The award will include stock unit and options on shares that will vest over four years. This is the first award Schmidt, has received since becoming chief executive in 2001. He will become executive chairman of the company in April.
In a regulatory filing on Saturday (25 January), Schmidt announced he is to sell about 5.8% of his stock in the company, valued at about $326.7m. He owned around 9.2 million Google shares as of 31 Dec 2010 and will be able to sell about 534,000.
The filing said: "The pre-arranged trading plan was adopted in order to allow Eric to sell a portion of his Google stock as part of his long-term strategy for individual asset diversification and liquidity."
Last week, (24 January) , including revenue of $8.4bn (£5.3bn).
Google said the reshuffle was to speed up decision-making at the company. However, since the announcement, speculation has emerged that Page will be looking to drive innovation in social media.
The search giant has failed to compete with Facebook's dominance of the social media space so far.
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