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Google awards $100 million to Eric Schmidt

Google awards $100 million to Eric Schmidt

Google Inc. says it has awarded $100 million worth of equity to Eric Schmidt, who is stepping aside as CEO but will stay with the company as executive chairman.

Write Essay Fast Google said in a regulatory filing on Monday the stock and stock options will be granted on Feb. 2 and will vest over four years.

Schmidt, 55, 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.

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Page, 37, takes over the CEO role in April.

Schmidt held about 9.2 million of Google’s shares as of Dec. 31, 2010, according to a separate filing from last week. This amounts to about 2.9 percent of Google’s outstanding shares and about 9.6 percent of the voting power. He plans to sell about 534,000 Class A shares as part of a pre-arranged trading plan. If he does, he will then hold about 9.1 percent of Google’s voting power, the company said.

Shares of Google rose $1.32 to $613.15 in pre-market trading.

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