Google 2014 Annual Report Download - page 20

14 GOOGLE INC.
PART I



In addition, following the settlement of litigation involving the authorization to distribute our non-voting Class C capital stock, our
board of directors approved a distribution of shares of Class C capital stock as a dividend to our holders of Class A and Class

Global Select Market. In accordance with the settlement, we may be obligated to make a payment to holders of Class C capital

the Class C capital stock trades. If such a payment is required, it must be made to holders of the Class C stock in cash, Class A
stock, Class C stock, or a combination thereof, at the discretion of the board of directors. For further disclosure regarding this


reliably predict what, if any, patterns will emerge with respect to the relative trading prices of Class A common stock and Class
C capital stock.

of which are beyond our control. These factors include, among others:
•Quarterly variations in our results of operations or those of our competitors.
•

or capital commitments.
•Recommendations by securities analysts or changes in earnings estimates.
•
Announcements about our earnings that are not in line with analyst expectations, the risk of which is enhanced because
it is our policy not to give guidance on earnings.
•Announcements by our competitors of their earnings that are not in line with analyst expectations.
•

and results, regardless of its accuracy.
•The volume of shares of Class A common stock and Class C capital stock available for public sale.
•


•Short sales, hedging, and other derivative transactions on shares of our Class A common stock and Class C capital stock.
•The perceived values of Class A common stock and Class C capital stock relative to one another.
In addition, the stock market in general, and the market for technology companies in particular, have experienced extreme price

These broad market and industry factors may harm the market price of our Class A common stock and our Class C capital stock
regardless of our actual operating performance.
The concentration of our stock ownership limits our stockholders’ ability to inuence corporate matters.
Our Class B common stock has 10 votes per share, our Class A common stock has one vote per share, and our Class C




other sale of our company or our assets, for the foreseeable future. In addition, because our Class C capital stock carries no

acquisition transactions and to fund employee equity incentive programs, could prolong the duration of Larry and Sergey’s
current relative ownership of our voting power and their ability to elect all of our directors and to determine the outcome of


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