Twitter at the moment launched the small print of how its new government chairman Omid Kordestani can be compensated. The social media firm says that Kordestani, who was poached from Google and was the corporate’s highest paid worker in 2014, will probably be paid a base annual wage of $ 50,000, and may have the option of getting as much as 1.2 million shares on prime of that.
The shares are divided into two tranches:
Kordestani, Twitter says, “will obtain a one-time grant of choices to buy 800,000 shares of the Firm’s widespread inventory at an train price equal to the closing price of the Firm’s widespread inventory on the date of grant and vesting over 4 years as described within the Supply Letter and topic to the phrases of the Firm’s 2013 Fairness Incentive Plan.”
The official supply letter revealed as part of the 8-Okay submitting with the SEC notes that Kordestani will vest 25% of the non-certified inventory choices (as these 800,000 shares are termed) on November 1, 2016, with the stability vested quarterly over the next 12 quarters topic to Kordestani’s continued employment at Twitter.
He may also get a efficiency-associated inventory grant. “As well as, Mr. Kordestani will obtain a one-time inventory award within the type of Performance-Based mostly Restricted Inventory Models (the “PRSUs”) overlaying four hundred,000 shares of the Firm’s widespread inventory.”
The PRSUs might be eligible to vest based mostly on Twitter’s achievement of sure efficiency targets over every of the subsequent 4 fiscal years starting in 2016, and are based mostly on Kordestani staying with the corporate. The efficiency targets aren’t detailed within the SEC submitting however says they are going to be detailed by the board of administrators.
In accordance with Google’s proxy submitting for 2014, Kordestani earned slightly below $ one hundred thirty million that yr as he took on the role of Google’s chief enterprise officer with the departure of Nikesh Arora to Softbank:
In response to the Google doc, Kordestani was given a $ 6.5 million bonus — $ 5 million for signing on because the CBO and one other $ 1.5 million as a part of the annual bonus program — alongside $ 123 million in inventory awards and a wage of $ 237,500.
Kordestani was lengthy-time Googler credited with constructing the corporate’s first forays into producing revenues by way of advertisements, and serving to the search firm develop into worthwhile for the primary time.
Though the worth of Kordestani’s Twitter award will differ relying on Twitter’s share price over the subsequent a number of quarters and years, based mostly on as we speak’s share price for Twitter, Kordestani’s compensation works out to round $ 36 million.
Jack Dorsey, who was appointed everlasting CEO final week, won’t be drawing a wage within the role.
Featured Picture: Getty Pictures
Source : TechCrunch