Tim Cook (Credit: Apple)

Apple’s board, led by chairman Steve Jobs, just signaled its long-term confidence in Tim Cook as the company’s new leader — disclosing in a regulatory filing that it’s awarding the CEO 1 million restricted stock units that won’t fully vest until 2021.

Yes, as in a full decade from now.

The key details from the 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.”

The key details from the 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.”

Apple shares closed at $383.53 today, up more than 2.5 percent on the day.

The disclosure caps a tumultuous and historic week for the company, following Jobs’ announcement on Wednesday that he was stepping down as Apple CEO.

Comments

  • Guest

    Are they going to try and backdate those again or did they learn their lesson last time?

    • Victor

      You are obviously confused. This is restricted shares, not options.

      • Guest

        Don’t feed the troll. Guan is still mad at Steve Jobs for reasons that are entirely his own.

        • Guest

          Rapinder, I think you’re losing it.

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