By: Ian Mansfield |
?Apple's board of directors has awarded stock options worth -- at the current share price -- as much as US$376.2 million for 2011 to the company's new CEO, Tim Cook.
That is a rise on the US$54 million worth of shares in 2010 and the US$1.9 million for 2009, representing his increasing importance in a company that is very much driven by a single person at the top.
In a stock market filing, the company released the details of the stock options, saying that they can be exercised at 5 and 10 year intervals.
In the SEC filing, the company justified the huge stock options, saying that "in light of Mr.?Cook's experience with the Company, including his leadership during Mr.?Jobs's prior leaves of absence, the Board views his retention as CEO as critical to the Company's success and smooth leadership transition."
The company noted that the stock options are intended as a long-term retention incentive for Mr.?Cook, and, accordingly, should be viewed as compensation over the 10-year vesting period and not solely as compensation for 2011.
Like his predecessor, Steve Jobs, Tim Cook will earn a token US$1 per year salary. The stock options more than make up for that though.
On the web: SEC Filing
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Tags: [tim cook]? [apple]? [USA]?
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