You don’t cover for Steve Jobs and go away empty handed. According to a recent 8K filing with the Securities and Exchange Commission (SEC), Apple COO Tim Cook will collect a hefty $5 million bonus and 75,000 restricted stock units for serving as interim CEO in Jobs’ absence.
According to the filing, the Compensation Committee of the Board of Directors of Apple unanimously approved a recommendation by Jobs to award Cook with the bonus. The award was reportedly in recognition of Cook’s “outstanding performance in assuming the day-to-day operations of the company for the period in fiscal 2009 during which Mr. Jobs was on medical leave of absence.”
Fifty percent of the restricted stock units are scheduled to vest on each of March 10, 2011, and March 10, 2012, subject to Cook’s continued employment with Apple through that date. The total combined value of the package stands at around $22 million at Apple’s current per share value of $227.
Cook filled in as CEO when Jobs took medical leave in the first half of 2009. Jobs received a liver transplant while on leave.