Tim Cook, the new CEO of Apple, will get a nice bump in his net worth if he sticks around for the next ten years. As noted in the form 8-K Apple filed with the SEC, the board of directors will award him with 500,000 shares in August 2016 and August 2021 respectively, provided he’s still working for 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.
At today’s stock value of $383 per share, that would amount to a $383 million, a not-bad bonus for the new CEO of the world’s most valuable company considering his ex-boss was taking home $1 (yes, one dollar) annually.
It took Cook more than a decade (13 years to be exact) before he was given total charge of the company. He’d temporarily assumed the CEO’s role when Steve Jobs was on medical leave. Before joining Apple in 1998, he worked for Compaq and Intelligent Electronics.