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Newly appointed Apple CEO Tim Cook has been offered a ten year package from Apple to stay with the company until 2021, valued at US$383 million.
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| Tim Cook alongside Steve Jobs |
The deal is to be split into two packages with Cook not having access to the stock immediately. Cook will receive the first 500,000 shares if he stays with Apple for five years, and an additional 500,000 for the five years after that. The shares are contingent on Cook staying with the company, foregoing the stocks if he leaves Apple any time before then.
The SEC filing in the US, which was posted to Apple’s investor site, reads “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’s salary for last year was US$800,000, earning a US$5 million bonus and US$52 million worth of Apple stock.
