Google has proposed a new compensation package that could see its Chief Executive Officer, Sundar Pichai, earn as much as $692 million over the next three years under a fresh pay plan disclosed in a filing with the United States Securities and Exchange Commission.
The proposed arrangement would make Pichai one of the world’s highest-paid corporate executives if fully realised.
Under the compensation structure, Pichai’s base salary will remain unchanged at $6 million over the three-year period, translating to approximately $2 million annually.
The bulk of the potential earnings will come in the form of stock awards from Alphabet Inc., as well as equity incentives tied to two of the company’s subsidiaries — the autonomous vehicle firm Waymo and the drone delivery service Wing (company).
According to the filing, Pichai could receive about $130 million from Waymo and approximately $45 million from Wing, depending on the performance of the companies’ shares and dividend distributions from Alphabet.
The agreement also stipulates that in the event of termination, Pichai would forfeit any stock awards that have not yet become exercisable.
The company stated in the disclosure that both current and previous incentive packages granted to Pichai have delivered significant value to Alphabet and its shareholders.
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