backtop


Print 30 comment(s) - last by InvertMe.. on Jan 26 at 11:57 AM


$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.



Comments     Threshold


This article is over a month old, voting and posting comments is disabled

RE: When do you reach a point...
By UsernameX on 1/24/2011 12:44:12 PM , Rating: 2
quote:
Hell, with $1 million I can pay off my loans, my house, credit card bills and car payments entirely and will still have several hundred thousand left over (which will last me at least 30 years).


Are you guys kidding? Well with 1 million dollars I would probably do the same as this guy and live well for the rest of my life. I can live off the interest of a million dollars for the rest of my life quite happily and pursue my hobbies.

As for 100 million dollars - I would make sure all of my IMMEDIATE friends and family (the ones that have been there in your life - genuinely) could live life freely and pursue their hobbies. (I've counted, no more then 25 people in my case) It's always been a dream of mine to wake up and know that I can call up my friends and go hiking, traveling, hang at home, play games.... just be free. Instead we all have jobs that allow us to do this 2 days a week. What is life without sharing it with other people?

Money can't buy happiness? Psshh, I may still have my down days and all, but I bet the marjority of people would beg to differ. What could be better then hanging with friends and famliy when you wanted to?


RE: When do you reach a point...
By Spuke on 1/24/2011 3:16:09 PM , Rating: 2
quote:
Instead we all have jobs that allow us to do this 2 days a week. What is life without sharing it with other people?
BAM!!! I agree 100% and that's why a good portion of any windfall I get goes to the people I want to enjoy it with.


"Nowadays, security guys break the Mac every single day. Every single day, they come out with a total exploit, your machine can be taken over totally. I dare anybody to do that once a month on the Windows machine." -- Bill Gates

Related Articles
Eric Schmidt Stepping Down as Google CEO
January 20, 2011, 4:23 PM













botimage
Copyright 2014 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki