Apple's board grants new CEO Tim Cook 1 million shares to lock him up until 2021
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Now before you start counting Mr. Cook's money, the stock will fluctuate and the executive won't even actually own the shares until they vest. Half of the award will vest in August 2016 with the remainder vesting in August 2021. Once the shares are turned over to the CEO, he still will have to follow SEC regulations. Generally, executives selling stock in the company they work for need to file with the government agency indicating that they plan on selling shares and are restricted to selling a certain percentage of their holdings at a time.
Last year, Cook earned a salary of $800,000 plus a bonus of $900,000 while serving as the COO for the company. In his new position as CEO of Apple, Cook will serve on the company's board. In the filing with the SEC, Apple said, "Mr. Cook brings to the Board extensive executive leadership experience in the technology industry, including the management of worldwide operations, sales, service and support."
source: SEC via PCMag
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This SEC Form 8K, filed by Apple, details the 1 million share grant to new CEO Tim Cook |
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34 Comments
1. snowgator posted on 27 Aug 2011, 00:56 3 2
I know Apple is a love 'em or hate 'em kinda company, but one thing you have to respect about them: They go all in once they decide something. They think they have their long term CEO, they are locking him up for the future. Good for them and him. Be interesting to see how the attitude of the Company is different in 3 to 5 years from now with Mr. Cook in the top spot.
2. gaby1451 posted on 27 Aug 2011, 00:57 2 1
Daaaamn! Can I get a share or a few hundred-thousand???
3. The_Miz posted on 27 Aug 2011, 01:20 2 11
This is why Apple is the greatest thing on this effing planet. They know business. Steve Jobs will always be remembered as the guy who conquered the smartphone market with the world's greatest phone, the iPhone 4. And I say this because I'm THE MIZ and I'm AWESOME!!!!
21. The_Miz posted on 27 Aug 2011, 13:01 1 4
I like frogs
20. The_Miz posted on 27 Aug 2011, 13:01 1 4
It's funny how you're jealous of me being The Miz, the "real" Miz.
28. tedkord posted on 27 Aug 2011, 14:22 1 0
The original iPhone, absolutely - revolutionary. The iPhone 4? Not so much. It wasn't even the best phone on the market when it was released, let alone now.
32. alecgale posted on 27 Aug 2011, 20:14 1 0
he wouldn't know he doesn't even have the iphone 4
also in my opinion the iphone is just the walmart of smartphones there is nothing premium about them
4. Omaritin Rivero (unregistered) posted on 27 Aug 2011, 01:27 0 2
I worried, hope not change too much, keep stay style Steve's fantasy an apple!
5. Omaritin Rivero (unregistered) posted on 27 Aug 2011, 01:28 0 2
I worried, hope not change too much, keep stay style Steve's fantasy an apple!
7. mannyfs posted on 27 Aug 2011, 02:23 0 1
fml! 800k a year plus a 900k bonus,, i starting to believe making pacts witht the devil are the only way to land this kind of jobs
16. Gawain posted on 27 Aug 2011, 09:32 0 1
How do you figure a 900K bonus? 1,000,000 common shares is worth over $350,000,000.00 That's a hell of a way to lock in for 10 years.
8. gallitoking posted on 27 Aug 2011, 03:04 1 8
I couldnt agree more with the Miz... Apple recruits.. hackers to improve the security and locks up important people.. no like other CEO jumping ship...
23. The_Miz posted on 27 Aug 2011, 13:03 0 3
Definitely, Apple's reaching out to the jailbreaking community and improving iOS. I am getting giddy with excitement.
9. Jimmy J (unregistered) posted on 27 Aug 2011, 03:37 0 3
Same left wing liberal nuts who are anti corporation, anti high CEO salary, anti Jobs in China never complain about Apple and their high priced CEO's.
Now imagine that. Hypocrites.
18. hormiga posted on 27 Aug 2011, 11:52 1 1
Jimmy J - You are an utter jackass. Too bad for the rest of us that you were blessed with but a soggy old turd for a brain.
31. Phullofphil posted on 27 Aug 2011, 20:07 0 0
If they are making that kind of money than why couldnt they afford to pay there employees better and keep jobs here in the U.S. Jimmy J you are a worthless pile. You dont have to be a left wing nut to want to keep jobs in our own country. People have the right to make as much money as they want but at what cost to our own people is when i draw the line. YOu throw left wing liberal nut in there to make it seem like thinking like that is crazy. I am not even left wing and i understand that corperations have far to much power and influence in our country.
13. remixfa posted on 27 Aug 2011, 07:15 0 1
that is one hell of a signing bonus. I wonder how many shares Jobs have.. lol
37. agamhonda (unregistered) posted on 29 Aug 2011, 08:58 0 0
Jobs' holdings of 5.5 million shares are worth $2.1 billion.
Gregg Keizer covers Microsoft, security issues, Apple, Web browsers and general technology breaking news for Computerworld. Follow Gregg on Twitter at @gkeizer, or subscribe to Gregg's RSS feed . His e-mail address is gkeizer@ix.netcom.com.
14. ibap posted on 27 Aug 2011, 08:00 0 0
Wasn't it Greenspan's phrase - "unwarranted optimism"? It presumably shows thinking ahead, but how can they be sure they even want him for that long?
17. gotti88 posted on 27 Aug 2011, 10:17 0 1
holy crap lol!!! the miz!!!!! yea ok!! who still watches wrestling anyway
19. theBankRobber (unregistered) posted on 27 Aug 2011, 12:44 0 0
The rich just keep getting richer, well, I bet he doesn't pay taxes like everybody else. The US is in debt while companys like Apple keep their money over seas so they don't have to pay taxes. Great way to f**k your own country, 1st with jobs, 2nd with taxes. I'm tired of busting my ass and still owe taxes while companies like Apple gets a free ride.
25. The_Miz posted on 27 Aug 2011, 13:05 1 2
Baawww, Apple is making a lot of money and you aren't getting any, bawww . Instead of b****ing and moaning, go make your own product and sell it. Apple shouldn't have to pay for the stupidity and ignorance of the American government. Don't blame Apple, blame liberal taxpayers for voting a guy in who's spending left and right. Lol, I don't blame Apple for moving their money and company overseas.
26. remixfa posted on 27 Aug 2011, 13:14 1 0
sadly i whole heartdly agree with miz on this one. dont blame the person for playing the game, blame the guys that made those rules in the first place.. which would be nearly 50 years of demorat control in the house and senate. they want the system like that so you hate it. they are playing you.
33. Phullofphil posted on 27 Aug 2011, 20:15 0 0
I understand where you are coming from miz its easy to blame the government. But that kind of s**t is a real problem and if we dont stop it our economy can and will crumble. Yes its our government that alows this to happen. We voted them in though. Even best intentions in mind they get corupted by big b usiness. I am not going to keep ranting but without a middle class our countey will go down. We have to do what ever we can to keep that
27. remixfa posted on 27 Aug 2011, 13:15 2 0
you wanna borrow tacos? im sure it needs a good cleaning though.. lol
