Twitter wooed Google’s chief business officer away to take on its recently vacated executive chairman role. His compensation, unsurprisingly, is contingent on how the company performs going forward.
The package comes out to roughly $12 million dollars. Omid Kordestani will also have a one-time option to purchase 800,000 shares of common stock at its current price. That deal could be quite lucrative if Kordestani can help the company pull its stock price above where it was at its initial public offering.
He will be paid $50,000 annually, along with a one-time award of 400,000 shares of performance-based restricted common stock. The offer states that Kordestani will be able to vest his stock as certain benchmarks are met over the next four years. Kordestani will, of course, not only have to meet goals outlined by the board, he’ll also have to continue working for the company.
“The Board or its Compensation Committee will set the performance targets for each performance period in advance of the end of the applicable performance period, and, in the first quarter following each completed fiscal year, determine achievement against those performance targets,” the company detailed in an 8-K filing.
The offering is significantly less that what Kordestani was earning at Google. At last check, Kordestani had a base salary of $237,500 plus stock worth $123 million, according to Reuters.