Last week we brought you the news that Google was adding former VMware CEO and Cofounder Diane Greene to its board of directors. Greene will also have a role on Google’s Audit Committee. Today we learn the ins and outs of the deal with a SEC filing (via Business Insider) revealing Greene received $1 million in Google stock for her new gig.
According to the filing, the stock has a vesting period of 5 years, meaning Greene will have to wait to get her hands on it. However, she will also be receiving standard wages for Google’s “non-employees” with an annual stock grant of $350,000 and $75,000 a year. As part of the deal, Greene will have to be present (in-person or by phone) for at least four board meetings per year. Below is an excerpt from the filing:
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We typically hold at least four one-day Board meetings per year. Board meetings are generally held on-site at Google and we would hope that your schedule would permit you to attend all of the meetings in person (note that telephonic attendance is also possible). In addition, there may be telephonic calls to address special projects that arise from time to time. The Board has delegated certain duties to other committees, on which you may be asked to participate. At this time, we request your participation on the Audit Committee.