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Eric Schmidt Gets $100 Million Golden Parachute For Promotion… Ok Bonus

Call it what you want but Google has awarded Eric Schmidt $100 million dollars for taking on the role of Executive Chairman and letting Larry Page come back to the CEO position.

Google reported in a regulartory filing this morning that Google has awarded the $100 million dollars to Schmidt effective February 2, 2011 and it will take 4 years to fully vest.  Schmidt already owns 9.2 million shares of the search engine giant.  On Friday Schmidt filed to sell $329 million dollars worth of the same stock.

Schmidt, along with Larry Page and Sergey Brin will continue to earn $1 a year salaries (like Steve Jobs) for the foreseeable future. The three men are also Google’s controlling shareholders and earn various bonuses in the form of stock options.

The excecutive management changes at Google take place on April 4th. They probably picked April 4th over April 1st because Google is the king of Silicon Valley April Fool’s Day jokes.

Source: AP