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January 25, 2011

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US$100m award

GOOGLE yesterday said it has awarded US$100 million worth of equity to outgoing CEO Eric Schmidt.

Google Inc said the stock and stock options will be granted on February 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 US$1 for years. But the three are Google's controlling shareholders.

Schmidt will stay with Google and serve as executive chairman from April, when the 37-year-old Page takes over the CEO role.
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