Apple has awarded Tim Cook 1 million shares in the Cupertino tech giant, which at Friday’s closing stock price of $383.58 a share is worth about $383 million and Apple announced the stock bonus in an 8-K filing with the Securities and Exchange Commission that also offers up more information on the contract that Apple has signed with Cook. The announcement of the share transfer will put an end to speculation that Mr Cook had been appointed as an interim figure and he is likely to stay with the company for at least 10 years…………….

Apple has given Tim Cook 1 million shares of restricted stock as he takes over as reins of the company from Steve Jobs and the stock package is worth more than $383 million. 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 ompanies must file with the SEC to announce major events that shareholders should know about. 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. 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 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.

 

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