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Apple Puts $383 Million Handcuffs On CEO Tim Cook

August 27th, 2011 08:32 admin Leave a comment Go to comments

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theodp writes “There are bonuses. And then there are bonuses. Apple’s board, led by sadly frail-looking chairman Steve Jobs, signaled its long-term confidence in Tim Cook as the company’s new leader, disclosing in a regulatory filing that it’s awarding the new CEO one million restricted stock units that will vest over the next decade. Apple shares closed at $383.53 Friday. From the SEC filing: ‘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.’”

Source: Apple Puts $383 Million Handcuffs On CEO Tim Cook

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