Google awards Eric Schmidt $100 million in restricted stock
05 February 2014
Google Inc executive chairman and former CEO Eric Schmidt has been awarded $100 million in restricted stock, as also a cash bonus of $6 for the 2013 performance by the search giant.
The internet search company disclosed in a regulatory filing with the Securities and Exchange Commission, that Schmidt had been awarded a $6 million annual cash bonus, to be paid later this month, "in recognition of his contributions to Google's performance in fiscal year 2013."
The restricted stock, meanwhile, would be granted today and would vest over a four-year period beginning in May 2015.
Schmidt's compensation totaled $7.6 million in 2012, a figure including a $6 million bonus plus $1.3 million base salary. The bonus payments Schmidt received in the last two years were the most he could have achieved under the cash incentives targets of the company.
The 2013 pay however came in as much less than what he received in total compensation in 2011, when he was granted $100 million in equity after assuming the chairman role.
Joining Google for the first time in 2001, Schmidt served as CEO for about a decade. He stepped down from the CEO role in April 2011, after Google co-founder Larry Page took over the role to taking charge of Google's day-to-day operations.
The award of restricted stock comes as the second stock award Schmidt has received from Google in three years. He received the other one, which also vested over four years, in January 2011, four months before Larry Page replaced Schmidt as CEO.
Schmidt led the search company as CEO from 2001, three years before it went public in August 2004, until 2011.
The Mountain View, California-based Google's stock gained 58 per cent in 2014, closing the year at $1,120.71.