The new CEO of Google's corporate parent has two hundred and forty million reasons to celebrate this holiday season, with Alphabet (GOOGL) - Get Report CEO Sundar Pichai in line to earn nearly a quarter of a billion dollars in stock options over the next few years.
Pichai, who just took over Alphabet earlier this month after Google co-founder Larry Page stepped down as CEO, has the chance to earn $240 million in stock awards over the next three years if he meets performance targets, according to a regulatory filing by the company with the Securities and Exchange Commission.
Pichai will also collect a base salary of $2 million in 2020, the company stated. That's up from $1.8 million in 2018, Bloomberg reported.
More than a third of the new Alphabet CEO's stock incentive package - or $90 million - is tied to the company meeting certain performance goals, which are based on total shareholder return relative to the S&P 100 through 2022.
However, Pichai can earn the bulk of the stock award - or $120 million - by simply staying on the job, with 1/12 of the total vesting each quarter until it is fully doled out over the next three years "subject to continued employment." The first $10 million installment of the big stock award is scheduled to vest on March 25, 2020.
Pichai also will start receiving a $30 million "transition stock" award to be rolled out in four quarterly installments, with the first also slated for March 25.
The generous pay at the top hasn't always gone over well with Google workers, with one employee asking at a meeting earlier this year, why Pichai was earning so much, even as other employees struggle to live in the costly Silicon Valley, Bloomberg reported.