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05-02-2012, 08:53 AM #1
Google's Nikesh Arora to get $8 mn in lieu of stock
Nikesh Arora, Google Inc's Senior Vice President and Chief Business Officer, will now be paid $8 million in cash in return of his stock options and stock units that were issued to him in April.
Arora, who oversees Google's revenue operations as well as marketing and partnerships, will receive the payment on May 11, according to a filing Google provided to the US Securities and Exchange Commission.
In exchange for the cancelled stock options and stock units, he will receive a cash payment of $4.7 million along with a discretionary cash bonus payment of $3.3 million on or about May 11.
The stock options and stock units were scheduled to vest on April 25, 2015.
When employees are given stock options or restricted stock, they often do not gain control over the stock or options for a period of time, known as the vesting period.
The change means Arora will not have to wait for the payout until 2015, when the stock units and options vested. Arora will also get a $3.3 million "discretionary" bonus, Google said in the filing.
If Arora leaves Google for any reason before April 25, 2015, he must repay the $8 million, the filing added.
Arora, who joined the Internet search company in 2004, was awarded 4,323 stock units of Google's Class A common stock and 8,646 stock options on April 4, Google said in the filing.