Sundar Pichai, CEO of Google, could earn up to $692 million under a new compensation plan published by the US Securities and Exchange Commission on Friday. The Indian-origin tech leader, who is also the CEO of Google’s parent company Alphabet, stands to earn the amount over the next three years.
Inside the pay plan:
Reportedly, Pichai’s three-year salary of $6 million, which comes to $2 million per year, will not change. The remainder of his compensation plan will be paid through Alphabet stock.
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Additionally, the compensation will also include shares in two subsidiaries: the autonomous vehicle company Waymo and the drone delivery service Wing. According to the SEC filing, Pichai could receive nearly $175 million from the subsidiaries, including $45 million from Wing and $130 million from Waymo.
However, the allocation will reportedly depend on the performance of the shares. As for Alphabet, it will depend on the amount of dividends paid. The deal stands to make Sundar Pichai one of the highest paid CEOs in the world.
What will happen in case of a dismissal?
The filing suggests that in case of a dismissal, Pichai would have to “forfeit all stock options that are not yet exercisable”.
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“Current and previous incentives in Mr Pichai’s compensation have benefited Alphabet and its stockholders significantly,” the company said in the filing.
