Google and its parent company Alphabet have outlined a new compensation plan that could see chief executive Sundar Pichai earn up to $692 million over the next three years, according to a filing with the US Securities and Exchange Commission.

The package would place Pichai among the world’s highest-paid corporate leaders, underscoring the board’s reliance on his stewardship as the company navigates intensifying competition in artificial intelligence, regulatory scrutiny, and a shifting digital advertising landscape.

Under the plan, Pichai’s base salary remains unchanged at $2 million per year, totaling $6 million over three years. The overwhelming majority of the potential $692 million payout would come in the form of equity awards rather than cash, tightly linking his earnings to the company’s long-term performance.

Most of that compensation would be paid in Alphabet stock, supplemented by shares in two of its high-profile subsidiaries: autonomous driving unit Waymo and drone delivery company Wing. The filing indicates Pichai could receive about $130 million in Waymo equity and $45 million in Wing equity, reflecting Alphabet’s push to highlight the value of its so-called “Other Bets” beyond its core search and advertising business.

The ultimate value of the package will depend on how Alphabet, Waymo, and Wing shares perform, as well as on dividend payments from Alphabet. The structure is designed to reward Pichai only if he can sustain and grow the company’s market value in an increasingly crowded tech arena.

The SEC document also spells out strict conditions in the event of his departure. If Pichai is dismissed, any stock options or equity awards that have not yet vested would be forfeited, limiting his ability to walk away with unearned gains.

Alphabet’s board defended the scale of the package, arguing that previous incentive plans for Pichai have delivered strong returns for shareholders. The company said in the filing that current and past incentives in his compensation have significantly benefited both Alphabet and its investors, a signal that directors view the new plan as a continuation of a performance-based approach rather than a departure from past practice.