employment agreement

Apple Finally Files 8-K on the Resignation of Steve Jobs

Two days later:

On August 24, 2011:

  • Steve Jobs resigned as Chief Executive Officer of Apple Inc. (“Apple”). Mr. Jobs will continue to serve as an employee;
  • The Board of Directors (the “Board”) appointed Mr. Jobs as Chairman of the Board;
  • The Board promoted Chief Operating Officer Timothy D. Cook to Chief Executive Officer; and
  • The Board appointed Mr. Cook to the Board to fill an existing vacancy.

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.

Here’s the Restricted Stock Award Agreement between Apple Inc. and Steve Jobs from March of 2003, which CNNMoney curiously failed to consider. The restricted stock grant to Steve Jobs was for 5,000,000 shares. At the $14.95 closing price on March 19, 2003, the grant was worth $74,750,000. The stock split 2:1 in February 2005. The 5,000,000 share grant is worth $3,835,800,000 today–that’s 3.8 billion. And, Steve earned every dollar of it.