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 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.
Editing by Jan Paschal