Another $100 Million Google Stock Bonus for Eric Schmidt

Technology

Published: February 4, 2014 5:03 pm

Last Updated: February 4, 2014 5:05 pm

SEC filings often have all sorts of goodies hidden in them. Google Inc. (NASDAQ: GOOG) is known as one of the top places to go for top tech talent, and Chairman Eric Schmidt has a hundred million more reasons to believe Google is great. Sorry, let’s make make that one-hundred and six million reasons.

An SEC filing after the close showed that Eric Schmidt was just awarded another $100 million in restricted stock units for 2013 contributions. He was also awarded another $6 million as a cash bonus.

The full filing said,

On January 29, 2014, the members of the Leadership Development and Compensation Committee of the Board of Directors (LDCC) of Google Inc. (Google) approved an equity award in the form of Google restricted stock units (GSUs) for Eric Schmidt in the aggregate amount of $100 million. The LDCC also awarded a $6 million annual discretionary cash bonus payment to Eric, which will be paid on February 14, 2014, in recognition of his contributions to Google’s performance in fiscal year 2013.

The GSU award will be granted on February 5, 2014 (the first Wednesday of the month following the date on which the LDCC approved the grant) and will vest over a 4-year period beginning in May 2015. The exact number of GSUs will be calculated by dividing the $100 million GSU grant value by the closing price of Google’s Class A common stock on February 4, 2014 and rounding up to the nearest whole share.

Schmidt did not put in a quote but it likely would have said, “Cha-Ching!”

Google closed up 0.4% at $1,138.16 on Tuesday, just about $48 short of its all-time high seen last Friday.

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