© Reuters. FILE PHOTO: Google CEO Sundar Pichai speaks during signing ceremony committing Google to help expand information technology education at El Centro College in Dallas, Texas, U.S. October 3, 2019. REUTERS/Brandon Wade/File Photo
(Reuters) – Google-parent Alphabet (NASDAQ:) Inc said on Wednesday it had approved a new equity award for Chief Executive Officer Sundar Pichai that ties more of his pay to performance.
The board recognizes Pichai’s “strong performance” as CEO, the company said, adding that 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% from 43% in 2019, while increasing the performance requirement for the payout.
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.
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