Google awards $100 million to Eric Schmidt
Google says it has awarded $100 million worth of equity to Eric Schmidt, who is stepping aside as CEO but will stay with the company as executive chairman.
Google said on Monday the stock and stock options will be granted on the month of Feb.and will vest over four years.
Schmidt is replaced as Google’s CEO by co-founder Larry Page. Both men, along with Google’s other co-founder Sergey Brin, have limited their salaries to $1 for years. But the three are Google’s controlling shareholders.
Schmidt held about 9.2 million of Google’s shares as of Dec. 31, 2010, separate filing says that last week. This amounts to about 2.9 percent of Google’s outstanding shares and about 9.6 percent of the voting power.
He plans to sell about 534,000 Class A shares as part of a pre-arranged trading plan. If he does, he will then hold about 9.1 percent of Google’s voting power.
Shares of Google rose $1.32 to $613.15 in pre-market trading.