Should he keep working with Apple for the next ten years, he'll be rewarded with one million Apple shares – worth around $384m based on today's share price.
According to an 8-K filing made by Apple with the US Securities and Exchange Commission on Friday, "in connection with Mr Cook's appointment as chief executive officer," the board decided to award him the one million shares.
Half of the shares are due to vest on 24 August 2016, with the other half vesting on the same date in 2021.
Jobs regularly eschewed drawing a salary during his time at Apple – aside from a token $1 annual wage - preferring instead to be paid in shares.
Opting for an uncommon remuneration practice has certainly paid off for Jobs – since he returned to head the company for the second time in 1997, Apple's share price has risen handsomely – from around $5.50 at the time of his appointment to around $383.58 today.
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Jo Best has been covering IT for the best part of a decade for publications including silicon.com, Guardian Government Computing and ZDNet in both London and Sydney.