Google's Schmidt gets second $100 million stock award
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[February 05, 2014]
By Alexei Oreskovic
SAN FRANCISCO (Reuters) — Google Inc
Executive Chairman Eric Schmidt will be awarded $100 million in
restricted stock units, the company said on Tuesday, marking the
second time in less than three years that the Internet company's
former chief executive officer has received an equity award of that
Google said in a filing with the Securities and Exchange Commission
on Tuesday that Schmidt will also collect a $6 million annual
discretionary cash bonus next week.
Schmidt handed the CEO reins to Google co-founder Larry Page in
2011, after a decade leading the Internet search company. After the
job change, Google bumped Schmidt's salary up from $1 a year to
$1.25 million annually and awarded him a $100 million equity award
comprised of stock and options, which vest over a four-year period.
Google said at the time that the size of the original equity award
was determined, based on "market benchmarks for his new role as
Executive Chairman and in recognition of his past service as CEO."
The current $100 million in equity vests over a four-year period,
beginning in May 2015, Google said. The award was approved on
January 29 by the Leadership Development and Compensation Committee
of Google's board.
In his role as executive chairman, Schmidt focuses on government
outreach and deals. Google said the $6 million cash bonus is in
recognition of Schmidt's contributions to Google's performance in
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Google's stock price rose 58.4 percent in 2013, breaking the $1,000
mark for the first time, while annual revenue increased 21 percent
to $55.5 billion.
Google CEO Page and Google co-founder Sergey Brin each received a
base salary of $1 in 2012, the same salary they have received every
year since 2004.
The two co-founders each have a large portion of their personal
wealth tied directly to Google's stock.
(Editing by Jan Paschal)
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