Boston, MA 02/05/2014 (wallstreetpr) – Google Inc (NASDAQ:GOOG) has revealed in regulatory filing with Securities Exchange Commission (SEC) that its former Chief Executive Officer and current Executive Chairman Eric Schmidt has been awarded $100 million in restricted stock units. This is the second time that the company extends such generous award to Mr. Schmidt in a span of less than three years.
The company has supported the award citing that it was based on the market benchmarks recognizing his past service as the CEO and his new role as Executive Chairman. The $100 million stock award is not enough, the company has also declared $6 million annual discretionary cash bonus for Mr. Schmidt.
Google Inc Leadership
Mr. Schmidt served as Google Inc (NASDAQ:GOOG) CEO for about a decade and handed over the reins to Larry Page in 2011. Following his exit has the CEO, the Internet search giant deemed it right to up Schmidt’s salary from $1 million a year to $.125 million annually. That was not enough, the company also declared $100 million equity award consisting of stocks and options, vesting over a period of four-years. The reason that Google Inc has given for the latest equity award to the former CEO is the selfsame one that it cited back when in extended the initial generous award to Schmidt.
The newly declared $100 million equity award vests over a period of four years and it begins in May 2015. Google Inc (NASDAQ:GOOG)’s Leadership Development and Compensation Committee approved the new compensation to the chairman on January 29, according to SEC filing.
Responsibilities
The Executive Chairman of Google Inc (NASDAQ:GOOG) focuses on deals and government outreach. Perhaps this explains why last year Mr. Schmidt visited China frequently as the company considered to introduce its smartphone and other hardware in the market. The company recognizes Mr. Schmidt for having immensely contributed to the company’s widely positive performance in 2013. And that is why an extra $6 million cash bonus has been extended to him.
Conclusion
Google Inc (NASDAQ:GOOG)’s stock price gained 58.4 percent in 2013, managing to break above the $1,000 per share mark. During the year, annual revenue grew by 21 percent to $55.5 billion. The company is expected to launch its much-talked about Google Glass this year.
