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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.

Reuters
 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 Spuke on 1/24/2011 12:22:13 PM , Rating: 2
quote:
Other than that, I can't really think of things that I REALLY want that I don't already have.
I think the problem is that most of us don't dream (or dream small) so when we do get a windfall we have no idea what do to with it. Sure, houses and cars but that's only so much. I am told you really can't manage that much cash so it's best to tie it up. I would personally buy up a ton of real estate. That would take care of most of it. Put my immediate family and wife's family in comfort. Step up the charity donations. Move to another state and buy a another house (too bad I can't just move this one...I really like it). I'm a car nut so a huge garage with cars. I'd spend a lot time at the race track with my cars or at car events. I'm just getting into the RV lifestyle so I would sell what I have, get a motorhome and drive around the country. The motorhome would probably be custom built or take an existing one and gut it. I live in the desert so I'd get some more desert toys (a few more ATV's and a sandcar). There's more on my list but that's good enough (I haven't mentioned what the wife wants).


"When an individual makes a copy of a song for himself, I suppose we can say he stole a song." -- Sony BMG attorney Jennifer Pariser

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