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Google shovels Schmidt piles of dosh

by on05 February 2014

$100 million in restricted stock units

Google is stuffing its Executive Chairman Eric Schmidt with cash. The company has announced Schmidt will be awarded $100 million in restricted stock units, marking the second time in less than three years that the Internet Company’s former chief executive officer has received an award of that size.

Google said in a filing with the Securities and Exchange Commission Schmidt will also collect a $6 million annual discretionary cash bonus next week.

Schmidt's salary is $1.25 million annually so this is extra spending money. 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.

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