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Apple to give new CEO Tim Cook 1 million stock shares by 2021

August 26, 2011 |  4:30 pm

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Apple has awarded Tim Cook, its new CEO, 1 million shares in the Cupertino tech giant, which at Friday's closing stock price of $383.58 a share is worth about $383 million.

The iPad maker announced the stock bonus in an 8-K filing with the Securities and Exchange Commission that also offers up more information on the contract that Apple has signed with Cook.

From the Apple 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.

As stated above, Cook will get the 50% of the stock after staying on the job as CEO for five years. The other half will kick in after he's served as chief exec for 10 years. If Cook wants the full 1-million share bonus, he'll have to stick around through 2021.

Cook was named Apple CEO on Wednesday after Steve Jobs resigned from the post. Jobs has been on a medical leave of absence since January and during that time, Cook has been running the day-to-day operations at Apple -- something he has done twice before as Jobs took medical leaves in 2004 and 2009.

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-- Nathan Olivarez-Giles

twitter.com/nateog

Photo: Tim Cook in 2009. Credit: Paul Sakuma / Associated Press

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