TechSpot means tech analysis and advice you can trust. Read our ethics statement.
Apple is hoping to retain new CEO Tim Cook for the next decade by offering him one million shares of company stock. Current market value for the shares is roughly $389 million, although since these are restricted stock units, Cook will be unable to obtain them until certain provisions are met.
The plans were made public via a Form 8-K filing with the United States Securities and Exchange Commission. A Form 8-K is used to inform investors of any big changes within a company that would apply to shareholders or the Securities and Exchange Commission.
Under the plan, the new Apple CEO will receive 500,000 shares on August 24, 2016 and the remaining 500,000 shares on August 24, 2021, subject to Cook's continued employment with Apple through each such date.
Cook reportedly took home nearly $58 million last year. His base salary was $800,000 and he earned an addition $5 million bonus and $52 million in stock for filling in as CEO while Jobs was recovering from a liver transplant in 2009. With the stock boost, it is believed that Cook's share of the company will measure 20 percent of what Jobs owns in Apple.
The 50-year-old Cook has been with Apple since 1998 and served as chief operating officer since 2007. He served two stints as interim CEO for Apple, one in 2004 and again in 2009 while Steve Jobs was away on medical leave. Jobs announced that he was stepping down as CEO on August 24, 2011 and recommended Cook for the vacant position.