT by
iOS 18 will allow iPhone users to place app icons anywhere on the Home Screen grid, according to sources familiar with development of the software update. This basic feature has long been available on Android smartphones. While app icons will likely remain locked to an invisible grid system on the Home Screen, our sources said that users will be able to arrange icons more freely on iOS 18....
maxresdefault

Apple Announces WWDC 2024 Event for June 10 to 14

Tuesday March 26, 2024 10:02 am PDT by
Apple today announced that its 35th annual Worldwide Developers Conference is set to take place from Monday, June 10 to Friday, June 14. As with WWDC events since 2020, WWDC 2024 will be an online event that is open to all developers at no cost. Subscribe to the MacRumors YouTube channel for more videos. WWDC 2024 will include online sessions and labs so that developers can learn about new...
apple maps 3d feature

Apple Maps May Gain Custom Routes With iOS 18

Tuesday March 26, 2024 3:10 pm PDT by
Apple may be planning to add support for "custom routes" in Apple Maps in iOS 18, according to code reviewed by MacRumors. Apple Maps does not currently offer a way to input self-selected routes, with Maps users limited to Apple's pre-selected options, but that may change in iOS 18. Apple has pushed an iOS 18 file to its maps backend labeled "CustomRouteCreation." While not much is revealed...
iphone reasons to upgrade

Apple Outlines 'Reasons to Upgrade' Your iPhone on New Website

Monday March 25, 2024 12:53 pm PDT by
Apple today added a "Why Upgrade" section to its website, which is aimed at encouraging customers with older iPhones to upgrade to a newer model. The website allows customers to compare the iPhone 11, 11 Pro, 11 Pro Max, 12, 12 mini, 12 Pro, and 12 Pro Max to the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, or iPhone 15 Pro Max. Each comparison shows what new features someone with an older...