Apple Gives New CEO Cook One Million Shares of Stock

August 26, 2011 Updated Aug 26, 2011 at 7:58 PM EDT

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Tim Cook

August 26, 2011 Updated Aug 26, 2011 at 7:58 PM EDT

New Apple CEO Tim Cook was awarded 1 million shares of restricted stock in the tech giant, according to a Securities and Exchange Commission filing, CNN reported.

Half of the stock units will vest in August of 2016, with the other half vesting in August 2021. Apple's stock price closed at $383.58 on Friday.

Cook was named CEO on Wednesday, following the resignation of Steve Jobs.

Read the CNN report HERE

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