Google Inc. (NASDAQ:GOOG) executive Chairman and former CEO Eric Schmidt has been allotted $100 million in restricted stock and a performance linked cash bonus of $6 million. The internet giant revealed in a regulatory filing, with the Securities and Exchange Commission (SEC) that the $6 million annual cash bonus will be paid later this month, “in recognition of his contributions to Google’s performance in fiscal year 2013.”
Mr. Schmidt will receive the restricted stock units on Wednesday and will vest over a four-year period beginning in May 2015.
Mr. Schmidt receiving maximum allowable bonus
For 2012, Mr. Schmidt’s compensation totaled $7.6 million including a $6 million bonus and a base salary of nearly $1.3 million. The bonus payments made to Mr. Schmidt, in the last two years, are the maximum allowed under Google’s cash incentives targets. The package received by Mr. Schmidt in 2012 was relatively lower than 2011, when the executive received $100 million in equity after taking over the post of chairman.
Mr. Schmidt joined Google Inc. (NASDAQ:GOOG) in 2011, and has been the CEO of the company for about a decade. In April 2011, he quit the role, and handed the operations to Google co-founder Larry Page.
Witnessing strong revenue growth
Google Inc. (NASDAQ:GOOG) has been witnessing strong revenue growth, lowering concerns that the transition from desktop computers to mobile devices could harm its dominant position in the search business. The performance has been largely cheered by investors, as well; since the start of 2013, shares of the internet giant have gained 61%. In 2013, the share price of the company, for the first time, breached the $1,000 mark. Also, analysts expect the growth to continue in 2014 also, with top and bottom line of the company expected to grow by 18%.
The announcement follows an earlier decision, where Google’s board agreed to a stock split to help founders Larry Page and Sergey Brin to cement their control over the company by creating a new class of shares. Since 2004, Google Inc. (NASDAQ:GOOG) co-founder Sergey Brin and Page have been receiving a base salary of $1.
