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(Reuters) –
Google Inc is set to give Eric Schmidt a $100 million equity award as he
hands over the chief executive officer job to co-founder Larry Page.

The award, which will include
stock units and options will vest over four years and is Schmidt’s first
such award since joining the company in 2001, a spokesperson said.

News of Schmidt’s equity award was first reported by Bloomberg.

In
a surprise announcement last week, Google said Schmidt will take on the
role of executive chairman in April and will be replaced as CEO by
Google co-founder Larry Page.

The news came on the same day that Google reported earnings and revenue that blew past expectations.

But
while Google has dominated Internet search, it has struggled with
social networking and is facing stiff competition from companies like
Facebook and Twitter, which are stealing Web traffic and engineering
talent.

Schmidt said in an
interview with Reuters that his move was not a reaction to competitors
but an effort to speed up decision-making at the Internet giant.