Business

Payday for Google’s Eric Schmidt

Google Executive Chairman Eric Schmidt will be awarded $100 million in restricted stock units, the company said Tuesday, marking the second time in less than three years that the Internet company’s former chief executive officer has received an equity award of that size.

Google said in a filing with the Securities and Exchange Commission on Tuesday that Schmidt will also collect a $6 million annual discretionary cash bonus next week.

Schmidt handed the CEO reins to co-founder Larry Page in 2011, after a decade leading the Internet search company. After the job change, Google bumped up Schmidt’s salary from $1 a year to $1.25 million annually and awarded him a $100 million equity award comprised of stock and options, which vest over a four-year period.

Google said at the time that the size of the original equity award was determined based on “market benchmarks for his new role as Executive Chairman and in recognition of his past service as CEO.”

The current $100 million in equity vests over a four-year period, beginning in May 2015.