'

Apple awards Cook a million shares

Apple has awarded its incoming chief executive, Tim Cook, a million shares in the company..The shares were awarded to Cook on Wednesday after Steve Jobs stepped down as Apple's chief executive, according to an SEC report published on Friday.

Apple has awarded its incoming chief executive, Tim Cook, a million shares in the company..

The shares were awarded to Cook on Wednesday after Steve Jobs stepped down as Apple's chief executive, according to an SEC report published on Friday. The award incentivises Cook to stay on as Apple's chief executive through to 2021.

"The Board awarded Mr Cook 1,000,000 restricted stock units," the SEC document read. "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."

Cook will be able to sell the shares when they "vest". The shares have a value of around $383m (£235m), according to Apple's closing share price on Friday, AllThingsD noted.