Apple has filed a Form 8-K with the SEC that reveals Tim Cook will get 1,000,000 Apple shares if he stays with the company until 2021, reports MacRumors. Form 8-K is a very broad form used to notify investors of any material event that is important to shareholders or the United States Securities and Exchange Commission. [W]
The form of course notifies investors that Steve Jobs has resigned as CEO and been appointed as Chairman of the Board and that Tim Cook has been promoted to COO and appointed to the Board.
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.
One million shares would be work $383 million at current prices. Cook will get award half the shares if he stays til 2016.