Motorola CEO Sanjay Jha to get $66 mn from Google Deal

It has been raining money. Don't believe us, ask Motorola CEO Sanjay Jha. If Google Inc. will buy cellphone manufacturer Motorola Mobility Holdings Inc., Mr. Jha will earn a staggering $66 mn from it.

In a regulatory filing issued by Motorola, Chief Executive Office Sanjay Jha will get $13.2 mn in cash and $52.4 mn in form of stock options and shares. However, that is subject to one condition - if the $12.5 bn worth acquisition gets formalized.

Mr. Sanjay Jha who was roped by the old Motorola Inc. in year 2008 as co-CEO, undertook the challenge of making its cellphone unit an independent one. The development came in only January separating it from rest of Motorola (now known as Motorola Solutions).

The achievement of feat made Jha a 1.8 percent owner of the company, when completely vested. For those who don't know, the grants were supposed to take many years to vest however, in the event if the company goes for sale, they will vest immediately.

Announced over a month ago, the deal caught everyone by surprise and became the finest example of Google's growing dominance in the smartphone segment. However, it will take another four months or so to seal the deal. Once the companies get antitrust approval, they will close it by end of this year or early next year.

Interestingly, shareholders of Motorola will be getting the right to vote at a special meeting addressing the issue of deal along with 'golden parachute' payments for executive. However, no date has been confirmed for the same yet.

Whatever be it, Mr. Sanjay Jha certainly has got his hands full.