Apple has filed a Form 8-K submission with the U.S. Securities and Exchange Commission which publicly discloses a bonus package of $5 million and 75,000 (combined totaling around $22 million) Apple shares paid to Chief Operating Officer Time Cook for his time as CEO during Steve Jobs’ medical leave of absence through the first half […]
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COO Tim Cook Receives $22 Million in Compensation From Apple

Apple has filed a Form 8-K submission with the U.S. Securities and Exchange Commission which publicly discloses a bonus package of $5 million and 75,000 (combined totaling around $22 million) Apple shares paid to Chief Operating Officer Time Cook for his time as CEO during Steve Jobs’ medical leave of absence through the first half of 2009.

On March 10, 2010, the Compensation Committee of the Board of Directors of Apple Inc. (the “Company”) unanimously approved a recommendation by Steve Jobs, the Company’s CEO, to award Timothy D. Cook, the Company’s Chief Operating Officer, a one-time discretionary bonus of $5,000,000 and 75,000 restricted stock units in recognition of his outstanding performance in assuming the day-to-day operations of the Company for the period in fiscal 2009 during which Mr. Jobs was on medical leave of absence.

Fifty percent of the restricted stock units are scheduled to vest on each of March 10, 2011 and March 10, 2012, subject to Mr. Cook’s continued employment with the Company through that date.

Tim Cook is the most likely candidate to replace Jobs when he steps down. Cook has guided the company twice in Jobs’ absence (when Jobs had to have his pancreas removed in 2004, and of course in 2009 when Jobs had a liver transplant) and handled it very well, guiding the company thorough several product launches and maintaing massive profits for the company.

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