Google has awarded a $100m golden parachute to outgoing chief executive Eric Schmidt.
Last week, Eric Schmidt announced that he’d become Google’s executive chairman, making way for co-founder Larry Page to become Google’s new CEO in April.
In a regulatory filing with the Securities and Exchange Commission, Google confirmed that the equity award will be given to Eric Schmidt on February 2.
The filing also detailed how the equity award will be paid out, in two stock options: one will be a Google stocks with a grant value of $55.6m, and a option grant value of $44.4m, which will vest over a four-year period.
In other words, Eric Schmidt will have to stick with Google for at least another four years, as executive chairman.
The $100m golden parachute is of course generous, but only adds a fraction to Eric Schmidt’s holdings.
Eric Schmidt already owns a significant number of Google shares – as of December 31 he held onto 9.2 million shares, valued at nearly $5.8bn.
In a previous SEC filing, Google disclosed that Eric Schmidt was planning to cash out about 534,000 Google shares, which could land him more than $300m.
Recent reports have also indicated that Eric Schmidt is considering a TV career, and is even rumoured to have filmed a talkshow pilot for CNN.
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