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$100M award is serious money  (Source: Google)
$100M payment is in the form of stock options and will vest in four years

Google is one of the largest and most profitable tech firms on the planet. The company has its tentacles in so many different areas that it can be hard to keep up. The firm may have started as a web search company, but it has grown into much more than that.

Google announced last week that Eric Schmidt would be stepping down from his spot as the CEO of the company and would be replaced by co-founder Larry Page. Reuters reports that Schmidt will be given a $100 million equity award as he steps down from the helm of Google. The award will be granted in the form of stock and options that will vest over four years and is the first award that Schmidt has been given since he came to Google back in 2001.

Schmidt will become the executive chairman of Google after he vacates the CEO spot. Google announced Schmidt would be stepping down at the same time it announced its earnings. The earnings were better than expectations and most were surprised that Schmidt was vacating his post as CEO.

 reports that Schmidt stated in an interview that the move was an effort to speed up the decision-making within the company. Schmidt has also drafted a plan to sell some of the stock he holds in the company. The news surfaced in a regulatory filing last week.

"The pre-arranged trading plan was adopted in order to allow Eric to sell a portion of his Google stock as part of his long-term strategy for individual asset diversification and liquidity," the filing said.

Schmidt holds 9.2 million shares of Google stock and has 9.6% of the company's voting power according to Reuters. He plans to sell 534,000 shares of Class A common stock -- the stock closed at $611.83 on NASDAQ Friday.

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RE: When do you reach a point...
By Brandon Hill on 1/24/2011 12:07:21 PM , Rating: 3
I guess the way I look at it, I'd rather live modestly and have a s**tload of money in the bank than buy a bunch of cars, a huge house, boat, etc and have to pay a s**tload of property taxes on them for the next 50+ years. That stuff adds up...

But you never know.

By EricMartello on 1/24/2011 12:13:31 PM , Rating: 1
Nobody keeps million-dollar quantities of money in a'd be crazy to, especially considering how shaky they are now. Most rich people use some kind of "wealth management" service to handle their assets.

RE: When do you reach a point...
By Spuke on 1/24/2011 12:37:05 PM , Rating: 2
Rich people typically don't have primary residences in states that tax them to death. Brandon, life changes when you don't have to worry about surviving anymore and people tend to lose their minds. If you won $100 million in the lottery, make a list of what you want to do with it. Invest most of it (there are a billion things to invest in), give away a lot of it (doesn't have to be a charity, can be friends and family), build your dream home at your dream location, buy your toys (you're not going to work you're not), find something to do that takes a decent amount of time and has a flexible schedule (VERY IMPORTANT). Hell, stand up a new charity and donate your time to that if you don't have a lot of wants.

I like the real estate biz (not in that currently). My bro-in-law is a broker and I would want to do something with him so that's what I'd do during the day. Then do car stuff, RVing, and desert sh!t on my off time. One thing that California has taught me is that there's tons of things to do. Live isn't boring unless you want it to be.

RE: When do you reach a point...
By Spuke on 1/24/2011 12:44:33 PM , Rating: 2
You can still live modestly. I don't want a huge house although I can appreciate some of the architectures. A lot of them are art. I don't want to live in art, I want to live in a house. I would rather have multiple investment properties (rentals, house flips, etc.). Not saying my homes wouldn't be nice, just not art. I know I would have at least two residences because I would like to live in different parts of the country. The US is a big place and there are a ton of absolutely stunning places to live.

"There's no chance that the iPhone is going to get any significant market share. No chance." -- Microsoft CEO Steve Ballmer
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