Portugal Colonial - Google gives CEO new pay deal worth up to $692 million

The deal would make Sundar Pichai, who has been chief executive of Google since 2015 and of Alphabet since 2019, one of the highest paid CEOs in the world.

Under the plan, Pichai's three-year salary of $6 million, or $2 million per year, would remain unchanged.

The remainder of his compensation would be paid in the form of Alphabet stock, as well as shares in two subsidiaries -- the autonomous vehicle company Waymo and the drone delivery service Wing.

The SEC filing suggested Pichai could receive about $130 million from Waymo and $45 million from Wing.

The allocation will depend on the performance of the shares and, for Alphabet, on the amount of dividends paid.

In the event of his dismissal, Pichai would forfeit all stock options that are not yet exercisable, according to the document.

"Current and previous incentives in Mr Pichai's compensation have benefited Alphabet and its stockholders significantly," the company said in the filing.

M.A.Vaz--PC