Apple filed a type eight-okay with the SEC on account of the adjustments in company management at the firm. An 8-k is the “present record” firms must file with the SEC to announce main situations that shareholders should know about.
on this case, the form notifies traders of the resignation of Steve Jobs as CEO; Jobs’ appointment as Chairman of the Board; COO Tim prepare dinner’s merchandising to CEO; and the appointment of cook to the Board.
In connection with Mr. cook dinner’s appointment as Chief govt Officer, the Board awarded Mr. prepare dinner 1,000,000 limited stock devices. Fifty p.c of the limited inventory units are scheduled to vest on every of August 24, 2016 and August 24, 2021, subject to Mr. prepare dinner’s persevered employment with Apple through each and every such date.
This stock award is price just over $383 million at present costs.
A constrained inventory unit, or RSU, is a form of compensation valued in the case of firm inventory, however the inventory isn’t issued on the time of the furnish. In cook’s case, he’s getting a promise from Apple to deliver him 500,000 shares of Apple stock in 2016, and 500,000 more shares in 2021 — so long as he stays employed on the company.
In 2010, as COO, Tim prepare dinner obtained $58 million in cash, bonus and other inventory awards.
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extra: persevered here