Tim Cook, the new CEO of Apple, is getting a hefty payday in return for taking the helm of the world's most valuable company.
In an SEC filing, Apple revealed that it awarded Cook with 1 million shares of Apple stock. At today's closing price of $383.58, his new stock is worth $383 million.
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There's a catch, though. For Cook to collect on his full bonus, he must stay with the company for the next ten years. Half of his shares will vest on August 24, 2016, while the other half will vest on August 24, 2021. Essentially, Apple has locked up Tim Cook for the next decade, in the hopes of assuring that there will not be any risky changes of leadership.
Tim Cook will likely never achieve the wealth Steve Jobs has accumulated over the years (he's worth approximately $8.3 billion thanks to his large ownership stake in Disney). But Cook can expect a multi-million or even billion-dollar payday a decade from now. That's what one gets for leading the world's most valuable company, at a time when it has the farthest to fall.
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This story originally published on Mashable here.
- Tim Cook