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 Share on LinkedIn
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

Share your thoughts

Join the conversation

Connect with Us

androidappletwitterfacebookgoogleplusfeednewsletter

Poll

Do you watch movies at a cinema at least once a month?

View Results

Loading ... Loading ...

More News

Android add-ons for Docs and Sheets

Android

Google has launched Android add-ons for Docs and Sheets, which allow users to do many business tasks on their phone.

Life isn’t perfect, but your curtains can be

Curtains

Blinds Direct has introduce a line of high-end curtains into its home décor collection.

Watch South Africa’s richest CEOs sleep on the streets of Johannesburg in cardboard boxes

CEO Sleepout

The 2016 Sun International CEO SleepOut took place on 28 July, with many high-profile CEOs braving the cold to sleep on the streets of Johannesburg.

South Africa can’t afford nuclear build on top of Medupi

Eskom logo dark

South Africa should only start the process of building several nuclear stations after it has fully completed its current coal power station project, civil action group Outa said.

Free MyBroadband Newsletter
×