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Google Execs Get Millions In Equity Awards For 2011; Brin, Page, Schmidt Keep $1 Salary
Four of Google’s highest-ranking executives will soon pick up equity awards valued at more than $50 million total, as well as 30% pay raises for 2011. Co-founders Sergey Brin and Larry Page, along with CEO Eric Schmidt, will continue to collect $1 salaries, as they’ve been doing for many years.
According to a new SEC filing, Patrick Pichette (Senior Vice President and Chief Financial Officer) and Nikesh Arora (President, Global Sales & Business Development) will each get a $20 million equity award on December 1st. Alan Eustace (Senior Vice President, Engineering & Research) will get a $10 million equity award, and Jonathan Rosenberg (Senior Vice President, Product Management) will get a $5 million award. Equity awards are given in the form of stock options.
That same group of four executives is also getting matching pay raises of $150,000 for 2011 — increasing their salaries 30%, from $500,000 to $650,000 per person. Google is also raising the target bonus percentage for all four from 150% to 250% of base salary, which could add another $1.625 million for each if personal and company goals are met next year (and if my math is correct).
CEO Eric Schmidt and co-founders Sergey Brin and Larry Page will each take $1 salaries in 2011, and none of the three are getting equity awards. They’ve also declined to take part in the executive bonus plan.
The SEC filing is dated November 8, 2010 — this past Monday. That’s the day before news spread about Google giving employees a 10%, across-the-board pay raise next year, along with holiday bonuses and other financial considerations.
(tip via Gary P.)