Google Grants Chairman Schmidt $106 Mln In Stock, Cash

(RTTNews) - Google Inc. (GOOG) said in a regulatory filing that on January 29, the members of its Leadership Development and Compensation Committee of the Board of Directors or LDCC approved an equity award to chairman Eric Schmidt, in the form of Google restricted stock units totaling $100 million.

The LDCC also awarded a $6 million annual discretionary cash bonus payment to Schmidt in recognition of his contributions to the company's performance in fiscal year 2013. This will be paid on February 14.

The Google restricted stock units award will be granted on February 5 and will vest over a 4-year period beginning in May 2015.

The exact number of the units will be calculated by dividing the $100 million grant value by the closing price of Google's Class A common stock on February 4, and rounding up to the nearest whole share.

GOOG closed up 0.4 percent on Tuesday at $1,138.16.