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Apple gives Tim Cook 1 million shares

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SAN FRANCISCO (AP) — Apple has given Tim Cook 1 million shares of

restricted stock as he takes over as reins of the company from

Steve Jobs. At current prices, the stock package is worth more than

$383 million.

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Cook assumed CEO duties this week when Jobs stepped aside after 14

years, saying he was no longer able to do the job.

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Cook won’t immediately have access to the stock. Half of the award

vests over five years, and the other half five years after that. So

the full value won’t be known for years.

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But it has the potential to be even more rewarding if certain

expectations of Apple Inc. come true.

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Some analysts forecast Apple’s stock, which closed Friday at

$383.58, could hit $500 or more per share within the next

year.

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