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23GOOGLE INC. |Form10-K
PART II
ITEM5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Results of Google’s Transferable Stock Option (TSO) Program
Under our TSO program, eligible employees are able to sell vested stock options to participating fi nancial institutions in
an online auction as an alternative to exercising options in the traditional method and then selling the underlying shares.
The following table provides information with respect to sales by our employees of TSOs during the three months ended
December31, 2012:
Period(1)
Aggregate Amounts Weighted-Average Per Share Amounts
Number of Shares
Underlying TSOs Sold
Sale Price
ofTSOs Sold
TSO
Premium(2)
Exercise Price
of TSOsSold
Sale Price
ofTSOs Sold
TSO
Premium(2)
(in thousands)
October1– 31 49,772 $15,307 $ 514 $381.19 $307.55 $10.34
November1 – 30 190,351 66,001 1,153 338.77 346.73 6.06
December1 – 31 0 0 0 0 0 0
Total (except weighted-average
per share amounts) 240,123 $81,308 $1,667 $347.56 $338.61 $ 6.95
(1) The TSO program is generally active during regular trading hours for the Nasdaq Global Select Market when our trading window is open.
However, we have the right to suspend the TSO program at any time for any reason, including for maintenance and other technical reasons.
(2) TSO premium is calculated as the difference between (a)the sale price of the TSO and (b)the intrinsic value of the TSO, which we define as
the excess, if any, of the price of our ClassA common stock at the time of the sale over the exercise price of the TSO.
Our TSO program allows participation by executive o cers (other than Larry Page, Sergey Brin, and Eric E. Schmidt). The
following table provides information with respect to sales by our executive o cers of TSOs during the three months ended
December31, 2012:
Executive Offi cer
Aggregate Amounts
Number of Shares
Underlying TSOs Sold
Sale Price
ofTSOs Sold
TSO
Premium
(in thousands)
Nikesh Arora 2,843 $ 999 $ 3
Patrick Pichette 9,291 $2,441 $177
Total 12,134 $3,440 $180
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