Google-parent Alphabet said it approved a new equity award for Chief Executive Officer Sundar Pichai that ties more of his pay to performance.
The board recognizes Sundar Pichai’s strong performance as CEO. The vesting of a significant portion of the award would depend on Alphabet’s total shareholder return relative to other S&P 100 companies.
Alphabet said the award was tweaked to increase the performance stock units (PSUs) to 60 percent from 43 percent in 2019, while increasing the performance requirement for the payout.
Sundar Pichai, who is given an equity award every three years, was granted two tranches of PSUs with a target value of $63 million each. The CEO was also given a grant of $84 million in the form of Alphabet’s restricted stock units.