Apple has awarded Tim Cook one million shares of Apple stock as a bonus for becoming CEO. There is a catch though—500,000 shares will be vested on 2016, and the remaining half on 2021, so the new man in charge will have to work as CEO for ten years in order to cash it all in. In today’s market, the shares are worth a tidy $383 million, but there is no telling what the price will be once the shares are released.
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.