NEW YORK (AP) — Google says it has awarded $100 million worth of equity to outgoing Chief Executive Officer Eric Schmidt.
Google Inc. said in a filing on Monday the stock and stock options will be granted on Feb. 2 and will vest over four years.
The 55-year-old Schmidt is being replaced as Google's CEO by co-founder Larry Page. Both men, along with Google's other co-founder Sergey Brin, have limited their salaries to $1 for years. But the three are Google's controlling shareholders.
Schmidt will stay with Google and serve as executive chairman starting in April, when the 37-year-old Page takes over the CEO role.