Google switches Nikesh Arora's payout to cash

SAN FRANCISCO Tue May 1, 2012 10:16am IST

Nikesh Arora, President, Global Sales Operations and Business Development for Google, speaks at the Reuters Global Media Summit in New York, December 3, 2009. REUTERS/Brendan McDermid/Files

Nikesh Arora, President, Global Sales Operations and Business Development for Google, speaks at the Reuters Global Media Summit in New York, December 3, 2009.

Credit: Reuters/Brendan McDermid/Files

Related Topics

Stocks

   

SAN FRANCISCO (Reuters) - Google Inc(GOOG.O) canceled thousands of stock options and stock units awarded to its chief business officer earlier this month and said it would instead pay him $8 million in cash.

Nikesh 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 U.S. Securities and Exchange Commission on Monday.

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, according to the filing.

A Google spokeswoman said the company does not comment on the compensation of executives at the company.

The new compensation arrangement, which was approved by the leadership development and compensation committee of Google's board last week, includes the bonus and a $4.7 million payment in exchange for the stock awards.

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. The stock units and options were scheduled to vest in April 2015.

(Reporting By Alexei Oreskovic; editing by Andre Grenon)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Global Trade Deal

Global Trade Deal

Rural votes, old traumas drive India's WTO brinkmanship.`  Full Article 

E-Commerce Funding

E-Commerce Funding

E-tailer Flipkart raises $1 billion in funding.  Full Article 

Chopper Deal

Chopper Deal

Finmeccanica settles with Italy prosecutors to end Indian chopper deal probe.  Full Article 

Adani Project

Adani Project

Australia approves Adani's $16 bln Carmichael coal project  Full Article 

New Frontiers

New Frontiers

EXCLUSIVE - Goldman moves executive to new role building ETFs.  Full Article 

India-U.S. Talks

India-U.S. Talks

Kerry to woo Modi's India, but quick progress unlikely  Full Article 

Argentina Debt Default

Argentina Debt Default

Insight - Jaded Argentines brace for looming debt default   Full Article 

Anti-trust Probe

Anti-trust Probe

Microsoft targeted in apparent Chinese anti-trust probe  Full Article 

Gaza Conflict

Gaza Conflict

Israel strikes house of Hamas Gaza leader, digs in for long fight.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage