In the 8-K filing following their top-level restructuring this week, Apple revealed that they were awarding new CEO Tim Cook quite the signing bonus:
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.
As noted by MacRumors, that’s worth almost $400 million at current prices. Half the stock can be divested in 5 years, the other half in 10 years, as long as Cook is still with Apple.
This would, of course, be in addition to his salary, options, and bonuses. (Last year those totaled $58 million.)
No word yet on the corporate jet…
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