Nice Work if You Can Get It: Details Emerge About Google’s Newest Board Members Stock Package

Here’s some nice additional work if you can get it, get on the Google Board of Directors! It was widely reported last week that Princeton University President, Shirley Tilghman had been asked to join Google’s Board of Directors.

Today, Michael Liedtke from the AP takes a closer look at what it’s worth to Tilghman in his article: Newest Google Director Joins Wealth Parade.

According to Liedtke’s article, her Google board position could provide her with more income than her job at Princeton. Her salary as a molecular biologist at Princeton was $485,000 salary during Princeton’s 2002-03 school year (the latest numbers available).

Instead of cash, the online search engine leader is paying Tilghman like all its other directors ? with a bushel of prized stock that eventually could turn her Google duties into a better-paying gig than her job running an Ivy League university.

Key Numbers:
+ Compensation package includes an award that can be gradually converted into 6,000 Google shares during the next five years.

+ Google also granted Tilghman 12,000 stock options with an exercise price of $318.68. Here’s the actual SEC FORM 4 filing.

Shirley Tilghman is the first woman to be joining Google’s board.

Here’s a copy of Ms.Tilghman’s Letter of Agreement with Google dated August 16, 2005. It points out that if she needs to travel to certain events, she’ll be reimbursed for first-class air travel. If that’s a no go she’ll be reimbursed to fly on a private plane. Maybe she could travel on Google’s new 767 jetliner or maybe Google’s plane offers only all-coach service? (-:

Job Requirements
Attendance at most of Google’s board meetings. The company held 15 meetings last year and according to the SEC each director attended at least three-fourths of them

The Other Google Board Members

    • Larry Page


    • Sergey Brin


    • Eric Schmidt


    • John Doerr


    • Michael Moritz


    • K. Ram Shriram


    • Paul Otellini (CEO of Intel)


  • Arthur Levinson CEO of Genentech Inc.)

Postscript: If you’re wondering about director compensation at other companies, Liedtke writes:

The median compensation package for directors at companies in the Standard & Poor’s 500 was $139,060 during the fiscal year ending in May 2005, according to Equilar Inc., a San Mateo firm specializing in compensation issues. The figure includes cash retainers, stock awards, stock options, but excludes fees for committee meetings.

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