Apple (AAPL) Awards Cook With $22 Million Bonus

The Wall Street Journal reports that technology company Apple, Inc. (NASDAQ: AAPL) has awarded Timothy Cook, its COO, a bonus of about $22 million.

The bonus, which was disclosed in a regulatory filing, will be paid in cash and stock. Cook will receive $5 million in cash and 75,000 restricted stock units. Half of the 75,000 stocks will vest on March 10, 2011, while the other half will vest a year later. The value of the 75,000 shares comes to $17 million at Friday’s closing price of $226.70.

The bonus comes ahead of Apple’s launch of one of its most awaited product, the iPad. The company began accepting orders for the new product, which will serve as a book reader, media player and Web surfing device, on Friday. iPad will be shipped starting April 3.

Apple said in a document outlining the bonus that Steve Jobs had nominated Cook for the bonus to recognize his outstanding performance in assuming day-to-day operations of Apple for fiscal 2009 when Jobs was on a medical leave. Jobs, who is the co-founder of Cupertino, California based Apple, went on a medical leave in the first half of last year and returned to the company in late June. Jobs, who has survived pancreatic cancer in the past, received a liver transplant while on medical leave.

During this period, Cook, who joined Apple in 1998, established himself as one of the most solid performers on Apple’s bench and has become a strong contender to become the company’s next CEO.