The iPhone maker Apple Inc.’s new chief executive officer Tim Cook has been granted a million shares of the company, the value of which is believed to be somewhere near the $384 million mark over a period of the next 10 years.
The move was disclosed by the company on Friday just a couple of days after the former CEO, Steve Jobs officially announced his decision to call it a day from his responsibilities in the company and the subsequent handing over of his position to the then chief operating officer Cook.
This move by Apple happens to be the second largest ever in the corporate history of the country. Cook’s $384 million figure only lags behind Mr. Jobs $600 million he had bagged some 11 years back.
Cook’s most recent salary as the company’s COO was $800,000, in addition to which, he also pocketed a bonus of $900,000.
He was also awarded with $5 million in cash and 75,000 shares of the company for his “outstanding performance” as the company’s interim CEO during Mr. Job’s medical leave in 2009. His total earning from the company in 2010 was valued at approximately $59 million.
Half of these shares will vest in 2016 with the remaining half in 2021 and as long as he is being employed by Apple.