Google Inc (NASDAQ:GOOG) is awarding former Google CEO Eric Schmidt with $106 million in cash and restricted stock. This is the second time that Schmidt received $100 million in Google’s restricted stock in three years. This is on top of $6 million as a cash bonus that he will be receiving for his contributions to the company last year, according to regulatory filings.
Eric Schmidt is currently the executive chairman of Google. He focuses primarily on regulatory issues, government relationships, and acquisitions. Schmidt already has a net worth of $8 billion, which is mostly through stock that he received when he became the CEO of Google in 2001. Once Google went public, Schmidt declined a large salary. Schmidt’s salary was capped at $1 and his annual bonus never exceeded $2,000 per his request. He did not receive stock awards either. Google CEO/co-founder Larry Page has a net worth of $25 billion and also capped his salary at $1. He also refuses to take a bonus or stock award.
After Schmidt announced that he would be stepping down from the CEO position, Google gave him $100 million in restricted stock in recognition of his leadership and to retain him as the executive chairman. This batch of stock will not be fully vested until next year. The stock will be granted on Wednesday and will vest over 4 years starting in May 2015.