Google at the Friday night dump…
The 8-K that Google (GOOG) filed on Friday evening may not have been the last of the day — that honor belongs to tiny InoLife Technologies (INOL). But it was certainly one of the juicier filings in the Friday night dump.
That’s because in the filing, Google disclosed that four of its top executives — CFO Patrick Pichette, President of Global Sales Nikesh Arora, Senior VP for Engineering and Research Alan Eustace and Senior VP for Product Management Jonathan Rosenberg — were all getting hefty raises next year. The filing noted that the base salaries of each of the four men were $500K last year and would be raised to $650K in 2011. Google’s top three executives — CEO Eric Schmidt and Co-Founders Sergey Brin and and Larry Page will continue to make $1 a year next year.
Just last week, Google caused a bit of a stir when the WSJ broke this news that Google planned to give staffers a 10% raise, which seemed pretty generous, until you realize that these top four executives are getting 30% raises.
That wasn’t the only interesting thing in the 8-K. The filing also noted that target bonuses for top executives would be increasing from 150% of base pay to 250% of base pay. So between the higher pay and the higher bonus, that brings a maximum bonus of $750K up to $1.6 million.
But, wait…there’s more. The filing also noted that Messrs. Pichette and Arora would get $20 million each of Google shares under the company’s equity awards program. Eustace gets $10 million and Rosenberg gets $5 million.
Given this, 10% across-the-board raises doesn’t sound quite as generous. No wonder this 8-K was filed late on a Friday.
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