Google’s Eric Schmidt gets second $100 million stock award

Google Executive Chairman Eric Schmidt will be awarded $100 million in restricted stock units

By - February 5, 2014
Google logo

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 size.

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 2013.

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.

More business news

Telkom dismisses MTN, Telkom Mobile deal rumours

Microsoft names new CEO

Didata moves on Europe

Lenovo, Sony discuss PC business alliance: report

Forum discussion

Shutterstock is the image partner of MyBroadband – more technology images

Join the conversation

Connect with Us

androidappletwitterfacebookgoogleplusfeednewsletter

Poll

What is the most important aspect of a mobile service to you?

View Results

Loading ... Loading ...

More News

How long it will take to bust your data cap

Internet Speed

The monthly data of some South African broadband products will run out in less than 3 minutes when used at full speed. Check for yourself how long your data will last.

ANC made millions through Eskom’s new power stations: report

Medupi

Chancellor House, the ANC’s investment company, earned millions when it sold shares in a company which obtained big Eskom contracts.

How children view online privacy differently from adults

Privacy

The majority of young people now share lots of things online that many adults question and feel uncomfortable about.

Can robots kill without consequences?

Robot Worker

Programmers, manufacturers, and military personnel could all escape liability for unlawful deaths and injuries caused by fully autonomous weapons, or “killer robots”.

X

Newsletter Subscription


Name
Email *
Enter the following to confirm your subscription *
Captcha image


Free MyBroadband Newsletter
Subscribe
X
bool(true)