Tim Cook Employment Agreement
Tim Cook, the CEO of Apple, has been one of the most influential leaders in the tech industry for over a decade. Cook`s leadership and vision have helped Apple achieve exceptional success and growth, and his contributions to the company cannot be overstated. However, as with every high-profile executive, the details of Cook`s employment agreement with Apple have been the subject of much speculation and analysis.
Cook`s employment agreement with Apple was first disclosed in a filing with the Securities and Exchange Commission (SEC) in 2011. According to the agreement, Cook was appointed to the position of CEO on August 24, 2011, after the resignation of Steve Jobs. Cook`s employment agreement with Apple was set to expire on August 24, 2021.
Under the terms of the agreement, Cook was entitled to an annual salary of $1.4 million, as well as an annual bonus of up to 200% of his base salary. In addition, Cook was awarded a one-time stock grant of 1 million Apple shares, which had a value of approximately $376 million at the time of the award. This grant was designed to incentivize Cook to remain at the company for the long term and to align his interests with those of Apple`s shareholders.
The agreement also contained provisions related to Cook`s termination. If Cook were to be terminated without cause, he would be entitled to a severance package that included his base salary and an amount equal to his target annual bonus for the year in which the termination occurred. In addition, if Cook were to be terminated without cause within two years of a change of control of the company, he would be entitled to accelerated vesting of all of his outstanding stock awards.
Overall, Cook`s employment agreement with Apple was designed to incentivize him to remain with the company for the long term and to align his interests with those of the company`s shareholders. As demonstrated by his successful tenure as CEO, it is clear that this agreement has been successful in achieving these goals.
In conclusion, the details of Tim Cook`s employment agreement with Apple have been a subject of great interest and speculation in the tech industry. As a professional, it is important to understand and accurately report on these details in order to provide valuable information to readers. Cook`s agreement demonstrates the importance of effective executive compensation packages in retaining top talent and driving long-term growth and success for companies.