New Apple chief Tim Cook handed 1m shares - Telegraph.co.uk

The SEC document, called an 8-K form, was filed in order to inform investors of major changes taking place at the company.

It says: "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."

The form also confirms Mr Jobs' resignation, his new position as chairman of the Apple board, and the appointment of Mr Cook to fill an "existing vacancy" as chief executive officer.

The full value of the stock is not yet known, and Mr Cook will not have access to it until the first tranche of shares vest in him in five years' time. However, analysts forecast that the value of Apple's stock could hit $500 or more per share within the next year.

In the last ten years, Apple's stock has soared to more than 40 times its starting value. If this trend were to continue, Mr Cook's share could be worth more than $15bn by 2021.

In 2010, Mr Cook received $58m in salary, bonus and other stock awards in his position as chief operating officer.

Apple shares gained 2.64pc on Wall Street on Friday to close at $383.58.