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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: It depends
By Hiawa23 on 1/25/2011 10:19:39 AM , Rating: 2
You guys are having an interesting discussion. I would take $100k, that would pay off my house, cars, student loans, & all debt. I have degree in business management, make just barely $35k/yr, 37 years old, & I have 13yr old daugter, & I am scared to death as I am struggling. Been working for Goodyear the last 14 years since out of college, but i am desperately looking for a new career, as I should make more money than I do but with a degree & all, but the economy is so bad, I have not been able to find much here in central Florida that pays much more than I make. Currently, with my hours cut, no overtime, I am $200 short per month so I had my student loan put into forbearance(owe $10k on that) for the remainder of this year, hopefully I can find a new career that pays more than I make now so that I can resume paying my student loan. I don't want riches, I just want to pay off my debt & not have to worry every month how I am going to pay this or that as a result of gas, mortgage, househould bills, food going up.


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