Google is a C Corp, not an LLC or an S Corp.
Frank Muto wrote:
Google leaders stick with $1 salary
According to the search engine's latest proxy filing, Eric Schmidt,
Larry Page and Sergey Brin each turned down a raise.
By Paul R. La Monica, CNNMoney.com senior writer
March 31, 2006: 4:38 PM EST
NEW YORK (CNNMoney.com) - Google's co-founders and chief executive
officer were offered a raise this year by the company's compensation
committee, but the three turned it down and are sticking with their
current annual salary of $1.
The search engine company made the disclosure in its proxy statement,
which was filed Friday with the Securities and Exchange Commission.
CEO Eric Schmidt and co-founders Larry Page and Sergey Brin first
requested that their salary be cut to $1 in the second quarter of
2004, just before the company's initial public offering. Prior to
that, Schmidt was making $250,000 a year while Page and Brin each
earned a salary of $150,000.
In Friday's filing, Google (Research) said that "due to our continued
strong performance, the leadership by Eric, Sergey and Larry
throughout the year, and below-market cash compensation levels, the
Committee determined that an increase in cash compensation
opportunities was merited, and we offered Eric, Sergey and Larry an
increase in salary and bonus for 2006."
The company added that Schmidt, Page and Brin turned the offer down
because "their primary compensation continues to come from returns on
their ownership stakes in Google. As significant stockholders, their
personal wealth is tied directly to sustained stock price appreciation
and performance, which provides direct alignment with stockholder
According to the filing, Schmidt owns about 12.45 million shares of
Google, which are worth about $4.86 billion based on the company's
most recent stock price. Brin owns about 31.6 million Google shares
and Page owns a little more than 32 million shares. So their stakes
are each worth more than $12 billion based on current stock prices.
FSM Marketing Group, Inc
WISPA Wireless List: firstname.lastname@example.org