Tim Cook Pay Package

Tim Cook Pay Package, New Apple boss Tim Cook is likely to become the best paid CEO in America, with a pay deal worth 378million dollars.

The software firm granted Cook a million shares in the group in August last year, as an incentive to continue filling the shoes of late co-founder Steve Jobs.

While Cook's salary and performance bonus are worth about 900,000 dollars each, most of the sum is made up of restricted stock units with an initial value of 376million dollars, The Daily Mail reports.

According to the report, the deal is designed to keep Cook at the helm of the company for the next decade, and allows him to collect half of the shares in 2016, and half in 2021.

Cook has about 1.36 million restricted shares that haven't yet vested, and 13,754 regular shares worth a combined 580million dollars, the report said.

His pay package is well above that given to Philippe Dauman, the Viacom Inc. chief executive who led the top paid CEOs of 2010 with 84.5million dollars.

Jobs, who served as Apple's chairman and CEO, accepted an annual salary of just one-dollar for several years.

But he owned about 5.5 million shares, worth about 2.3 billion dollars today.
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